ProShares Trust II 10-Q

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. 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. 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: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions. Introduction Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”). 1 ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities. Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Forward and Reverse Splits* On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On November 4, 2025, the Trust issued a press release announcing a reverse share split on ProShares Ultra VIX Short-Term Futures and ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares and ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on November 20, 2025, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y680 for UVXY), (74347Y698 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On February 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares UltraShort Silver. The Reverse Split did not change the value of a shareholder’s investment. ProShares UltraShort Silver executed a 1:10 Reverse Split of its shares. The Reverse Split was effective at the market open on February 26, 2026, when the Fund began trading at its post-Reverse Split price. ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y672 for ZSL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. 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. The Splits did not change the value of a shareholder’s investment. 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. The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO). 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. 2 Liquidity and Capital Resources In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, exchange traded funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. 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. During the three and six months ended June 30, 2026 and 2025, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended June 30, 2026 Interest Income Three Months Ended June 30, 2025 Interest Income Six Months Ended June 30, 2026 Interest Income Six Months Ended June 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 1,082,679 $ 3,664,726 $ 2,304,724 $ 5,820,643 ProShares Ultra Bloomberg Crude Oil 2,632,705 3,240,612 4,551,207 6,745,716 ProShares Ultra Bloomberg Natural Gas 2,019,001 2,079,577 4,792,683 4,980,630 ProShares Ultra Euro 47,346 68,572 94,187 114,044 ProShares Ultra Gold 5,227,533 5,119,975 13,317,296 8,858,522 ProShares Ultra Silver 11,530,778 6,095,350 26,100,001 12,115,255 ProShares Ultra VIX Short-Term Futures ETF 1,737,367 2,804,863 3,712,951 5,692,389 ProShares Ultra Yen 219,316 580,313 519,892 1,108,434 ProShares UltraShort Bloomberg Crude Oil 6,034,097 1,176,354 7,365,892 3,111,177 ProShares UltraShort Bloomberg Natural Gas 811,304 3,919,799 2,624,020 8,363,249 ProShares UltraShort Euro 241,908 303,400 462,021 651,455 ProShares UltraShort Gold 689,377 712,768 1,259,553 925,475 ProShares UltraShort Silver 913,905 227,082 2,165,937 404,937 ProShares UltraShort Yen 204,564 208,788 415,903 417,761 ProShares VIX Mid-Term Futures ETF 263,794 216,994 656,606 498,093 ProShares VIX Short-Term Futures ETF 1,081,522 1,189,233 2,406,551 2,751,531 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: Fund Dividend Income Three Months Ended June 30, 2026 Dividend Income Three Months Ended June 30, 2025 Dividend Income Six Months Ended June 30, 2026 Dividend Income Six Months Ended June 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 583,084 $ —  $ 790,653 $ —  ProShares Ultra Bloomberg Crude Oil 1,114,675 —  1,803,495 —  ProShares Ultra Bloomberg Natural Gas 1,044,838 —  1,478,171 —  ProShares Ultra Gold 2,546,130 —  3,978,367 —  ProShares Ultra Silver 4,043,046 —  5,973,753 —  ProShares Ultra VIX Short-Term Futures ETF 760,092 —  1,098,093 —  ProShares Ultra Yen 120,938 —  174,435 —  ProShares UltraShort Bloomberg Crude Oil 3,019,466 —  3,700,898 —  ProShares UltraShort Bloomberg Natural Gas 443,285 —  744,332 —  ProShares UltraShort Euro 88,387 —  121,823 —  ProShares UltraShort Gold 237,897 —  321,487 —  ProShares UltraShort Silver 195,906 —  270,134 —  ProShares UltraShort Yen 61,871 —  85,276 —  ProShares VIX Mid-Term Futures ETF 152,911 —  219,783 —  ProShares VIX Short-Term Futures ETF 511,271 —  758,638 —  3 Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions. Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person. The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated. Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). Market Risk Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk. For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q. Credit Risk When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions. Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund. Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank. Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used. 4 The Sponsor attempts to minimize certain of these market and credit risks by normally: • executing and clearing trades with creditworthy counterparties, as determined by the Sponsor; • limiting the outstanding amounts due from counterparties to the Funds; • not posting margin directly with a counterparty; • requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds; • limiting the amount of margin or premium posted at a FCM; and • ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for. Off-Balance Sheet Arrangements and Contractual Obligations 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. Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party. Critical Accounting Policies Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used. Each Fund has significant exposure to Financial Instruments. 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. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. 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. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Exchange traded funds are generally valued at the closing price, if available, or at the last sale price. 5 Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Interest income is recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an ex-dividend date basis. Investment transactions are recorded on the trade date. 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. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. 