10-Q

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2026.

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to .

Commission file number:

001-34200

PROSHARES TRUST II

(Exact name of registrant as specified in its charter)


Delaware		87-6284802
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o ProShare Capital Management LLC

7272 Wisconsin Avenue, 21

Floor

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip Code)

(240)

497-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
ProShares Short VIX Short-Term Futures ETF	SVXY	Cboe BZX Exchange
ProShares Ultra Bloomberg Crude Oil	UCO	NYSE Arca
ProShares Ultra Bloomberg Natural Gas	BOIL	NYSE Arca
ProShares Ultra Euro	ULE	NYSE Arca
ProShares Ultra Gold	UGL	NYSE Arca
ProShares Ultra Silver	AGQ	NYSE Arca
ProShares Ultra VIX Short-Term Futures ETF	UVXY	Cboe BZX Exchange
ProShares Ultra Yen	YCL	NYSE Arca
ProShares UltraShort Bloomberg Crude Oil	SCO	NYSE Arca
ProShares UltraShort Bloomberg Natural Gas	KOLD	NYSE Arca
ProShares UltraShort Euro	EUO	NYSE Arca
ProShares UltraShort Gold	GLL	NYSE Arca
ProShares UltraShort Silver	ZSL	NYSE Arca
ProShares UltraShort Yen	YCS	NYSE Arca
ProShares VIX Mid-Term Futures ETF	VIXM	Cboe BZX Exchange
ProShares VIX Short-Term Futures ETF	VIXY	Cboe BZX Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act.). ☐ Yes ☒ No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No

As of May 7, 2026, the registrant

had 294,965,796 shares of common stock, $0 par value per share, outstanding.

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $34,940,141 and $59,898,070, respectively)	$	34,940,093	$	59,907,798
Affiliated investments (cost $60,024,000 and $–, respectively)		60,042,000		—
Cash		29,866,506		87,603,058
Segregated cash balances with brokers for futures contracts		57,509,556		93,632,448
Receivable on open futures contracts		6,541,539		1,909,294
Receivable for dividends from affiliates		41,002		—
Interest receivable		175,081		340,241

Total assets		189,115,777		243,392,839

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		5,002,982		851,049
Brokerage commissions and futures account fees payable		4,372		6,400
Payable to Sponsor		139,200		184,353

Total liabilities		5,146,554		1,041,802

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		183,969,223		242,351,037

Total liabilities and shareholders’ equity	$	189,115,777	$	243,392,839

Shares outstanding		4,018,614		4,368,614

Net asset value per share	$	45.78	$	55.48

Market value per share (Note 2)	$	45.80	$	55.38

See accompanying notes to financial statements.

F-2

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(19% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26	$	20,000,000	$	19,983,956
3.721% due 04/30/26		15,000,000		14,956,137

Total short-term U.S. government and agency obligations (cost $34,940,141)			$	34,940,093


	Shares
Affiliated Investments
Exchange Traded Fund
(33% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $60,024,000)		600,000		60,042,000

Total Investments in Securities (cost $94,964,141)			$	94,982,093

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2026		1,763	$	44,114,491	$	(3,180,824	)
VIX Futures - Cboe, expires May 2026		1,955		47,725,460		(119,851	)

					$	(3,300,675	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-3

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(36,856,438	)	$	(16,432,172	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(109,585,263	)		(253,581,889	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		135,000,000			190,000,000
Cost of affiliated investments purchased		(70,028,000	)		—
Proceeds from affiliated investments sold		10,009,000			—
Net amortization and accretion on short-term U.S. government and agency obligations		(456,808	)		(870,531	)
Net realized (gain) loss on investments		(5,000	)		—
Change in unrealized (appreciation) depreciation on investments		(8,224	)		7,663
Decrease (Increase) in receivable on open futures contracts		(4,632,245	)		(500,216	)
Decrease (Increase) in receivable for dividends from affiliates		(41,002	)		—
Decrease (Increase) in interest receivable		165,160			(30,416	)
Increase (Decrease) in payable to Sponsor		(45,153	)		(24,674	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(2,028	)		(469	)
Increase (Decrease) in payable on open futures contracts		4,151,933			(1,011,830	)

Net cash provided by (used in) operating activities		(72,334,068	)		(82,444,534	)

Cash flow from financing activities
Proceeds from addition of shares		23,792,592			106,382,989
Payment on shares redeemed		(45,317,968	)		(123,933,194	)

Net cash provided by (used in) financing activities		(21,525,376	)		(17,550,205	)

Net increase (decrease) in cash		(93,859,444	)		(99,994,739	)
Cash, beginning of period		181,235,506			241,154,040

Cash, end of period	$	87,376,062		$	141,159,301

See accompanying notes to financial statements.

F-6

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $209,066,935 and $149,544,793, respectively)	$	209,070,202	$	149,575,489
Affiliated investments (cost $230,177,660 and $–, respectively)		230,138,000		—
Cash		65,991,509		101,024,953
Segregated cash balances with brokers for futures contracts		78,549,707		38,125,720
Segregated cash balances with brokers for swap agreements		—		109,128,769
Unrealized appreciation on swap agreements		45,264,234		—
Receivable on open futures contracts		16,472,364		602,246
Receivable for dividends from affiliates		170,842		—
Interest receivable		335,867		368,065

Total assets		645,992,725		398,825,242

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		19,394,977		2,895,283
Payable on open futures contracts		16,026,937		1,426,673
Payable to Sponsor		483,652		314,178
Unrealized depreciation on swap agreements		7,188,612		11,151,121

Total liabilities		43,094,178		15,787,255

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		602,898,547		383,037,987

Total liabilities and shareholders’ equity	$	645,992,725	$	398,825,242

Shares outstanding		15,543,096		19,843,096

Net asset value per share	$	38.79	$	19.30

Market value per share (Note 2)	$	39.30	$	19.32

See accompanying notes to financial statements.

F-7

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(35% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26 †	$	20,000,000	$	19,983,956
3.806% due 04/16/26 †		50,000,000		49,924,165
3.806% due 05/05/26 †		50,000,000		49,829,055
3.832% due 05/07/26 †		20,000,000		19,927,200
3.698% due 06/25/26 †		70,000,000		69,405,826

Total short-term U.S. government and agency obligations (cost $209,066,935)			$	209,070,202


	Shares
Affiliated Investments
Exchange Traded Fund
(38% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $230,177,660)		2,300,000		230,138,000

Total Investments in Securities (cost $439,244,595)			$	439,208,202

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires June 2026		1,824	$	169,923,840	$	45,444,474
WTI Crude Oil - NYMEX, expires December 2026		1,920		139,142,400		15,743,198
WTI Crude Oil - Need Exch, expires June 2027		2,013		140,285,970		9,778,548

					$	70,966,220

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35	%		04/06/26	$	67,778,389	$	(3,756,664	)
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35			04/06/26		294,117,187		21,935,669
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35			04/06/26		89,348,858		6,663,762
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.25			04/06/26		223,254,814		16,664,803
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.30			04/06/26		81,724,115		(3,431,948	)

								$	38,075,622

Total Unrealized Appreciation								$	45,264,234

Total Unrealized Depreciation								$	(7,188,612	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-8

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	1,918,502		$	3,505,104
Dividends from affiliates (Note 5)		688,820			—

Total income		2,607,322			3,505,104

Expenses
Management fee		1,118,708			964,913
Brokerage commissions		110,199			46,568

Total expenses		1,228,907			1,011,481

Net investment income (loss)		1,378,415			2,493,623

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		40,149,665			11,158,728
Swap agreements		182,842,525			4,358,133
Affiliated investments		(16,800	)		—
Payment from affiliate (Note 5)		29,086			—

Net realized gain (loss)		223,004,476			15,516,861

Change in net unrealized appreciation (depreciation) on
Futures contracts		74,655,327			1,014,203
Swap agreements		49,226,743			(1,449,698	)
Short-term U.S. government and agency obligations		(27,429	)		(28,855	)
Affiliated investments		(39,660	)		—

Change in net unrealized appreciation (depreciation)		123,814,981			(464,350	)

Net realized and unrealized gain (loss)		346,819,457			15,052,511

Net income (loss)	$	348,197,872		$	17,546,134

See accompanying notes to financial statements.

F-9

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	383,037,987		$	523,420,064

Addition of 15,350,000 and 5,700,000 shares, respectively		519,928,114			145,515,138
Redemption of 19,650,000 and 8,800,000 shares, respectively		(648,265,426	)		(254,017,509	)

Net addition (redemption) of (4,300,000) and (3,100,000) shares, respectively		(128,337,312	)		(108,502,371	)

Net investment income (loss)		1,378,415			2,493,623
Net realized gain (loss)		223,004,476			15,516,861
Change in net unrealized appreciation (depreciation)		123,814,981			(464,350	)

Net income (loss)		348,197,872			17,546,134

Shareholders’ equity, end of period	$	602,898,547		$	432,463,827

See accompanying notes to financial statements.

F-10

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	348,197,872		$	17,546,134
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(258,572,840	)		(522,138,550	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		200,000,000			435,000,000
Cost of affiliated investments purchased		(250,204,460	)		—
Proceeds from affiliated investments sold		20,010,000			—
Net amortization and accretion on short-term U.S. government and agency obligations		(949,302	)		(2,005,913	)
Net realized (gain) loss on investments		16,800			—
Change in unrealized (appreciation) depreciation on investments		(49,159,654	)		1,478,553
Decrease (Increase) in receivable on open futures contracts		(15,870,118	)		(2,822,327	)
Decrease (Increase) in receivable for dividends from affiliates		(170,842	)		—
Decrease (Increase) in interest receivable		32,198			172,688
Increase (Decrease) in payable to Sponsor		169,474			(100,900	)
Increase (Decrease) in payable on open futures contracts		14,600,264			(70,422	)

Net cash provided by (used in) operating activities		8,099,392			(72,940,737	)

Cash flow from financing activities
Proceeds from addition of shares		519,928,114			145,515,138
Payment on shares redeemed		(631,765,732	)		(251,340,864	)

Net cash provided by (used in) financing activities		(111,837,618	)		(105,825,726	)

Net increase (decrease) in cash		(103,738,226	)		(178,766,463	)
Cash, beginning of period		248,279,442			385,855,334

Cash, end of period	$	144,541,216		$	207,088,871

See accompanying notes to financial statements.

F-11

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $79,900,229 and $234,217,281, respectively)	$	79,900,099	$	234,273,034
Affiliated investments (cost $140,103,500 and $–, respectively)		140,084,000		—
Cash		12,277,896		141,320,716
Segregated cash balances with brokers for futures contracts		158,971,864		199,013,298
Receivable from capital shares sold		801,426		28,186,350
Receivable on open futures contracts		8,629,404		—
Receivable for dividends from affiliates		95,672		—
Interest receivable		441,234		581,253

Total assets		401,201,595		603,374,651

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		21,638,513		—
Payable on open futures contracts		583,704		67,963,288
Brokerage commissions and futures account fees payable		14,762		14,860
Payable to Sponsor		335,922		417,836

Total liabilities		22,572,901		68,395,984

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		378,628,694		534,978,667

Total liabilities and shareholders’ equity	$	401,201,595	$	603,374,651

Shares outstanding		23,623,047		23,723,047

Net asset value per share	$	16.03	$	22.55

Market value per share (Note 2)	$	16.12	$	22.90

See accompanying notes to financial statements.

F-12

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
( 21 % of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26	$	30,000,000	$	29,975,934
3.806% due 04/16/26		50,000,000		49,924,165

Total short-term U.S. government and agency obligations (cost $79,900,229)			$	79,900,099


	Shares
Affiliated Investments
Exchange Traded Fund
(37% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $140,103,500)		1,400,000		140,084,000

Total Investments in Securities (cost $220,003,729)			$	219,984,099

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires May 2026		26,254	$	757,165,360	$	(26,247,510	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-13

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	179,883,570		$	182,283,642
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(174,300,461	)		(343,123,466	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		329,617,287			345,000,000
Cost of affiliated investments purchased		(140,103,500	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(990,246	)		(1,347,138	)
Net realized (gain) loss on investments		(9,528	)		—
Change in unrealized (appreciation) depreciation on investments		75,383			26,671
Decrease (Increase) in receivable on open futures contracts		(8,629,404	)		(4,539,416	)
Decrease (Increase) in receivable for dividends from affiliates		(95,672	)		—
Decrease (Increase) in interest receivable		140,019			347,353
Increase (Decrease) in payable to Sponsor		(81,914	)		(202,663	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(98	)		(10,861	)
Increase (Decrease) in payable on open futures contracts		(67,379,584	)		(36,494,088	)

Net cash provided by (used in) operating activities		118,125,852			141,940,034

Cash flow from financing activities
Proceeds from addition of shares		970,074,443			346,020,820
Payment on shares redeemed		(1,257,284,549	)		(685,446,154	)

Net cash provided by (used in) financing activities		(287,210,106	)		(339,425,334	)

Net increase (decrease) in cash		(169,084,254	)		(197,485,300	)
Cash, beginning of period		340,334,014			323,011,189

Cash, end of period	$	171,249,760		$	125,525,889

See accompanying notes to financial statements.

F-16

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Cash	$	5,657,264	$	5,185,710
Segregated cash balances with brokers for foreign currency forward contracts		726,667		666,667
Unrealized appreciation on foreign currency forward contracts		—		62,719
Interest receivable		16,618		15,545

Total assets		6,400,549		5,930,641

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		5,136		4,756
Unrealized depreciation on foreign currency forward contracts		47,848		29

Total liabilities		52,984		4,785

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		6,347,565		5,925,856

Total liabilities and shareholders’ equity	$	6,400,549	$	5,930,641

Shares outstanding		500,000		450,000

Net asset value per share	$	12.70	$	13.17

Market value per share (Note 2)	$	12.72	$	13.16

See accompanying notes to financial statements.

F-17

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $439,384,498 and $548,601,553, respectively)	$	439,383,527	$	548,706,159
Affiliated investments (cost $340,136,000 and $–, respectively)		340,238,000		—
Cash		159,143,584		379,927,481
Segregated cash balances with brokers for futures contracts		95,342,255		59,232,000
Segregated cash balances with brokers for swap agreements		—		18,097,800
Unrealized appreciation on swap agreements		20,532,095		28,676,455
Receivable on open futures contracts		20,441,430		—
Receivable for dividends from affiliates		232,346		—
Interest receivable		761,821		662,431

Total assets		1,076,075,058		1,035,302,326

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		9,085,032		5,589,989
Payable on open futures contracts		—		14,210,474
Payable to Sponsor		921,012		814,922
Unrealized depreciation on swap agreements		12,205,793		—

Total liabilities		22,211,837		20,615,385

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		1,053,863,221		1,014,686,941

Total liabilities and shareholders’ equity	$	1,076,075,058	$	1,035,302,326

Shares outstanding		17,400,000		18,150,000

Net asset value per share	$	60.57	$	55.91

Market value per share (Note 2)	$	61.46	$	55.52

See accompanying notes to financial statements.

F-22

Table of Contents

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(42% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26	$	150,000,000	$	149,879,670
3.806% due 04/16/26 †		250,000,000		249,620,825
3.721% due 04/30/26 †		40,000,000		39,883,032

Total short-term U.S. government and agency obligations (cost $439,384,498)			$	439,383,527


	Shares
Affiliated Investments
Exchange Traded Fund
(32% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $340,136,000)		3,400,000		340,238,000

Total Investments in Securities (cost $779,520,498)			$	779,621,527

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires June 2026		2,226	$	1,041,456,360	$	(77,975,258	)

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex		0.25	%		04/06/26	$	599,822,238	$	8,801,555
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.25			04/06/26		109,842,924		(12,205,793	)
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			04/06/26		355,972,374		11,730,540

								$	8,326,302

Total Unrealized Appreciation								$	20,532,095
Total Unrealized Depreciation								$	(12,205,793	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-23

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	99,763,316		$	117,308,963
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(986,620,839	)		(616,446,985	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		1,100,000,000			445,000,000
Cost of affiliated investments purchased		(520,242,150	)		—
Proceeds from affiliated investments sold		180,192,700			—
Net amortization and accretion on short-term U.S. government and agency obligations		(4,162,106	)		(2,159,417	)
Net realized (gain) loss on investments		(86,550	)		—
Change in unrealized (appreciation) depreciation on investments		20,353,730			(25,891,717	)
Decrease (Increase) in receivable on open futures contracts		(20,441,430	)		(4,083,959	)
Decrease (Increase) in receivable for dividends from affiliates		(232,346	)		—
Decrease (Increase) in interest receivable		(99,390	)		(233,766	)
Increase (Decrease) in payable to Sponsor		106,090			94,477
Increase (Decrease) in payable on open futures contracts		(14,210,474	)		—

Net cash provided by (used in) operating activities		(145,679,449	)		(86,412,404	)

Cash flow from financing activities
Proceeds from addition of shares		404,597,108			96,700,763
Payment on shares redeemed		(461,689,101	)		(23,099,633	)

Net cash provided by (used in) financing activities		(57,091,993	)		73,601,130

Net increase (decrease) in cash		(202,771,442	)		(12,811,274	)
Cash, beginning of period		457,257,281			215,158,372

Cash, end of period	$	254,485,839		$	202,347,098

See accompanying notes to financial statements.

