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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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

The

cut-off

times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the year ended December 31, 2025 were typically as follows. All times are Eastern Standard Time:


Fund	Create/Redeem Cut-off*	NAV Calculation Time	NAV Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.	December 31, 2025
Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	December 31, 2025
Ultra Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	December 31, 2025
Ultra Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	December 31, 2025
UltraShort Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	December 31, 2025
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	December 31, 2025
Ultra Euro, Ultra Yen, UltraShort Euro and UltraShort Yen	3:00 p.m.	4:00 p.m.	December 31, 2025
Short VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	December 31, 2025
Ultra VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	December 31, 2025
VIX Mid-Term Futures ETF	2:00 p.m.	4:00 p.m.	December 31, 2025
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	December 31, 2025

*	Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the year ended December 31, 2025.

Valuation of Investments using Fair Value Hierarchy

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


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

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

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

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

The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts*			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	24,937,875	$	(3,008,751	)	$	—		$	—		$	21,929,124
ProShares Ultra Bloomberg Crude Oil		99,751,500		10,864,085			—			38,215,610			148,831,195
ProShares Ultra Bloomberg Natural Gas		99,751,500		97,239,201			—			—			196,990,701
ProShares Ultra Euro		—		—			(167,128	)		—			(167,128	)
ProShares Ultra Gold		74,813,625		(423,408	)		—			(2,348,132	)		72,042,085
ProShares Ultra Silver		124,689,375		(28,903,535	)		—			(52,518,908	)		43,266,932
ProShares Ultra VIX Short-Term Futures ETF		24,937,875		13,975,992			—			—			38,913,867
ProShares Ultra Yen		—		—			(4,215,297	)		—			(4,215,297	)
ProShares UltraShort Bloomberg Crude Oil		—		(1,655,392	)		—			—			(1,655,392	)
ProShares UltraShort Bloomberg Natural Gas		—		(26,130,504	)		—			—			(26,130,504	)
ProShares UltraShort Euro		—		—			1,157,050			—			1,157,050
ProShares UltraShort Gold		—		121,056			—			141,581			262,637
ProShares UltraShort Silver		—		511,915			—			2,954,018			3,465,933
ProShares UltraShort Yen		—		—			2,228,359			—			2,228,359
ProShares VIX Mid-Term Futures ETF		—		22,266			—			—			22,266
ProShares VIX Short-Term Futures ETF		24,937,875		4,393,327			—			—			29,331,202

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

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