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. 6 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 183,969,223 $ 232,107,856 NAV end of period $ 221,547,242 $ 279,925,400 Percentage change in NAV 20.4 % 20.6 % Shares outstanding beginning of period 4,018,614 5,068,614 Shares outstanding end of period 3,868,614 6,568,614 Percentage change in shares outstanding (3.7 )% 29.6 % Shares created 500,000 16,400,000 Shares redeemed 650,000 14,900,000 Per share NAV beginning of period $ 45.78 $ 45.79 Per share NAV end of period $ 57.27 $ 42.62 Percentage change in per share NAV 25.1 % (6.9 )% Percentage change in benchmark (37.6 )% (6.5 )% Benchmark annualized volatility 45.9 % 114.0 % 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. 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. 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. 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. 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. 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. 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. 7 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 1,008,388 $ 2,458,621 Management fee 541,259 973,113 Brokerage commission 99,757 205,533 Futures account fees 16,359 27,459 Net realized gain (loss) 32,421,061 2,460 Change in net unrealized appreciation (depreciation) 15,210,500 13,637,223 Net Income (loss) $ 48,639,949 $ 16,098,304 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 602,898,547 $ 432,463,827 NAV end of period $ 311,964,113 $ 420,493,513 Percentage change in NAV (48.3 )% (2.8 )% Shares outstanding beginning of period 15,543,096 15,943,096 Shares outstanding end of period 9,593,096 18,693,096 Percentage change in shares outstanding (38.3 )% 17.2 % Shares created 8,000,000 9,200,000 Shares redeemed 13,950,000 6,450,000 Per share NAV beginning of period $ 38.79 $ 27.13 Per share NAV end of period $ 32.52 $ 22.49 Percentage change in per share NAV (16.2 )% (17.1 )% Percentage change in benchmark (7.1 )% (7.7 )% Benchmark annualized volatility 37.4 % 35.6 % 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 . 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. 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. 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. 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. 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. 8 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 2,674,827 $ 2,227,570 Management fee 1,016,255 951,694 Brokerage commission 56,298 61,348 Net realized gain (loss) 145,524,039 (28,591,884 ) Change in net unrealized appreciation (depreciation) (187,941,169 ) (41,335,786 ) Net Income (loss) $ (39,742,303 ) $ (67,700,100 ) 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 378,628,694 $ 232,237,503 NAV end of period $ 307,407,986 $ 334,757,794 Percentage change in NAV (18.8 )% 44.1 % Shares outstanding beginning of period 11,811,524 1,361,524 Shares outstanding end of period 11,111,144 3,611,524 Percentage change in shares outstanding (5.9 )% 165.3 % Shares created 18,475,000 6,575,000 Shares redeemed 19,175,380 4,325,000 Per share NAV beginning of period $ 32.06 $ 170.57 Per share NAV end of period $ 27.67 $ 92.69 Percentage change in per share NAV (13.7 )% (45.7 )% Percentage change in benchmark (4.9 )% (22.2 )% Benchmark annualized volatility 36.0 % 60.7 % 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 . 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. 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. 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 . 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. 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. 9 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 1,644,562 $ 1,224,122 Management fee 948,756 548,526 Brokerage commission 439,496 288,858 Futures account fees 31,025 18,071 Net realized gain (loss) (57,377,925 ) (12,342,333 ) Change in net unrealized appreciation (depreciation) 31,159,508 (84,894,992 ) Net Income (loss) $ (24,573,855 ) $ (96,013,203 ) 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. * 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 6,347,565 $ 5,111,473 NAV end of period $ 4,949,960 $ 8,708,069 Percentage change in NAV (22.0 )% 70.4 % Shares outstanding beginning of period 500,000 450,000 Shares outstanding end of period 400,000 650,000 Percentage change in shares outstanding (20.0 )% 44.4 % Shares created —  200,000 Shares redeemed 100,000 —  Per share NAV beginning of period $ 12.70 $ 11.36 Per share NAV end of period $ 12.37 $ 13.40 Percentage change in per share NAV (2.6 )% 17.9 % Percentage change in benchmark (1.1 )% 8.9 % Benchmark annualized volatility 5.1 % 10.2 % 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. 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. dollar. 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. 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. dollar. 10 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. 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. 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. dollar during the period ended June 30, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 34,285 $ 50,493 Management fee 13,061 18,079 Net realized gain (loss) (45,142 ) 616,633 Change in net unrealized appreciation (depreciation) (78,046 ) 415,771 Net Income (loss) $ (88,903 ) $ 1,082,897 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. dollar during the three months ended June 30, 2026. 11 ProShares Ultra Gold Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 1,053,863,221 $ 480,619,425 NAV end of period $ 640,891,713 $ 485,005,243 Percentage change in NAV (39.2 )% 0.9 % Shares outstanding beginning of period 17,400,000 15,000,000 Shares outstanding end of period 14,550,000 14,100,000 Percentage change in shares outstanding (16.4 )% (6.0 )% Shares created 3,450,000 7,250,000 Shares redeemed 6,300,000 8,150,000 Per share NAV beginning of period $ 60.57 $ 32.04 Per share NAV end of period $ 44.05 $ 34.40 Percentage change in per share NAV (27.3 )% 7.4 % Percentage change in benchmark (13.5 )% 5.2 % Benchmark annualized volatility 24.3 % 26.3 % 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 . 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. 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 . 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. 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. 