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Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Fair Value of Derivative Instruments

The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of December 31, 2025

						Asset Derivatives						Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments		Fund				Statements of Financial Condition Location		Unrealized Appreciation				Statements of Financial Condition Location				Unrealized Depreciation
VIX Futures Contracts						Receivable on open futures contracts							Payable on open futures contracts
			ProShares Short VIX Short-Term Futures ETF					$	15,699,597	*						$	—
			ProShares Ultra VIX Short-Term Futures ETF						—								56,075,162	*
			ProShares VIX Mid-Term Futures ETF						33,097	*							2,068,646	*
			ProShares VIX Short- Term Futures ETF						—								21,568,263	*
Commodities Contracts						Receivables on open futures contracts and/or unrealized appreciation on swap agreements							Payable on open futures contracts and/or unrealized depreciation on swap agreements
			ProShares Ultra Bloomberg Crude Oil						—								14,840,228	*
			ProShares Ultra Bloomberg Natural Gas						—								132,096,872	*
			ProShares Ultra Gold						65,974,734	*							—
			ProShares Ultra Silver						733,158,657	*							—
			ProShares UltraShort Bloomberg Crude Oil						12,025,118	*							—
			ProShares UltraShort Bloomberg Natural Gas						53,943,537	*							—
			ProShares UltraShort Gold						—								3,423,243	*
			ProShares UltraShort Silver						2,243,402	*							15,842,400	*
Foreign Exchange Contracts						Unrealized appreciation on foreign currency forward contracts							Unrealized depreciation on foreign currency forward contracts
			ProShares Ultra Euro						62,719								29
			ProShares Ultra Yen						1,161								1,183,809
			ProShares UltraShort Euro						7,632								400,006
			ProShares UltraShort Yen						955,069								110,834
						Combined Trust:		$	884,104,723	*						$	247,609,492	*

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

Fair Value of Derivative Instruments as of December 31, 2024

						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					$	482,967	*							$ 3,491,718*
			ProShares Ultra VIX Short-Term Futures ETF						15,626,836	*							1,650,844	*
			ProShares VIX Mid-Term Futures ETF						240,639	*							218,373	*
			ProShares VIX Short- Term Futures ETF						5,943,933	*							1,550,606	*
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						49,079,695	*							—
			ProShares Ultra Bloomberg Natural Gas						97,239,201	*							—
			ProShares Ultra Gold						—								2,771,540	*
			ProShares Ultra Silver						—								81,422,443	*
			ProShares UltraShort Bloomberg Crude Oil						1,888,681	*							3,544,073	*
			ProShares UltraShort Bloomberg Natural Gas						—								26,130,504	*
			ProShares UltraShort Gold						262,637	*							—
			ProShares UltraShort Silver						3,465,933	*							—
Foreign Exchange Contracts						Unrealized appreciation on foreign currency forward contracts							Unrealized depreciation on foreign currency forward contracts
			ProShares Ultra Euro						2,312								169,440
			ProShares Ultra Yen						146,194								4,361,491
			ProShares UltraShort Euro						1,189,827								32,777
			ProShares UltraShort Yen						2,283,588								55,229
						Combined Trust:		$	177,852,443	*						$	125,399,038	*

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

Effect of Derivative Instruments on Statements of Operations

The Effect of Derivative Instruments on the Statement of Operations

For the year ended December 31, 2025

Derivatives Not Accounted for as Hedging Instruments		Location of Gain (Loss) on Derivatives Recognized in Income		Fund		Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts		Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
				ProShares Short VIX Short-Term Futures ETF		$	36,988,593			$	18,708,348
				ProShares Ultra VIX Short-Term Futures ETF			(366,312,175	)			(70,051,154	)
				ProShares VIX Mid-Term Futures ETF			2,901,041				(2,057,815	)
				ProShares VIX Short-Term Futures ETF			(66,467,112	)			(25,961,590	)
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			(28,213,219	)			(63,919,923	)
				ProShares Ultra Bloomberg Natural Gas			140,707,545				(229,336,073	)
				ProShares Ultra Gold			419,725,039				68,746,274
				ProShares Ultra Silver			870,714,831				814,581,100
				ProShares UltraShort Bloomberg Crude Oil			59,511,592				13,680,510
				ProShares UltraShort Bloomberg Natural Gas			41,451,537				80,074,041
				ProShares UltraShort Gold			(24,038,943	)			(3,685,880	)
				ProShares UltraShort Silver			(42,610,029	)			(17,064,931	)
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			852,316				229,818
				ProShares Ultra Yen			(6,455,940	)			3,032,649
				ProShares UltraShort Euro			(6,436,050	)			(1,549,424	)
				ProShares UltraShort Yen			3,784,192				(1,384,124	)
				Combined Trust:		$	1,036,103,218			$	584,041,826

