5 unchanged sentences
The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.
−Removed: These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended March 31, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements.
+Added: These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements.
Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following:
57 unchanged sentences
The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.
+Added: On May 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares Ultra Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil.
+Added: The Splits did not change the value of a shareholder’s investment.
+Added: ProShares Ultra Bloomberg Natural Gas executed a 1:2 Reverse Split of its shares and ProShares UltraShort Bloomberg Crude Oil executed a 1:4 Reverse Split of its shares.
+Added: The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price.
+Added: The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding.
+Added: The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO).
+Added: The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.
* See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K.
5 unchanged sentences
The percentage that U.S.
−Removed: Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each
−Removed: Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change.
−Removed: During the three months ended March 31, 2026 and 2025, each of the Funds earned interest income as follows:
+Added: Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change.
+Added: During the three and six months ended June 30, 2026 and 2025, each of the Funds earned interest income as follows:
Interest Income
−Removed: March 31, 2026
+Added: June 30, 2026
Interest Income
−Removed: March 31, 2025
+Added: June 30, 2025
+Added: Interest Income
+Added: June 30, 2026
+Added: Interest Income
+Added: June 30, 2025
ProShares Short VIX Short-Term Futures ETF
14 unchanged sentences
ProShares VIX Short-Term Futures ETF
−Removed: During the three months ended March 31, 2026 and 2025, each of the Funds earned dividend income from affiliated investments as follows:
+Added: During the three and six months ended June 30, 2026 and June 30, 2025, each of the Funds earned dividend income from affiliated investments as follows:
Dividend Income
−Removed: March 31, 2026
+Added: June 30, 2026
Dividend Income
−Removed: March 31, 2025
+Added: June 30, 2025
+Added: Dividend Income
+Added: June 30, 2026
+Added: Dividend Income
+Added: June 30, 2025
ProShares Short VIX Short-Term Futures ETF
49 unchanged sentences
Off-Balance Sheet Arrangements and Contractual Obligations
−Removed: As of May 4, 2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: As of August 5, 2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds.
While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.
6 unchanged sentences
Each Fund has significant exposure to Financial Instruments.
−Removed: The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.
+Added: The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements.
The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements.
1 unchanged sentence
For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets.
−Removed: Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended March 31, 2026.
+Added: Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June 30, 2026.
Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes.
14 unchanged sentences
Dividend income is recognized on an ex-dividend date basis.
−Removed: Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.
+Added: Investment transactions are recorded on the trade date.
+Added: Gains or losses realized on sales of securities are determined using the specific identification method.
Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S.
2 unchanged sentences
The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.
−Removed: Results of Operations for the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
+Added: Results of Operations for the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025
ProShares Short VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 4,018,614 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 5,068,614 outstanding Shares at March 31, 2025.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 17.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV was offset by a decrease from 4,018,614 outstanding Shares at March 31, 2026 to 3,868,614 outstanding Shares at June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 25.1% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.9% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices during the three months ended June 30, 2026.
ProShares Ultra Bloomberg Crude Oil
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 15,543,096 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 15,943,096 outstanding Shares at March 31, 2025.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,543,096 outstanding Shares at March 31, 2026 to 9,593,096 outstanding Shares at June 30, 2026.
The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 101.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 44.4% for the three months ended March 31, 2026, as compared to the benchmark’s decline of 0.5% for the three months ended March 31, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended March 31, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.
+Added: The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 16.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 7.1% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 7.7% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of WTI Crude Oil during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to an increase in the value of WTI Crude Oil during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil during the three months ended June 30, 2026.
ProShares Ultra Bloomberg Natural Gas*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 23,723,047 outstanding Shares at December 31, 2025 to 23,623,047 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,223,047 outstanding Shares at December 31, 2024 to 2,723,047 outstanding Shares at March 31, 2025.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 28.9% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 55.5% for the three months ended March 31, 2025, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 11,811,524 outstanding Shares at March 31, 2026 to 11,111,144 outstanding Shares at June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,361,524 outstanding Shares at March 31, 2025 to 3,611,524 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 13.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 4.9% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 22.2% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2026.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra Bloomberg Natural Gas.
ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at December 31, 2025 to 500,000 outstanding Shares at March 31, 2026.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at March 31, 2025.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 3.6% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.6% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at March 31, 2026 to 400,000 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at March 31, 2025 to 650,000 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 2.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 17.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 1.1% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 8.9% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the three months ended June 30, 2026.
ProShares Ultra Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
1 unchanged sentence
NAV end of period
−Removed: 1,053,863,221
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 18,150,000 outstanding Shares at December 31, 2025 to 17,400,000 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 15,000,000 outstanding Shares at March 31, 2025.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 37.2% for the three months ended March 31, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of gold futures contracts during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 17,400,000 outstanding Shares at March 31, 2026 to 14,550,000 outstanding Shares at June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
+Added: The increase in the Fund’s NAV was offset by a decrease from 15,000,000 outstanding Shares at March 31, 2025 to 14,100,000 outstanding Shares at June 30, 2025.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 27.3% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 13.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 5.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in future prices, during the three months ended March 31, 2026.
−Removed: See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.
ProShares Ultra Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
13 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 15,746,526 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,696,526 outstanding Shares at March 31, 2025.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 24.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 36.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 6.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.5% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of silver futures contracts during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 15,746,526 outstanding Shares at March 31, 2026 to 18,496,526 outstanding Shares at June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,696,526 outstanding Shares at March 31, 2025 to 15,046,526 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 41.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of futures prices, in conjunction with timing of shareholder activity during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.
ProShares Ultra VIX Short-Term Futures ETF*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 5,667,347 outstanding Shares at March 31, 2026.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 2,758,729 outstanding Shares at March 31, 2025.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 45.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 12.9% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV was offset by an increase from 5,667,347 outstanding Shares at March 31, 2026 to 9,967,347 outstanding Shares at June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,758,729 outstanding Shares at March 31, 2025 to 6,198,729 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 52.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices, during the three months ended June 30, 2026.
See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 2,449,970 outstanding Shares at March 31, 2026.
−Removed: The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,799,970 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 3.7% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 1.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.9% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,449,970 outstanding Shares at March 31, 2026 to 1,799,970 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 2,799,970 outstanding Shares at March 31, 2025 to 2,849,970 outstanding Shares at June 30, 2025.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 5.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 2.4% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 4.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar, during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended June 30, 2026.
ProShares UltraShort Bloomberg Crude Oil*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,555,220 outstanding Shares at December 31, 2025 to 117,305,220 outstanding Shares at March 31, 2026.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 10,705,220 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 57.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.1% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 44.4% for the three months ended March 31, 2026, as compared to the benchmark’s decline of 0.5% for the three months ended March 31, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,326,305 outstanding Shares at March 31, 2026 to 24,863,302 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,676,305 outstanding Shares at March 31, 2025 to 1,876,305 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 5.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.7% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 7.1% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 7.7% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of WTI Crude Oil during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to an increase in the value of WTI Crude Oil, during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil, in conjunction with timing of shareholder activity, during the three months ended June 30, 2026.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Bloomberg Crude Oil.
ProShares UltraShort Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,033,712 outstanding Shares at December 31, 2025 to 9,483,712 outstanding Shares at March 31, 2026.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 29,133,712 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 39.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 54.8% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,483,712 outstanding Shares at March 31, 2026 to 6,233,712 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,133,712 outstanding Shares at March 31, 2025 to 11,133,712 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 3.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 29.2% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 4.9% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 22.2% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the three months ended June 30, 2026.
ProShares UltraShort Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2025 to March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,050,000 outstanding Shares at March 31, 2025.