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. 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 5,670,440 $ 3,895,862 Management fee 2,080,734 1,197,578 Brokerage commission 22,489 26,535 Net realized gain (loss) (236,731,105 ) 86,158,116 Change in net unrealized appreciation (depreciation) (6,380,474 ) (61,454,302 ) Net Income (loss) $ (237,441,139 ) $ 28,599,676 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. 12 ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 1,852,945,623 $ 717,992,459 NAV end of period $ 1,269,873,944 $ 708,196,011 Percentage change in NAV (31.5 )% (1.4 )% Shares outstanding beginning of period 15,746,526 15,696,526 Shares outstanding end of period 18,496,526 15,046,526 Percentage change in shares outstanding 17.5 % (4.1 )% Shares created 7,600,000 5,000,000 Shares redeemed 4,850,000 5,650,000 Per share NAV beginning of period $ 117.67 $ 45.74 Per share NAV end of period $ 68.65 $ 47.07 Percentage change in per share NAV (41.7 )% 2.9 % Percentage change in benchmark (20.5 )% 3.7 % Benchmark annualized volatility 51.4 % 33.6 % 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 . 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. 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. 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 . 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. 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. 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 11,276,436 $ 4,551,855 Management fee 4,220,154 1,485,223 Brokerage commission 77,234 58,272 Net realized gain (loss) (612,192,543 ) 99,198,831 Change in net unrealized appreciation (depreciation) (198,181,181 ) (73,497,185 ) Net Income (loss) $ (799,097,288 ) $ 30,253,501 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. 13 ProShares Ultra VIX Short-Term Futures ETF* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 295,275,255 $ 323,381,943 NAV end of period $ 247,336,088 $ 579,408,908 Percentage change in NAV (16.2 )% 79.2 % Shares outstanding beginning of period 5,667,347 2,758,729 Shares outstanding end of period 9,967,347 6,198,729 Percentage change in shares outstanding 75.9 % 124.7 % Shares created 19,350,000 7,870,000 Shares redeemed 15,050,000 4,430,000 Per share NAV beginning of period $ 52.10 $ 117.22 Per share NAV end of period $ 24.81 $ 93.47 Percentage change in per share NAV (52.4 )% (20.3 )% Percentage change in benchmark (37.6 )% (6.5 )% Benchmark annualized volatility 45.9 % 114.0 % 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. 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. 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. 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. 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. 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. 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 824,272 $ 1,151,011 Management fee 919,269 906,425 Brokerage commission 644,706 621,171 Futures account fees 109,212 126,256 Net realized gain (loss) (192,467,810 ) 56,043,330 Change in net unrealized appreciation (depreciation) (56,863,823 ) (88,992,737 ) Net Income (loss) $ (248,507,361 ) $ (31,798,396 ) 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. 14 ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 45,015,244 $ 61,327,343 NAV end of period $ 31,186,126 $ 66,461,439 Percentage change in NAV (30.7 )% 8.4 % Shares outstanding beginning of period 2,449,970 2,799,970 Shares outstanding end of period 1,799,970 2,849,970 Percentage change in shares outstanding (26.5 )% 1.8 % Shares created —  350,000 Shares redeemed 650,000 300,000 Per share NAV beginning of period $ 18.37 $ 21.90 Per share NAV end of period $ 17.33 $ 23.32 Percentage change in per share NAV (5.7 )% 6.5 % Percentage change in benchmark (2.4 )% 4.2 % Benchmark annualized volatility 6.6 % 13.7 % 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. 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. dollar. 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. dollar. 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. 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. 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. 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. dollar during the period ended June 30, 2026. 15 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 249,161 $ 426,548 Management fee 91,093 153,765 Net realized gain (loss) (1,505,101 ) 1,428,203 Change in net unrealized appreciation (depreciation) (699,201 ) 2,283,730 Net Income (loss) $ (1,955,141 ) $ 4,138,481 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. dollar during the three months ended June 30, 2026. ProShares UltraShort Bloomberg Crude Oil* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 989,256,741 $ 179,185,227 NAV end of period $ 882,038,817 $ 135,277,470 Percentage change in NAV (10.8 )% (24.5 )% Shares outstanding beginning of period 29,326,305 2,676,305 Shares outstanding end of period 24,863,302 1,876,305 Percentage change in shares outstanding (15.2 )% (29.9 )% Shares created 44,587,500 2,475,000 Shares redeemed 49,050,503 3,275,000 Per share NAV beginning of period $ 33.73 $ 66.95 Per share NAV end of period $ 35.48 $ 72.10 Percentage change in per share NAV 5.2 % 7.7 % Percentage change in benchmark (7.1 )% (7.7 )% Benchmark annualized volatility 37.4 % 35.6 % 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. 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 . 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. 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 . 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. 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. 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. 16 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 5,902,089 $ 819,688 Management fee 2,707,032 294,244 Brokerage commission 444,442 62,422 Net realized gain (loss) (233,392,515 ) 32,209,630 Change in net unrealized appreciation (depreciation) 329,969,647 14,026,830 Net Income (loss) $ 102,479,221 $ 47,056,148 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. * 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 206,828,508 $ 573,853,468 NAV end of period $ 139,983,262 $ 283,266,637 Percentage change in NAV (32.3 )% (50.6 )% Shares outstanding beginning of period 9,483,712 29,133,712 Shares outstanding end of period 6,233,712 11,133,712 Percentage change in shares outstanding (34.3 )% (61.8 )% Shares created 12,000,000 18,750,000 Shares redeemed 15,250,000 36,750,000 Per share NAV beginning of period $ 21.81 $ 19.70 Per share NAV end of period $ 22.46 $ 25.44 Percentage change in per share NAV 3.0 % 29.2 % Percentage change in benchmark (4.9 )% (22.2 )% Benchmark annualized volatility 36.0 % 60.7 % 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. 