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CLOSED · 05:05 ET
Market ClerkRecap
Sun Sep 20 · markets closed2 signals on Sep 19263 insider buys this week · $115.4MCIRO short report next: Sep 30The week ahead

KOLD

ProShares Trust II
NYSE · FINANCIALS · COMMODITY CONTRACTS BROKERS & DEALERS
28.87
−0.54 −1.84%
USD · close Sep 18
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Work order
34
FLAG · shorts 34
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $3.8BP/E —DIV YIELD —FCF YIELD —REV TTM —NET INCOME $389.3M −29.3%NET CASH —52W 13.58 – 49.39SEC XBRL · TTM TO Invalid Date

How KOLD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
48%
of sentences unchanged
Added
307
new sentences
Dropped
310
sentences removed
Length
−1,237
words, now 52,891

New in FY2025

  • ProShares Ultra Bloomberg Crude Oil: As of December 31, 2025 and 2024, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2025 and 2024, which were sensitive to commodity price risk.
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (Need Exch) Long March 2026 1,400 $57.22 1,000 $80,108,000 WTI Crude Oil (NYMEX) Long June 2026 1,419 57.01 1,000 80,897,190 WTI Crude Oil (NYMEX) Long December 2026 1,426 56.92 1,000 81,167,920 Swap Agreements as of December 31, 2025 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A.
  • Long $ 72.6774 $ 46,937,391 Bloomberg Commodity Balanced WTI Crude Oil Index Goldman Sachs International Long 72.6774 203,679,867 Bloomberg Commodity Balanced WTI Crude Oil Index Morgan Stanley & Co.
  • International PLC Long 72.6774 61,875,213 Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 72.6774 154,606,778 Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 72.6774 56,594,982 Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Long March 2025 1,370 $71.25 1,000 $97,612,500 WTI Crude Oil (NYMEX) Long June 2025 1,400 70.17 1,000 98,238,000 WTI Crude Oil (NYMEX) Long December 2025 1,423 68.19 1,000 97,034,370 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A.
  • International PLC Long 84.6842 72,097,418 Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 84.6842 180,148,868 Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 84.6842 114,210,193 The December 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2025 and 2024 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
  • ProShares Ultra Bloomberg Natural Gas: As of December 31, 2025 and 2024, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Long March 2026 34,181 $ 3.13 10,000 $ 1,069,865,300 Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Long March 2025 25,569 $ 3.10 10,000 $ 792,127,620 The December 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra Euro: As of December 31, 2025 and 2024, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2025 and 2024, which were sensitive to exchange rate price risk.
  • Foreign Currency Forward Contracts as of December 31, 2025 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/09/26 4,947,921 1.1688 $ 5,783,321 Euro UBS AG Long 01/09/26 5,176,502 1.1691 6,051,852 Euro UBS AG Short 01/09/26 (40,000 ) 1.1745 (46,978 ) Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/10/25 5,751,921 1.0511 $ 6,045,796 Euro UBS AG Long 01/10/25 5,694,502 1.0511 5,985,285 Euro Goldman Sachs International Short 01/10/25 (58,000 ) 1.0554 (61,213 ) Euro UBS AG Short 01/10/25 (287,000 ) 1.0405 (298,613 ) The December 31, 2025 and 2024 USD market value equals the number of euros multiplied by the forward rate.
  • ProShares Ultra Gold: As of December 31, 2025 and 2024 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Long February 2026 2,338 $ 4,341.10 $ 1,014,949,180 Swap Agreements as of December 31, 2025 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Long $ 393.3496 $ 575,555,005 Bloomberg Gold Subindex Goldman Sachs International Long 393.3496 103,454,092 Bloomberg Gold Subindex UBS AG Long 393.3496 335,267,828 Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Long February 2025 $ 2,641.00 $ 253,800,100 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Long $ 252.3576 $ 139,739,974 Bloomberg Gold Subindex Goldman Sachs International Long 252.3576 66,372,068 Bloomberg Gold Subindex UBS AG Long 252.3576 119,329,710 The December 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2025 and 2024 swap notional values equal units multiplied by the swap price.
  • ProShares Ultra Silver: As of December 31, 2025 and 2024 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Silver Futures (COMEX) Long March 2026 5,470 $ 70.60 5,000 $ 1,930,992,050 Swap Agreements as of December 31, 2025 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Silver Subindex Citibank, N.A.
  • Long $ 528.6613 $ 1,174,123,738 Bloomberg Silver Subindex Goldman Sachs International Long 528.6613 58,561,398 Bloomberg Silver Subindex Morgan Stanley & Co.