−Removed: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 4.2% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 7.5% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at March 31, 2026 to 1,150,000 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: The decrease in the Fund’s NAV was offset by an increase from 1,050,000 outstanding Shares at March 31, 2025 to 1,150,000 outstanding Shares at June 30, 2025.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 3.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.0% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 1.1% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 8.9% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the three months ended June 30, 2026.
ProShares UltraShort Gold*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 5,786,631 outstanding Shares at March 31, 2026.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,744 outstanding Shares at December 31, 2024 to 886,744 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 21.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 27.5% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase increase in the value of gold futures contracts during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,786,631 outstanding Shares at March 31, 2026 to 4,136,631 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 886,745 outstanding Shares at March 31, 2025 to 1,711,711 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) the daily performance of the Bloomberg Gold Subindex SM .
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 31.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 13.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 5.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of the futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.
See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 3,701,026 outstanding Shares at December 31, 2025 to 6,190,818 outstanding Shares at March 31, 2026.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 111,026 outstanding Shares at March 31, 2025.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,190,818 outstanding Shares at March 31, 2026 to 2,990,818 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 111,026 outstanding Shares at March 31, 2025 to 136,026 outstanding Shares at June 30, 2025.
The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 57.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 30.2% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 6.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.5% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of the silver futures contracts during the period ended March 31, 2026.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 33.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 12.1% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.
See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Silver.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 697,160 outstanding Shares at December 31, 2025 to 547,160 outstanding Shares at March 31, 2026.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 597,160 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 4.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 7.1% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s decline of 1.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.9% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: There was no net change in the Fund’s outstanding Shares from March 31, 2026 to June 30, 2026.
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 597,160 outstanding Shares at March 31, 2025 to 497,160 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 6.9% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.6% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 2.4% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 4.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended March 31, 2026.
+Added: The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended June 30, 2026.
ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,012,403 outstanding Shares at December 31, 2025 to 4,137,403 outstanding Shares at March 31, 2026.
−Removed: The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,162,403 outstanding Shares at March 31, 2025.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 13.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 9.2% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 13.4% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 9.6% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,137,403 outstanding Shares at March 31, 2026 to 2,812,403 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,162,403 outstanding Shares at March 31, 2025 to 1,287,403 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 16.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 5.6% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 16.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 6.1% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of the futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.
ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,841,252 outstanding Shares at December 31, 2025 to 5,066,252 outstanding Shares at March 31, 2026.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,241,252 outstanding Shares at March 31, 2025.
−Removed: For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 33.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 11.6% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
−Removed: The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of the near-term futures contracts on the VIX futures curve during the period ended March 31, 2026.
+Added: During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 5,066,252 outstanding Shares at March 31, 2026 to 9,341,252 outstanding Shares at June 30, 2026.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,241,252 outstanding Shares at March 31, 2025 to 3,516,252 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 38.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 7.0% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
+Added: The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:
Three Months Ended
−Removed: March 31, 2026
+Added: June 30, 2026
Three Months Ended
−Removed: March 31, 2025
+Added: June 30, 2025
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of the futures prices during the three months ended March 31, 2026.
+Added: The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of the futures prices, during the three months ended June 30, 2026.
+Added: Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
+Added: ProShares Short VIX Short-Term Futures ETF
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 3,868,614 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,318,614 outstanding Shares at December 31, 2024 to 6,568,614 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 3.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 14.8% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.
+Added: ProShares Ultra Bloomberg Crude Oil
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 9,593,096 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 18,693,096 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 68.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s rise of 34.2% for the six months ended June 30, 2026, as compared to the benchmark’s decline of 8.1% for the six months ended June 30, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil during the six months ended June 30, 2026.
+Added: ProShares Ultra Bloomberg Natural Gas *
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 11,861,524 outstanding Shares at December 31, 2025 to 11,111,144 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 38.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.5% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 8.9% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 2.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas, in conjunction with higher average net assets during the six months ended June 30, 2026.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra Bloomberg Natural Gas.