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 . 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. 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 . 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. 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. 17 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 645,094 $ 2,395,490 Management fee 383,335 972,550 Brokerage commission 216,918 525,062 Futures account fees 9,242 26,697 Net realized gain (loss) 69,531,049 124,592,646 Change in net unrealized appreciation (depreciation) (41,475,060 ) 80,955,495 Net Income (loss) $ 28,701,083 $ 207,943,631 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. 18 ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 36,987,692 $ 33,912,850 NAV end of period $ 35,262,937 $ 31,567,012 Percentage change in NAV (4.7 )% (6.9 )% Shares outstanding beginning of period 1,250,000 1,050,000 Shares outstanding end of period 1,150,000 1,150,000 Percentage change in shares outstanding (8.0 )% 9.5 % Shares created 400,000 300,000 Shares redeemed 500,000 200,000 Per share NAV beginning of period $ 29.59 $ 32.30 Per share NAV end of period $ 30.66 $ 27.45 Percentage change in per share NAV 3.6 % (15.0 )% Percentage change in benchmark (1.1 )% 8.9 % Benchmark annualized volatility 5.1 % 10.2 % 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. 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. dollar. 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. dollar. 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. 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. 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. 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. dollar during the period ended June 30, 2026. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 241,511 $ 224,338 Management fee 88,784 79,062 Net realized gain (loss) 276,107 (3,936,874 ) Change in net unrealized appreciation (depreciation) 686,886 (1,538,631 ) Net Income (loss) $ 1,204,504 $ (5,251,167 ) 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. dollar during the three months ended June 30, 2026. 19 ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 118,571,176 $ 45,122,935 NAV end of period $ 111,193,073 $ 76,838,176 Percentage change in NAV (6.2 )% 70.3 % Shares outstanding beginning of period 5,786,631 886,745 Shares outstanding end of period 4,136,631 1,711,711 Percentage change in shares outstanding (28.5 )% 93.0 % Shares created 2,200,000 6,100,000 Shares redeemed 3,850,000 5,275,034 Per share NAV beginning of period $ 20.49 $ 50.89 Per share NAV end of period $ 26.88 $ 44.89 Percentage change in per share NAV 31.2 % (11.8 )% Percentage change in benchmark (13.5 )% 5.2 % Benchmark annualized volatility 24.3 % 26.3 % 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. 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 . 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. 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 . 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. 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. 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 665,962 $ 504,356 Management fee 256,484 198,669 Brokerage commission 4,828 9,743 Net realized gain (loss) 18,754,588 5,846,099 Change in net unrealized appreciation (depreciation) 8,062,621 5,933,528 Net Income (loss) $ 27,483,171 $ 12,283,983 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. 20 ProShares UltraShort Silver* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 141,592,802 $ 32,867,619 NAV end of period $ 91,231,174 $ 35,410,975 Percentage change in NAV (35.6 )% 7.7 % Shares outstanding beginning of period 6,190,818 111,026 Shares outstanding end of period 2,990,818 136,026 Percentage change in shares outstanding (51.7 )% 22.5 % Shares created 11,650,000 150,000 Shares redeemed 14,850,000 125,000 Per share NAV beginning of period $ 22.87 $ 296.04 Per share NAV end of period $ 30.50 $ 260.33 Percentage change in per share NAV 33.4 % (12.1 )% Percentage change in benchmark (20.5 )% 3.7 % Benchmark annualized volatility 51.4 % 33.6 % 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. 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 . 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 . 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. 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. 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 The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 783,212 $ 148,415 Management fee 312,255 72,877 Brokerage commission 14,344 5,790 Net realized gain (loss) 38,498,831 (3,327,232 ) Change in net unrealized appreciation (depreciation) 5,539,198 2,491,447 Net Income (loss) $ 44,821,241 $ (687,370 ) 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. 21 ProShares UltraShort Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 29,016,468 $ 26,449,371 NAV end of period $ 31,021,297 $ 20,559,703 Percentage change in NAV 6.9 % (22.3 )% Shares outstanding beginning of period 547,160 597,160 Shares outstanding end of period 547,160 497,160 Percentage change in shares outstanding – % (16.7 )% Shares created 150,000 100,000 Shares redeemed 150,000 200,000 Per share NAV beginning of period $ 53.03 $ 44.29 Per share NAV end of period $ 56.70 $ 41.35 Percentage change in per share NAV 6.9 % (6.6 )% Percentage change in benchmark (2.4 )% 4.2 % Benchmark annualized volatility 6.6 % 13.7 % 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. dollar. There was no net change in the Fund’s outstanding Shares from March 31, 2026 to June 30, 2026. 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. 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. dollar. 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. 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. 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. dollar during the period ended June 30, 2026. 