Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| ☒ | Accelerated Filer | ☐ | ||||
| Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||
| Emerging Growth Company | ||||||
PROSHARES TRUST II
Table of Contents
| Page | ||||
| Part I. FINANCIAL INFORMATION |
||||
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
1 | |||
| Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
49 | |||
| 62 | ||||
| Part II. OTHER INFORMATION |
||||
| 64 | ||||
| 64 | ||||
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. |
64 | |||
| 67 | ||||
| 67 | ||||
| 67 | ||||
| 68 | ||||
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Index
| Documents |
Page | |||
| Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: |
||||
| F-1 | ||||
| F-6 | ||||
| F-11 | ||||
| F-16 | ||||
| F-21 | ||||
| F-26 | ||||
| F-32 | ||||
| F-37 | ||||
| F-42 | ||||
| F-46 | ||||
| F-51 | ||||
| F-56 | ||||
| F-62 | ||||
| F-66 | ||||
| F-71 | ||||
| F-76 | ||||
| F-81 | ||||
| F-85 | ||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
VIX Futures - Cboe, expires October 2025 |
$ | $ | ||||||||||
VIX Futures - Cboe, expires November 2025 |
||||||||||||
| $ | ||||||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
| Investment Income |
||||||||||||||||
| Interest |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Management fee |
||||||||||||||||
| Brokerage commissions |
||||||||||||||||
| Futures account fees |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
| Net realized gain (loss) on |
||||||||||||||||
| Futures contracts |
( |
) | ||||||||||||||
| Short-term U.S. government and agency obligations |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
| Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
| Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | $ | ( |
) | $ | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ||||||||||
Net income (loss) |
( |
) | ||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
| Cash flow from operating activities |
||||||||
| Net income (loss) |
$ | $ | ||||||
| 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 |
( |
) | ( |
) | ||||
| Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
| Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
| Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
| Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
| Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
| Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
| Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
| Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ( |
) | ||||
| Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Cash flow from financing activities |
||||||||
| Proceeds from addition of shares |
||||||||
| Payment on shares redeemed |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Net cash provided by (used in) financing activities |
( |
) | ||||||
| |
|
|
|
|||||
| Net increase (decrease) in cash |
( |
) | ( |
) | ||||
| Cash, beginning of period |
||||||||
| |
|
|
|
|||||
| Cash, end of period |
$ | $ | ||||||
| |
|
|
|
|||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
† |
||||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
WTI Crude Oil - NYMEX, expires December 2025 |
$ | $ | ||||||||||
WTI Crude Oil - NYMEX, expires June 2026 |
||||||||||||
WTI Crude Oil - NYMEX, expires December 2026 |
( |
) | ||||||||||
| $ | ||||||||||||
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 |
% | $ | $ | ( |
) | |||||||||||
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index |
( |
) | ||||||||||||||
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index |
( |
) | ||||||||||||||
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index |
( |
) | ||||||||||||||
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index |
( |
) | ||||||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| † | All or partial amount pledged as collateral for swap agreements. |
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
| ^^ |
| * | Reflects the floating financing rate, as of September 30, 2025, 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. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Swap agreements |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Swap agreements |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ( |
) | ||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
||||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ( |
) | ||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ( |
) | ||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Natural Gas - NYMEX, expires November 2025 |
$ | $ | ( |
) | ||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ||||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ||||||||||||||
Net income (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | ||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
||||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ( |
) | ||||
Decrease (Increase) in interest receivable |
||||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ( |
) | ||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ( |
) | ||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for foreign currency forward contracts |
||||||||
Unrealized appreciation on foreign currency forward contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Unrealized depreciation on foreign currency forward contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