+Added: ProShares Ultra Euro
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 450,000 outstanding Shares at December 31, 2025 to 400,000 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 550,000 outstanding Shares at December 31, 2024 to 650,000 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 6.1% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 28.1% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 2.8% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 13.7% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the six months ended June 30, 2026.
+Added: ProShares Ultra Gold
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: 1,014,686,941
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from the decrease from 18,150,000 outstanding Shares at December 31, 2025 to 14,550,000 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM.
+Added: The increase in the Fund’s NAV also resulted in part by an increase from 12,400,000 outstanding Shares at December 31, 2024 to 14,100,000 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 21.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 47.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 7.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 24.4% for the six months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in futures prices, during the six months ended June 30, 2026.
+Added: ProShares Ultra Silver
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: 2,237,285,267
+Added: NAV end of period
+Added: 1,269,873,944
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 18,496,526 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM .
+Added: The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,046,526 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 56.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 40.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: (1,148,776,433
+Added: The Fund’s net income decreased for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.
+Added: ProShares Ultra VIX Short-Term Futures ETF*
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 9,967,347 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 6,198,729 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 30.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 10.0% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.
+Added: See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.
+Added: ProShares Ultra Yen
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 1,799,970 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,849,970 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 9.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 3.7% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 9.3% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the six months ended June 30, 2026.
+Added: ProShares UltraShort Bloomberg Crude Oil *
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 1,138,805 outstanding Shares at December 31, 2025 to 24,863,302 outstanding Shares at June 30, 2026.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 1,801,305 outstanding Shares at December 31, 2024 to 1,876,305 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 54.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s rise of 34.2% for the six months ended June 30, 2026, as compared to the benchmark’s decline of 8.1% for the six months ended June 30, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil, during the six months ended June 30, 2026.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Bloomberg Crude Oil.
+Added: ProShares UltraShort Bloomberg Natural Gas
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 4,033,712 outstanding Shares at December 31, 2025 to 6,233,712 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 11,133,712 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 37.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 41.7% for the six months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 8.9% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 2.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the six months ended June 30, 2026.
+Added: ProShares UltraShort Euro
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at December 31, 2025 to 1,150,000 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,150,000 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 8.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 21.4% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 2.8% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 13.7% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the six months ended June 30, 2026.
+Added: ProShares UltraShort Gold*
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 4,136,631 outstanding Shares at June 30, 2026.
+Added: The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,745 outstanding Shares at December 31, 2024 to 1,711,711 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 3.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 36.1% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 7.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 24.4% for the six months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.
+Added: See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.
+Added: ProShares UltraShort Silver*
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 3,701,026 outstanding Shares at December 31, 2025 to 2,990,818 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 136,026 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 42.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 38.6% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Silver.
+Added: ProShares UltraShort Yen
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 697,160 outstanding Shares at December 31, 2025 to 547,160 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 547,160 outstanding Shares at December 31, 2024 to 497,160 outstanding Shares at June 30, 2025.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 11.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 13.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 3.7% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 9.3% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the six months ended June 30, 2026.
+Added: ProShares VIX Mid-Term Futures ETF
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,012,403 outstanding Shares at December 31, 2025 to 2,812,403 outstanding Shares at June 30, 2026.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,937,403 outstanding Shares at December 31, 2024 to 1,287,403 outstanding Shares at June 30, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 6.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 5.3% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 16.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.
+Added: ProShares VIX Short-Term Futures ETF
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV was offset by an increase from 8,841,252 outstanding Shares at December 31, 2025 to 9,341,252 outstanding Shares at June 30, 2026.
+Added: By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,516,252 outstanding Shares at June 30, 2025.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures.
+Added: For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 17.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 3.9% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.
+Added: The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: June 30, 2026
+Added: Six Months Ended
+Added: June 30, 2025
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.