22 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 194,068 $ 155,622 Management fee 72,367 53,166 Net realized gain (loss) 1,084,676 (1,138,233 ) Change in net unrealized appreciation (depreciation) 779,640 (710,709 ) Net Income (loss) $ 2,058,384 $ (1,693,320 ) 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. dollar during the three months ended June 30, 2026. ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 71,221,078 $ 34,246,807 NAV end of period $ 40,291,991 $ 21,537,610 Percentage change in NAV (43.4 )% (37.2 )% Shares outstanding beginning of period 4,137,403 2,162,403 Shares outstanding end of period 2,812,403 1,287,403 Percentage change in shares outstanding (32.0 )% (40.5 )% Shares created 100,000 25,000 Shares redeemed 1,425,000 900,000 Per share NAV beginning of period $ 17.21 $ 15.84 Per share NAV end of period $ 14.33 $ 16.73 Percentage change in per share NAV (16.7 )% 5.6 % Percentage change in benchmark (16.5 )% 6.1 % Benchmark annualized volatility 15.0 % 50.3 % 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. 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. 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. 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. 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. 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. 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. 23 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 292,017 $ 159,534 Management fee 111,544 49,547 Brokerage commission 7,648 5,909 Futures account fees 5,496 2,004 Net realized gain (loss) (1,140,314 ) 4,727,074 Change in net unrealized appreciation (depreciation) (9,099,123 ) (1,835,417 ) Net Income (loss) $ (9,947,420 ) $ 3,051,191 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 The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 NAV beginning of period $ 173,679,251 $ 162,998,741 NAV end of period $ 198,647,261 $ 164,541,842 Percentage change in NAV 14.4 % 0.9 % Shares outstanding beginning of period 5,066,252 3,241,252 Shares outstanding end of period 9,341,252 3,516,252 Percentage change in shares outstanding 84.4 % 8.5 % Shares created 6,500,000 2,500,000 Shares redeemed 2,225,000 2,225,000 Per share NAV beginning of period $ 34.28 $ 50.29 Per share NAV end of period $ 21.27 $ 46.79 Percentage change in per share NAV (38.0 )% (7.0 )% Percentage change in benchmark (37.6 )% (6.5 )% Benchmark annualized volatility 45.9 % 114.0 % 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. 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. 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. 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. 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. 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. 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. 24 Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net investment income (loss) $ 964,820 $ 763,347 Management fee 470,210 286,187 Brokerage commission 108,204 117,436 Futures account fees 49,559 22,263 Net realized gain (loss) (66,726,736 ) 44,564,970 Change in net unrealized appreciation (depreciation) (30,205,248 ) (21,523,329 ) Net Income (loss) $ (95,967,164 ) $ 23,804,988 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. 25 Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 ProShares Short VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 242,351,037 $ 266,090,233 NAV end of period $ 221,547,242 $ 279,925,400 Percentage change in NAV (8.6 )% 5.2 % Shares outstanding beginning of period 4,368,614 5,318,614 Shares outstanding end of period 3,868,614 6,568,614 Percentage change in shares outstanding (11.4 )% 23.5 % Shares created 1,000,000 18,650,000 Shares redeemed 1,500,000 17,400,000 Per share NAV beginning of period $ 55.48 $ 50.03 Per share NAV end of period $ 57.27 $ 42.62 Percentage change in per share NAV 3.2 % (14.8 )% Percentage change in benchmark (16.4 )% 5.1 % Benchmark annualized volatility 64.2 % 94.3 % 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. 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. 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. 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. 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. 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. 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. 26 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,834,409 $ 3,906,240 Management fee 1,031,026 1,528,502 Brokerage commission 199,725 332,745 Futures account fees 30,217 53,156 Net realized gain (loss) 13,730,650 (17,634,393 ) Change in net unrealized appreciation (depreciation) (3,781,548 ) 13,394,285 Net Income (loss) $ 11,783,511 $ (333,868 ) 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. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 383,037,987 $ 523,420,064 NAV end of period $ 311,964,113 $ 420,493,513 Percentage change in NAV (18.6 )% (19.7 )% Shares outstanding beginning of period 19,843,096 19,043,096 Shares outstanding end of period 9,593,096 18,693,096 Percentage change in shares outstanding (51.7 )% (1.8 )% Shares created 23,350,000 14,900,000 Shares redeemed 33,600,000 15,250,000 Per share NAV beginning of period $ 19.30 $ 27.49 Per share NAV end of period $ 32.52 $ 22.49 Percentage change in per share NAV 68.5 % (18.2 )% Percentage change in benchmark 34.2 % (8.1 )% Benchmark annualized volatility 38.3 % 28.8 % 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. 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 . 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 . 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. 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. 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. 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. 27 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 4,053,242 $ 4,721,193 Management fee 2,134,963 1,916,607 Brokerage commission 166,497 107,916 Net realized gain (loss) 368,528,515 (13,075,023 ) Change in net unrealized appreciation (depreciation) (64,126,188 ) (41,800,136 ) Net Income (loss) $ 308,455,569 $ (50,153,966 ) 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. ProShares Ultra Bloomberg Natural Gas * Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 534,978,667 $ 396,081,499 NAV end of period $ 307,407,986 $ 334,757,794 Percentage change in NAV (42.5 )% (15.5 )% Shares outstanding beginning of period 11,861,524 3,611,524 Shares outstanding end of period 11,111,144 3,611,524 Percentage change in shares outstanding (6.3 )% – % Shares created 45,225,000 9,225,000 Shares redeemed 45,975,380 9,225,000 Per share NAV beginning of period $ 45.10 $ 109.67 Per share NAV end of period $ 27.67 $ 92.69 Percentage change in per share NAV (38.7 )% (15.5 )% Percentage change in benchmark (8.9 )% 2.2 % Benchmark annualized volatility 68.5 % 61.3 % 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 . 