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 |
$ | $ | ||||||||||||||
Euro with UBS AG |
||||||||||||||||
Total Unrealized Appreciation |
$ | |||||||||||||||
Contracts to Sell |
||||||||||||||||
Euro with Goldman Sachs International |
( |
) | $ | ( |
) | $ | ||||||||||
Euro with UBS AG |
( |
) | ( |
) | ( |
) | ||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on |
||||||||||||||||
Foreign currency forward contracts |
||||||||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | ( |
) | $ | $ | $ | ||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ( |
) | ||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Net cash provided by (used in) operating activities |
||||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ||||||
Net increase (decrease) in cash |
( |
) | ||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding (Note 1) |
||||||||
Net asset value per share (Note 1) |
$ | $ | ||||||
Market value per share (Note 1) (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
† |
||||||||
† |
||||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Futures Contracts Purchased |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Gold Futures—COMEX, expires December 2025 |
$ | $ | ||||||||||
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 |
% | $ | $ | |||||||||||||
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex |
||||||||||||||||
Swap agreement with UBS AG based on Bloomberg Gold Subindex |
||||||||||||||||
Total Unrealized Appreciation |
$ | |||||||||||||||
| † | All or partial amount pledged as collateral for swap agreements. |
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
| ^^ |
| * | Reflects the floating financing rate, as of September 30, 2025, 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. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Swap agreements |
||||||||||||||||
Short-term U.S. government and agency obligations |
||||||||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
||||||||||||||||
Swap agreements |
||||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net realized and unrealized gain (loss) |
||||||||||||||||
Net income (loss) |
$ | $ | $ | $ | ||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net income (loss) |
||||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ||||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ( |
) | ||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
† |
||||||||
† |
||||||||
Total short-term U.S. government and agency obligations |
||||||||
(cost $ |
$ | |||||||
Futures Contracts Purchased |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Silver Futures - COMEX, expires December 2025 |
$ | $ | ||||||||||
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 |
% | $ | $ | |||||||||||||
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex |
||||||||||||||||
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex |
||||||||||||||||
Swap agreement with UBS AG based on Bloomberg Silver Subindex |
||||||||||||||||
Total Unrealized Appreciation |
$ | |||||||||||||||
| † | All or partial amount pledged as collateral for swap agreements. |
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
| ^^ |
| * | Reflects the floating financing rate, as of September 30, 2025, 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. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Swap agreements |
( |
) | ||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
||||||||||||||||
Swap agreements |
||||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net realized and unrealized gain (loss) |
||||||||||||||||
Net income (loss) |
$ | $ | $ | $ | ||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net income (loss) |
||||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ||||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ( |
) | ||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Increase (Decrease) in payable on open futures contracts |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ||||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations |
||||||||
(cost $ |
$ | |||||||
Futures Contracts Purchased |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
VIX Futures - Cboe, expires October 2025 |
$ | $ | ( |
) | ||||||||
VIX Futures - Cboe, expires November 2025 |
( |
) | ||||||||||
| $ | ( |
) | ||||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ||||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ||||||||||||||
Net income (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | ||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
( |
) | ||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for foreign currency forward contracts |
||||||||
Unrealized appreciation on foreign currency forward contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Unrealized depreciation on foreign currency forward contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
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 |
$ | $ | ( |
) | ||||||||||||
Yen with UBS AG |
( |
) | ||||||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
Contracts to Sell |
||||||||||||||||
Yen with Goldman Sachs International |
( |
) | $ | ( |
) | $ | ||||||||||
Yen with UBS AG |
( |
) | ( |