F-26

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $1,011,909,248 and $967,111,002, respectively)	$	1,011,915,551	$	967,310,974
Affiliated investments (cost $405,162,000 and $–, respectively)		405,283,500		—
Cash		147,081,845		803,492,250
Segregated cash balances with brokers for futures contracts		251,409,980		185,737,500
Unrealized appreciation on swap agreements		131,908,038		313,913,258
Receivable from capital shares sold		—		109,152,231
Receivable on open futures contracts		41,295,631		—
Receivable for dividends from affiliates		276,765		—
Interest receivable		1,031,538		1,543,277

Total assets		1,990,202,848		2,381,149,490

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		52,952,834		—
Payable on open futures contracts		—		142,327,483
Payable to Sponsor		1,630,501		1,536,740
Unrealized depreciation on swap agreements		82,673,890		—

Total liabilities		137,257,225		143,864,223

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		1,852,945,623		2,237,285,267

Total liabilities and shareholders’ equity	$	1,990,202,848	$	2,381,149,490

Shares outstanding		15,746,526		14,346,526

Net asset value per share	$	117.67	$	155.95

Market value per share (Note 2)	$	119.51	$	155.12

See accompanying notes to financial statements.

F-27

Table of Contents

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(55% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26 †	$	8,348,000	$	8,341,303
3.806% due 04/16/26 †		79,180,000		79,059,908
3.726% due 04/28/26 †		200,000,000		199,454,740
3.806% due 05/05/26 †		200,000,000		199,316,220
3.832% due 05/07/26 †		130,000,000		129,526,800
3.698% due 06/25/26 †		200,000,000		198,302,360
3.677% due 07/14/26 †		200,000,000		197,914,220

Total short-term U.S. government and agency obligations (cost $1,011,909,248)			$	1,011,915,551


	Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $405,162,000)		4,050,000		405,283,500

Total Investments in Securities (cost $1,417,071,248)			$	1,417,199,051

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires May 2026		3,654	$	1,368,770,130	$	(35,395,910	)

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/ Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex		0.25	%		04/06/26	$	1,016,244,234	$	71,210,588
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		1.50			04/06/26		219,382,883		(55,814,650	)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex		0.80			04/06/26		213,204,683		(26,859,240	)
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.36			04/06/26		888,119,421		60,697,450

								$	49,234,148

Total Unrealized Appreciation								$	131,908,038

Total Unrealized Depreciation								$	(82,673,890	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-28

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	14,569,223		$	6,019,905
Dividends from affiliates (Note 5)		1,930,707			—

Total income		16,499,930			6,019,905

Expenses
Management fee		6,234,079			1,516,455
Brokerage commissions		107,448			46,556

Total expenses		6,341,527			1,563,011

Net investment income (loss)		10,158,403			4,456,894

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		173,095,352			23,172,336
Swap agreements		186,233,948			31,538,451
Short-term U.S. government and agency obligations		255			—
Affiliated investments		127,000			—
Payment from affiliate (Note 5)		98,485			—

Net realized gain (loss)		359,555,040			54,710,787

Change in net unrealized appreciation (depreciation) on
Futures contracts		(454,641,309	)		58,771,511
Swap agreements		(264,679,110	)		80,543,112
Short-term U.S. government and agency obligations		(193,669	)		(37,152	)
Affiliated investments		121,500			—

Change in net unrealized appreciation (depreciation)		(719,392,588	)		139,277,471

Net realized and unrealized gain (loss)		(359,837,548	)		193,988,258

Net income (loss)	$	(349,679,145	)	$	198,445,152

See accompanying notes to financial statements.

F-29

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	2,237,285,267		$	562,083,293

Addition of 12,150,000 and 4,850,000 shares, respectively		1,975,835,556			203,711,879
Redemption of 10,750,000 and 5,900,000 shares, respectively		(2,010,496,055	)		(246,247,865	)

Net addition (redemption) of 1,400,000 and (1,050,000) shares, respectively		(34,660,499	)		(42,535,986	)

Net investment income (loss)		10,158,403			4,456,894
Net realized gain (loss)		359,555,040			54,710,787
Change in net unrealized appreciation (depreciation)		(719,392,588	)		139,277,471

Net income (loss)		(349,679,145	)		198,445,152

Shareholders’ equity, end of period	$	1,852,945,623		$	717,992,459

See accompanying notes to financial statements.

F-30

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(349,679,145	)	$	198,445,152
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(2,598,467,892	)		(944,854,868	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		2,562,212,049			735,000,000
Cost of affiliated investments purchased		(800,407,000	)		—
Proceeds from affiliated investments sold		395,372,000			—
Net amortization and accretion on short-term U.S. government and agency obligations		(8,542,148	)		(3,409,959	)
Net realized (gain) loss on investments		(127,255	)		—
Change in unrealized (appreciation) depreciation on investments		264,751,279			(80,505,960	)
Decrease (Increase) in securities sold receivable		—			(18,161,000	)
Decrease (Increase) in receivable on open futures contracts		(41,295,631	)		(2,002,991	)
Decrease (Increase) in receivable for dividends from affiliates		(276,765	)		—
Decrease (Increase) in interest receivable		511,739			(203,863	)
Increase (Decrease) in payable to Sponsor		93,761			45,651
Increase (Decrease) in payable on open futures contracts		(142,327,483	)		(695,048	)

Net cash provided by (used in) operating activities		(718,182,491	)		(116,342,886	)

Cash flow from financing activities
Proceeds from addition of shares		2,084,987,787			203,711,879
Payment on shares redeemed		(1,957,543,221	)		(218,802,499	)

Net cash provided by (used in) financing activities		127,444,566			(15,090,620	)

Net increase (decrease) in cash		(590,737,925	)		(131,433,506	)
Cash, beginning of period		989,229,750			491,827,274

Cash, end of period	$	398,491,825		$	360,393,768

See accompanying notes to financial statements.

F-31

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	156,817,852		$	120,631,345
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(34,889,457	)		(218,972,961	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		134,979,905			194,910,250
Cost of affiliated investments purchased		(155,097,500	)		—
Proceeds from affiliated investments sold		50,050,800			—
Net amortization and accretion on short-term U.S. government and agency obligations		(336,799	)		(809,335	)
Net realized (gain) loss on investments		(12,052	)		70
Change in unrealized (appreciation) depreciation on investments		7,169			7,719
Decrease (Increase) in receivable on open futures contracts		15,375,966			(45,900,051	)
Decrease (Increase) in receivable for dividends from affiliates		(71,754	)		—
Decrease (Increase) in interest receivable		153,111			326,094
Increase (Decrease) in payable to Sponsor		(90,295	)		(60,095	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(23,279	)		(5,582	)
Increase (Decrease) in payable on open futures contracts		33,486,890			428,787

Net cash provided by (used in) operating activities		200,350,557			50,556,241

Cash flow from financing activities
Proceeds from addition of shares		423,326,779			881,018,888
Payment on shares redeemed		(694,081,210	)		(868,967,930	)

Net cash provided by (used in) financing activities		(270,754,431	)		12,050,958

Net increase (decrease) in cash		(70,403,874	)		62,607,199
Cash, beginning of period		292,892,619			250,621,829

Cash, end of period	$	222,488,745		$	313,229,028

See accompanying notes to financial statements.

F-36

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $14,956,258 and $–, respectively)	$	14,956,137	$	—
Affiliated investments (cost $16,006,400 and $–, respectively)		16,011,200		—
Cash		14,260,012		43,846,101
Segregated cash balances with brokers for foreign currency forward contracts		—		5,912,013
Unrealized appreciation on foreign currency forward contracts		—		1,161
Receivable for dividends from affiliates		10,934		—
Interest receivable		66,002		128,447

Total assets		45,304,285		49,887,722

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		35,250		38,563
Unrealized depreciation on foreign currency forward contracts		253,791		1,183,809

Total liabilities		289,041		1,222,372

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		45,015,244		48,665,350

Total liabilities and shareholders’ equity	$	45,304,285	$	49,887,722

Shares outstanding		2,449,970		2,549,970

Net asset value per share	$	18.37	$	19.08

Market value per share (Note 2)	$	18.38	$	19.06

See accompanying notes to financial statements.

F-37

Table of Contents

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(33% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.721 % due 04/30/26 †	$	15,000,000	$	14,956,137

Total short-term U.S. government and agency obligations (cost $14,956,258)			$	14,956,137

	Shares
Affiliated Investments
Exchange Traded Fund
(36% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $16,006,400)		160,000		16,011,200

Total Investments in Securities (cost $30,962,658)			$	30,967,337


Foreign Currency Forward Contracts ^
	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International		04/10/26		8,167,890,056		$	51,517,104		$	(102,053	)
Yen with UBS AG		04/10/26		7,172,220,856			45,237,149			(116,856	)

Total Unrealized Depreciation									$	(218,909	)

Contracts to Sell
Yen with Goldman Sachs International		04/10/26		(217,500,000	)	$	(1,371,832	)	$	(2,972	)
Yen with UBS AG		04/10/26		(857,295,000	)		(5,407,193	)		(31,910	)

Total Unrealized Depreciation									$	(34,882	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-38

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	300,576		$	528,121
Dividends from affiliates (Note 5)		53,497			—

Total income		354,073			528,121

Expenses
Management fee		112,303			137,014

Total expenses		112,303			137,014

Net investment income (loss)		241,770			391,107

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(2,920,760	)		1,642,642
Payment from affiliate (Note 5)		2,567			—

Net realized gain (loss)		(2,918,193	)		1,642,642

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		928,857			2,667,939
Short-term U.S. government and agency obligations		(121	)		—
Affiliated investments		4,800			—

Change in net unrealized appreciation (depreciation)		933,536			2,667,939

Net realized and unrealized gain (loss)		(1,984,657	)		4,310,581

Net income (loss)	$	(1,742,887	)	$	4,701,688

See accompanying notes to financial statements.

F-39

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $219,470,871 and $44,906,073, respectively)	$	219,469,491	$	44,913,599
Affiliated investments (cost $290,317,420 and $–, respectively)		290,174,000		—
Cash		105,949,020		19,951,883
Segregated cash balances with brokers for futures contracts		333,583,771		22,519,576
Receivable from capital shares sold		21,083,716		981,948
Receivable on open futures contracts		41,010,813		1,186,923
Receivable for dividends from affiliates		198,177		—
Interest receivable		479,233		124,609

Total assets		1,011,948,221		89,678,538

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		2,108,372		—
Payable on open futures contracts		20,140,977		139,029
Payable to Sponsor		442,131		73,119

Total liabilities		22,691,480		212,148

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		989,256,741		89,466,390

Total liabilities and shareholders’ equity	$	1,011,948,221	$	89,678,538

Shares outstanding		117,305,220		4,555,220

Net asset value per share	$	8.43	$	19.64

Market value per share (Note 2)	$	8.32	$	19.61

See accompanying notes to financial statements.

F-42

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(22% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.717% due 04/09/26	$	20,000,000	$	19,983,956
3.806% due 04/16/26		50,000,000		49,924,165
3.721% due 04/30/26		150,000,000		149,561,370

Total short-term U.S. government and agency obligations (cost $219,470,871)			$	219,469,491

	Shares
Affiliated Investments
Exchange Traded Fund
(29% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $290,317,420)		2,900,000		290,174,000

Total Investments in Securities (cost $509,788,291)			$	509,643,491


Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires June 2026		7,918	$	737,640,880	$	(45,303,696	)
WTI Crude Oil - NYMEX, expires December 2026		8,606		623,676,820		3,486,646
WTI Crude Oil - NYMEX, expires June 2027		8,853		616,965,570		(3,029,347	)

					$	(44,846,397	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(152,604,391	)	$	13,811,172
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(244,073,368	)		(228,753,456	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		70,000,000			170,000,000
Cost of affiliated investments purchased		(290,317,420	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(491,432	)		(812,287	)
Net realized (gain) loss on investments		2			—
Change in unrealized (appreciation) depreciation on investments		152,326			277
Decrease (Increase) in receivable on open futures contracts		(39,823,890	)		—
Decrease (Increase) in receivable for dividends from affiliates		(198,177	)		—
Decrease (Increase) in interest receivable		(354,624	)		(27,055	)
Increase (Decrease) in payable to Sponsor		369,012			64,816
Increase (Decrease) in payable on open futures contracts		20,001,948			5,216,738

Net cash provided by (used in) operating activities		(637,340,014	)		(40,499,795	)

Cash flow from financing activities
Proceeds from addition of shares		1,259,751,293			156,955,892
Payment on shares redeemed		(225,349,947	)		(114,377,370	)

Net cash provided by (used in) financing activities		1,034,401,346			42,578,522

Net increase (decrease) in cash		397,061,332			2,078,727
Cash, beginning of period		42,471,459			120,735,111

Cash, end of period	$	439,532,791		$	122,813,838

See accompanying notes to financial statements.

F-46

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $39,946,662 and $69,807,867, respectively)	$	39,946,692	$	69,821,093
Affiliated investments (cost $80,032,000 and $–, respectively)		80,048,000		—
Cash		14,370,871		24,344,867
Segregated cash balances with brokers for futures contracts		72,274,989		49,604,357
Receivable on open futures contracts		307,616		15,938,672
Receivable for dividends from affiliates		54,670		—
Interest receivable		236,003		201,070

Total assets		207,238,841		159,910,059

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		14,316,465
Payable on open futures contracts		208,357		1,060,496
Brokerage commissions and futures account fees payable		6,621		6,012
Payable to Sponsor		195,355		149,995

Total liabilities		410,333		15,532,968

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		206,828,508		144,377,091

Total liabilities and shareholders’ equity	$	207,238,841	$	159,910,059

Shares outstanding		9,483,712		4,033,712

Net asset value per share	$	21.81	$	35.79

Market value per share (Note 2)	$	21.71	$	35.27

See accompanying notes to financial statements.

F-47

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	144,377,091		$	260,940,143

Addition of 65,100,000 and 47,000,000 shares, respectively		1,214,566,289			1,166,645,827
Redemption of 59,650,000 and 23,850,000 shares, respectively		(1,320,961,437	)		(620,112,444	)

Net addition (redemption) of 5,450,000 and 23,150,000 shares, respectively		(106,395,148	)		546,533,383

Net investment income (loss)		852,742			2,805,691
Net realized gain (loss)		179,884,405			(221,827,712	)
Change in net unrealized appreciation (depreciation)		(11,890,582	)		(14,598,037	)

Net income (loss)		168,846,565			(233,620,058	)

Shareholders’ equity, end of period	$	206,828,508		$	573,853,468

See accompanying notes to financial statements.

F-50

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	168,846,565		$	(233,620,058	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(59,756,285	)		(646,107,653	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		89,940,588			300,000,000
Cost of affiliated investments purchased		(140,056,000	)		—
Proceeds from affiliated investments sold		60,048,500			—
Net amortization and accretion on short-term U.S. government and agency obligations		(321,380	)		(1,928,077	)
Net realized (gain) loss on investments		(26,218	)		—
Change in unrealized (appreciation) depreciation on investments		(2,804	)		1,802
Decrease (Increase) in receivable on open futures contracts		15,631,056			15,274,355
Decrease (Increase) in receivable for dividends from affiliates		(54,670	)		—
Decrease (Increase) in interest receivable		(34,933	)		(618,155	)
Increase (Decrease) in payable to Sponsor		45,360			389,680
Increase (Decrease) in brokerage commissions and futures account fees payable		609			9,218
Increase (Decrease) in payable on open futures contracts		(852,139	)		12,344,043

Net cash provided by (used in) operating activities		133,408,249			(554,254,845	)

Cash flow from financing activities
Proceeds from addition of shares		1,214,566,289			1,166,645,827
Payment on shares redeemed		(1,335,277,902	)		(637,556,171	)

Net cash provided by (used in) financing activities		(120,711,613	)		529,089,656

Net increase (decrease) in cash		12,696,636			(25,165,189	)
Cash, beginning of period		73,949,224			258,891,257

Cash, end of period	$	86,645,860		$	233,726,068

See accompanying notes to financial statements.