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. 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 . There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025. 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. 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. 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. 28 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 3,348,050 $ 3,041,429 Management fee 1,992,507 1,251,579 Brokerage commission 852,057 571,013 Futures account fees 78,240 116,609 Net realized gain (loss) 15,028,178 210,262,895 Change in net unrealized appreciation (depreciation) 136,933,487 (127,033,885 ) Net Income (loss) $ 155,309,715 $ 86,270,439 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. * 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 The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 5,925,856 $ 5,751,156 NAV end of period $ 4,949,960 $ 8,708,069 Percentage change in NAV (16.5 )% 51.4 % Shares outstanding beginning of period 450,000 550,000 Shares outstanding end of period 400,000 650,000 Percentage change in shares outstanding (11.1 )% 18.2 % Shares created 50,000 200,000 Shares redeemed 100,000 100,000 Per share NAV beginning of period $ 13.17 $ 10.46 Per share NAV end of period $ 12.37 $ 13.40 Percentage change in per share NAV (6.1 )% 28.1 % Percentage change in benchmark (2.8 )% 13.7 % Benchmark annualized volatility 6.2 % 9.6 % 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. 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. dollar. 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. dollar. 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. 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. 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. 29 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. dollar during the period ended June 30, 2026. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 66,317 $ 84,153 Management fee 27,870 29,891 Net realized gain (loss) (224,784 ) 777,150 Change in net unrealized appreciation (depreciation) (188,584 ) 610,648 Net Income (loss) $ (347,051 ) $ 1,471,951 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. dollar during the six months ended June 30, 2026. ProShares Ultra Gold Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 1,014,686,941 $ 289,709,332 NAV end of period $ 640,891,713 $ 485,005,243 Percentage change in NAV (36.8 )% 67.4 % Shares outstanding beginning of period 18,150,000 12,400,000 Shares outstanding end of period 14,550,000 14,100,000 Percentage change in shares outstanding (19.8 )% 13.7 % Shares created 9,600,000 10,650,000 Shares redeemed 13,200,000 8,950,000 Per share NAV beginning of period $ 55.91 $ 23.36 Per share NAV end of period $ 44.05 $ 34.40 Percentage change in per share NAV (21.2 )% 47.2 % Percentage change in benchmark (7.4 )% 24.4 % Benchmark annualized volatility 33.9 % 21.0 % 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 . 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. 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. 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. 30 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 12,208,361 $ 6,751,521 Management fee 5,010,657 2,061,122 Brokerage commission 76,645 45,879 Net realized gain (loss) (7,878,443 ) 144,586,702 Change in net unrealized appreciation (depreciation) (142,007,741 ) (5,429,584 ) Net Income (loss) $ (137,677,823 ) $ 145,908,639 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. 31 ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 2,237,285,267 $ 562,083,293 NAV end of period $ 1,269,873,944 $ 708,196,011 Percentage change in NAV (43.2 )% 26.0 % Shares outstanding beginning of period 14,346,526 16,746,526 Shares outstanding end of period 18,496,526 15,046,526 Percentage change in shares outstanding 28.9 % (10.2 )% Shares created 19,750,000 9,850,000 Shares redeemed 15,600,000 11,550,000 Per share NAV beginning of period $ 155.95 $ 33.56 Per share NAV end of period $ 68.65 $ 47.07 Percentage change in per share NAV (56.0 )% 40.2 % Percentage change in benchmark (15.5 )% 22.9 % Benchmark annualized volatility 81.0 % 33.6 % 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 . 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. 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 . 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. 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 21,434,839 $ 9,008,749 Management fee 10,454,233 3,001,678 Brokerage commission 184,682 104,828 Net realized gain (loss) (252,637,503 ) 153,909,618 Change in net unrealized appreciation (depreciation) (917,573,769 ) 65,780,286 Net Income (loss) $ (1,148,776,433 ) $ 228,698,653 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. 32 ProShares Ultra VIX Short-Term Futures ETF* Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 400,406,136 $ 284,452,060 NAV end of period $ 247,336,088 $ 579,408,908 Percentage change in NAV (38.2 )% 103.7 % Shares outstanding beginning of period 11,167,347 2,738,729 Shares outstanding end of period 9,967,347 6,198,729 Percentage change in shares outstanding (10.7 )% 126.3 % Shares created 29,950,000 16,940,000 Shares redeemed 31,150,000 13,480,000 Per share NAV beginning of period $ 35.86 $ 103.86 Per share NAV end of period $ 24.81 $ 93.47 Percentage change in per share NAV (30.8 )% (10.0 )% Percentage change in benchmark (16.4 )% 5.1 % Benchmark annualized volatility 64.2 % 94.3 % 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. 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. 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. 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. 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,577,002 $ 2,227,608 Management fee 1,772,627 1,742,735 Brokerage commission 1,283,038 1,508,883 Futures account fees 178,377 213,163 Net realized gain (loss) (116,442,087 ) 155,964,717 Change in net unrealized appreciation (depreciation) 23,175,576 (69,359,376 ) Net Income (loss) $ (91,689,509 ) $ 88,832,949 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. * 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. 