) | ( |
) | ||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Net cash provided by (used in) operating activities |
||||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Futures Contracts Sold |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
WTI Crude Oil - NYMEX, expires December 2025 |
$ | $ | ||||||||||
WTI Crude Oil - NYMEX, expires June 2026 |
||||||||||||
WTI Crude Oil - NYMEX, expires December 2026 |
||||||||||||
| $ | ||||||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ||||||||||||||
Net income (loss) |
$ | $ | $ | $ | ( |
) | ||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ||||||
Change in unrealized (appreciation) depreciation on investments |
||||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
||||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
Net cash provided by (used in) operating activities |
||||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ( |
) | ||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations (cost $ |
$ | |||||||
Futures Contracts Sold |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Natural Gas - NYMEX, expires November 2025 |
$ | $ | ||||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
||||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ( |
) | ( |
) | ||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Short-term U.S. government and agency obligations |
||||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ||||||||||
Net realized and unrealized gain (loss) |
||||||||||||||||
Net income (loss) |
$ | $ | $ | $ | ||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
||||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ||||||||||
Net income (loss) |
||||||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ||||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
||||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ( |
) | ||||
Decrease (Increase) in receivable on open futures contracts |
||||||||
Decrease (Increase) in interest receivable |
||||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
Net cash provided by (used in) operating activities |
||||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ( |
) | ||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for foreign currency forward contracts |
||||||||
Unrealized appreciation on foreign currency forward contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Unrealized depreciation on foreign currency forward contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
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 |
$ | $ | ( |
) | ||||||||||||
| Euro with UBS AG |
||||||||||||||||
| |
|
|||||||||||||||
| Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| |
|
|||||||||||||||
| Contracts to Sell |
||||||||||||||||
| Euro with Goldman Sachs International |
( |
) | $ | ( |
) | $ | ( |
) | ||||||||
| Euro with UBS AG |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|||||||||||||||
| Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| |
|
|||||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
| Investment Income |
||||||||||||||||
| Interest |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Management fee |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
| Net realized gain (loss) on |
||||||||||||||||
| Foreign currency forward contracts |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Short-term U.S. government and agency obligations |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
| Foreign currency forward contracts |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
( |
) | ( |
) | ( |
) | ||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in interest receivable |
||||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ( |
) | ||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ( |
) | ||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding (Note 1) |
||||||||
Net asset value per share (Note 1) |
$ | $ | ||||||
Market value per share (Note 1) (Note 2) |
$ | $ | ||||||
Futures Contracts Sold |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Gold Futures - COMEX, expires December 2025 |
$ | $ | ( |
) | ||||||||
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 |
% | $ | ( |
) | $ | ( |
) | |||||||||
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex |
( |
) | ( |
) | ||||||||||||
Swap agreement with UBS AG based on Bloomberg Gold Subindex |
( |
) | ( |
) | ||||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
| * | Reflects the floating financing rate, as of September 30, 2025, 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. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Swap agreements |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Swap agreements |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Change in unrealized (appreciation) depreciation on investments |
||||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Futures Contracts Sold |
||||||||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
Silver Futures - COMEX, expires December 2025 |
$ | $ | ( |
) | ||||||||
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 |
% | $ | ( |
) | $ | ( |
) | |||||||||
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex |
( |
) | ( |
) | ||||||||||||
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex |
( |
) | ( |
) | ||||||||||||