  • International PLC Long 528.6613 397,316,457 Bloomberg Silver Subindex UBS AG Long 528.6613 963,824,275 Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Silver Futures (COMEX) Long March 2025 3,220 $ 29.24 5,000 $ 470,796,200 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Silver Subindex Citibank, N.A.
  • International PLC Long 230.8971 173,531,177 Bloomberg Silver Subindex UBS AG Long 230.8971 163,326,725 The December 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra VIX Short-Term Futures ETF As of December 31, 2025 and 2024, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2025 and 2024, which were sensitive to equity market volatility risk.
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value VIX Futures (Cboe) Long January 2026 18,780 $ 16.53 1,000 $ 310,480,350 VIX Futures (Cboe) Long February 2026 15,649 18.53 1,000 290,038,566 Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value VIX Futures (Cboe) Long January 2025 14,280 $ 17.52 1,000 $ 250,152,756 VIX Futures (Cboe) Long February 2025 9,884 17.87 1,000 176,634,987 The December 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra Yen: As of December 31, 2025 and 2024, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
  • The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2025 and 2024, which were sensitive to exchange rate price risk.
  • Foreign Currency Forward Contracts as of December 31, 2025 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Yen Goldman Sachs International Long 01/09/26 7,816,408,056 0.006462 $ 50,509,042 Yen UBS AG Long 01/09/26 7,934,232,856 0.006463 51,281,404 Yen UBS AG Short 01/09/26 (463,767,000 ) 0.006390 (2,963,455 ) Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Yen Goldman Sachs International Long 01/10/25 7,308,549,056 0.006662 $ 48,686,512 Yen UBS AG Long 01/10/25 7,519,501,856 0.006653 50,029,811 Yen Goldman Sachs International Short 01/10/25 (66,274,000 ) 0.006608 (437,906 ) Yen UBS AG Short 01/10/25 (730,519,000 ) 0.006541 (4,778,493 ) The December 31, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate.
  • ProShares UltraShort Bloomberg Crude Oil: As of December 31, 2025 and 2024, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Short March 2026 1,035 $ 57.22 1,000 $ (59,222,700 ) WTI Crude Oil (NYMEX) Short June 2026 1,048 57.01 1,000 (59,746,480 ) WTI Crude Oil (NYMEX) Short December 2026 1,053 56.92 1,000 (59,936,760 ) Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Short March 2025 1,140 $ 71.25 1,000 $ (81,225,000 ) WTI Crude Oil (NYMEX) Short June 2025 1,167 70.17 1,000 (81,888,390 ) WTI Crude Oil (NYMEX) Short December 2025 1,186 68.19 1,000 (80,873,340 ) The December 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares UltraShort Bloomberg Natural Gas: As of December 31, 2025 and 2024, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Short March 2026 9,225 $ 3.13 10,000 $ (288,742,500 ) Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Short March 2025 16,846 $ 3.10 10,000 $ (521,889,080 ) The December 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
  • ProShares UltraShort Euro: As of December 31, 2025 and 2024, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
  • Foreign Currency Forward Contracts as of December 31, 2025 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/09/26 963,000 1.1782 $ 1,134,650 Euro UBS AG Long 01/09/26 2,568,000 1.1722 3,010,199 Euro Goldman Sachs International Short 01/09/26 (31,354,263 ) 1.1688 (36,647,035 ) Euro UBS AG Short 01/09/26 (32,587,199 ) 1.1691 (38,097,849 ) Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro UBS AG Long 01/10/25 3,395,000 1.0459 $ 3,550,930 Euro Goldman Sachs International Short 01/10/25 (38,554,263 ) 1.0514 (40,536,982 ) Euro UBS AG Short 01/10/25 (45,657,199 ) 1.0495 (47,919,075 ) The December 31, 2025 and 2024 USD market values equal the number of euros multiplied by the forward rate.
  • ProShares UltraShort Gold: As of December 31, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
  • Futures Positions as of December 31, 2025 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Short February 2026 $ 4,341.10 $ (72,930,480 ) Swap Agreements as of December 31, 2025 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Short $ 393.3496 $ (65,194,272 ) Bloomberg Gold Subindex Goldman Sachs International Short 393.3496 (9,690,561 ) Bloomberg Gold Subindex UBS AG Short 393.3496 (14,988,649 ) Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Short February 2025 $ 2,641.00 $ (12,676,800 ) Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Short $ 252.3576 $ (4,743,641 ) Bloomberg Gold Subindex Goldman Sachs International Short 252.3576 (6,217,082 ) Bloomberg Gold Subindex UBS AG Short 252.3576 (9,616,126 ) The December 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2025 and 2024 short swap notional values equal units multiplied by the swap price.
  • ProShares UltraShort Silver: As of December 31, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .

and 267 more.