F-51

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,970,839 and $–, respectively)	$	9,970,758	$	—
Affiliated investments (cost $10,004,000 and $–, respectively)		10,007,000		—
Cash		16,762,548		31,282,858
Segregated cash balances with brokers for foreign currency forward contracts		—		4,541,088
Unrealized appreciation on foreign currency forward contracts		216,494		7,632
Receivable for dividends from affiliates		6,834		—
Interest receivable		58,147		95,777

Total assets		37,021,781		35,927,355

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		28,098		28,744
Unrealized depreciation on foreign currency forward contracts		5,991		400,006

Total liabilities		34,089		428,750

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		36,987,692		35,498,605

Total liabilities and shareholders’ equity	$	37,021,781	$	35,927,355

Shares outstanding		1,250,000		1,250,000

Net asset value per share	$	29.59	$	28.40

Market value per share (Note 2)	$	29.60	$	28.33

See accompanying notes to financial statements.

F-52

Table of Contents

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(27% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.721% due 04/30/26 †	$	10,000,000	$	9,970,758

Total short-term U.S. government and agency obligations (cost $9,970,839)			$	9,970,758


	Shares
Affiliated Investments
Exchange Traded Fund
(27% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $10,004,000)		100,000		10,007,000

Total Investments in Securities (cost $19,974,839)			$	19,977,758

Foreign Currency Forward Contracts


	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International		04/10/26		918,000		$	1,061,610		$	(5,394	)
Euro with UBS AG		04/10/26		5,343,000			6,178,847			(597	)

Total Unrealized Depreciation									$	(5,991	)

Contracts to Sell
Euro with Goldman Sachs International		04/10/26		(33,731,263	)	$	(39,008,101	)	$	79,586
Euro with UBS AG		04/10/26		(36,591,199	)		(42,315,440	)		136,908

Total Unrealized Appreciation									$	216,494

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-53

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	1,390,958		$	(2,717,564	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(9,962,794	)		—
Cost of affiliated investments purchased		(10,004,000	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(8,045	)		—
Change in unrealized (appreciation) depreciation on investments		(605,796	)		1,344,718
Decrease (Increase) in receivable for dividends from affiliates		(6,834	)		—
Decrease (Increase) in interest receivable		37,630			22,269
Increase (Decrease) in payable to Sponsor		(646	)		(4,752	)

Net cash provided by (used in) operating activities		(19,159,527	)		(1,355,329	)

Cash flow from financing activities
Proceeds from addition of shares		2,929,052			1,572,364
Payment on shares redeemed		(2,830,923	)		(5,219,762	)

Net cash provided by (used in) financing activities		98,129			(3,647,398	)

Net increase (decrease) in cash		(19,061,398	)		(5,002,727	)
Cash, beginning of period		35,823,946			40,638,310

Cash, end of period	$	16,762,548		$	35,635,583

See accompanying notes to financial statements.

F-56

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $29,912,517 and $–, respectively)	$	29,912,274	$	—
Affiliated investments (cost $25,010,000 and $–, respectively)		25,017,500		—
Cash		52,833,191		66,655,665
Segregated cash balances with brokers for futures contracts		14,103,400		4,192,800
Segregated cash balances with brokers for swap agreements		—		12,948,365
Unrealized appreciation on swap agreements		1,139,795		—
Receivable on open futures contracts		—		155,440
Receivable for dividends from affiliates		17,084		—
Interest receivable		140,703		187,856

Total assets		123,163,947		84,140,126

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		3,131,219		37,235
Payable to Sponsor		77,421		59,481
Unrealized depreciation on swap agreements		1,384,131		2,568,196

Total liabilities		4,592,771		2,664,912

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		118,571,176		81,475,214

Total liabilities and shareholders’ equity	$	123,163,947	$	84,140,126

Shares outstanding		5,786,631		3,136,631

Net asset value per share	$	20.49	$	25.98

Market value per share (Note 2)	$	20.18	$	26.15

See accompanying notes to financial statements.

F-57

Table of Contents

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(25% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.721% due 04/30/26 †	$	30,000,000	$	29,912,274

Total short-term U.S. government and agency obligations (cost $29,912,517)			$	29,912,274


	Shares
Affiliated Investments
Exchange Traded Fund
(21% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $25,010,000)		250,000		25,017,500

Total Investments in Securities (cost $54,922,517)			$	54,929,774

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires June 2026		327	$	152,990,220	$	10,096,681

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **			Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex		0.25	%		04/06/26	$	(57,944,054	)	$	(858,853	)
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.20			04/06/26		(10,289,004	)		1,139,795
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			04/06/26		(15,914,276	)		(525,278	)
									$	(244,336	)

Total Unrealized Appreciation									$	1,139,795	)

Total Unrealized Depreciation									$	(1,384,131	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-58

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	570,176		$	212,707
Dividends from affiliates (Note 5)		83,590			—

Total income		653,766			212,707

Expenses
Management fee		223,987			57,780
Brokerage commissions		7,045			2,079

Total expenses		231,032			59,859

Net investment income (loss)		422,734			152,848

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(5,693,849	)		(1,577,624	)
Swap agreements		(9,345,188	)		(1,864,980	)
Affiliated investments		1,750			—
Payment from affiliate (Note 5)		4,134			—

Net realized gain (loss)		(15,033,153	)		(3,442,604	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		10,951,728			(2,686,649	)
Swap agreements		2,323,860			(1,639,067	)
Short-term U.S. government and agency obligations		(243	)		—
Affiliated investments		7,500			—

Change in net unrealized appreciation (depreciation)		13,282,845			(4,325,716	)

Net realized and unrealized gain (loss)		(1,750,308	)		(7,768,320	)

Net income (loss)	$	(1,327,574	)	$	(7,615,472	)

See accompanying notes to financial statements.

F-59

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	81,475,214		$	16,624,428

Addition of 10,850,000 and 750,000 shares, respectively (Note 1)		201,485,695			42,014,455
Redemption of 8,200,000 and 100,000 shares, respectively (Note 1)		(163,062,159	)		(5,900,476	)

Net addition (redemption) of 2,650,000 and 650,000 shares, respectively (Note 1)		38,423,536			36,113,979

Net investment income (loss)		422,734			152,848
Net realized gain (loss)		(15,033,153	)		(3,442,604	)
Change in net unrealized appreciation (depreciation)		13,282,845			(4,325,716	)

Net income (loss)		(1,327,574	)		(7,615,472	)

Shareholders’ equity, end of period	$	118,571,176		$	45,122,935

See accompanying notes to financial statements.

F-60

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(1,327,574	)	$	(7,615,472	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(29,888,383	)		—
Cost of affiliated investments purchased		(30,012,000	)		—
Proceeds from affiliated investments sold		5,003,750			—
Net amortization and accretion on short-term U.S. government and agency obligations		(24,134	)		—
Net realized (gain) loss on investments		(1,750	)		—
Change in unrealized (appreciation) depreciation on investments		(2,331,117	)		1,639,067
Decrease (Increase) in receivable on open futures contracts		155,440			—
Decrease (Increase) in receivable for dividends from affiliates		(17,084	)		—
Decrease (Increase) in interest receivable		47,153			(37,923	)
Increase (Decrease) in payable to Sponsor		17,940			10,557
Increase (Decrease) in payable on open futures contracts		3,093,984			746,533

Net cash provided by (used in) operating activities		(55,283,775	)		(5,257,238	)

Cash flow from financing activities
Proceeds from addition of shares		201,485,695			39,470,173
Payment on shares redeemed		(163,062,159	)		(5,900,476	)

Net cash provided by (used in) financing activities		38,423,536			33,569,697

Net increase (decrease) in cash		(16,860,239	)		28,312,459
Cash, beginning of period		83,796,830			16,519,330

Cash, end of period	$	66,936,591		$	44,831,789

See accompanying notes to financial statements.

F-61

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $69,475,776 and $–, respectively)	$	69,478,549	$	—
Affiliated investments (cost $10,007,500 and $–, respectively)		10,007,000		—
Cash		30,923,533		164,887,996
Segregated cash balances with brokers for futures contracts		26,464,554		27,244,750
Segregated cash balances with brokers for swap agreements		—		37,550,350
Unrealized appreciation on swap agreements		11,716,941		—
Receivable from capital shares sold		21,727,642		2,129,315
Receivable on open futures contracts		—		19,170,259
Interest receivable		170,415		207,484

Total assets		170,488,634		251,190,154

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		49,772,735
Payable on open futures contracts		10,818,836		—
Payable to Sponsor		133,186		74,694
Unrealized depreciation on swap agreements		7,936,310		4,320,147
Securities purchased payable		10,007,500		—

Total liabilities		28,895,832		54,167,576

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		141,592,802		197,022,578

Total liabilities and shareholders’ equity	$	170,488,634	$	251,190,154

Shares outstanding		6,190,818		3,701,026

Net asset value per share	$	22.87	$	53.23

Market value per share (Note 2)	$	22.51	$	53.40

See accompanying notes to financial statements.

F-62

Table of Contents

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(49% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.832% due 05/07/26 †	$	15,000,000	$	14,945,400
3.699% due 06/25/26 †		55,000,000		54,533,149

Total short-term U.S. government and agency obligations (cost $69,475,776)			$	69,478,549


	Shares
Affiliated Investments
Exchange Traded Fund
(7% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $10,007,500)		100,000		10,007,000

Total Investments in Securities (cost $79,483,276)			$	79,485,549

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires May 2026		390	$	146,092,050	$	6,445,987

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **			Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex		0.25	%		04/06/26	$	(42,808,569	)	$	(4,052,636	)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		0.75			04/06/26		(38,159,209	)		11,244,927
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex		0.30			04/06/26		(3,772,164	)		472,014
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.36			04/06/26		(51,957,510	)		(3,883,674	)

									$	3,780,631

Total Unrealized Appreciation									$	11,716,941

Total Unrealized Depreciation									$	(7,936,310	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-63

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(13,193,822	)	$	(8,048,879	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(69,443,108	)		—
Cost of affiliated investments purchased		(110,082,250	)		—
Proceeds from affiliated investments sold		100,079,200			—
Net amortization and accretion on short-term U.S. government and agency obligations		(32,668	)		—
Net realized (gain) loss on investments		(4,450	)		—
Change in unrealized (appreciation) depreciation on investments		(8,103,051	)		4,265,997
Decrease (Increase) in receivable on open futures contracts		19,170,259			(547,451	)
Decrease (Increase) in interest receivable		37,069			(18,984	)
Increase (Decrease) in payable to Sponsor		58,492			3,854
Increase (Decrease) in payable on open futures contracts		10,818,836			(9,092	)
Increase (Decrease) in securities purchased payable		10,007,500			—

Net cash provided by (used in) operating activities		(60,687,993	)		(4,354,555	)

Cash flow from financing activities
Proceeds from addition of shares		1,150,827,930			36,984,514
Payment on shares redeemed		(1,262,434,946	)		(16,860,356	)

Net cash provided by (used in) financing activities		(111,607,016	)		20,124,158

Net increase (decrease) in cash		(172,295,009	)		15,769,603
Cash, beginning of period		229,683,096			20,768,601

Cash, end of period	$	57,388,087		$	36,538,204

See accompanying notes to financial statements.

F-66

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,970,839 and $–, respectively)	$	9,970,758	$	—
Affiliated investments (cost $7,002,800 and $–, respectively)		7,004,900		—
Cash		11,879,043		31,050,946
Segregated cash balances with brokers for foreign currency forward contracts		—		3,552,908
Unrealized appreciation on foreign currency forward contracts		133,879		955,069
Receivable for dividends from affiliates		4,784		—
Interest receivable		53,261		97,946

Total assets		29,046,625		35,656,869

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		23,686		29,619
Unrealized depreciation on foreign currency forward contracts		6,471		110,834

Total liabilities		30,157		140,453

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		29,016,468		35,516,416

Total liabilities and shareholders’ equity	$	29,046,625	$	35,656,869

Shares outstanding		547,160		697,160

Net asset value per share	$	53.03	$	50.94

Market value per share (Note 2)	$	52.98	$	50.90

See accompanying notes to financial statements.

F-67

Table of Contents

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(34% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.721% due 04/30/26 †	$	10,000,000	$	9,970,758

Total short-term U.S. government and agency obligations (cost $9,970,839)			$	9,970,758


	Shares
Affiliated Investments
Exchange Traded Fund
(24% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $7,002,800)		70,000		7,004,900

Total Investments in Securities (cost $16,973,639)			$	16,975,658

Foreign Currency Forward Contracts


	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International		04/10/26		150,281,000		$	947,863		$	(2,124	)
Yen with UBS AG		04/10/26		1,298,109,000			8,187,527			(4,347	)

Total Unrealized Depreciation									$	(6,471	)

Contracts to Sell
Yen with Goldman Sachs International		04/10/26		(4,898,069,165	)	$	(30,893,455	)	$	60,403
Yen with UBS AG		04/10/26		(5,768,986,424	)		(36,386,567	)		73,476

Total Unrealized Appreciation									$	133,879

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-68

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	211,339		$	208,973
Dividends from affiliates (Note 5)		23,405			—

Total income		234,744			208,973

Expenses
Management fee		74,000			53,937

Total expenses		74,000			53,937

Net investment income (loss)		160,744			155,036

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		1,367,613			(158,694	)
Payment from affiliate (Note 5)		1,123			—

Net realized gain (loss)		1,368,736			(158,694	)

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		(716,827	)		(1,804,651	)
Short-term U.S. government and agency obligations		(81	)		—
Affiliated investments		2,100			—

Change in net unrealized appreciation (depreciation)		(714,808	)		(1,804,651	)

Net realized and unrealized gain (loss)		653,928			(1,963,345	)

Net income (loss)	$	814,672		$	(1,808,309	)

See accompanying notes to financial statements.

F-69

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $19,941,678 and $–, respectively)	$	19,941,516	$	—
Affiliated investments (cost $20,008,000 and $–, respectively)		20,014,000		—
Cash		23,984,257		38,019,261
Segregated cash balances with brokers for futures contracts		8,883,333		6,491,709
Receivable from capital shares sold		613		1,143,390
Receivable on open futures contracts		—		169,802
Receivable for dividends from affiliates		13,667		—
Interest receivable		110,223		117,024

Total assets		72,947,609		45,941,186

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		1,679,940		—
Brokerage commissions and futures account fees payable		547		2,156
Payable to Sponsor		46,044		27,972

Total liabilities		1,726,531		30,128

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		71,221,078		45,911,058

Total liabilities and shareholders’ equity	$	72,947,609	$	45,941,186

Shares outstanding		4,137,403		3,012,403

Net asset value per share	$	17.21	$	15.24

Market value per share (Note 2)	$	17.15	$	15.27

See accompanying notes to financial statements.

F-72

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(28% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.721% due 04/30/26	$	20,000,000	$	19,941,516

Total short-term U.S. government and agency obligations (cost $19,941,678)			$	19,941,516


	Shares
Affiliated Investments
Exchange Traded Fund
(28% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52% (a)(b) (cost $20,008,000)		200,000		20,014,000

Total Investments in Securities (cost $39,949,678)			$	39,955,516

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires July 2026		462	$	11,277,097	$	1,502,251
VIX Futures - Cboe, expires August 2026		974		23,668,492		2,550,979
VIX Futures - Cboe, expires September 2026		974		23,716,900		1,342,477
VIX Futures - Cboe, expires October 2026		513		12,568,500		98,639

					$	5,494,346

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-73

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	8,399,295		$	2,533,136
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(19,925,589	)		—
Cost of affiliated investments purchased		(20,008,000	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(16,089	)		—
Change in unrealized (appreciation) depreciation on investments		(5,838	)		—
Decrease (Increase) in receivable on open futures contracts		169,802			(105,025	)
Decrease (Increase) in receivable for dividends from affiliates		(13,667	)		—
Decrease (Increase) in interest receivable		6,801			(14,027	)
Increase (Decrease) in payable to Sponsor		18,072			7,934
Increase (Decrease) in brokerage commissions and futures account fees payable		(1,609	)		17
Increase (Decrease) in payable on open futures contracts		1,679,940			(50,382	)

Net cash provided by (used in) operating activities		(29,696,882	)		2,371,653

Cash flow from financing activities
Proceeds from addition of shares		25,734,113			20,127,612
Payment on shares redeemed		(7,680,611	)		(16,129,337	)

Net cash provided by (used in) financing activities		18,053,502			3,998,275

Net increase (decrease) in cash		(11,643,380	)		6,369,928
Cash, beginning of period		44,510,970			28,081,839

Cash, end of period	$	32,867,590		$	34,451,767

See accompanying notes to financial statements.