Swap agreement with UBS AG based on Bloomberg Silver Subindex |
( |
) | ( |
) | ||||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
| * | Reflects the floating financing rate, as of September 30, 2025, 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. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Swap agreements |
( |
) | ( |
) | ( |
) | ||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Swap agreements |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income (loss) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
| Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Addition of |
||||||||||||||||
| Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net addition (redemption) of |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
||||||||||||||||
| Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
| Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
| Cash flow from operating activities |
||||||||
| Net income (loss) |
$ | ( |
) | $ | ( |
) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
| Change in unrealized (appreciation) depreciation on investments |
||||||||
| Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
| Decrease (Increase) in interest receivable |
( |
) | ||||||
| Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
| Increase (Decrease) in payable on open futures contracts |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Cash flow from financing activities |
||||||||
| Proceeds from addition of shares |
||||||||
| Payment on shares redeemed |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Net cash provided by (used in) financing activities |
( |
) | ||||||
| |
|
|
|
|||||
| Net increase (decrease) in cash |
( |
) | ||||||
| Cash, beginning of period |
||||||||
| |
|
|
|
|||||
| Cash, end of period |
$ | $ | ||||||
| |
|
|
|
|||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for foreign currency forward contracts |
||||||||
Unrealized appreciation on foreign currency forward contracts |
||||||||
Receivable from capital shares sold |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Unrealized depreciation on foreign currency forward contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
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 |
$ | $ | ( |
) | ||||||||||||
Yen with UBS AG |
||||||||||||||||
Total Unrealized Depreciation |
$ | ( |
) | |||||||||||||
Contracts to Sell |
||||||||||||||||
Yen with Goldman Sachs International |
( |
) | $ | ( |
) | $ | ||||||||||
Yen with UBS AG |
( |
) | ( |
) | ||||||||||||
Total Unrealized Appreciation |
$ | |||||||||||||||
| ^ | The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
( |
) | ||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
||||||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Net cash provided by (used in) operating activities |
||||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Cash |
$ | $ | ||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
VIX Futures – Cboe, expires January 2026 |
$ | $ | ( |
) | ||||||||
VIX Futures – Cboe, expires February 2026 |
( |
) | ||||||||||
VIX Futures – Cboe, expires March 2026 |
( |
) | ||||||||||
VIX Futures – Cboe, expires April 2026 |
( |
) | ||||||||||
| $ | ( |
) | ||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
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 |
( |
) | ||||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ||||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Decrease (Increase) in receivable on open futures contracts |
||||||||
Decrease (Increase) in interest receivable |
( |
) | ||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
Shares outstanding |
||||||||
Net asset value per share |
$ | $ | ||||||
Market value per share (Note 2) |
$ | $ | ||||||
Principal Amount |
Value |
|||||||
Short-term U.S. government and agency obligations |
||||||||
( |
||||||||
U.S. Treasury Bills ^^ : |
||||||||
| $ | $ | |||||||
Total short-term U.S. government and agency obligations |
||||||||
(cost $ |
$ | |||||||
Number of Contracts |
Notional Amount at Value |
Unrealized Appreciation (Depreciation)/Value |
||||||||||
VIX Futures - Cboe, expires October 2025 |
$ | $ | ( |
) | ||||||||
VIX Futures - Cboe, expires November 2025 |
( |
) | ||||||||||
| $ | ( |
) | ||||||||||
| ^^ |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
( |
) | ||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | ( |
) | $ | ||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ( |
) | ||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ||||||
Decrease (Increase) in receivable on open futures contracts |
( |
) | ||||||
Decrease (Increase) in interest receivable |
( |
) | ( |
) | ||||
Increase (Decrease) in payable to Sponsor |
||||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on open futures contracts |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ||||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
September 30, 2025 (unaudited) |
December 31, 2024 |
|||||||
Assets |
||||||||
Short-term U.S. government and agency obligations (Note 3) (cost $ |
$ | $ | ||||||
Cash |
||||||||
Segregated cash balances with brokers for futures contracts |
||||||||
Segregated cash balances with brokers for foreign currency forward contracts |
||||||||
Segregated cash balances with brokers for swap agreements |
||||||||