The Effect of Derivative Instruments on the Statement of Operations

For the year ended December 31, 2024

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		$	42,037,096			$	(15,649,375	)
				ProShares Ultra VIX Short-Term Futures ETF			(136,430,513	)			45,159,903
				ProShares VIX Mid-Term Futures ETF			(13,696,430	)			3,767,942
				ProShares VIX Short-Term Futures ETF			(23,820,030	)			14,057,421
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			47,301,021				34,639,992
				ProShares Ultra Bloomberg Natural Gas			(398,292,227	)			53,632,131
				ProShares Ultra Gold			85,338,522				(9,946,408	)
				ProShares Ultra Silver			176,627,257				(90,995,970	)
				ProShares UltraShort Bloomberg Crude Oil			4,429,612				(24,091,711	)
				ProShares UltraShort Bloomberg Natural Gas			96,490,359				(22,576,997	)
				ProShares UltraShort Gold			(6,246,384	)			606,689
				ProShares UltraShort Silver			(8,286,334	)			2,591,061
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			(576,761	)			(474,077	)
				ProShares Ultra Yen			(6,562,004	)			(5,734,582	)
				ProShares UltraShort Euro			2,509,965				3,005,829
				ProShares UltraShort Yen			4,749,696				3,540,284
				Combined Trust:		$	(134,427,155	)		$	(8,467,868	)

The Effect of Derivative Instruments on the Statement of Operations

For the year ended December 31, 2023

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		$	160,516,553			$	1,548,243
				ProShares Ultra VIX Short-Term Futures ETF			(940,116,773	)			5,371,542
				ProShares VIX Mid-Term Futures ETF			(38,709,532	)			1,045,547
				ProShares VIX Short-Term Futures ETF			(275,353,500	)			132,729
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			100,867,538				(86,011,590	)
				ProShares Ultra Bloomberg Natural Gas			(2,080,656,703	)			354,221,039
				ProShares Ultra Gold			21,429,154				(2,563,686	)
				ProShares Ultra Silver			7,222,003				(59,077,259	)
				ProShares UltraShort Bloomberg Crude Oil			12,379,340				12,191,426
				ProShares UltraShort Bloomberg Natural Gas			306,791,742				(89,442,905	)
				ProShares UltraShort Gold			(2,180,686	)			347,791
				ProShares UltraShort Silver			13,438,489				3,537,995
Foreign Exchange Contracts		Net realized gain (loss) on futures and/ or foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
				ProShares Ultra Euro			293,493				(108,707	)
				ProShares Ultra Yen			(2,637,502	)			534,736
				ProShares UltraShort Euro			(2,624,737	)			612,477
				ProShares UltraShort Yen			2,979,874				1,715,508
				Combined Trust:		$	(2,716,361,247	)		$	144,054,886

Offsetting of Financial Assets and Liabilities

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025.

Fair Values of Derivative Instruments as of December 31, 2025
		Assets												Liabilities
Fund		Gross Amounts of Recognized Assets presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts of Assets presented in the Statements of Financial Condition				Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements		$	—			$	—			$	—			$	11,151,121			$	—			$	11,151,121
ProShares Ultra Euro
Foreign currency forward contracts			62,719				—				62,719				29				—				29
ProShares Ultra Gold
Swap agreements			28,676,455				—				28,676,455				—				—				—
ProShares Ultra Silver
Swap agreements			313,913,258				—				313,913,258				—				—				—
ProShares Ultra Yen
Foreign currency forward contracts			1,161				—				1,161				1,183,809				—				1,183,809
ProShares UltraShort Euro
Foreign currency forward contracts			7,632				—				7,632				400,006				—				400,006
ProShares UltraShort Gold
Swap agreements			—				—				—				2,568,196				—				2,568,196
ProShares UltraShort Silver
Swap agreements			—				—				—				4,320,147				—				4,320,147
ProShares UltraShort Yen
Foreign currency forward contracts			955,069				—				955,069				110,834				—				110,834

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2024:

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		$	38,215,610			$	—			$	38,215,610			$	—			$	—			$	—
ProShares Ultra Euro
Foreign currency forward contracts			2,312				—				2,312				169,440				—				169,440
ProShares Ultra Gold
Swap agreements			—				—				—				2,348,132				—				2,348,132
ProShares Ultra Silver
Swap agreements			—				—				—				52,518,908				—				52,518,908
ProShares Ultra Yen
Foreign currency forward contracts			146,194				—				146,194				4,361,491				—				4,361,491
ProShares UltraShort Euro
Foreign currency forward contracts			1,189,827				—				1,189,827				32,777				—				32,777
ProShares UltraShort Gold
Swap agreements			141,581				—				141,581				—				—				—
ProShares UltraShort Silver
Swap agreements			2,954,018				—				2,954,018				—				—				—
ProShares UltraShort Yen
Foreign currency forward contracts			2,283,588				—				2,283,588				55,229				—				55,229