F-76

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $19,983,882 and $84,730,287, respectively)	$	19,983,956	$	84,751,266
Affiliated investments (cost $70,028,000 and $–, respectively)		70,049,000		—
Cash		41,662,100		40,959,182
Segregated cash balances with brokers for futures contracts		59,908,998		100,111,309
Receivable on open futures contracts		1,222,593		5,340,338
Receivable for dividends from affiliates		47,836		—
Interest receivable		255,920		301,483

Total assets		193,130,403		231,463,578

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		3,426,397		3,857,756
Payable on open futures contracts		15,880,397		—
Brokerage commissions and futures account fees payable		7,779		19,394
Payable to Sponsor		136,579		121,692

Total liabilities		19,451,152		3,998,842

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		173,679,251		227,464,736

Total liabilities and shareholders’ equity	$	193,130,403	$	231,463,578

Shares outstanding		5,066,252		8,841,252

Net asset value per share	$	34.28	$	25.73

Market value per share (Note 2)	$	34.35	$	25.64

See accompanying notes to financial statements.

F-77

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	227,464,736		$	133,641,615

Addition of 1,150,000 and 4,725,000 shares, respectively		32,747,793			198,916,439
Redemption of 4,925,000 and 4,450,000 shares, respectively		(156,092,731	)		(209,708,735	)

Net addition (redemption) of (3,775,000) and 275,000 shares, respectively		(123,344,938	)		(10,792,296	)

Net investment income (loss)		990,257			958,678
Net realized gain (loss)		33,898,874			32,209,263
Change in net unrealized appreciation (depreciation)		34,670,322			6,981,481

Net income (loss)		69,559,453			40,149,422

Shareholders’ equity, end of period	$	173,679,251		$	162,998,741

See accompanying notes to financial statements.

F-80

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	69,559,453		$	40,149,422
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(39,862,003	)		(134,311,104	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		105,000,000			140,000,000
Cost of affiliated investments purchased		(80,032,000	)		—
Proceeds from affiliated investments sold		10,008,500			—
Net amortization and accretion on short-term U.S. government and agency obligations		(391,592	)		(589,829	)
Net realized (gain) loss on investments		(4,500	)		—
Change in unrealized (appreciation) depreciation on investments		(95	)		6,608
Decrease (Increase) in receivable on open futures contracts		4,117,745			1,975,200
Decrease (Increase) in receivable for dividends from affiliates		(47,836	)		—
Decrease (Increase) in interest receivable		45,563			(20,035	)
Increase (Decrease) in payable to Sponsor		14,887			29,192
Increase (Decrease) in brokerage commissions and futures account fees payable		(11,615	)		702
Increase (Decrease) in payable on open futures contracts		15,880,397			656,969

Net cash provided by (used in) operating activities		84,276,904			47,897,125

Cash flow from financing activities
Proceeds from addition of shares		32,747,793			198,916,439
Payment on shares redeemed		(156,524,090	)		(209,708,735	)

Net cash provided by (used in) financing activities		(123,776,297	)		(10,792,296	)

Net increase (decrease) in cash		(39,499,393	)		37,104,829
Cash, beginning of period		141,070,491			105,874,804

Cash, end of period	$	101,571,098		$	142,979,633

See accompanying notes to financial statements.

F-81

Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITION


	March 31, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $2,208,830,373 and $2,258,570,523, respectively)	$	2,208,839,603	$	2,259,034,978
Affiliated investments (cost $1,809,077,980 and -, respectively)		1,809,191,600		—
Cash		801,434,051		2,000,384,525
Segregated cash balances with brokers for futures contracts		1,310,700,280		1,057,966,488
Segregated cash balances with brokers for foreign currency forward contracts		726,667		14,672,676
Segregated cash balances with brokers for swap agreements		—		177,725,284
Unrealized appreciation on swap agreements		210,561,103		342,589,713
Unrealized appreciation on foreign currency forward contracts		350,373		1,026,581
Receivable from capital shares sold		48,834,608		141,593,234
Receivable on open futures contracts		138,413,959		62,341,509
Receivable for dividends from affiliates		1,242,367		—
Interest receivable		4,812,341		5,605,894

Total assets		6,535,106,952		6,062,940,882

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		108,606,125		80,016,715
Payable on open futures contracts		113,750,336		234,805,824
Brokerage commissions and futures account fees payable		49,823		87,843
Payable to Sponsor		4,893,243		4,227,029
Unrealized depreciation on swap agreements		111,388,736		18,039,464
Unrealized depreciation on foreign currency forward contracts		314,101		1,694,678
Securities Purchased Payable		10,007,500		—

Total liabilities		349,009,864		338,871,553

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		6,186,097,088		5,724,069,329

Total liabilities and shareholders’ equity	$	6,535,106,952	$	6,062,940,882

Shares outstanding (Note 2)		234,715,796		123,826,004

See accompanying notes to financial statements.

F-82

Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Interest	$	38,012,229		$	30,950,905
Dividends from affiliates (Note 5)		6,595,541			—

Total income		44,607,770			30,950,905

Expenses
Management fee		15,682,557			7,850,538
Brokerage commissions		2,188,859			2,164,503
Futures account fees		196,930			326,700

Total expenses		18,068,346			10,341,741

Net investment income (loss)		26,539,424			20,609,164

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		554,271,895			185,256,572
Swap agreements		451,014,531			61,760,546
Foreign currency forward contracts		(1,121,507	)		13,512
Short-term U.S. government and agency obligations		11,551			(70	)
Affiliated investments		248,950			—
Payment from affiliate (Note 5)		313,496			—

Net realized gain (loss)		1,004,738,916			247,030,560

Change in net unrealized appreciation (depreciation) on
Futures contracts		(328,252,074	)		61,240,763
Swap agreements		(225,377,882	)		99,101,953
Foreign currency forward contracts		704,369			(286,553	)
Short-term U.S. government and agency obligations		(455,225	)		(138,633	)
Affiliated investments		113,620			—

Change in net unrealized appreciation (depreciation)		(553,267,192	)		159,917,530

Net realized and unrealized gain (loss)		451,471,724			406,948,090

Net income (loss)	$	478,011,148		$	427,557,254

See accompanying notes to financial statements.

F-83

Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended March 31,
	2026			2025
Shareholders’ equity, beginning of period	$	5,724,069,329		$	3,025,133,601

Addition of 363,790,000 and 95,660,000 shares, respectively (Note 1)		8,235,789,867			3,422,083,613
Redemption of 252,900,208 and 73,685,000 shares, respectively (Note 1)		(8,251,773,256	)		(3,300,895,621	)

Net addition (redemption) of 110,889,792 and 21,975,000 shares, respectively (Note 1)		(15,983,389	)		121,187,992

Net investment income (loss)		26,539,424			20,609,164
Net realized gain (loss)		1,004,738,916			247,030,560
Change in net unrealized appreciation (depreciation)		(553,267,192	)		159,917,530

Net income (loss)		478,011,148			427,557,254

Shareholders’ equity, end of period	$	6,186,097,088		$	3,573,878,847

See accompanying notes to financial statements.

F-84

Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	478,011,148		$	427,557,254
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(4,660,255,269	)		(3,908,290,932	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		4,726,749,829			2,954,910,250
Cost of affiliated investments purchased		(2,639,603,480	)		—
Proceeds from affiliated investments sold		830,774,450			—
Net amortization and accretion on short-term U.S. government and agency obligations		(16,742,859	)		(13,932,486	)
Net realized (gain) loss on investments		(260,501	)		70
Change in unrealized (appreciation) depreciation on investments		225,015,118			(98,676,767	)
Decrease (Increase) in securities sold receivable		—			(18,161,000	)
Decrease (Increase) in receivable on futures contracts		(76,072,450	)		(43,251,881	)
Decrease (Increase) in receivable for dividends from affiliates		(1,242,367	)		—
Decrease (Increase) in interest receivable		793,553			(376,481	)
Increase (Decrease) in payable to Sponsor		666,214			265,154
Increase (Decrease) in brokerage commissions and futures account fees payable		(38,020	)		(6,975	)
Increase (Decrease) in payable on futures contracts		(121,055,488	)		(18,937,792	)
Increase (Decrease) payable on securities purchased		10,007,500			—

Net cash provided by (used in) operating activities		(1,243,252,622	)		(718,901,586	)

Cash flow from financing activities
Proceeds from addition of shares		8,328,548,493			3,425,443,436
Payment on shares redeemed		(8,223,183,846	)		(3,189,493,962	)

Net cash provided by (used in) financing activities		105,364,647			235,949,474

Net increase (decrease) in cash		(1,137,887,975	)		(482,952,112	)
Cash, beginning of period		3,250,748,973			2,577,444,038

Cash, end of period	$	2,112,860,998		$	2,094,491,926

See accompanying notes to financial statements.

F-85

Table of Contents

PROSHARES TRUST II

NOTES TO FINANCIAL STATEMENTS

March 31, 2026

(unaudited)

NOTE 1 - ORGANIZATION

ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of March 31, 2026, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

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.

The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly.

Share Splits and Reverse Share Splits

The table below includes forward and reverse Share splits for the Funds during the three months ended March 31, 2026, and during the year ended December 31, 2025. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable.

F-86

Table of Contents


Fund	Execution Date (Prior to Opening of Trading)	Type of Split	Date Trading Resumed at Post- Split Price
ProShares Ultra Gold	June 12, 2025	4-for-1 forward Share split		June 13, 2025
ProShares UltraShort Gold	June 12, 2025	1-for-2 reverse Share split		June 13, 2025
ProShares UltraShort Gold	November 19, 2025	1-for-2 reverse Share split		November 20, 2025
ProShares Ultra VIX Short-Term Futures ETF	November 19, 2025	1-for-5 reverse Share split		November 20, 2025
ProShares UltraShort Silver	February 26, 2026	1-for-10 reverse Share split		February 27, 2026

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.

The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 28, 2026.

Use of Estimates & Indemnifications

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

Statements of Cash Flows

The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated March 31, 2026 and 2025, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.

F-87

Table of Contents

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2026 were typically as follows. All times are Eastern Standard Time:


	Create/Redeem	NAV Calculation	NAV
Fund	Cut-off*	Time	Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.	March 31, 2026
Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	March 31, 2026
Ultra Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	March 31, 2026
Ultra Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	March 31, 2026
UltraShort Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	March 31, 2026
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	March 31, 2026
Ultra Euro, Ultra Yen, Ultrashort Euro and Ultrashort Yen	3:00 p.m.	4:00 p.m.	March 31, 2026
Short VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	March 31, 2026
Ultra VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	March 31, 2026
VIX Mid-Term Futures ETF	2:00 p.m.	4:00 p.m.	March 31, 2026
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	March 31, 2026

*	Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2026.

Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended March 31, 2026.

Investment Valuation

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. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price, and are typically categorized as Level 1 in the fair value hierarchy.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy.

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. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. 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 generally be 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 industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

F-88

Table of Contents

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a 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 such 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.

Fair Value of Financial Instruments

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

F-89

Table of Contents

The following table summarizes the valuation of investments at March 31, 2026 using the fair value hierarchy:


	Level I - Quoted Prices							Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Exchange Traded Fund		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	34,940,093	$	60,042,000	$	(3,300,675	)	$	—		$	—		$	91,681,418
ProShares Ultra Bloomberg Crude Oil		209,070,202		230,138,000		70,966,220			—			38,075,622			548,250,044
ProShares Ultra Bloomberg Natural Gas		79,900,099		140,084,000		(26,247,510	)		—			—			193,736,589
ProShares Ultra Euro		—		—		—			(47,848	)		—			(47,848	)
ProShares Ultra Gold		439,383,527		340,238,000		(77,975,258	)		—			8,326,302			709,972,571
ProShares Ultra Silver		1,011,915,551		405,283,500		(35,395,910	)		—			49,234,148			1,431,037,289
ProShares Ultra VIX Short-Term Futures ETF		—		105,073,500		23,971,406			—			—			129,044,906
ProShares Ultra Yen		14,956,137		16,011,200		—			(253,791	)		—			30,713,546
ProShares UltraShort Bloomberg Crude Oil		219,469,491		290,174,000		(44,846,397	)		—			—			464,797,094
ProShares UltraShort Bloomberg Natural Gas		39,946,692		80,048,000		42,050,151			—			—			162,044,843
ProShares UltraShort Euro		9,970,758		10,007,000		—			210,503			—			20,188,261
ProShares UltraShort Gold		29,912,274		25,017,500		10,096,681			—			(244,336	)		64,782,119
ProShares UltraShort Silver		69,478,549		10,007,000		6,445,987			—			3,780,631			89,712,167
ProShares UltraShort Yen		9,970,758		7,004,900		—			127,408			—			17,103,066
ProShares VIX Mid-Term Futures ETF		19,941,516		20,014,000		5,494,346			—			—			45,449,862
ProShares VIX Short-Term Futures ETF		19,983,956		70,049,000		13,101,964			—			—			103,134,920

Combined Trust:	$	2,208,839,603	$	1,809,191,600	$	(15,638,995	)	$	36,272		$	99,172,367		$	4,101,600,847

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the quarter ended March 31, 2026.

F-90

Table of Contents

The following table summarizes the valuation of investments at December 31, 2025 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	59,907,798	$	15,699,597		$	—		$	—		$	75,607,395
ProShares Ultra Bloomberg Crude Oil		149,575,489		(3,689,107	)		—			(11,151,121	)		134,735,261
ProShares Ultra Bloomberg Natural Gas		234,273,034		(132,096,872	)		—			—			102,176,162
ProShares Ultra Euro		—		—			62,690			—			62,690
ProShares Ultra Gold		548,706,159		37,298,279			—			28,676,455			614,680,893
ProShares Ultra Silver		967,310,974		419,245,399			—			313,913,258			1,700,469,631
ProShares Ultra VIX Short-Term Futures ETF		99,775,566		(56,075,162	)		—			—			43,700,404
ProShares Ultra Yen		—		—			(1,182,648	)		—			(1,182,648	)
ProShares UltraShort Bloomberg Crude Oil		44,913,599		12,025,118			—			—			56,938,717
ProShares UltraShort Bloomberg Natural Gas		69,821,093		53,943,537			—			—			123,764,630
ProShares UltraShort Euro		—		—			(392,374	)		—			(392,374	)
ProShares UltraShort Gold		—		(855,047	)		—			(2,568,196	)		(3,423,243	)
ProShares UltraShort Silver		—		(9,278,851	)		—			(4,320,147	)		(13,598,998	)
ProShares UltraShort Yen		—		—			844,235			—			844,235
ProShares VIX Mid-Term Futures ETF		—		(2,035,549	)		—			—			(2,035,549	)
ProShares VIX Short-Term Futures ETF		84,751,266		(21,568,263	)		—			—			63,183,003

Combined Trust:	$	2,259,034,978	$	312,613,079		$	(668,097	)	$	324,550,249		$	2,895,530,209

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the fiscal year ended December 31, 2025.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investment Transactions and Related Income

Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.

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.

Brokerage Commissions and Futures Account Fees

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage 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 (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on 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.

F-91

Table of Contents

Federal Income Tax

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

Segment Reporting

Each Fund included herein is deemed to be an individual reporting segment and the officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements.

NOTE 3 – INVESTMENTS

Short-Term Investments

The Funds may purchase U.S. Treasury Bills, agency securities, Exchange Traded Funds, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts.

Repurchase Agreements

The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor.

As of March 31, 2026 and December 31, 2025, the Funds did not have any open repurchase agreements.

F-92

Table of Contents

Accounting for Derivative Instruments

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.

All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.

Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.

Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market.

Option Contracts

An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value.

F-93

Table of Contents

When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss).

When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss.

Swap Agreements

Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.

F-94

Table of Contents

Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at March 31, 2026 contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount.

The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

A Fund will typically enter into swap agreements with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor.