Unrealized appreciation on swap agreements |
||||||||
Unrealized appreciation on foreign currency forward contracts |
||||||||
Receivable from capital shares sold |
||||||||
Receivable on open futures contracts |
||||||||
Interest receivable |
||||||||
Total assets |
||||||||
Liabilities and shareholders’ equity |
||||||||
Liabilities |
||||||||
Payable for capital shares redeemed |
||||||||
Payable on open futures contracts |
||||||||
Brokerage commissions and futures account fees payable |
||||||||
Unrealized depreciation on swap agreements |
||||||||
Unrealized depreciation on foreign currency forward contracts |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies (Note 2) |
||||||||
Shareholders’ equity |
||||||||
Shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
(Note 1) |
||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Investment Income |
||||||||||||||||
Interest |
$ | $ | $ | $ | ||||||||||||
Expenses |
||||||||||||||||
Management fee |
||||||||||||||||
Brokerage commissions |
||||||||||||||||
Futures account fees |
||||||||||||||||
Total expenses |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Realized and unrealized gain (loss) on investment activity |
||||||||||||||||
Net realized gain (loss) on |
||||||||||||||||
Futures contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Swap agreements |
( |
) | ||||||||||||||
Foreign currency forward contracts |
( |
) | ( |
) | ( |
) | ||||||||||
Short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) on |
||||||||||||||||
Futures contracts |
||||||||||||||||
Swap agreements |
||||||||||||||||
Foreign currency forward contracts |
( |
) | ||||||||||||||
Short-term U.S. government and agency obligations |
( |
) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net realized and unrealized gain (loss) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Shareholders’ equity, beginning of period |
$ | $ | $ | $ | ||||||||||||
Addition of |
||||||||||||||||
Redemption of |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net addition (redemption) of |
||||||||||||||||
Net investment income (loss) |
||||||||||||||||
Net realized gain (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Change in net unrealized appreciation (depreciation) |
||||||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Shareholders’ equity, end of period |
$ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, |
||||||||
2025 |
2024 |
|||||||
Cash flow from operating activities |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
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 |
( |
) | ( |
) | ||||
Proceeds from sales or maturities of short-term U.S. government and agency obligations |
||||||||
Net amortization and accretion on short-term U.S. government and agency obligations |
( |
) | ( |
) | ||||
Net realized (gain) loss on investments |
( |
) | ||||||
Change in unrealized (appreciation) depreciation on investments |
( |
) | ( |
) | ||||
Decrease (Increase) in receivable on futures contracts |
( |
) | ( |
) | ||||
Decrease (Increase) in interest receivable |
( |
) | ||||||
Increase (Decrease) in payable to Sponsor |
( |
) | ||||||
Increase (Decrease) in brokerage commissions and futures account fees payable |
( |
) | ||||||
Increase (Decrease) in payable on futures contracts |
( |
) | ( |
) | ||||
Net cash provided by (used in) operating activities |
( |
) | ( |
) | ||||
Cash flow from financing activities |
||||||||
Proceeds from addition of shares |
||||||||
Payment on shares redeemed |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
||||||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ | $ | ||||||
Fund |
Execution Date (Prior to Opening of Trading) |
Type of Split |
Date Trading Resumed at Post- Split Price |
|||||
| ProShares Short VIX Short-Term Futures | ||||||||
| ProShares UltraShort Bloomberg Natural Gas | ||||||||
| ProShares Ultra VIX Short-Term Futures | ||||||||
| ProShares VIX Short-Term Futures | ||||||||
| ProShares Ultra Bloomberg Natural Gas | ||||||||
| ProShares UltraShort Silver | ||||||||
| ProShares UltraShort Yen | ||||||||
| ProShares Ultra Gold | ||||||||
| ProShares UltraShort Gold | ||||||||
Create/Redeem |
NAV Calculation |
NAV | ||||
Fund |
Cut-off* |
Time |
Calculation Date | |||
| Ultra Silver and UltraShort Silver | ||||||
| Ultra Gold and UltraShort Gold | ||||||
| Ultra Bloomberg Crude Oil, | ||||||
| Ultra Bloomberg Natural Gas, | ||||||
| UltraShort Bloomberg Crude Oil and | ||||||
| UltraShort Bloomberg Natural Gas | ||||||
| Ultra Euro, | ||||||
| Ultra Yen, | ||||||
| UltraShort Euro and | ||||||
| UltraShort Yen | ||||||
| Short VIX Short-Term Futures ETF, | ||||||
| Ultra VIX Short-Term Futures ETF, | ||||||
| VIX Mid-Term Futures ETF and | ||||||
| VIX Short-Term Futures ETF | 4:00 p.m |
| * | 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 nine months ended September 30, 2025. |
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 |
$ | $ | $ | — | $ | — | $ | |||||||||||||
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 |
( |
) | — | — | ||||||||||||||||
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 |
— | ( |
) | — | — | ( |
) | |||||||||||||
ProShares VIX Short-Term Futures ETF |
( |
) | — | — | ||||||||||||||||
Combined Trust: |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
