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Creation and Redemption of Creation Units | 12 Months Ended
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Dec. 31, 2025
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Creation and Redemption of Creation Units | NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1 and Note 8 , certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts. Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors. Transaction Fees on Creation and Redemption Transactions The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. Authorized Participants may pay a fixed transaction fee (typically $250) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of up to 0.05%) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market. Transaction fees for the years ended December 31, 2025, 2024 and 2023 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
Fund |  | December 31, 2025 |  |  | December 31, 2024 |  |  | December 31, 2023 |
ProShares Short VIX Short-Term Futures ETF |  | $ | 476,376 |  |  | $ | 614,775 |  |  | $ | 242,256 |
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 |  |  | 2,555,460 |  |  |  | 1,474,842 |  |  |  | 1,375,762 |
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 |  |  | 27,979 |  |  |  | 89,057 |  |  |  | 29,206 |
ProShares VIX Short-Term Futures ETF |  |  | 506,967 |  |  |  | 214,318 |  |  |  | 273,740 |
Combined Trust: |  | $ | 3,566,782 |  |  | $ | 2,392,992 |  |  | $ | 1,920,964 |

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