33 ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 48,665,350 $ 44,505,646 NAV end of period $ 31,186,126 $ 66,461,439 Percentage change in NAV (35.9 )% 49.3 % Shares outstanding beginning of period 2,549,970 2,199,970 Shares outstanding end of period 1,799,970 2,849,970 Percentage change in shares outstanding (29.4 )% 29.5 % Shares created 150,000 1,250,000 Shares redeemed 900,000 600,000 Per share NAV beginning of period $ 19.08 $ 20.23 Per share NAV end of period $ 17.33 $ 23.32 Percentage change in per share NAV (9.2 )% 15.3 % Percentage change in benchmark (3.7 )% 9.3 % Benchmark annualized volatility 7.7 % 11.4 % 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. 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. dollar. 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. 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. dollar. 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. 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. 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. dollar during the period ended June 30, 2026. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 490,931 $ 817,655 Management fee 203,396 290,779 Net realized gain (loss) (4,423,294 ) 3,070,845 Change in net unrealized appreciation (depreciation) 234,335 4,951,669 Net Income (loss) $ (3,698,028 ) $ 8,840,169 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. dollar during the six months ended June 30, 2026. 34 ProShares UltraShort Bloomberg Crude Oil * Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 89,466,390 $ 121,997,334 NAV end of period $ 882,038,817 $ 135,277,470 Percentage change in NAV 885.9 % 10.9 % Shares outstanding beginning of period 1,138,805 1,801,305 Shares outstanding end of period 24,863,302 1,876,305 Percentage change in shares outstanding 2,083.3 % 4.2 % Shares created 78,462,500 5,000,000 Shares redeemed 54,738,003 4,925,000 Per share NAV beginning of period $ 78.56 $ 67.73 Per share NAV end of period $ 35.48 $ 72.10 Percentage change in per share NAV (54.8 )% 6.5 % Percentage change in benchmark 34.2 % (8.1 )% Benchmark annualized volatility 38.3 % 28.8 % 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. 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 . 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 . 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. 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 7,157,719 $ 2,212,411 Management fee 3,345,203 775,568 Brokerage commission 563,868 123,198 Net realized gain (loss) (330,228,695 ) 41,143,529 Change in net unrealized appreciation (depreciation) 272,945,806 17,511,380 Net Income (loss) $ (50,125,170 ) $ 60,867,320 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. * 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. 35 ProShares UltraShort Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 144,377,091 $ 260,940,143 NAV end of period $ 139,983,262 $ 283,266,637 Percentage change in NAV (3.0 )% 8.6 % Shares outstanding beginning of period 4,033,712 5,983,712 Shares outstanding end of period 6,233,712 11,133,712 Percentage change in shares outstanding 54.5 % 86.1 % Shares created 77,100,000 65,750,000 Shares redeemed 74,900,000 60,600,000 Per share NAV beginning of period $ 35.79 $ 43.61 Per share NAV end of period $ 22.46 $ 25.44 Percentage change in per share NAV (37.3 )% (41.7 )% Percentage change in benchmark (8.9 )% 2.2 % Benchmark annualized volatility 68.5 % 61.3 % 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 . 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. 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. 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 . 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. 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. 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. 36 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,497,836 $ 5,201,181 Management fee 1,100,457 2,059,769 Brokerage commission 732,352 1,029,562 Futures account fees 37,707 72,737 Net realized gain (loss) 249,415,454 (97,235,066 ) Change in net unrealized appreciation (depreciation) (53,365,642 ) 66,357,458 Net Income (loss) $ 197,547,648 $ (25,676,427 ) 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. ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 35,498,605 $ 41,892,674 NAV end of period $ 35,262,937 $ 31,567,012 Percentage change in NAV (0.7 )% (24.6 )% Shares outstanding beginning of period 1,250,000 1,200,000 Shares outstanding end of period 1,150,000 1,150,000 Percentage change in shares outstanding (8.0 )% (4.2 )% Shares created 500,000 350,000 Shares redeemed 600,000 400,000 Per share NAV beginning of period $ 28.40 $ 34.91 Per share NAV end of period $ 30.66 $ 27.45 Percentage change in per share NAV 8.0 % (21.4 )% Percentage change in benchmark (2.8 )% 13.7 % Benchmark annualized volatility 6.2 % 9.6 % 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. 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. dollar. 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. dollar. 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. 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. 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. 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. dollar during the period ended June 30, 2026. 37 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 413,787 $ 482,445 Management fee 170,057 169,010 Net realized gain (loss) 888,993 (5,567,827 ) Change in net unrealized appreciation (depreciation) 1,292,682 (2,883,349 ) Net Income (loss) $ 2,595,462 $ (7,968,731 ) 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. dollar during the six months ended June 30, 2026. ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 81,475,214 $ 16,624,428 NAV end of period $ 111,193,073 $ 76,838,176 Percentage change in NAV 36.5 % 362.2 % Shares outstanding beginning of period 3,136,631 236,745 Shares outstanding end of period 4,136,631 1,711,711 Percentage change in shares outstanding 31.9 % 623.0 % Shares created 13,050,000 6,850,000 Shares redeemed 12,050,000 5,375,034 Per share NAV beginning of period $ 25.98 $ 70.22 Per share NAV end of period $ 26.88 $ 44.89 Percentage change in per share NAV 3.5 % (36.1 )% Percentage change in benchmark (7.4 )% 24.4 % Benchmark annualized volatility 33.9 % 21.0 % 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. 