Forward Contracts

Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets.

F-95

Table of Contents

The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements.

The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of March 31, 2026, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin.

A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor.

The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

F-96

Table of Contents

Fair Value of Derivative Instruments as of March 31, 2026


		Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Fund	Statements of Financial Condition Location	Unrealized Appreciation			Statements of Financial Condition Location	Unrealized Depreciation
VIX Futures Contracts		Receivable on open futures contracts				Payable on open futures contracts
	ProShares Short VIX Short-Term Futures ETF		$	—			$	3,300,675	*
	ProShares Ultra VIX Short-Term Futures ETF			24,903,425	*			932,019	*
	ProShares VIX Mid-Term Futures ETF			5,494,346	*			—
	ProShares VIX Short-Term Futures ETF			13,669,789	*			567,825	*
Commodities Contracts		Receivables on open futures contracts and/or unrealized appreciation on swap agreements				Payable on open futures contracts and/or unrealized depreciation on swap agreements
	ProShares Ultra Bloomberg Crude Oil			116,230,454	*			7,188,612
	ProShares Ultra Bloomberg Natural Gas			—				26,247,510	*
	ProShares Ultra Gold			20,532,095	*			90,181,051	*
	ProShares Ultra Silver			131,908,038	*			118,069,800	*
	ProShares UltraShort Bloomberg Crude Oil			3,486,646	*			48,333,043	*
	ProShares UltraShort Bloomberg Natural Gas			42,050,151	*			—
	ProShares UltraShort Gold			11,236,476	*			1,384,131	*
	ProShares UltraShort Silver			18,162,928	*			7,936,310	*
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			—				47,848
	ProShares Ultra Yen			—				253,791
	ProShares UltraShort Euro			216,494				5,991
	ProShares UltraShort Yen			133,879				6,471

		Combined Trust:	$	388,024,721	*		$	304,455,077	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

F-97

Table of Contents

Fair Value of Derivative Instruments as of December 31, 2025


		Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Fund	Statements of Financial Condition Location	Unrealized Appreciation			Statements of Financial Condition Location	Unrealized Depreciation
VIX Futures Contracts		Receivable on open futures contracts				Payable on open futures contracts
	ProShares Short VIX Short-Term Futures ETF		$	15,699,597	*		$	—
	ProShares Ultra VIX Short-Term Futures ETF			—				56,075,162	*
	ProShares VIX Mid-Term Futures ETF			33,097	*			2,068,646	*
	ProShares VIX Short-Term Futures ETF			—				21,568,263	*
Commodities Contracts		Receivables on open futures contracts and/or unrealized appreciation on swap agreements				Payable on open futures contracts and/or unrealized depreciation on swap agreements
	ProShares Ultra Bloomberg Crude Oil			—				14,840,228	*
	ProShares Ultra Bloomberg Natural Gas			—				132,096,872	*
	ProShares Ultra Gold			65,974,734	*			—
	ProShares Ultra Silver			733,158,657	*			—
	ProShares UltraShort Bloomberg Crude Oil			12,025,118	*			—
	ProShares UltraShort Bloomberg Natural Gas			53,943,537	*			—
	ProShares UltraShort Gold			—				3,423,243	*
	ProShares UltraShort Silver			2,243,402	*			15,842,400	*
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			62,719				29
	ProShares Ultra Yen			1,161				1,183,809
	ProShares UltraShort Euro			7,632				400,006
	ProShares UltraShort Yen			955,069				110,834

		Combined Trust:	$	884,104,723	*		$	247,609,492	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

F-98

Table of Contents

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2026


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	(18,705,613	)	$	(19,000,272	)
		ProShares Ultra VIX Short-Term Futures ETF		75,997,360			80,046,568
		ProShares VIX Mid-Term Futures ETF		549,706			7,529,895
		ProShares VIX Short-Term Futures ETF		33,882,321			34,670,227
Commodities Contracts	Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		222,992,190			123,882,070
		ProShares Ultra Bloomberg Natural Gas		72,377,815			105,849,362
		ProShares Ultra Gold		228,694,490			(135,623,690	)
		ProShares Ultra Silver		359,329,300			(719,320,419	)
		ProShares UltraShort Bloomberg Crude Oil		(96,860,657	)		(56,871,515	)
		ProShares UltraShort Bloomberg Natural Gas		179,842,431			(11,893,386	)
		ProShares UltraShort Gold		(15,039,037	)		13,275,588
		ProShares UltraShort Silver		(37,773,880	)		23,825,616
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		(179,642	)		(110,538	)
		ProShares Ultra Yen		(2,920,760	)		928,857
		ProShares UltraShort Euro		611,282			602,877
		ProShares UltraShort Yen		1,367,613			(716,827	)

		Combined Trust:	$	1,004,164,919		$	(552,925,587	)

F-99

Table of Contents

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2025


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	(17,636,853	)	$	(235,275	)
		ProShares Ultra VIX Short-Term Futures ETF		99,921,457			19,641,080
		ProShares VIX Mid-Term Futures ETF		707,192			1,624,484
		ProShares VIX Short-Term Futures ETF		32,209,263			6,988,089
Commodities Contracts	Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		15,516,861			(435,495	)
		ProShares Ultra Bloomberg Natural Gas		222,605,228			(42,112,222	)
		ProShares Ultra Gold		58,428,586			56,046,604
		ProShares Ultra Silver		54,710,787			139,314,623
		ProShares UltraShort Bloomberg Crude Oil		8,933,899			3,484,827
		ProShares UltraShort Bloomberg Natural Gas		(221,827,712	)		(14,596,235	)
		ProShares UltraShort Gold		(3,442,604	)		(4,325,716	)
		ProShares UltraShort Silver		(3,108,986	)		(5,052,048	)
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		160,517			194,877
		ProShares Ultra Yen		1,642,642			2,667,939
		ProShares UltraShort Euro		(1,630,953	)		(1,344,718	)
		ProShares UltraShort Yen		(158,694	)		(1,804,651	)

		Combined Trust:	$	247,030,630		$	160,056,163

F-100

Table of Contents

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of March 31, 2026.

Fair Values of Derivative Instruments as of March 31, 2026


	Assets						Liabilities
Fund	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	45,264,234	$	—	$	45,264,234	$	7,188,612	$	—	$	7,188,612
ProShares Ultra Euro
Foreign currency forward contracts		—		—		—		47,848		—		47,848
ProShares Ultra Gold
Swap agreements		20,532,095		—		20,532,095		12,205,793		—		12,205,793
ProShares Ultra Silver
Swap agreements		131,908,038		—		131,908,038		82,673,890		—		82,673,890
ProShares Ultra Yen
Foreign currency forward contracts		—		—		—		253,791		—		253,791
ProShares UltraShort Euro
Foreign currency forward contracts		216,494		—		216,494		5,991		—		5,991
ProShares UltraShort Gold
Swap agreements		1,139,795		—		1,139,795		1,384,131		—		1,384,131
ProShares UltraShort Silver
Swap agreements		11,716,941		—		11,716,941		7,936,310		—		7,936,310
ProShares UltraShort Yen
Foreign currency forward contracts		133,879		—		133,879		6,471		—		6,471

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at March 31, 2026. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

F-101

Table of Contents


Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2025
Fund	Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties		Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank, N.A.	$	(1,000,501	)	$	—		$	1,000,501	$	—
Goldman Sachs International		(4,341,571	)		—			4,341,571		—
Morgan Stanley & Co. International PLC		(1,318,911	)		1,318,911			—		—
Societe Generale		(3,285,599	)		—			3,285,599		—
UBS AG		(1,204,539	)		—			1,204,539		—
ProShares Ultra Euro
Goldman Sachs International		31,315			—			—		31,315
UBS AG		31,375			—			—		31,375
ProShares Ultra Gold
Citibank, N.A.		16,272,555			(16,272,555	)		—		—
Goldman Sachs International		2,924,937			(2,924,937	)		—		—
UBS AG		9,478,963			(9,478,963	)		—		—
ProShares Ultra Silver
Citibank, N.A.		149,280,584			(149,280,584	)		—		—
Goldman Sachs International		10,108,427			(10,108,427	)		—		—
Morgan Stanley & Co. International PLC		68,581,771			(68,581,771	)		—		—
UBS AG		85,942,476			(85,942,476	)		—		—
ProShares Ultra Yen
Goldman Sachs International		(582,024	)		—			582,024		—
UBS AG		(600,624	)		—			600,624		—
ProShares UltraShort Euro
Goldman Sachs International		(202,439	)		—			202,439		—
UBS AG		(189,935	)		—			189,935		—
ProShares UltraShort Gold
Citibank, N.A.		(1,863,184	)		—			1,863,184		—
Goldman Sachs International		(276,649	)		—			276,649		—
UBS AG		(428,363	)		—			428,363		—
ProShares UltraShort Silver
Citibank, N.A.		(1,454,002	)		—			1,454,002		—
Goldman Sachs International		(4,490,093	)		—			4,490,093		—
Morgan Stanley & Co. International PLC		(619,454	)		—			619,454		—
UBS AG		2,243,402			—			—		2,243,402
ProShares UltraShort Yen
Goldman Sachs International		435,346			(281,679	)		—		153,667
UBS AG		408,889			(302,661	)		—		106,228

NOTE 4 – AGREEMENTS

Management Fee

Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets.

The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the net assets of a Fund, and report preparation and mailing expenses.

F-104

Table of Contents

Non-Recurring Fees and Expenses

Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

The Administrator

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor.

The Custodian

BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor.

The Transfer Agent

BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor.

The Distributor

SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds.

NOTE 5 – INVESTMENTS IN AFFILIATES

Certain Funds may invest a portion of their cash balances in the ProShares GENIUS Money Market ETF (the “Affiliated Fund”), an affiliated exchange-traded fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. The Affiliated Fund is used primarily for cash management and liquidity. Income from the Affiliated Fund is presented as “Dividends from affiliates” in the Statements of Operations, with any related receivable included in “Dividends from affiliates receivable” in the Statements of Financial Condition. The Sponsor has reimbursed the costs for acquired fund fees and expenses related to management fees associated with each Fund’s investment in the Affiliated Fund. These reimbursements are included in Payment from Affiliate on the Statements of Operations. The following table summarizes each Fund’s investment activity in the Affiliated Fund for the period ended March 31, 2026.

F-105

Table of Contents


	Value 12/31/2025		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 03/31/2026		Dividend Income
Investments in Affiliated Money Market Funds:
ProShares Short VIX Short-Term Futures ETF	$	—	$	70,028,000	$	(10,009,000	)	$	18,000		$	5,000		$	60,042,000	$	207,569
ProShares Ultra Bloomberg Crude Oil		—		250,204,460		(20,010,000	)		(39,660	)		(16,800	)		230,138,000		688,820
ProShares Ultra Bloomberg Natural Gas		—		140,103,500		—			(19,500	)		—			140,084,000		433,333
ProShares Ultra Gold		—		520,242,150		(180,192,700	)		102,000			86,550			340,238,000		1,432,237
ProShares Ultra Silver		—		800,407,000		(395,372,000	)		121,500			127,000			405,283,500		1,930,707
ProShares Ultra VIX Short-Term Futures ETF		—		155,097,500		(50,050,800	)		14,800			12,000			105,073,500		338,001
ProShares Ultra Yen		—		16,006,400		—			4,800			—			16,011,200		53,497
ProShares UltraShort Bloomberg Crude Oil		—		290,317,420		—			(143,420	)		—			290,174,000		681,432
ProShares UltraShort Bloomberg Natural Gas		—		140,056,000		(60,048,500	)		16,000			24,500			80,048,000		301,047
ProShares UltraShort Euro		—		10,004,000		—			3,000			—			10,007,000		33,436
ProShares UltraShort Gold		—		30,012,000		(5,003,750	)		7,500			1,750			25,017,500		83,590
ProShares UltraShort Silver		—		110,082,250		(100,079,200	)		(500	)		4,450			10,007,000		74,228
ProShares UltraShort Yen		—		7,002,800		—			2,100			—			7,004,900		23,405
ProShares VIX Mid-Term Futures ETF		—		20,008,000		—			6,000			—			20,014,000		66,872
ProShares VIX Short-Term Futures ETF		—		80,032,000		(10,008,500	)		21,000			4,500			70,049,000		247,367
ProShares Trust II:	$	—	$	2,639,603,480	$	(830,774,450	)	$	113,620		$	248,950		$	1,809,191,600	$	6,595,541

NOTE 6 — CREATION AND REDEMPTION OF CREATION UNITS

Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts.

Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors.

Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.

F-106

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended March 31, 2026

For the Three Months Ended March 31, 2026 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold			Ultra Silver
Net asset value, at December 31, 2025	$	55.48		$	19.30		$	22.55		$	13.17		$	55.91		$	155.95
Net investment income (loss)		0.21			0.08			0.07			0.07			0.36			0.66
Net realized and unrealized gain (loss)#		(9.91	)		19.41			(6.59	)		(0.54	)		4.30			(38.94	)
Change in net asset value from operations		(9.70	)		19.49			(6.52	)		(0.47	)		4.66			(38.28	)
Net asset value, at March 31, 2026	$	45.78		$	38.79		$	16.03		$	12.70		$	60.57		$	117.67
Market value per share, at December 31, 2025 †	$	55.38		$	19.32		$	22.90		$	13.16		$	55.52		$	155.12
Market value per share, at March 31, 2026 †	$	45.80		$	39.30		$	16.12		$	12.72		$	61.46		$	119.51
Total Return, at net asset value^		(17.5	)%		101.0	%		(28.9	)%		(3.6	)%		8.3	%		(24.5	)%
Total Return, at market value^		(17.3	)%		103.4	%		(29.6	)%		(3.3	)%		10.7	%		(23.0	)%
Ratios to Average Net Assets**
Expense ratio^^		1.17	%		1.04	%		1.37	%		0.95	%		0.97	%		0.97	%
Net investment income gain (loss)		1.60	%		1.17	%		1.55	%		2.05	%		2.12	%		1.55	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2026.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

F-108

Table of Contents

For the Three Months Ended March 31, 2026 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold
Net asset value, at December 31, 2025	$	35.86		$	19.08		$	19.64		$	35.79		$	28.40		$	25.98
Net investment income (loss)		0.08			0.10			0.05			0.06			0.14			0.09
Net realized and unrealized gain (loss)#		16.16			(0.81	)		(11.26	)		(14.04	)		1.05			(5.58	)
Change in net asset value from operations		16.24			(0.71	)		(11.21	)		(13.98	)		1.19			(5.49	)
Net asset value, at March 31, 2026	$	52.10		$	18.37		$	8.43		$	21.81		$	29.59		$	20.49
Market value per share, at December 31, 2025 †	$	35.93		$	19.06		$	19.61		$	35.27		$	28.33		$	26.15
Market value per share, at March 31, 2026 †	$	52.30		$	18.38		$	8.32		$	21.71		$	29.60		$	20.18
Total Return, at net asset value^		45.3	%		(3.7	)%		(57.1	)%		(39.1	)%		4.2	%		(21.1	)%
Total Return, at market value^		45.6	%		(3.6	)%		(57.6	)%		(38.5	)%		4.5	%		(22.8	)%
Ratios to Average Net Assets**
Expense ratio^^		1.74	%		0.95	%		1.13	%		1.67	%		0.95	%		0.98	%
Net investment income gain (loss)		0.84	%		2.05	%		1.87	%		1.13	%		2.01	%		1.79	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2026.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

F-109

Table of Contents

For the Three Months Ended March 31, 2026 (unaudited)


Per Share Operating Performance	UltraShort Silver*			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2025	$	53.23		$	50.94		$	15.24		$	25.73
Net investment income (loss)		0.08			0.26			0.08			0.12
Net realized and unrealized gain (loss)#		(30.44	)		1.83			1.89			8.43
Change in net asset value from operations		(30.36	)		2.09			1.97			8.55
Net asset value, at March 31, 2026	$	22.87		$	53.03		$	17.21		$	34.28
Market value per share, at December 31, 2025 †	$	53.40		$	50.90		$	15.27		$	25.64
Market value per share, at March 31, 2026 †	$	22.51		$	52.98		$	17.15		$	34.35
Total Return, at net asset value^		(57.0	)%		4.1	%		13.0	%		33.3	%
Total Return, at market value^		(57.9	)%		4.1	%		12.3	%		34.0	%
Ratios to Average Net Assets**
Expense ratio^^		1.00	%		0.95	%		0.97	%		1.06	%
Net investment income gain (loss)		1.27	%		2.06	%		2.03	%		1.80	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2026.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