| * | 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. |
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 |
$ | $ | ( |
) | $ | — | $ | — | $ | |||||||||||
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 |
— | — | ||||||||||||||||||
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 |
— | — | — | |||||||||||||||||
ProShares VIX Short-Term Futures ETF |
— | — | ||||||||||||||||||
Combined Trust: |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||
| * | 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. |
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 | $ | * |
$ | — | ||||||||||
| ProShares Ultra VIX Short-Term Futures ETF | — | * | ||||||||||||
| ProShares VIX Mid-Term Futures ETF | — | * | ||||||||||||
| ProShares VIX Short-Term Futures ETF | — | * | ||||||||||||
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 | * |
* | ||||||||||||
| ProShares Ultra Bloomberg Natural Gas | — | * | ||||||||||||
| ProShares Ultra Gold | * |
— | ||||||||||||
| ProShares Ultra Silver | * |
— | ||||||||||||
| ProShares UltraShort Bloomberg Crude Oil | * |
— | ||||||||||||
| ProShares UltraShort Bloomberg Natural Gas | * |
— | ||||||||||||
| ProShares UltraShort Gold | — | * | ||||||||||||
| ProShares UltraShort Silver | — | * | ||||||||||||
Foreign Exchange Contracts |
Unrealized appreciation on foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | ||||||||||||
| ProShares Ultra Euro | ||||||||||||||
| ProShares Ultra Yen | ||||||||||||||
| ProShares UltraShort Euro | ||||||||||||||
| ProShares UltraShort Yen | ||||||||||||||
Combined Trust: |
$ |
* |
$ |
* | ||||||||||
| * | 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. |
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 | $ | * |
$ | * | ||||||||||
| ProShares Ultra VIX Short-Term Futures ETF | * |
* | ||||||||||||
| ProShares VIX Mid-Term Futures ETF | * |
* | ||||||||||||
| ProShares VIX Short-Term Futures ETF | * |
* | ||||||||||||
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 | * |
— | ||||||||||||
| ProShares Ultra Bloomberg Natural Gas | * |
— | ||||||||||||
| ProShares Ultra Gold | — | * | ||||||||||||
| ProShares Ultra Silver | — | * | ||||||||||||
| ProShares UltraShort Bloomberg Crude Oil | * |
* | ||||||||||||
| ProShares UltraShort Bloomberg Natural Gas | — | * | ||||||||||||
| ProShares UltraShort Gold | * |
— | ||||||||||||
| ProShares UltraShort Silver | * |
— | ||||||||||||
Foreign Exchange Contracts |
Unrealized appreciation on foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | ||||||||||||
| ProShares Ultra Euro | ||||||||||||||
| ProShares Ultra Yen | ||||||||||||||
| ProShares UltraShort Euro | ||||||||||||||
| ProShares UltraShort Yen | ||||||||||||||
Combined Trust: |
$ |
* |
$ |
* | ||||||||||
| * | 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. |
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 |
$ | $ | ( |
) | ||||||||
ProShares Ultra VIX Short-Term Futures ETF |
( |
) | ||||||||||
ProShares VIX Mid-Term Futures ETF |
( |
) | ( |
) | ||||||||
ProShares VIX Short-Term Futures ETF |
( |
) | ( |
) | ||||||||
Commodities Contracts |
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements |
|||||||||||
ProShares Ultra Bloomberg Crude Oil |
( |
) | ||||||||||
ProShares Ultra Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares Ultra Gold |
||||||||||||
ProShares Ultra Silver |
||||||||||||
ProShares UltraShort Bloomberg Crude Oil |
( |
) | ||||||||||
ProShares UltraShort Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares UltraShort Gold |
( |
) | ( |
) | ||||||||
ProShares UltraShort Silver |
( |
) | ( |
) | ||||||||
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 |
( |
) | ||||||||||
ProShares Ultra Yen |
( |
) | ( |
) | ||||||||
ProShares UltraShort Euro |
( |
) | ||||||||||
ProShares UltraShort Yen |
||||||||||||
Combined Trust |
$ |
( |
) |
$ |
||||||||
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 |
$ | $ | ||||||||||
ProShares Ultra VIX Short-Term Futures ETF |
( |
) | ( |
) | ||||||||
ProShares VIX Mid-Term Futures ETF |
( |
) | ||||||||||
ProShares VIX Short-Term Futures ETF |
( |
) | ( |
) | ||||||||
Commodities Contracts |
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements |
|||||||||||
ProShares Ultra Bloomberg Crude Oil |
( |
) | ||||||||||
ProShares Ultra Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares Ultra Gold |
||||||||||||
ProShares Ultra Silver |
||||||||||||
ProShares UltraShort Bloomberg Crude Oil |
||||||||||||
ProShares UltraShort Bloomberg Natural Gas |
||||||||||||
ProShares UltraShort Gold |
( |
) | ( |
) | ||||||||
ProShares UltraShort Silver |
( |
) | ( |
) | ||||||||
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 |
||||||||||||
ProShares Ultra Yen |
( |
) | ||||||||||
ProShares UltraShort Euro |
( |
) | ( |
) | ||||||||
ProShares UltraShort Yen |
( |
) | ( |
) | ||||||||
Combined Trust: |
$ |
$ |
||||||||||
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 |
$ | ( |
) | $ | ( |
) | ||||||
ProShares Ultra VIX Short-Term Futures ETF |
( |
) | ||||||||||
ProShares VIX Mid-Term Futures ETF |
||||||||||||
ProShares VIX Short-Term Futures ETF |
||||||||||||
Commodities Contracts |
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements |
|||||||||||
ProShares Ultra Bloomberg Crude Oil |
