v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Derivative Instruments
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.
Fair Value of Derivative Instruments as of June 30, 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       $ 11,931,229
*
 		      $ —   
   ProShares Ultra VIX Short-Term Futures ETF         —           32,887,617
*
 
   ProShares VIX
Mid-Term
Futures ETF		         —           3,601,639
*
 
   ProShares VIX Short-Term Futures ETF         —           17,083,960
*
 
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         2,087,777
*
 		        81,039,404
*
 
   ProShares Ultra Bloomberg Natural Gas         4,878,818
*
 		        —   
   ProShares Ultra Gold         —           75,965,022
*
 
   ProShares Ultra Silver         2,869,644
*
 		        187,174,913
*
 
   ProShares UltraShort Bloomberg Crude Oil         285,027,123
*
 		        —   
   ProShares UltraShort Bloomberg Natural Gas         577,621
*
 		        —   
   ProShares UltraShort Gold         17,917,713
*
 		        —   
   ProShares UltraShort Silver         15,939,794
*
 		        171,104
*
 
Foreign Exchange Contracts
       Unrealized appreciation on foreign currency forward contracts      Unrealized depreciation on foreign currency forward contracts   
   ProShares Ultra Euro         576          126,416  
   ProShares Ultra Yen         7,708          958,033  
   ProShares UltraShort Euro         943,149          44,573  
   ProShares UltraShort Yen         913,771          5,836  
        
 
 
       
 
 
  
     
Combined Trust:
   
$
343,094,923
*
 
     
$
399,058,517
*
 
 
*
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.
 
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.
Effect of Derivative Instruments on Statements of Operations
The Effect of Derivative Instruments on the Statement of
Operations
For the three months ended June 30, 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
    $ 32,396,869     $ 15,231,904  
     
ProShares Ultra VIX Short-Term Futures ETF
      (192,491,371 )      (56,859,023 ) 
     
ProShares VIX
Mid-Term
Futures ETF
      (1,150,253 )      (9,095,985 ) 
     
ProShares VIX Short-Term Futures ETF
      (66,742,664 )      (30,185,924 ) 
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
      145,508,043       (187,993,469 ) 
     
ProShares Ultra Bloomberg Natural Gas
      (57,395,050 )      31,126,328  
     
ProShares Ultra Gold
      (236,877,923 )      (6,316,066 ) 
     
ProShares Ultra Silver
      (612,395,722 )      (198,143,507 ) 
     
ProShares UltraShort Bloomberg Crude Oil
      (233,450,154 )      329,873,520  
     
ProShares UltraShort Bloomberg Natural Gas
      69,502,325       (41,472,530 ) 
     
ProShares UltraShort Gold
      18,747,899       8,065,368  
     
ProShares UltraShort Silver
      38,495,230       5,542,072  
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
      (45,142 )      (77,992 ) 
     
ProShares Ultra Yen
      (1,512,145 )      (696,534 ) 
     
ProShares UltraShort Euro
      272,363       688,073  
     
ProShares UltraShort Yen
      1,082,055       780,527  
        
 
 
    
 
 
  
     
Combined Trust
   
$
(1,096,055,640
)
  
$
(139,533,238
) 
 
The Effect of Derivative Instruments on the Statement of Operations
For the six months ended June 30, 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
    $ 13,691,256     $ (3,768,368 ) 
     
ProShares Ultra VIX Short-Term Futures ETF
      (116,494,011 )      23,187,545  
     
ProShares VIX
Mid-Term
Futures ETF
      (600,547 )      (1,566,090 ) 
     
ProShares VIX Short-Term Futures ETF
      (32,860,343 )      4,484,303  
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
      368,500,233       (64,111,399 ) 
     
ProShares Ultra Bloomberg Natural Gas
      14,982,765       136,975,690  
     
ProShares Ultra Gold
      (8,183,433 )      (141,939,756 ) 
     
ProShares Ultra Silver
      (253,066,422 )      (917,463,926 ) 
     
ProShares UltraShort Bloomberg Crude Oil
      (330,310,811 )      273,002,005  
     
ProShares UltraShort Bloomberg Natural Gas
      249,344,756       (53,365,916 ) 
     