F-110

Table of Contents

Selected Data for a Share Outstanding Throughout the Three months Ended March 31, 2025

For the Three Months Ended March 31, 2025 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold*			Ultra Silver
Net asset value, at December 31, 2024	$	50.03		$	27.49		$	54.84		$	10.46		$	23.36		$	33.56
Net investment income (loss)		0.30			0.16			0.42			0.07			0.21			0.28
Net realized and unrealized gain (loss)#		(4.54	)		(0.52	)		30.03			0.83			8.47			11.90
Change in net asset value from operations		(4.24	)		(0.36	)		30.45			0.90			8.68			12.18
Net asset value, at March 31, 2025	$	45.79		$	27.13		$	85.29		$	11.36		$	32.04		$	45.74
Market value per share, at December 31, 2024 †	$	50.06		$	27.50		$	55.82		$	10.45		$	23.37		$	33.67
Market value per share, at March 31, 2025 †	$	45.76		$	27.06		$	85.76		$	11.38		$	32.18		$	46.16
Total Return, at net asset value^		(8.5	)%		(1.3	)%		55.5	%		8.6	%		37.2	%		36.3	%
Total Return, at market value^		(8.6	)%		(1.6	)%		53.6	%		8.9	%		37.7	%		37.1	%
Ratios to Average Net Assets**
Expense ratio^^		1.21	%		1.00	%		1.46	%		0.95	%		0.97	%		0.98	%
Net investment income gain (loss)		2.48	%		2.46	%		2.46	%		2.71	%		3.14	%		2.79	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^	Percentages are not annualized for the period ended March 31, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

F-111

Table of Contents

For the Three Months Ended March 31, 2025 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold*
Net asset value, at December 31, 2024	$	103.86		$	20.23		$	16.93		$	43.61		$	34.91		$	70.22
Net investment income (loss)		0.30			0.14			0.11			0.15			0.23			0.37
Net realized and unrealized gain (loss)#		13.06			1.53			(0.30	)		(24.06	)		(2.84	)		(19.70	)
Change in net asset value from operations		13.36			1.67			(0.19	)		(23.91	)		(2.61	)		(19.33	)
Net asset value, at March 31, 2025	$	117.22		$	21.90		$	16.74		$	19.70		$	32.30		$	50.89
Market value per share, at December 31, 2024 †	$	103.60		$	20.35		$	16.92		$	42.74		$	34.92		$	70.32
Market value per share, at March 31, 2025 †	$	117.15		$	21.89		$	16.76		$	19.57		$	32.27		$	50.68
Total Return, at net asset value^		12.9	%		8.3	%		(1.1	)%		(54.8	)%		(7.5	)%		(27.5	)%
Total Return, at market value^		13.1	%		7.6	%		(1.0	)%		(54.2	)%		(7.6	)%		(27.9	)%
Ratios to Average Net Assets**
Expense ratio^^		2.06	%		0.95	%		1.07	%		1.43	%		0.95	%		0.98	%
Net investment income gain (loss)		1.22	%		2.71	%		2.75	%		2.45	%		2.73	%		2.51	%

*	See Note 1 of these Notes to Financial Statements.
**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

F-112

Table of Contents

For the Three Months Ended March 31, 2025 (unaudited)


Per Share Operating Performance	UltraShort Silver*			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2024	$	423.96		$	47.66		$	14.51		$	45.05
Net investment income (loss)		1.46			0.31			0.10			0.25
Net realized and unrealized gain (loss)#		(129.38	)		(3.68	)		1.23			4.99
Change in net asset value from operations		(127.92	)		(3.37	)		1.33			5.24
Net asset value, at March 31, 2025	$	296.04		$	44.29		$	15.84		$	50.29
Market value per share, at December 31, 2024 †	$	420.00		$	46.68		$	14.46		$	45.02
Market value per share, at March 31, 2025 †	$	293.30		$	44.30		$	15.85		$	50.26
Total Return, at net asset value^		(30.2	)%		(7.1	)%		9.2	%		11.6	%
Total Return, at market value^		(30.2	)%		(5.1	)%		9.6	%		11.6	%
Ratios to Average Net Assets**
Expense ratio^^		1.02	%		0.95	%		1.06	%		1.40	%
Net investment income gain (loss)		1.74	%		2.73	%		2.68	%		2.22	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended March 31, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

F-113

Table of Contents

NOTE 8 – RISK

Correlation and Holding Period Risk

Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund.

The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period:

•

Your return may be higher or lower than the Daily Target, and this difference may be significant.

•

Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply.

•

Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply.

•

The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target.

For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark.

Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances.

The Matching VIX Funds seek to achieve their stated investment objective over time.

F-114

Table of Contents

While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers.

A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

Regulatory Treatment

Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities).

Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.

F-115

Table of Contents

As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

Counterparty Credit Risk

The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.

In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

F-116

Table of Contents

The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.

Leverage Risk

The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.

For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds 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 Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds.

F-117

Table of Contents

Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly.

There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses.

Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts.

Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market.

F-118

Table of Contents

Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly.

Risks Related to Trade Disputes May Negatively Affect Each Fund.

Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth.

Risk of Government Regulation

The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds.

NOTE 9 – SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date.

F-119

Table of Contents

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 March 31, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. 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.

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”).

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.

* See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K.

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 months ended March 31, 2026 and 2025, each of the Funds earned interest income as follows:


Fund	Interest Income Three Months Ended March 31, 2026		Interest Income Three Months Ended March 31, 2025
ProShares Short VIX Short-Term Futures ETF	$	1,222,045	$	2,155,917
ProShares Ultra Bloomberg Crude Oil		1,918,502		3,505,104
ProShares Ultra Bloomberg Natural Gas		2,773,682		2,901,053
ProShares Ultra Euro		46,841		45,472
ProShares Ultra Gold		8,089,763		3,738,547
ProShares Ultra Silver		14,569,223		6,019,905
ProShares Ultra VIX Short-Term Futures ETF		1,975,585		2,887,526
ProShares Ultra Yen		300,576		528,121
ProShares UltraShort Bloomberg Crude Oil		1,331,795		1,934,823
ProShares UltraShort Bloomberg Natural Gas		1,812,716		4,443,450
ProShares UltraShort Euro		220,113		348,055
ProShares UltraShort Gold		570,176		212,707
ProShares UltraShort Silver		1,252,032		177,855
ProShares UltraShort Yen		211,339		208,973
ProShares VIX Mid-Term Futures ETF		392,812		281,099
ProShares VIX Short-Term Futures ETF		1,325,029		1,562,298

During the three months ended March 31, 2026 and 2025, each of the Funds earned dividend income from affiliated investments as follows:


Fund	Dividend Income Three Months Ended March 31, 2026		Dividend Income Three Months Ended March 31, 2025
ProShares Short VIX Short-Term Futures ETF	$	207,569		—
ProShares Ultra Bloomberg Crude Oil		688,820		—
ProShares Ultra Bloomberg Natural Gas		433,333		—
ProShares Ultra Gold		1,432,237		—
ProShares Ultra Silver		1,930,707		—
ProShares Ultra VIX Short-Term Futures ETF		338,101		—
ProShares Ultra Yen		53,497		—
ProShares UltraShort Bloomberg Crude Oil		681,432		—
ProShares UltraShort Bloomberg Natural Gas		301,047		—
ProShares UltraShort Euro		33,436		—
ProShares UltraShort Gold		83,590		—
ProShares UltraShort Silver		74,228		—
ProShares UltraShort Yen		23,405		—
ProShares VIX Mid-Term Futures ETF		66,872		—
ProShares VIX Short-Term Futures ETF		247,367		—

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.

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 May 4, 2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. 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, with changes in fair value reported in the Statements of Operations.

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 March 31, 2026.

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.

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.

Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.

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.

Results of Operations for the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 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 March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	242,351,037		$	266,090,233
NAV end of period	$	183,969,223		$	232,107,856
Percentage change in NAV		(24.1	)%		(12.8	)%
Shares outstanding beginning of period		4,368,614			5,318,614
Shares outstanding end of period		4,018,614			5,068,614
Percentage change in shares outstanding		(8.0	)%		(4.7	)%
Shares created		500,000			2,250,000
Shares redeemed		850,000			2,500,000
Per share NAV beginning of period	$	55.48		$	50.03
Per share NAV end of period	$	45.78		$	45.79
Percentage change in per share NAV		(17.5	)%		(8.5	)%
Percentage change in benchmark		34.0	%		12.4	%
Benchmark annualized volatility		77.5	%		69.4	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 4,018,614 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 5,068,614 outstanding Shares at March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	826,021		$	1,447,619
Management fee		489,767			555,389
Brokerage commission		99,968			127,212
Futures account fees		13,858			25,697
Net realized gain (loss)		(18,690,411	)		(17,636,853	)
Change in net unrealized appreciation (depreciation)		(18,992,048	)		(242,938	)
Net Income (loss)	$	(36,856,438	)	$	(16,432,172	)

The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	383,037,987		$	523,420,064
NAV end of period	$	602,898,547		$	432,463,827
Percentage change in NAV		57.4	%		(17.4	)%
Shares outstanding beginning of period		19,843,096			19,043,096
Shares outstanding end of period		15,543,096			15,943,096
Percentage change in shares outstanding		(21.7	)%		(16.3	)%
Shares created		15,350,000			5,700,000
Shares redeemed		19,650,000			8,800,000
Per share NAV beginning of period	$	19.30		$	27.49
Per share NAV end of period	$	38.79		$	27.13
Percentage change in per share NAV		101.0	%		(1.3	)%
Percentage change in benchmark		44.4	%		(0.5	)%
Benchmark annualized volatility		38.7	%		19.6	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. The increase in the Fund’s NAV was offset by a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 15,543,096 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 15,943,096 outstanding Shares at March 31, 2025. 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.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 101.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	534,978,667		$	396,081,499
NAV end of period	$	378,628,694		$	232,237,503
Percentage change in NAV		(29.2	)%		(41.4	)%
Shares outstanding beginning of period		23,723,047			7,223,047
Shares outstanding end of period		23,623,047			2,723,047
Percentage change in shares outstanding		(0.4	)%		(62.3	)%
Shares created		53,500,000			5,300,000
Shares redeemed		53,600,000			9,800,000
Per share NAV beginning of period	$	22.55		$	54.84
Per share NAV end of period	$	16.03		$	85.29
Percentage change in per share NAV		(28.9	)%		55.5	%
Percentage change in benchmark		(4.2	)%		31.4	%
Benchmark annualized volatility		90.6	%		61.6	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 23,723,047 outstanding Shares at December 31, 2025 to 23,623,047 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,223,047 outstanding Shares at December 31, 2024 to 2,723,047 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 28.9% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 55.5% for the three months ended March 31, 2025, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net investment income (loss)	$	1,703,488	$	1,817,307
Management fee		1,043,751		703,053
Brokerage commission		412,561		282,155
Futures account fees		47,215		98,538
Net realized gain (loss)		72,406,103		222,605,228
Change in net unrealized appreciation (depreciation)		105,773,979		(42,138,893	)
Net Income (loss)	$	179,883,570	$	182,283,642

The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026.

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	5,925,856		$	5,751,156
NAV end of period	$	6,347,565		$	5,111,473
Percentage change in NAV		7.1	%		(11.1	)%
Shares outstanding beginning of period		450,000			550,000
Shares outstanding end of period		500,000			450,000
Percentage change in shares outstanding		11.1	%		(18.2	)%
Shares created		50,000			—
Shares redeemed		—			100,000
Per share NAV beginning of period	$	13.17		$	10.46
Per share NAV end of period	$	12.70		$	11.36
Percentage change in per share NAV		(3.6	)%		8.6	%
Percentage change in benchmark		(1.6	)%		4.4	%
Benchmark annualized volatility		7.4	%		8.9	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at December 31, 2025 to 500,000 outstanding Shares at March 31, 2026. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 3.6% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.6% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

ProShares Ultra Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	1,014,686,941		$	289,709,332
NAV end of period	$	1,053,863,221		$	480,619,425
Percentage change in NAV		3.9	%		65.9	%
Shares outstanding beginning of period		18,150,000			12,400,000
Shares outstanding end of period		17,400,000			15,000,000
Percentage change in shares outstanding		(4.1	)%		21.0	%
Shares created		6,150,000			3,400,000
Shares redeemed		6,900,000			800,000
Per share NAV beginning of period	$	55.91		$	23.36
Per share NAV end of period	$	60.57		$	32.04
Percentage change in per share NAV		8.3	%		37.2	%
Percentage change in benchmark		7.1	%		18.2	%
Benchmark annualized volatility		41.4	%		13.6	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV was offset by a decrease from 18,150,000 outstanding Shares at December 31, 2025 to 17,400,000 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 15,000,000 outstanding Shares at March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 37.2% for the three months ended March 31, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of gold futures contracts during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	6,537,921		$	2,855,659
Management fee		2,929,923			863,544
Brokerage commission		54,156			19,344
Net realized gain (loss)		228,852,662			58,428,586
Change in net unrealized appreciation (depreciation)		(135,627,267	)		56,024,718
Net Income (loss)	$	99,763,316		$	117,308,963

The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in future prices, during the three months ended March 31, 2026.

*	See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	2,237,285,267		$	562,083,293
NAV end of period	$	1,852,945,623		$	717,992,459
Percentage change in NAV		(17.2	)%		27.7	%
Shares outstanding beginning of period		14,346,526			16,746,526
Shares outstanding end of period		15,746,526			15,696,526
Percentage change in shares outstanding		9.8	%		(6.3	)%
Shares created		12,150,000			4,850,000
Shares redeemed		10,750,000			5,900,000
Per share NAV beginning of period	$	155.95		$	33.56
Per share NAV end of period	$	117.67		$	45.74
Percentage change in per share NAV		(24.5	)%		36.3	%
Percentage change in benchmark		6.3	%		18.5	%
Benchmark annualized volatility		103.0	%		24.6	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 15,746,526 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,696,526 outstanding Shares at March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 24.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 36.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	400,406,136		$	284,452,060
NAV end of period	$	295,275,255		$	323,381,943
Percentage change in NAV		(26.3	)%		13.7	%
Shares outstanding beginning of period		11,167,347			2,738,729
Shares outstanding end of period		5,667,347			2,758,729
Percentage change in shares outstanding		(49.3	)%		0.7	%
Shares created		10,600,000			9,070,000
Shares redeemed		16,100,000			9,050,000
Per share NAV beginning of period	$	35.86		$	103.86
Per share NAV end of period	$	52.10		$	117.22
Percentage change in per share NAV		45.3	%		12.9	%
Percentage change in benchmark		34.0	%		12.4	%
Benchmark annualized volatility		77.5	%		69.4	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 5,667,347 outstanding Shares at March 31, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV also resulted in part from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 2,758,729 outstanding Shares at March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 45.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 12.9% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net investment income (loss)	$	752,730	$	1,076,597
Management fee		853,358		836,310
Brokerage commission		638,333		887,712
Futures account fees		69,165		86,907
Net realized gain (loss)		76,025,723		99,921,387
Change in net unrealized appreciation (depreciation)		80,039,399		19,633,361
Net Income (loss)	$	156,817,852	$	120,631,345

The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026.

*	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.

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	48,665,350		$	44,505,646
NAV end of period	$	45,015,244		$	61,327,343
Percentage change in NAV		(7.5	)%		37.8	%
Shares outstanding beginning of period		2,549,970			2,199,970
Shares outstanding end of period		2,449,970			2,799,970
Percentage change in shares outstanding		(3.9	)%		27.3	%
Shares created		150,000			900,000
Shares redeemed		250,000			300,000
Per share NAV beginning of period	$	19.08		$	20.23
Per share NAV end of period	$	18.37		$	21.90
Percentage change in per share NAV		(3.7	)%		8.3	%
Percentage change in benchmark		(1.3	)%		4.9	%
Benchmark annualized volatility		8.9	%		8.5	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 2,449,970 outstanding Shares at March 31, 2026. The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,799,970 outstanding Shares at March 31, 2025. 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 three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 3.7% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s decline of 1.3% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.9% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	241,770		$	391,107
Management fee		112,303			137,014
Net realized gain (loss)		(2,918,193	)		1,642,642
Change in net unrealized appreciation (depreciation)		933,536			2,667,939
Net Income (loss)	$	(1,742,887	)	$	4,701,688

The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the Japanese yen versus the U.S. dollar, during the three months ended March 31, 2026.