( |
) | ( |
) | ||||||||
ProShares Ultra Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares Ultra Gold |
||||||||||||
ProShares Ultra Silver |
( |
) | ||||||||||
ProShares UltraShort Bloomberg Crude Oil |
||||||||||||
ProShares UltraShort Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares UltraShort Gold |
( |
) | ( |
) | ||||||||
ProShares UltraShort Silver |
( |
) | ||||||||||
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 |
||||||||||||
ProShares Ultra Yen |
||||||||||||
ProShares UltraShort Euro |
( |
) | ( |
) | ||||||||
ProShares UltraShort Yen |
( |
) | ( |
) | ||||||||
Combined Trust |
$ |
( |
) |
$ |
||||||||
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 |
$ | $ | ( |
) | ||||||||
ProShares Ultra VIX Short-Term Futures ETF |
( |
) | ||||||||||
ProShares VIX Mid-Term Futures ETF |
$ | ( |
) | $ | ||||||||
ProShares VIX Short-Term Futures ETF |
( |
) | ||||||||||
Commodities Contracts |
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements |
|||||||||||
ProShares Ultra Bloomberg Crude Oil |
( |
) | ||||||||||
ProShares Ultra Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares Ultra Gold |
||||||||||||
ProShares Ultra Silver |
||||||||||||
ProShares UltraShort Bloomberg Crude Oil |
( |
) | ( |
) | ||||||||
ProShares UltraShort Bloomberg Natural Gas |
( |
) | ||||||||||
ProShares UltraShort Gold |
( |
) | ( |
) | ||||||||
ProShares UltraShort Silver |
( |
) | ( |
) | ||||||||
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 |
( |
) | ||||||||||
ProShares Ultra Yen |
( |
) | ( |
) | ||||||||
ProShares UltraShort Euro |
( |
) | ||||||||||
ProShares UltraShort Yen |
||||||||||||
Combined Trust: |
$ |
( |
) |
$ |
||||||||
Fair Values of Derivative Instruments as of September 30, 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 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
ProShares Ultra Euro |
||||||||||||||||||||||||
Foreign currency forward contracts |
||||||||||||||||||||||||
ProShares Ultra Gold |
||||||||||||||||||||||||
Swap agreements |
||||||||||||||||||||||||
ProShares Ultra Silver |
||||||||||||||||||||||||
Swap agreements |
||||||||||||||||||||||||
ProShares Ultra Yen |
||||||||||||||||||||||||
Foreign currency forward contracts |
||||||||||||||||||||||||
ProShares UltraShort Euro |
||||||||||||||||||||||||
Foreign currency forward contracts |
||||||||||||||||||||||||
ProShares UltraShort Gold |
||||||||||||||||||||||||
Swap agreements |
||||||||||||||||||||||||
ProShares UltraShort Silver |
||||||||||||||||||||||||
Swap agreements |
||||||||||||||||||||||||
ProShares UltraShort Yen |
||||||||||||||||||||||||
Foreign currency forward contracts |
||||||||||||||||||||||||
| Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 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. |
$ | ( |
) | $ | $ | $ | ||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| Morgan Stanley & Co. International PLC |
( |
) | ||||||||||||||
| Societe Generale |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares Ultra Euro |
||||||||||||||||
| Goldman Sachs International |
||||||||||||||||
| UBS AG |
||||||||||||||||
| ProShares Ultra Gold |
||||||||||||||||
| Citibank, N.A. |
( |
) | ( |
) | ||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares Ultra Silver |
||||||||||||||||
| Citibank, N.A. |
( |
) | ( |
) | ||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| Morgan Stanley & Co. International PLC |
( |
) | ( |
) | ||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares Ultra Yen |
||||||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares UltraShort Euro |
||||||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares UltraShort Gold |
||||||||||||||||
| Citibank, N.A. |
( |
) | ||||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares UltraShort Silver |
||||||||||||||||
| Citibank, N.A. |
( |
) | ||||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| Morgan Stanley & Co. International PLC |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| ProShares UltraShort Yen |
||||||||||||||||
| Goldman Sachs International |
( |
) | ||||||||||||||
| UBS AG |
( |
) | ||||||||||||||
| Fair Values of Derivative Instruments as of December 31, 2024 |
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 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| ProShares Ultra Euro |
||||||||||||||||||||||||
| Foreign currency forward contracts |
||||||||||||||||||||||||
| ProShares Ultra Gold |
||||||||||||||||||||||||
| Swap agreements |
||||||||||||||||||||||||
| ProShares Ultra Silver |
||||||||||||||||||||||||
| Swap agreements |
||||||||||||||||||||||||
| ProShares Ultra Yen |
||||||||||||||||||||||||
| Foreign currency forward contracts |
||||||||||||||||||||||||
| ProShares UltraShort Euro |
||||||||||||||||||||||||
| Foreign currency forward contracts |
||||||||||||||||||||||||
| ProShares UltraShort Gold |
||||||||||||||||||||||||
| Swap agreements |
||||||||||||||||||||||||
| ProShares UltraShort Silver |
||||||||||||||||||||||||
| Swap agreements |
||||||||||||||||||||||||
| ProShares UltraShort Yen |
||||||||||||||||||||||||
| Foreign currency forward contracts |
||||||||||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024 |
||||||||||||||||
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. |
$ | $ | ( |