Gross Amounts Not Offset in Statements of Financial Condition

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2025
Fund		Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition				Financial Instruments for the Benefit of (the Funds) / the Counterparties				Cash Collateral for the Benefit of (the Funds) / the Counterparties				Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank, N.A.		$	(1,000,501	)		$	—			$	1,000,501			$	—
Goldman Sachs International			(4,341,571	)			—				4,341,571				—
Morgan Stanley & Co. International PLC			(1,318,911	)			1,318,911				—				—
Societe Generale			(3,285,599	)			—				3,285,599				—
UBS AG			(1,204,539	)			—				1,204,539				—
ProShares Ultra Euro
Goldman Sachs International			31,315				—				—				31,315
UBS AG			31,375				—				—				31,375
ProShares Ultra Gold
Citibank, N.A.			16,272,555				(16,272,555	)			—				—
Goldman Sachs International			2,924,937				(2,924,937	)			—				—
UBS AG			9,478,963				(9,478,963	)			—				—
ProShares Ultra Silver
Citibank, N.A.			149,280,584				(149,280,584	)			—				—
Goldman Sachs International			10,108,427				(10,108,427	)			—				—
Morgan Stanley & Co. International PLC			68,581,771				(68,581,771	)			—				—
UBS AG			85,942,476				(85,942,476	)			—				—
ProShares Ultra Yen
Goldman Sachs International			(582,024	)			—				582,024				—
UBS AG			(600,624	)			—				600,624				—
ProShares UltraShort Euro
Goldman Sachs International			(202,439	)			—				202,439				—
UBS AG			(189,935	)			—				189,935				—
ProShares UltraShort Gold
Citibank, N.A.			(1,863,184	)			—				1,863,184				—
Goldman Sachs International			(276,649	)			—				276,649				—
UBS AG			(428,363	)			—				428,363				—
ProShares UltraShort Silver
Citibank, N.A.			(1,454,002	)			—				1,454,002				—
Goldman Sachs International			(4,490,093	)			—				4,490,093				—
Morgan Stanley & Co. International PLC			(619,454	)			—				619,454				—
UBS AG			2,243,402				—				—				2,243,402
ProShares UltraShort Yen
Goldman Sachs International			435,346				(281,679	)			—				153,667
UBS AG			408,889				(302,661	)			—				106,228

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2024. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 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.		$	7,607,910			$	(6,395,678	)		$	—			$	1,212,232
Goldman Sachs International			12,024,863				(10,093,437	)			—				1,931,426
Morgan Stanley & Co. International PLC			3,652,992				(3,010,925	)			—				642,067
Societe Generale			9,139,394				(7,689,268	)			—				1,450,126
UBS AG			5,790,451				(4,212,271	)			—				1,578,180
ProShares Ultra Euro
Goldman Sachs International			(84,115	)			—				84,115				—
UBS AG			(83,013	)			—				83,013				—
ProShares Ultra Gold
Citibank, N.A.			(1,008,254	)			1,008,254				—				—
Goldman Sachs International			(478,889	)			478,889				—				—
UBS AG			(860,989	)			860,989				—				—
ProShares Ultra Silver
Citibank, N.A.			(23,367,397	)			15,165,751				8,201,646				—
Goldman Sachs International			(2,057,658	)			2,057,658				—				—
Morgan Stanley & Co. International PLC			(13,960,418	)			—				13,960,418				—
UBS AG			(13,133,435	)			13,133,435				—				—
ProShares Ultra Yen
Goldman Sachs International			(2,164,084	)			—				2,164,084				—
UBS AG			(2,051,213	)			—				2,051,213				—
ProShares UltraShort Euro
Goldman Sachs International			584,165				(507,449	)			—				76,716
UBS AG			572,885				(271,576	)			—				301,309
ProShares UltraShort Gold
Citibank, N.A.			32,589				—				—				32,589
Goldman Sachs International			42,928				—				—				42,928
UBS AG			66,064				—				—				66,064
ProShares UltraShort Silver
Citibank, N.A.			1,653,589				(1,565,508	)			—				88,081
Goldman Sachs International			907,867				(865,802	)			—				42,065
Morgan Stanley & Co. International PLC			125,172				—				—				125,172
UBS AG			267,390				—				—				267,390
ProShares UltraShort Yen
Goldman Sachs International			1,253,912				(1,241,201	)			—				12,711
UBS AG			974,447				(954,822	)			—				19,625

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-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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