Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Cut-off Times and Times of Calculation of Funds' Final Net Asset Value for Creation and Redemption of Fund Shares

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 six months ended June 30, 2025 were typically as follows. All times are Eastern Standard Time:


Fund	Create/Redeem Cut-off*	NAV Calculation Time	NAV Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.	June 30, 2025
Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	June 30, 2025
Ultra Bloomberg Crude Oil,
Ultra Bloomberg Natural Gas,
UltraShort Bloomberg Crude Oil and			June 30, 2025
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	June 30, 2025
Ultra Euro,			June 30, 2025
Ultra Yen,			June 30, 2025
UltraShort Euro and
UltraShort Yen	3:00 p.m.	4:00 p.m.	June 30, 2025
Short VIX Short-Term Futures ETF,			June 30, 2025
Ultra VIX Short-Term Futures ETF,			June 30, 2025
VIX Mid-Term Futures ETF and
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2025

*	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 redempt ion units for the six months ended June 30, 2025.

Valuation of Investments using Fair Value Hierarchy

The following table summarizes the va

ation of investments at June 30, 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	$	—	$	10,392,342		$	—		$	—		$	10,392,342
ProShares Ultra Bloomberg Crude Oil		49,959,555		3,282,538			—			4,023,623			57,265,716
ProShares Ultra Bloomberg Natural Gas		19,983,822		(29,767,704	)		—			—			(9,783,882	)
ProShares Ultra Euro		—		—			443,520			—			443,520
ProShares Ultra Gold		74,939,332		(3,455,626	)		—			(4,726,020	)		66,757,686
ProShares Ultra Silver		119,914,448		(9,137,947	)		—			(6,471,374	)		104,305,127
ProShares Ultra VIX Short-Term Futures ETF		14,987,867		(55,376,766	)		—			—			(40,388,899	)
ProShares Ultra Yen		—		—			736,372			—			736,372
ProShares UltraShort Bloomberg Crude Oil		—		15,855,988			—			—			15,855,988
ProShares UltraShort Bloomberg Natural Gas		39,967,644		40,226,449			—			—			80,194,093
ProShares UltraShort Euro		—		—			(1,726,299	)		—			(1,726,299	)
ProShares UltraShort Gold		—		462,452			—			1,407,997			1,870,449
ProShares UltraShort Silver		—		617,680			—			287,652			905,332
ProShares UltraShort Yen		—		—			(287,001	)		—			(287,001	)
ProShares VIX Mid-Term Futures ETF		—		(188,667	)		—			—			(188,667	)
ProShares VIX Short-Term Futures ETF		—		(10,141,713	)		—			—			(10,141,713	)

Combined Trust:	$	319,752,668	$	(37,230,974	)	$	(833,408	)	$	(5,478,122	)	$	276,210,164

*	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 June 30, 2025.

The following table summarizes the valuation of investments at December 31, 2024 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	$	24,937,875	$	(3,008,751	)	$	—		$	—		$	21,929,124
ProShares Ultra Bloomberg Crude Oil		99,751,500		10,864,085			—			38,215,610			148,831,195
ProShares Ultra Bloomberg Natural Gas		99,751,500		97,239,201			—			—			196,990,701
ProShares Ultra Euro		—		—			(167,128	)		—			(167,128	)
ProShares Ultra Gold		74,813,625		(423,408	)		—			(2,348,132	)		72,042,085
ProShares Ultra Silver		124,689,375		(28,903,535	)		—			(52,518,908	)		43,266,932
ProShares Ultra VIX Short-Term Futures ETF		24,937,875		13,975,992			—			—			38,913,867
ProShares Ultra Yen		—		—			(4,215,297	)		—			(4,215,297	)
ProShares UltraShort Bloomberg Crude Oil		—		(1,655,392	)		—			—			(1,655,392	)
ProShares UltraShort Bloomberg Natural Gas		—		(26,130,504	)		—			—			(26,130,504	)
ProShares UltraShort Euro		—		—			1,157,050			—			1,157,050


ProShares UltraShort Gold	$	—	$	121,056	$	—		$	141,581		$	262,637
ProShares UltraShort Silver		—		511,915		—			2,954,018			3,465,933
ProShares UltraShort Yen		—		—		2,228,359			—			2,228,359
ProShares VIX Mid-Term Futures ETF		—		22,266		—			—			22,266
ProShares VIX Short-Term Futures ETF		24,937,875		4,393,327		—			—			29,331,202

Combined Trust:	$	473,819,625	$	67,006,252	$	(997,016	)	$	(13,555,831	)	$	526,273,030

*	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.