) | $ | $ | ||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
Morgan Stanley & Co. |
( |
) | ||||||||||||||
International PLC |
||||||||||||||||
Societe Generale |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares Ultra Euro |
||||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares Ultra Gold |
||||||||||||||||
Citibank, N.A. |
( |
) | ||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares Ultra Silver |
||||||||||||||||
Citibank, N.A. |
( |
) | ||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
Morgan Stanley & Co. |
( |
) | ||||||||||||||
International PLC |
||||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares Ultra Yen |
||||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares UltraShort Euro |
||||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
ProShares UltraShort Gold |
||||||||||||||||
Citibank, N.A. |
||||||||||||||||
Goldman Sachs International |
||||||||||||||||
UBS AG |
||||||||||||||||
ProShares UltraShort Silver |
||||||||||||||||
Citibank, N.A. |
( |
) | ||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
Morgan Stanley & Co. |
||||||||||||||||
International PLC |
||||||||||||||||
UBS AG |
||||||||||||||||
ProShares UltraShort Yen |
||||||||||||||||
Goldman Sachs International |
( |
) | ||||||||||||||
UBS AG |
( |
) | ||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||
| Fund |
September 30, 2025 |
September 30, 2025 |
||||||
| ProShares Short VIX Short-Term Futures ETF |
$ | $ | ||||||
| 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 |
||||||||
| 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 |
||||||||
| ProShares VIX Short-Term Futures ETF |
||||||||
| |
|
|
|
|||||
| Combined Trust: |
$ | $ | ||||||
| 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 June 30, 2025 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Net investment income (loss) |
||||||||||||||||||||||||
| Net realized and unrealized gain (loss)# |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Change in net asset value from operations |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Net asset value, at September 30, 2025 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Market value per share, at June 30, 2025 † |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Market value per share, at September 30, 2025 † |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Total Return, at net asset value^ |
% | ( |
)% | ( |
)% | ( |
)% | % | % | |||||||||||||||
| Total Return, at market value^ |
% | % | ( |
)% | ( |
)% | % | % | ||||||||||||||||
| Ratios to Average Net Assets** |
||||||||||||||||||||||||
| Expense ratio^^ |
% | % | % | % | % | % | ||||||||||||||||||
| Net investment income gain (loss) |
% | % | % | % | % | % | ||||||||||||||||||
| ** | 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 September 30, 2025. |
| ^^ | The expense ratio would be |
| 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 June 30, 2025 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Net investment income (loss) |
||||||||||||||||||||||||
| Net realized and unrealized gain (loss)# |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
| Change in net asset value from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
| Net asset value, at September 30, 2025 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Market value per share, at June 30, 2025 † |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Market value per share, at September 30, 2025 † |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Total Return, at net asset value^ |
( |
)% | ( |
)% | ( |
)% | % | % | ( |
)% | ||||||||||||||
| Total Return, at market value^ |
( |
)% | ( |
)% | ( |
)% | % | % | ( |
)% | ||||||||||||||
| Ratios to Average Net Assets** |
||||||||||||||||||||||||
| Expense ratio^^ |
% | % | % | % | % | % | ||||||||||||||||||
| Net investment income gain (loss) |
% | % | % | % | % | % | ||||||||||||||||||
| ** | 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 September 30, 2025. |
| ^^ | The expense ratio would be |
| Per Share Operating Performance |
UltraShort Silver |
UltraShort Yen |
VIX Mid- Term Futures ETF |
VIX Short- Term Futures ETF |
||||||||||||
| Net asset value, at June 30, 2025 |
$ | $ | $ | $ | ||||||||||||
| Net investment income (loss) |
||||||||||||||||
| Net realized and unrealized gain (loss)# |
( |
) | ( |
) | ( |
) | ||||||||||
| Change in net asset value from operations |
( |
) | ( |
) | ( |
) | ||||||||||
| Net asset value, at September 30, 2025 |
$ | $ | $ | $ | ||||||||||||
| Market value per share, at June 30, 2025 † |
$ | $ | $ | $ | ||||||||||||
| Market value per share, at September 30, 2025 † |
$ | $ | $ | $ | ||||||||||||
| Total Return, at net asset value^ |
( |
)% | % | ( |
)% | ( |
)% | |||||||||
| Total Return, at market value^ |
( |
)% | % | ( |
)% | ( |
)% | |||||||||
| Ratios to Average Net Assets** |
||||||||||||||||
| Expense ratio^^ |
% | % | % | % | ||||||||||||
| Net investment income gain (loss) |
% | % | % | % | ||||||||||||
| ** | 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 September 30, 2025. |
| ^^ | The expense ratio would be |
| 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 June 30, 2024 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Net investment income (loss) |
||||||||||||||||||||||||