Gone since FY2024

  • ProShares Ultra Bloomberg Crude Oil: As of December 31, 2024 and 2023, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2024 and 2023, which were sensitive to commodity price risk.
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Long March 2025 1,370 $ 71.25 1,000 $ 97,612,500 WTI Crude Oil (NYMEX) Long June 2025 1,400 70.17 1,000 98,238,000 WTI Crude Oil (NYMEX) Long December 2025 1,423 68.19 1,000 97,034,370 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A.
  • International PLC Long 84.6842 72,097,418 Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 84.6842 180,148,868 Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 84.6842 114,210,193 Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Long March 2024 2,085 $ 71.84 1,000 $ 149,786,400 WTI Crude Oil (NYMEX) Long June 2024 2,185 72.12 1,000 157,582,200 WTI Crude Oil (NYMEX) Long December 2024 2,270 70.30 1,000 159,581,000 Swap Agreements as of December 31, 2023 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A.
  • Long $ 81.6342 $ 184,008,385 Bloomberg Commodity Balanced WTI Crude Oil Index Goldman Sachs International Long 81.6342 228,781,478 Bloomberg Commodity Balanced WTI Crude Oil Index Morgan Stanley & Co.
  • International PLC Long 81.6342 114,458,740 Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 81.6342 173,660,597 Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 81.6342 137,354,031 The December 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2024 and 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
  • ProShares Ultra Bloomberg Natural Gas: As of December 31, 2024 and 2023, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Long March 2025 25,569 $ 3.10 10,000 $ 792,127,620 Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Long March 2024 62,768 $ 2.33 10,000 $ 1,460,611,360 The December 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra Euro: As of December 31, 2024 and 2023, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2024 and 2023, which were sensitive to exchange rate price risk.
  • Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/10/25 5,751,921 1.0511 $ 6,045,796 Euro UBS AG Long 01/10/25 5,694,502 1.0511 5,985,285 Euro Goldman Sachs International Short 01/10/25 (58,000 ) 1.0554 (61,213 ) Euro UBS AG Short 01/10/25 (287,000 ) 1.0405 (298,613 ) Foreign Currency Forward Contracts as of December 31, 2023 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/19/24 6,949,921 1.0812 $ 7,514,530 Euro UBS AG Long 01/19/24 6,107,502 1.0812 6,603,566 Euro Goldman Sachs International Short 01/19/24 (102,000 ) 1.0908 (111,263 ) Euro UBS AG Short 01/19/24 (75,000 ) 1.1043 (82,821 ) The December 31, 2024 and 2023 USD market value equals the number of euros multiplied by the forward rate.
  • ProShares Ultra Gold: As of December 31, 2024 and 2023 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Long February 2025 $ 2,641.00 $ 253,800,100 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Long $ 252.3576 $ 139,739,974 Bloomberg Gold Subindex Goldman Sachs International Long 252.3576 66,372,068 Bloomberg Gold Subindex UBS AG Long 252.3576 119,329,710 Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Long February 2024 $ 2,071.80 $ 112,498,740 Swap Agreements as of December 31, 2023 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Long $ 209.7737 $ 116,159,653 Bloomberg Gold Subindex Goldman Sachs International Long 209.7737 55,172,161 Bloomberg Gold Subindex UBS AG Long 209.7737 99,193,505 The December 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2024 and 2023 swap notional values equal units multiplied by the swap price.
  • ProShares Ultra Silver: As of December 31, 2024 and 2023 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Silver Futures (COMEX) Long March 2025 3,220 $ 29.24 5,000 $ 470,796,200 Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Silver Subindex Citibank, N.A.
  • International PLC Long 230.8971 173,531,177 Bloomberg Silver Subindex UBS AG Long 230.8971 163,326,725 Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Silver Futures (COMEX) Long March 2024 2,609 $ 24.09 5,000 $ 314,201,870 Swap Agreements as of December 31, 2023 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Silver Subindex Citibank, N.A.
  • Long $ 201.5625 $ 149,709,309 Bloomberg Silver Subindex Goldman Sachs International Long 201.5625 22,327,683 Bloomberg Silver Subindex Morgan Stanley & Co.
  • International PLC Long 201.5625 151,484,700 Bloomberg Silver Subindex UBS AG Long 201.5625 142,576,685 The December 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra VIX Short-Term Futures ETF As of December 31, 2024 and 2023, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
  • The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2024 and 2023, which were sensitive to equity market volatility risk.