ProShares UltraShort Gold
      3,708,862       21,340,956  
     
ProShares UltraShort Silver
      721,350       29,367,688  
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
      (224,784 )      (188,530 ) 
     
ProShares Ultra Yen
      (4,432,905 )      232,323  
     
ProShares UltraShort Euro
      883,645       1,290,950  
     
ProShares UltraShort Yen
      2,449,668       63,700  
        
 
 
    
 
 
  
     
Combined Trust:
   
$
(91,890,721
)
  
$
(692,458,825
) 
 
The Effect of Derivative Instruments on the Statement of Operations
For the three months ended June 30, 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
    $ 2,005     $ 13,636,368  
     
ProShares Ultra VIX Short-Term Futures ETF
      56,045,179       (88,993,838 ) 
     
ProShares VIX
Mid-Term
Futures ETF
      4,726,990       (1,835,417 ) 
     
ProShares VIX Short-Term Futures ETF
      44,564,343       (21,523,129 ) 
Commodities Contracts
   
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
        
     
ProShares Ultra Bloomberg Crude Oil
      (28,592,206 )      (41,338,039 ) 
     
ProShares Ultra Bloomberg Natural Gas
      (12,342,109 )      (84,894,683 ) 
     
ProShares Ultra Gold
      86,158,039       (61,456,710 ) 
     
ProShares Ultra Silver
      99,198,843       (73,501,501 ) 
     
ProShares UltraShort Bloomberg Crude Oil
      32,210,113       14,026,553  
     
ProShares UltraShort Bloomberg Natural Gas
      124,600,984       80,953,188  
     
ProShares UltraShort Gold
      5,846,099       5,933,528  
     
ProShares UltraShort Silver
      (3,327,232 )      2,491,447  
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
      616,633       415,771  
     
ProShares Ultra Yen
      1,428,203       2,283,730  
     
ProShares UltraShort Euro
      (3,936,993 )      (1,538,631 ) 
     
ProShares UltraShort Yen
      (1,138,324 )      (710,709 ) 
        
 
 
    
 
 
  
     
Combined Trust
   
$
406,060,567
 
  
$
(256,052,072
) 
 
The Effect of Derivative Instruments on the Statement of Operations
For the six months ended June 30, 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
    $ (17,634,848 )    $ 13,401,093  
     
ProShares Ultra VIX Short-Term Futures ETF
      155,966,636       (69,352,758 ) 
     
ProShares VIX
Mid-Term
Futures ETF
      5,434,182       (210,933 ) 
     
ProShares VIX Short-Term Futures ETF
      76,773,606       (14,535,040 ) 
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
      (13,075,345 )      (41,773,534 ) 
     
ProShares Ultra Bloomberg Natural Gas
      210,263,119       (127,006,905 ) 
     
ProShares Ultra Gold
      144,586,625       (5,410,106 ) 
     
ProShares Ultra Silver
      153,909,630       65,813,122  
     
ProShares UltraShort Bloomberg Crude Oil
      41,144,012       17,511,380  
     
ProShares UltraShort Bloomberg Natural Gas
      (97,226,728 )      66,356,953  
     
ProShares UltraShort Gold
      2,403,495       1,607,812  
     
ProShares UltraShort Silver
      (6,436,218 )      (2,560,601 ) 
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
      777,150       610,648  
     
ProShares Ultra Yen
      3,070,845       4,951,669  
     
ProShares UltraShort Euro
      (5,567,946 )      (2,883,349 ) 
     
ProShares UltraShort Yen
      (1,297,018 )      (2,515,360 ) 
        
 
 
    
 
 
  
     
Combined Trust:
   
$
653,091,197
 
  
$
(95,995,909
) 
Offsetting of Financial Assets and Liabilities 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 June 30, 2026.
 