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	89,466,390		$	121,997,334
NAV end of period	$	989,256,741		$	179,185,227
Percentage change in NAV		1,005.7	%		46.9	%
Shares outstanding beginning of period		4,555,220			7,205,220
Shares outstanding end of period		117,305,220			10,705,220
Percentage change in shares outstanding		2,475.2	%		48.6	%
Shares created		135,500,000			10,100,000
Shares redeemed		22,750,000			6,600,000
Per share NAV beginning of period	$	19.64		$	16.93
Per share NAV end of period	$	8.43		$	16.74
Percentage change in per share NAV		(57.1	)%		(1.1	)%
Percentage change in benchmark		44.4	%		(0.5	)%
Benchmark annualized volatility		38.7	%		19.6	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,555,220 outstanding Shares at December 31, 2025 to 117,305,220 outstanding Shares at March 31, 2026. 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 three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 10,705,220 outstanding Shares at March 31, 2025. 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.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 57.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.1% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	144,377,091		$	260,940,143
NAV end of period	$	206,828,508		$	573,853,468
Percentage change in NAV		43.3	%		119.9	%
Shares outstanding beginning of period		4,033,712			5,983,712
Shares outstanding end of period		9,483,712			29,133,712
Percentage change in shares outstanding		135.1	%		386.9	%
Shares created		65,100,000			47,000,000
Shares redeemed		59,650,000			23,850,000
Per share NAV beginning of period	$	35.79		$	43.61
Per share NAV end of period	$	21.81		$	19.70
Percentage change in per share NAV		(39.1	)%		(54.8	)%
Percentage change in benchmark		(4.2	)%		31.4	%
Benchmark annualized volatility		90.6	%		61.6	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 4,033,712 outstanding Shares at December 31, 2025 to 9,483,712 outstanding Shares at March 31, 2026. 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. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 29,133,712 outstanding Shares at March 31, 2025. 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 three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 39.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 54.8% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	852,742		$	2,805,691
Management fee		717,122			1,087,219
Brokerage commission		515,434			504,500
Futures account fees		28,465			46,040
Net realized gain (loss)		179,884,405			(221,827,712	)
Change in net unrealized appreciation (depreciation)		(11,890,582	)		(14,598,037	)
Net Income (loss)	$	168,846,565		$	(233,620,058	)

The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026.

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	35,498,605		$	41,892,674
NAV end of period	$	36,987,692		$	33,912,850
Percentage change in NAV		4.2	%		(19.0	)%
Shares outstanding beginning of period		1,250,000			1,200,000
Shares outstanding end of period		1,250,000			1,050,000
Percentage change in shares outstanding		—	%		(12.5	)%
Shares created		100,000			50,000
Shares redeemed		100,000			200,000
Per share NAV beginning of period	$	28.40		$	34.91
Per share NAV end of period	$	29.59		$	32.30
Percentage change in per share NAV		4.2	%		(7.5	)%
Percentage change in benchmark		(1.6	)%		4.4	%
Benchmark annualized volatility		7.4	%		8.9	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2025 to March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,050,000 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 4.2% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 7.5% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended March 31, 2026.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	81,475,214		$	16,624,428
NAV end of period	$	118,571,176		$	45,122,935
Percentage change in NAV		45.5	%		171.4	%
Shares outstanding beginning of period		3,136,631			236,744
Shares outstanding end of period		5,786,631			886,744
Percentage change in shares outstanding		84.5	%		274.6	%
Shares created		10,850,000			750,000
Shares redeemed		8,200,000			100,000
Per share NAV beginning of period	$	25.98		$	70.22
Per share NAV end of period	$	20.49		$	50.89
Percentage change in per share NAV		(21.1	)%		(27.5	)%
Percentage change in benchmark		7.1	%		18.2	%
Benchmark annualized volatility		41.4	%		13.6	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 5,786,631 outstanding Shares at March 31, 2026. 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. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,744 outstanding Shares at December 31, 2024 to 886,744 outstanding Shares at March 31, 2025. 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 three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 21.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 27.5% for the three months ended March 31, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase increase in the value of gold futures contracts during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	422,734		$	152,848
Management fee		223,987			57,780
Brokerage commission		7,045			2,079
Net realized gain (loss)		(15,033,153	)		(3,442,604	)
Change in net unrealized appreciation (depreciation)		13,282,845			(4,325,716	)
Net Income (loss)	$	(1,327,574	)	$	(7,615,472	)

The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in the value of the futures prices during the three months ended March 31, 2026.

*	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 three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	197,022,578		$	23,752,619
NAV end of period	$	141,592,802		$	32,867,619
Percentage change in NAV		(28.1	)%		38.4	%
Shares outstanding beginning of period		3,701,026			56,026
Shares outstanding end of period		6,190,818			111,026
Percentage change in shares outstanding		67.3	%		98.2	%
Shares created		50,840,000			115,000
Shares redeemed		48,350,208			60,000
Per share NAV beginning of period	$	53.23		$	423.96
Per share NAV end of period	$	22.87		$	296.04
Percentage change in per share NAV		(57.0	)%		(30.2	)%
Percentage change in benchmark		6.3	%		18.5	%
Benchmark annualized volatility		103.0	%		24.6	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 3,701,026 outstanding Shares at December 31, 2025 to 6,190,818 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 111,026 outstanding Shares at March 31, 2025. 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 March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 57.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 30.2% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	35,516,416		$	26,080,295
NAV end of period	$	29,016,468		$	26,449,371
Percentage change in NAV		(18.3	)%		1.4	%
Shares outstanding beginning of period		697,160			547,160
Shares outstanding end of period		547,160			597,160
Percentage change in shares outstanding		(21.5	)%		9.1	%
Shares created		200,000			150,000
Shares redeemed		350,000			100,000
Per share NAV beginning of period	$	50.94		$	47.66
Per share NAV end of period	$	53.03		$	44.29
Percentage change in per share NAV		4.1	%		(7.1	)%
Percentage change in benchmark		(1.3	)%		4.9	%
Benchmark annualized volatility		8.9	%		8.5	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 697,160 outstanding Shares at December 31, 2025 to 547,160 outstanding Shares at March 31, 2026. 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 three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 597,160 outstanding Shares at March 31, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 4.1% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 7.1% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Net investment income (loss)	$	160,744		$	155,036
Management fee		74,000			53,937
Net realized gain (loss)		1,368,736			(158,694	)
Change in net unrealized appreciation (depreciation)		(714,808	)		(1,804,651	)
Net Income (loss)	$	814,672		$	(1,808,309	)

The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended March 31, 2026.

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	45,911,058		$	28,111,210
NAV end of period	$	71,221,078		$	34,246,807
Percentage change in NAV		55.1	%		21.8	%
Shares outstanding beginning of period		3,012,403			1,937,403
Shares outstanding end of period		4,137,403			2,162,403
Percentage change in shares outstanding		37.3	%		11.6	%
Shares created		1,600,000			1,300,000
Shares redeemed		475,000			1,075,000
Per share NAV beginning of period	$	15.24		$	14.51
Per share NAV end of period	$	17.21		$	15.84
Percentage change in per share NAV		13.0	%		9.2	%
Percentage change in benchmark		13.4	%		9.6	%
Benchmark annualized volatility		22.7	%		30.8	%

During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,012,403 outstanding Shares at December 31, 2025 to 4,137,403 outstanding Shares at March 31, 2026. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,162,403 outstanding Shares at March 31, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 13.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 9.2% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

The benchmark’s rise of 13.4% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 9.6% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended March 31, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net investment income (loss)	$	310,647	$	201,460
Management fee		130,064		63,974
Brokerage commission		14,946		12,545
Futures account fees		4,027		3,120
Net realized gain (loss)		552,915		707,192
Change in net unrealized appreciation (depreciation)		7,535,733		1,624,484
Net Income (loss)	$	8,399,295	$	2,533,136

The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of the futures prices during the three months ended March 31, 2026.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
NAV beginning of period	$	227,464,736		$	133,641,615
NAV end of period	$	173,679,251		$	162,998,741
Percentage change in NAV		(23.6	)%		22.0	%
Shares outstanding beginning of period		8,841,252			2,966,252
Shares outstanding end of period		5,066,252			3,241,252
Percentage change in shares outstanding		(42.7	)%		9.3	%
Shares created		1,150,000			4,725,000
Shares redeemed		4,925,000			4,450,000
Per share NAV beginning of period	$	25.73		$	45.05
Per share NAV end of period	$	34.28		$	50.29
Percentage change in per share NAV		33.3	%		11.6	%
Percentage change in benchmark		34.0	%		12.4	%
Benchmark annualized volatility		77.5	%		69.4	%

During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,841,252 outstanding Shares at December 31, 2025 to 5,066,252 outstanding Shares at March 31, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV also resulted in part from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,241,252 outstanding Shares at March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 33.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 11.6% for the three months ended March 31, 2025, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative Disclosure

Exchange Rate Sensitivity, Equity Market Volatility Sensitivity, and Commodity Price Sensitivity

Each of the Funds is exposed to certain risks pertaining to the use of Financial Instruments. Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. Each of the Commodity Funds and Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments.

The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments. As of March 31, 2026 and 2025, each of the Fund’s positions were as follows:

ProShares Short VIX Short-Term Futures ETF

As of March 31, 2026 and 2025, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of March 31, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		April 2026		1,763	$	25.02		1,000	$	(44,114,491	)
VIX Futures (Cboe)		Short		May 2026		1,955		24.41		1,000		(47,725,460	)


Futures Positions as of March 31, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		April 2025		2,951	$	20.84		1,000	$	(61,509,169	)
VIX Futures (Cboe)		Short		May 2025		2,677		20.49		1,000		(54,844,234	)

The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have $0.50 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Bloomberg Crude Oil:

As of March 31, 2026 and 2025, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.


Futures Positions as of March 31, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long		June 2026		1,824	$	93.16		1,000	$	169,923,840
WTI Crude Oil (NYMEX)		Long		December 2026		1,920		72.47		1,000		139,142,400
WTI Crude Oil (Need Exch)		Long		June 2027		2,013		69.69		1,000		140,285,970

Swap Agreements as of March 31, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Commodity Balanced WTI Crude Oil Index

Citibank, N.A.

Long

104.9474

67,778,389

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

104.9474

294,117,187

Bloomberg Commodity Balanced WTI Crude Oil Index

Morgan Stanley & Co. International PLC

Long

104.9474

89,348,858

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

104.9474

223,254,814

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

104.9474

81,724,115


Futures Positions as of March 31, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long	June 2025		1,222	$	70.95		1,000	$	86,700,900
WTI Crude Oil (NYMEX)		Long	December 2025		1,269		67.42		1,000		85,555,980
WTI Crude Oil (NYMEX)		Long	June 2026		1,292		65.81		1,000		85,026,520

Swap Agreements as of March 31, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Commodity Balanced WTI Crude Oil Index

Citibank, N.A.

Long

84.3063

54,447,706

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

84.3063

236,270,092

Bloomberg Commodity Balanced WTI Crude Oil Index

Morgan Stanley & Co.
International PLC

Long

84.3063

71,775,686

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

84.3063

179,344,961

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

84.3063

65,650,581

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The March 31, 2026 and 2025 swap notional values are calculated by multiplying the number of units times the closing level of the Index. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreement 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Bloomberg Natural Gas:

As of March 31, 2026 and 2025, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of March 31, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

May 2026

26,254

2.88

10,000

757,165,360

Futures Positions as of March 31, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

May 2025

11,276

4.12

10,000

464,458,440

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Euro:

As of March 31, 2026 and 2025, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		04/10/26		5,925,921			1.1602	$	6,875,372
Euro	UBS AG		Long		04/10/26		5,397,502			1.1607		6,264,985
Euro	Goldman Sachs International		Short		04/10/26		(231,000	)		1.1502		(265,683	)
Euro	UBS AG		Short		04/10/26		(120,000	)		1.1492		(137,903	)


Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		04/04/25		5,661,921			1.0783	$	6,105,240
Euro	UBS AG		Long		04/04/25		3,991,502			1.0793		4,307,868
Euro	Goldman Sachs International		Short		04/04/25		(105,000	)		1.0837		(113,785	)
Euro	UBS AG		Short		04/04/25		(111,000	)		1.0827		(120,182	)

The March 31, 2026 and 2025 USD market value equals the number of euros multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Gold:

As of March 31, 2026 and 2025 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of March 31, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

June 2026

2,226

4,678.60

100

1,041,456,360

Swap Agreements as of March 31, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

417.6410

599,822,238

Bloomberg Gold Subindex

Goldman Sachs International

Long

417.6410

109,842,924

Bloomberg Gold Subindex

UBS AG

Long

417.6410

355,972,374

Futures Positions as of March 31, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

June 2025

1,843

3,150.30

100

580,600,290

Swap Agreements as of March 31, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

295.1779

163,451,198

Bloomberg Gold Subindex

Goldman Sachs International

Long

295.1779

77,634,149

Bloomberg Gold Subindex

UBS AG

Long

295.1779

139,577,699

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses,

cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Silver:

As of March 31, 2026 and 2025 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of March 31, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

May 2026

3,654

74.92

5,000

1,368,770,130

Swap Agreements as of March 31, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

556.6949

1,016,244,234

Bloomberg Silver Subindex

Goldman Sachs International

Long

556.6949

219,382,883

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

556.6949

213,204,683

Bloomberg Silver Subindex

UBS AG

Long

556.6949

888,119,421

Futures Positions as of March 31, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

May 2025

3,875

34.61

5,000

670,588,125

Swap Agreements as of March 31, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

270.6917

340,679,271

Bloomberg Silver Subindex

Goldman Sachs International

Long

270.6917

29,985,332

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

270.6917

203,438,889

Bloomberg Silver Subindex

UBS AG

Long

270.6917

191,475,722

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra VIX Short-Term Futures ETF

As of March 31, 2026 and 2025, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of March 31, 2026
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	April 2026		8,499	$	25.02		1,000	$	212,665,378
VIX Futures (Cboe)		Long	May 2026		9,441		24.41		1,000		230,473,692


Futures Positions as of March 31, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	April 2025		12,297	$	20.84		1,000	$	256,312,520
VIX Futures (Cboe)		Long	May 2025		11,145		20.49		1,000		228,329,844

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.50 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Yen:

As of March 31, 2026 and 2025, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		04/10/26		8,167,890,056			0.006320	$	51,619,157
Yen	UBS AG		Long		04/10/26		7,172,220,856			0.006324		45,354,005
Yen	Goldman Sachs International		Short		04/10/26		(217,500,000	)		0.006294		(1,368,860	)
Yen	UBS AG		Short		04/10/26		(857,295,000	)		0.006270		(5,375,283	)


Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		04/04/25		9,854,369,056			0.006750	$	66,519,631
Yen	UBS AG		Long		04/04/25		10,126,928,856			0.006750		68,353,690
Yen	Goldman Sachs International		Short		04/04/25		(289,802,000	)		0.006672		(1,933,473	)
Yen	UBS AG		Short		04/04/25		(1,286,656,000	)		0.006707		(8,630,237	)

The March 31, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Bloomberg Crude Oil:

As of March 31, 2026 and 2025, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.