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 . 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. 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 . 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. 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. 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. 38 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,088,696 $ 657,204 Management fee 480,471 256,449 Brokerage commission 11,873 11,822 Net realized gain (loss) 3,721,435 2,403,495 Change in net unrealized appreciation (depreciation) 21,345,466 1,607,812 Net Income (loss) $ 26,155,597 $ 4,668,511 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. * 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. ProShares UltraShort Silver* Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 197,022,578 $ 23,752,619 NAV end of period $ 91,231,174 $ 35,410,975 Percentage change in NAV (53.7 )% 49.1 % Shares outstanding beginning of period 3,701,026 56,026 Shares outstanding end of period 2,990,818 136,026 Percentage change in shares outstanding (19.2 )% 142.8 % Shares created 62,490,000 265,000 Shares redeemed 63,200,208 185,000 Per share NAV beginning of period $ 53.23 $ 423.96 Per share NAV end of period $ 30.50 $ 260.33 Percentage change in per share NAV (42.7 )% (38.6 )% Percentage change in benchmark (15.5 )% 22.9 % Benchmark annualized volatility 81.0 % 29.4 % 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 . 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. 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. 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 . 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. 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. 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. 39 Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,526,826 $ 260,570 Management fee 866,999 134,248 Brokerage commission 42,246 10,119 Net realized gain (loss) 733,506 (6,436,218 ) Change in net unrealized appreciation (depreciation) 29,367,087 (2,560,601 ) Net Income (loss) $ 31,627,419 $ (8,736,249 ) 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. * 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. 40 ProShares UltraShort Yen Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 35,516,416 $ 26,080,295 NAV end of period $ 31,021,297 $ 20,559,703 Percentage change in NAV (12.7 )% (21.2 )% Shares outstanding beginning of period 697,160 547,160 Shares outstanding end of period 547,160 497,160 Percentage change in shares outstanding (21.5 )% (9.1 )% Shares created 350,000 250,000 Shares redeemed 500,000 300,000 Per share NAV beginning of period $ 50.94 $ 47.66 Per share NAV end of period $ 56.70 $ 41.35 Percentage change in per share NAV 11.3 % (13.2 )% Percentage change in benchmark (3.7 )% 9.3 % Benchmark annualized volatility 7.7 % 11.4 % 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. 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. dollar. 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. dollar. 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. 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. 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. 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. dollar during the period ended June 30, 2026. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 354,812 $ 310,658 Management fee 146,367 107,103 Net realized gain (loss) 2,453,412 (1,296,927 ) Change in net unrealized appreciation (depreciation) 64,832 (2,515,360 ) Net Income (loss) $ 2,873,056 $ (3,501,629 ) 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. dollar during the six months ended June 30, 2026. 41 ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 45,911,058 $ 28,111,210 NAV end of period $ 40,291,991 $ 21,537,610 Percentage change in NAV (12.2 )% (23.4 )% Shares outstanding beginning of period 3,012,403 1,937,403 Shares outstanding end of period 2,812,403 1,287,403 Percentage change in shares outstanding (6.6 )% (33.6 )% Shares created 1,700,000 1,325,000 Shares redeemed 1,900,000 1,975,000 Per share NAV beginning of period $ 15.24 $ 14.51 Per share NAV end of period $ 14.33 $ 16.73 Percentage change in per share NAV (6.0 )% 15.3 % Percentage change in benchmark (5.3 )% 16.2 % Benchmark annualized volatility 19.5 % 41.7 % 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. 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. 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. 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. 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 602,664 $ 360,994 Management fee 241,608 113,521 Brokerage commission 22,594 18,454 Futures account fees 9,523 5,124 Net realized gain (loss) (587,399 ) 5,434,266 Change in net unrealized appreciation (depreciation) (1,563,390 ) (210,933 ) Net Income (loss) $ (1,548,125 ) $ 5,584,327 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. 42 ProShares VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NAV beginning of period $ 227,464,736 $ 133,641,615 NAV end of period $ 198,647,261 $ 164,541,842 Percentage change in NAV (12.7 )% 23.1 % Shares outstanding beginning of period 8,841,252 2,966,252 Shares outstanding end of period 9,341,252 3,516,252 Percentage change in shares outstanding 5.7 % 18.5 % Shares created 7,650,000 7,225,000 Shares redeemed 7,150,000 6,675,000 Per share NAV beginning of period $ 25.73 $ 45.05 Per share NAV end of period $ 21.27 $ 46.79 Percentage change in per share NAV (17.3 )% 3.9 % Percentage change in benchmark (16.4 )% 5.1 % Benchmark annualized volatility 64.2 % 94.3 % 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. 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. 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. 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. 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. 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. 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. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net investment income (loss) $ 1,955,077 $ 1,722,025 Management fee 936,708 652,682 Brokerage commission 189,645 288,163 Futures account fees 83,759 88,661 Net realized gain (loss) (32,827,862 ) 76,774,233 Change in net unrealized appreciation (depreciation) 4,465,074 (14,541,848 ) Net Income (loss) $ (26,407,711 ) $ 63,954,410 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. 43