Fair Values of Derivative Instruments as of June 30, 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
    $ 391,156      $ —       $ 391,156      $ 75,696,856      $ —       $ 75,696,856  
ProShares Ultra Euro
                  
Foreign currency forward contracts
      576        —         576        126,416        —         126,416  
ProShares Ultra Gold
                  
Swap agreements
      —         —         —         32,882,489        —         32,882,489  
ProShares Ultra Silver
                  
Swap agreements
      2,869,644        —         2,869,644        132,065,295        —         132,065,295  
ProShares Ultra Yen
                  
Foreign currency forward contracts
      7,708        —         7,708        958,033        —         958,033  
ProShares UltraShort Euro
                  
Foreign currency forward contracts
      943,149        —         943,149        44,573        —         44,573  
ProShares UltraShort Gold
                  
Swap agreements
      2,918,311        —         2,918,311        —         —         —   
ProShares UltraShort Silver
                  
Swap agreements
      5,523,984        —         5,523,984        171,104        —         171,104  
ProShares UltraShort Yen
                  
Foreign currency forward contracts
      913,771        —         913,771        5,836        —         5,836  
The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available
fo
r offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025:
Fair Values of Derivative Instruments as of December 31, 2025
 
    
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
    $ —       $ —       $ —       $ 11,151,121      $ —       $ 11,151,121  
ProShares Ultra Euro
                  
Foreign currency forward contracts
      62,719        —         62,719        29        —         29  
ProShares Ultra Gold
                  
Swap agreements
      28,676,455        —         28,676,455        —         —         —   
ProShares Ultra Silver
                  
Swap agreements
      313,913,258        —         313,913,258        —         —         —   
ProShares Ultra Yen
                  
Foreign currency forward contracts
      1,161        —         1,161        1,183,809        —         1,183,809  
ProShares UltraShort Euro
                  
Foreign currency forward contracts
      7,632        —         7,632        400,006        —         400,006  
ProShares UltraShort Gold
                  
Swap agreements
      —         —         —         2,568,196        —         2,568,196  
ProShares UltraShort Silver
                  
Swap agreements
      —         —         —         4,320,147        —         4,320,147  
ProShares UltraShort Yen
                  
Foreign currency forward contracts
      955,069        —         955,069        110,834        —         110,834  
Gross Amounts Not Offset in Statements of Financial Condition
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 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
Deri
vative Instruments”.
Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 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.
    $ (2,576,150 )    $ 2,576,150     $ —       $ —   
Goldman Sachs International
      (32,233,988 )      32,233,988       —         —   
Societe Generale
      (40,886,718 )      40,886,718       —         —   
UBS AG
      391,156       (391,156 )      —         —   
ProShares Ultra Euro
          
Goldman Sachs International
      (50,228 )      50,228       —         —   
UBS AG
      (75,612 )      75,612       —         —   
ProShares Ultra Gold
          
Citibank, N.A.
      (20,923,069 )      20,923,069       —         —   
Goldman Sachs International
      (7,586,111 )      7,586,111       —         —   
UBS AG
      (4,373,309 )      4,373,309       —         —   
ProShares Ultra Silver
          
Citibank, N.A.
      (79,642,009 )      79,642,009       —         —   
Goldman Sachs International
      (26,627,453 )      26,627,453       —         —   
Morgan Stanley & Co. International PLC
      (25,795,833 )      25,795,833       —         —   
UBS AG
      2,869,644       —        —         2,869,644  
ProShares Ultra Yen
          
Goldman Sachs International
      (465,491 )      465,491       —         —   
UBS AG
      (484,834 )      484,834       —         —   
ProShares UltraShort Euro
          
Goldman Sachs International
      393,804       (393,804 )      —         —   
UBS AG
      504,772       (504,772 )      —         —   
ProShares UltraShort Gold
          
Citibank, N.A.
      2,015,547       (2,015,547 )      —         —   
Goldman Sachs International
      708,009       (708,009 )      —         —   
UBS AG
      194,755       (194,755 )      —         —   
ProShares UltraShort Silver
          
Citibank, N.A.
      939,462       (939,462 )      —         —   
Goldman Sachs International
      4,584,522       (4,584,522 )      —         —   
UBS AG
      (171,104 )      171,104       —         —   
ProShares UltraShort Yen
          
Goldman Sachs International
      465,583       (271,321 )      —         194,262  
UBS AG
      442,352       (291,607 )      —         150,745  
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2025. 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”
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