Futures Positions as of March 31, 2026
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	June 2026		7,918	$	93.16		1,000	$	(737,640,880	)
WTI Crude Oil (NYMEX)		Short	December 2026		8,606		72.47		1,000		(623,676,820	)
WTI Crude Oil (NYMEX)		Short	June 2027		8,853		69.69		1,000		(616,965,570	)


Futures Positions as of March 31, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	June 2025		1,705	$	70.95		1,000	$	(120,969,750	)
WTI Crude Oil (NYMEX)		Short	December 2025		1,766		67.42		1,000		(119,063,720	)
WTI Crude Oil (NYMEX)		Short	June 2026		1,798		65.81		1,000		(118,326,380	)

The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Euro:

As of March 31, 2026 and 2025, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		04/10/26		918,000			1.1623	$	1,067,004
Euro	UBS AG		Long		04/10/26		5,343,000			1.1565		6,179,444
Euro	Goldman Sachs International		Short		04/10/26		(33,731,263	)		1.1588		(39,087,687	)
Euro	UBS AG		Short		04/10/26		(36,591,199	)		1.1602		(42,452,348	)


Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		04/04/25		4,564,000			1.0859	$	4,955,954
Euro	UBS AG		Long		04/04/25		6,770,000			1.0836		7,335,965
Euro	Goldman Sachs International		Short		04/04/25		(35,749,263	)		1.0783		(38,548,125	)
Euro	UBS AG		Short		04/04/25		(38,200,199	)		1.0805		(41,276,853	)

The March 31, 2026 and 2025 USD market values equal the number of euros multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Gold:

As of March 31, 2026 and 2025 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of March 31, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

June 2026

327

4,678.60

100

(152,990,220

)


Swap Agreements as of March 31, 2026
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	417.6410	$	(57,944,054	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		417.6410		(10,289,004	)
Bloomberg Gold Subindex	UBS AG		Short		417.6410		(15,914,276	)

Futures Positions as of March 31, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

June 2025

210

3,150.30

100

(66,156,300

)


Swap Agreements as of March 31, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	295.1779	$	(5,548,546	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		295.1779		(7,272,003	)
Bloomberg Gold Subindex	UBS AG		Short		295.1779		(11,247,801	)

The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Silver:

As of March 31, 2026 and 2025 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of March 31, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

May 2026

390

74.92

5,000

(146,092,050

)


Swap Agreements as of March 31, 2026
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	556.6949	$	(42,808,569	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		556.6949		(38,159,209	)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC		Short		556.6949		(3,772,164	)
Bloomberg Silver Subindex	UBS AG		Short		556.6949		(51,957,510	)

Futures Positions as of March 31, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

May 2025

175

34.61

5,000

(30,284,625

)


Swap Agreements as of March 31, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	270.6917	$	(18,620,536	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		270.6917		(13,297,188	)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC		Short		270.6917		(1,834,207	)
Bloomberg Silver Subindex	UBS AG		Short		270.6917		(1,757,901	)

The March 31, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The March 31, 2026 and 2025 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Yen:

As of March 31, 2026 and 2025, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of March 31, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		04/10/26		150,281,000			0.006321	$	949,987
Yen	UBS AG		Long		04/10/26		1,298,109,000			0.006311		8,191,874
Yen	Goldman Sachs International		Short		04/10/26		(4,898,069,165	)		0.006322		(30,953,858	)
Yen	UBS AG		Short		04/10/26		(5,768,986,424	)		0.006271		(36,460,043	)


Foreign Currency Forward Contracts as of March 31, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		04/04/25		42,985,000			0.006729	$	289,256
Yen	UBS AG		Long		04/04/25		638,109,150			0.006739		4,300,484
Yen	Goldman Sachs International		Short		04/04/25		(3,211,349,165	)		0.006745		(21,660,565	)
Yen	UBS AG		Short		04/04/25		(5,373,110,574	)		0.006713		(36,069,177	)

The March 31, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts 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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares VIX Mid-Term Futures ETF

As of March 31, 2026 and 2025, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of March 31, 2026
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	July 2026		462	$	24.41		1,000	$	11,277,097
VIX Futures (Cboe)		Long	August 2026		974		24.30		1,000		23,668,492
VIX Futures (Cboe)		Long	September 2026		974		24.35		1,000		23,716,900
VIX Futures (Cboe)		Long	October 2026		513		24.50		1,000		12,568,500


Futures Positions as of March 31, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	July 2025		290	$	20.60		1,000	$	5,974,493
VIX Futures (Cboe)		Long	August 2025		554		20.55		1,000		11,384,257
VIX Futures (Cboe)		Long	September 2025		554		20.64		1,000		11,436,001
VIX Futures (Cboe)		Long	October 2025		264		20.63		1,000		5,447,138

The March 31, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Qualitative Disclosure

As described in Item 7 in the Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”). Each 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 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, that match the performance of a benchmark. The Geared Funds do not seek to achieve these stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Performance over longer periods of time will be influenced not only by the cumulative period performance of the corresponding benchmark but equally by the intervening volatility of the benchmark as well as fees and expenses, including costs associated with the use of Financial Instruments such as financing costs and trading spreads. Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by negative three, negative two, negative one, negative one-half, one, one and one-half, two or three. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Primary Market Risk Exposure

The primary market risks that the Funds are exposed to depend on each Fund’s investment objective and corresponding benchmark. For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and long exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).

Each Fund’s exposure to market risk is further influenced by a number of factors, including the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of each Fund’s trading strategies and other factors, could ultimately lead to a loss of all or substantially all of investors’ capital.

As described in Item 7 in the Annual Report on Form 10-K, trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, it is required to make delivery of that commodity 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 can rise is unlimited, entering into commitments to sell commodities would expose a Fund to theoretically unlimited risk.

Commodity Price Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. With regard to the Commodity Index Funds or the Commodity Funds, several factors may affect the price of a commodity underlying a Commodity Index Fund or a Commodity Fund, and in turn, the Financial Instruments and other assets, if any, owned by such a Fund. The impact of changes in the price of a physical commodity or of a commodity index (comprised of commodity futures contracts) will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an UltraShort Fund and daily decreases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an Ultra Fund.

Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns. For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).

Exchange Rate Sensitivity

the value of the foreign currencies or the U.S. dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund. The impact of changes in the price of a currency will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of a currency will negatively impact the daily performance of Shares of a Short Fund or an UltraShort Fund and daily decreases in the price of a currency will negatively impact the daily performance of Shares of an Ultra Fund.

Equity Market Volatility Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund. The impact of changes in the price of these assets will affect investors differently depending upon the Fund in which investors invest.

Managing Market Risks

Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -2x, 1.5x, or 2x), regardless of market direction or sentiment. At the close of the relevant markets each trading day (see NAV calculation times in “Note 2—Significant Accounting Policies—Final Net Asset Value for Fiscal Period”), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective. As described in Item 7 of the Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments. Factors common to all Funds that may require portfolio re-positioning are creation/redemption activity and index rebalances.

For Geared Funds, the impact of the index’s movements each day also affects whether the Fund’s portfolio needs to be rebalanced. For example, if the index for an Ultra Fund has risen on a given day, net assets of the Fund should rise. As a result, the Fund’s long exposure will need to be increased to the extent there are not offsetting factors such as redemption activity. Conversely, if the Index has fallen on a given day, net assets of an Ultra Fund should fall. As a result, the Fund’s long exposure will generally need to be decreased. Net assets for Short Funds and UltraShort Funds will generally decrease when the Index rises on a given day, to the extent there are not offsetting factors. As a result, the Fund’s short exposure may need to be decreased. Conversely, when the Index falls on a given day, net assets of a Short or UltraShort Fund should rise. As a result, the Fund’s short exposure may need to be increased.

The use of certain Financial Instruments introduces counterparty risk. A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to Financial Instruments entered into by the Fund. A Fund may be negatively impacted if a counterparty fails to perform its obligations. Each Fund intends to enter into swap and forward agreements only with major global financial institutions that meet certain credit quality standards and monitoring policies. Each Fund may use various techniques to minimize credit risk including early termination or reset and payment, limiting the net amount due from any individual counterparty, and generally requiring that the counterparty post collateral with respect to amounts owed to the Funds, marked to market daily.

Most Financial Instruments held by the Funds are “unfunded” meaning that the Fund will obtain exposure to the corresponding benchmark while still being in possession of its original cash assets. The cash positions that result from use of such Financial Instruments are held in a manner to minimize both interest rate and credit risk. During the reporting period, cash positions were maintained in both non-interest bearing and interest bearing demand deposit accounts. The Funds may also invest a portion of this cash in cash equivalents (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities).

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of March 31, 2026, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.


ProShares Ultra Euro Common Units of Beneficial Interest
	01/01/26 to 01/31/26	—	$	—
	02/01/26 to 02/28/26	—	$	—
	03/01/26 to 03/31/26	—	$	—
ProShares Ultra Gold Common Units of Beneficial Interest
	01/01/26 to 01/31/26	800,000	$	71.40
	02/01/26 to 02/28/26	1,300,000	$	68.47
	03/01/26 to 03/31/26	4,800,000	$	69.99
ProShares Ultra Silver Common Units of Beneficial Interest
	01/01/26 to 01/31/26	3,400,000	$	273.50
	02/01/26 to 02/28/26	4,000,000	$	157.40
	03/01/26 to 03/31/26	3,350,000	$	131.26
ProShares Ultra VIX Short-Term Futures ETF Common Units of Beneficial Interest
	01/01/26 to 01/31/26	4,050,000	$	36.64
	02/01/26 to 02/28/26	4,650,000	$	38.55
	03/01/26 to 03/31/26	7,400,000	$	49.85
ProShares Ultra Yen Common Units of Beneficial Interest
	01/01/26 to 01/31/26	50,000	$	19.90
	02/01/26 to 02/28/26	50,000	$	19.33
	03/01/26 to 03/31/26	150,000	$	18.42
ProShares UltraShort Bloomberg Crude Oil Common Units of Beneficial Interest
	01/01/26 to 01/31/26	550,000	$	19.41
	02/01/26 to 02/28/26	1,050,000	$	15.99
	03/01/26 to 03/31/26	21,150,000	$	9.33
ProShares UltraShort Bloomberg Natural Gas Common Units of Beneficial Interest
	01/01/26 to 01/31/26	4,950,000	$	34.88
	02/01/26 to 02/28/26	40,750,000	$	21.73
	03/01/26 to 03/31/26	13,950,000	$	20.99
ProShares UltraShort Euro Common Units of Beneficial Interest
	01/01/26 to 01/31/26	50,000	$	28.71
	02/01/26 to 02/28/26	50,000	$	27.91
	03/01/26 to 03/31/26	—	$	—
ProShares UltraShort Gold Common Units of Beneficial Interest
	01/01/26 to 01/31/26	350,000	$	22.91
	02/01/26 to 02/28/26	4,700,000	$	19.25
	03/01/26 to 03/31/26	3,150,000	$	20.78
ProShares UltraShort Silver^** Common Units of Beneficial Interest
	01/01/26 to 01/31/26	14,545,000	$	27.37
	02/01/26 to 02/28/26	22,955,000	$	24.73
	03/01/26 to 03/31/26	10,850,208	$	23.11
ProShares UltraShort Yen Common Units of Beneficial Interest
	01/01/26 to 01/31/26	200,000	$	49.87
	02/01/26 to 02/28/26	100,000	$	49.93
	03/01/26 to 03/31/26	50,000	$	53.31


	Page
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		1
Item 3. Quantitative and Qualitative Disclosures About Market Risk.		29
Item 4. Controls and Procedures.		43

Part II. OTHER INFORMATION
Item 1. Legal Proceedings.		45
Item 1A. Risk Factors.		45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		45
Item 3. Defaults Upon Senior Securities.		48
Item 4. Mine Safety Disclosures.		48
Item 5. Other Information.		48
Item 6. Exhibits.		49


Documents	Page
Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows:

ProShares Short VIX Short-Term Futures ETF		F-2
ProShares Ultra Bloomberg Crude Oil		F-7
ProShares Ultra Bloomberg Natural Gas		F-12
ProShares Ultra Euro		F-17
ProShares Ultra Gold		F-22
ProShares Ultra Silver		F-27
ProShares Ultra VIX Short-Term Futures ETF		F-32
ProShares Ultra Yen		F-37
ProShares UltraShort Bloomberg Crude Oil		F-42
ProShares UltraShort Bloomberg Natural Gas		F-47
ProShares UltraShort Euro		F-52
ProShares UltraShort Gold		F-57
ProShares UltraShort Silver		F-62
ProShares UltraShort Yen		F-67
ProShares VIX Mid-Term Futures ETF		F-72
ProShares VIX Short-Term Futures ETF		F-77
ProShares Trust II		F-82
Notes to Financial Statements		F-86


Gross Amounts Not Offset in the Statements of Financial Condition as of March 31, 2026
Fund	Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties		Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	(3,756,664	)	$	3,756,664		$	—	$	—
Goldman Sachs International		21,935,669			(21,935,669	)		—		—
Morgan Stanley		6,663,762			(6,663,762	)		—		—
Societe Generale S.A.		16,664,803			(16,664,803	)		—		—
UBS AG		(3,431,948	)		3,431,948			—		—
ProShares Ultra Euro
Goldman Sachs International		(23,868	)		—			23,868		—
UBS AG		(23,980	)		—			23,980		—
ProShares Ultra Gold
Citibank N.A.		8,801,555			—			—		8,801,555
Goldman Sachs International		(12,205,793	)		12,205,793			—		—
UBS AG		11,730,540			(2,553,544	)		—		9,176,996
ProShares Ultra Silver
Citibank N.A.		71,210,588			(12,692,997	)		—		58,517,591
Goldman Sachs International		(55,814,650	)		55,814,650			—		—
Morgan Stanley		(26,859,240	)		26,859,240			—		—
UBS AG		60,697,450			(9,188,423	)		—		51,509,027
ProShares Ultra Yen
Goldman Sachs International		(105,025	)		105,025			—		—
UBS AG		(148,766	)		148,766			—		—
ProShares UltraShort Euro
Goldman Sachs International		74,192			(74,192	)		—		—
UBS AG		136,311			(136,311	)		—		—
ProShares UltraShort Gold
Citibank N.A.		(858,853	)		858,853			—		—
Goldman Sachs International		1,139,795			(1,139,795	)		—		—
UBS AG		(525,278	)		525,278			—		—
ProShares UltraShort Silver
Citibank N.A.		(4,052,636	)		4,052,636			—		—
Goldman Sachs International		11,244,927			(11,244,927	)		—		—
Morgan Stanley		472,014			(472,014	)		—		—
UBS AG		(3,883,674	)		3,883,674			—		—
ProShares UltraShort Yen
Goldman Sachs International		58,279			(58,279	)		—		—
UBS AG		69,129			(69,129	)		—		—


	Three Months Ended
Fund	March 31, 2026
ProShares Short VIX Short-Term Futures ETF	$	21,011
ProShares Ultra Bloomberg Crude Oil		—
ProShares Ultra Bloomberg Natural Gas		—
ProShares Ultra Euro		—
ProShares Ultra Gold		—
ProShares Ultra Silver		—
ProShares Ultra VIX Short-Term Futures ETF		331,491
ProShares Ultra Yen		—
ProShares UltraShort Bloomberg Crude Oil		—
ProShares UltraShort Bloomberg Natural Gas		—
ProShares UltraShort Euro		—
ProShares UltraShort Gold		—
ProShares UltraShort Silver		—
ProShares UltraShort Yen		—
ProShares VIX Mid-Term Futures ETF		9,665
ProShares VIX Short-Term Futures ETF		61,867

Combined Trust:	$	424,034


Title of Securities Registered^*		Total Number of Shares Redeemed		Average Price Per Share
ProShares Short VIX Short-Term Futures ETF
Common Units of Beneficial Interest
	01/01/26 to 01/31/26		250,000	$	55.59
	02/01/26 to 02/28/26		500,000	$	52.70
	03/01/26 to 03/31/26		100,000	$	50.81
ProShares Ultra Bloomberg Crude Oil Common Units of Beneficial Interest
	01/01/26 to 01/31/26		2,900,000	$	21.26
	02/01/26 to 02/28/26		2,600,000	$	22.96
	03/01/26 to 03/31/26		14,150,000	$	38.75
ProShares Ultra Bloomberg Natural Gas Common Units of Beneficial Interest
	01/01/26 to 01/31/26		37,550,000	$	26.26
	02/01/26 to 02/28/26		4,900,000	$	20.59
	03/01/26 to 03/31/26		11,150,000	$	18.47


ProShares VIX Mid-Term Futures ETF Common Units of Beneficial Interest
	01/01/26 to 01/31/26	—	$	—
	02/01/26 to 02/28/26	175,000	$	15.53
	03/01/26 to 03/31/26	300,000	$	16.59
ProShares VIX Short-Term Futures ETF Common Units of Beneficial Interest
	01/01/26 to 01/31/26	700,000	$	26.18
	02/01/26 to 02/28/26	325,000	$	27.55
	03/01/26 to 03/31/26	3,900,000	$	32.98


Exhibit No.		Description of Document

31.1		Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)

31.2		Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)

32.1*		Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

32.2*		Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

101.INS		XBRL Instance Document (1)

101.SCH		XBRL Taxonomy Extension Schema (1)

101.CAL		XBRL Taxonomy Extension Calculation Linkbase (1)

101.DEF		XBRL Taxonomy Extension Definition Linkbase (1)

101.LAB		XBRL Taxonomy Extension Label Linkbase (1)

101.PRE		XBRL Taxonomy Extension Presentation Linkbase (1)

104.1		Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.