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value VIX Futures (Cboe) Long January 2025 14,280 $ 17.52 1,000 $ 250,152,756 VIX Futures (Cboe) Long February 2025 9,884 17.87 1,000 176,634,987 Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value VIX Futures (Cboe) Long January 2024 21,109 $ 14.05 1,000 $ 296,606,781 VIX Futures (Cboe) Long February 2024 14,767 15.30 1,000 225,867,172 The December 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares Ultra Yen: As of December 31, 2024 and 2023, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
  • The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2024 and 2023, which were sensitive to exchange rate price risk.
  • Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Yen Goldman Sachs International Long 01/10/25 7,308,549,056 0.006662 $ 48,686,512 Yen UBS AG Long 01/10/25 7,519,501,856 0.006653 50,029,811 Yen Goldman Sachs International Short 01/10/25 (66,274,000 ) 0.006608 (437,906 ) Yen UBS AG Short 01/10/25 (730,519,000 ) 0.006541 (4,778,493 ) Foreign Currency Forward Contracts as of December 31, 2023 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Yen Goldman Sachs International Long 01/19/24 4,094,365,056 0.006956 $ 28,479,995 Yen UBS AG Long 01/19/24 4,865,329,856 0.006932 33,725,255 Yen Goldman Sachs International Short 01/19/24 (17,917,000 ) 0.007066 (126,593 ) Yen UBS AG Short 01/19/24 (446,432,000 ) 0.007081 (3,161,193 ) The December 31, 2024 and 2023 USD market values equal the number of yen multiplied by the forward rate.
  • ProShares UltraShort Bloomberg Crude Oil: As of December 31, 2024 and 2023, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Short March 2025 1,140 $ 71.25 1,000 $ (81,225,000 ) WTI Crude Oil (NYMEX) Short June 2025 1,167 70.17 1,000 (81,888,390 ) WTI Crude Oil (NYMEX) Short December 2025 1,186 68.19 1,000 (80,873,340 ) Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value WTI Crude Oil (NYMEX) Short March 2024 1,688 $ 71.84 1,000 $ (121,265,920 ) WTI Crude Oil (NYMEX) Short June 2024 1,769 72.12 1,000 (127,580,280 ) WTI Crude Oil (NYMEX) Short December 2024 1,836 70.30 1,000 (129,070,800 ) The December 31, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • ProShares UltraShort Bloomberg Natural Gas: As of December 31, 2024 and 2023, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Short March 2025 16,846 $ 3.10 10,000 $ (521,889,080 ) Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Natural Gas (NYMEX) Short March 2024 12,109 $ 2.33 10,000 $ (281,776,430 ) The December 31, 2024 and 2023 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
  • ProShares UltraShort Euro: As of December 31, 2024 and 2023, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
  • Foreign Currency Forward Contracts as of December 31, 2024 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro UBS AG Long 01/10/25 3,395,000 1.0459 $ 3,550,930 Euro Goldman Sachs International Short 01/10/25 (38,554,263 ) 1.0514 (40,536,982 ) Euro UBS AG Short 01/10/25 (45,657,199 ) 1.0495 (47,919,075 ) Foreign Currency Forward Contracts as of December 31, 2023 Reference Currency Counterparty Long or Short Settlement Date Local Currency Forward Rate Market Value USD Euro Goldman Sachs International Long 01/19/24 5,315,000 1.0996 $ 5,844,378 Euro UBS AG Long 01/19/24 3,395,000 1.1019 3,740,853 Euro Goldman Sachs International Short 01/19/24 (41,248,263 ) 1.0808 (44,581,171 ) Euro UBS AG Short 01/19/24 (38,689,199 ) 1.0817 (41,851,081 ) The December 31, 2024 and 2023 USD market values equal the number of euros multiplied by the forward rate.
  • ProShares UltraShort Gold: As of December 31, 2024 and 2023 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
  • Futures Positions as of December 31, 2024 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Short February 2025 $ 2,641.00 $ (12,676,800 ) Swap Agreements as of December 31, 2024 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Short $ 252.3576 $ (4,743,641 ) Bloomberg Gold Subindex Goldman Sachs International Short 252.3576 (6,217,082 ) Bloomberg Gold Subindex UBS AG Short 252.3576 (9,616,126 ) Futures Positions as of December 31, 2023 Contract Long or Short Expiration Contracts Valuation Price Contract Multiplier Notional Amount at Value Gold Futures (COMEX) Short February 2024 $ 2,071.80 $ (6,422,580 ) Swap Agreements as of December 31, 2023 Reference Index Counterparty Long or Short Index Close Notional Amount at Value Bloomberg Gold Subindex Citibank, N.A.
  • Short $ 209.7737 $ (3,943,178 ) Bloomberg Gold Subindex Goldman Sachs International Short 209.7737 (5,167,985 ) Bloomberg Gold Subindex UBS AG Short 209.7737 (7,993,460 ) The December 31, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
  • The December 31, 2024 and 2023 short swap notional values equal units multiplied by the swap price.
  • ProShares UltraShort Silver: As of December 31, 2024 and 2023 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .

and 270 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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