AGQ 10-K & 10-Q changes, risk factors and insider trading
ProShares Trust II (also BOIL, EUO, GLL, KOLD, SCO, SVXY, UCO, UGL, ULE, UVXY, VIXM, VIXY, YCL, YCS, ZSL) · NYSE · Commodity Contracts Brokers & Dealers · CIK 1415311 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Full comparison: every changed paragraph (2)
The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearinghouseclearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or other reasons,otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.
The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearinghouseclearing organization is substituted and is a Fund’s counterparty on the derivative. The clearinghouseclearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearinghouse,clearing organization, or its members, will satisfy its obligations to a Fund.
Management's Discussion & Analysis (MD&A)
New heading “ProShares Ultra Gold*”
New heading “ProShares UltraShort Gold*”
Removed heading “ProShares Short VIX Short-Term Futures ETF*”
Removed heading “ProShares Ultra Bloomberg Natural Gas*”
Removed heading “ProShares UltraShort Bloomberg Natural Gas*”
Removed heading “ProShares UltraShort Yen*”
Removed heading “ProShares VIX Short-Term Futures ETF*”
Largest changes
This information should be read in conjunction with the financial statements and notes to the financial statements included with this Annual Report on Form 10-K. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in this Annual Report on Form 10-K, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward looking statements include those described in the aforementioned filing and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.see in full comparison
Full comparison: every changed paragraph (155)
This information should be read in conjunction with the financial statements and notes to the financial statements included with this Annual Report on Form 10-K. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in this Annual Report on Form 10-K, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward looking statements include those described in the aforementioned filing and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.
As of February 27,x, 2025,2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.
Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. For financial reporting purposes, all futures contracts are valued at last settled price. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards.
Interest income is recognized on an accrual basis and includes, where applicable,includes the amortization of premiumdiscount oron discount,short -term U.S. government and agency obligations and is reflected as Interest Income in the Statement of Operations. Additionally, interestInterest income may be earned on Repurchasecash Agreementsheld at the custodian bank and/or segregated cash held on depositbalances with brokers for futures contracts.brokers.
For discussion of 20232024 results and comparison with 20222023 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10K/A10-K for the fiscal year ended December 31, 2023.2024.
ProShares Short VIX Short-Term Futures ETF*
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 5,168,614 outstanding Shares at December 31, 2023 to 5,318,614 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,568,614 outstanding Shares at December 31, 2022 to 5,168,614 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 3.2% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 76.1% for the year ended December 31, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
The benchmark’s decline of 25.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 72.2% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of futures prices during the year ended December 31, 2024.
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to lesser decrease in the value of the futures prices during the year ended December 31, 2024.
The following table provides summary performance information for the Fund for the years ended December 31, 2024 and 2023:
During the year ended December 31, 2024,2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,0965,318,614 outstanding Shares at December 31, 20232024 to 19,043,0964,368,614 outstanding Shares at December 31, 2024.2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to twoone-half timesthe inverse (2x-0.5x) of the daily performance of the BloombergS&P Commodity500 BalancedVIX WTIShort-Term CrudeFutures Oil IndexSM.Index. By comparison, during the year ended December 31, 2023,2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to twoone-half timesthe inverse (2x-0.5x) of the daily performance of the BloombergS&P Commodity500 BalancedVIX WTIShort-Term CrudeFutures Oil IndexSM.Index. The decrease in the Fund’s NAV alsowas resultedoffset inby partan increase from a decrease from 28,393,0965,168,614 outstanding Shares at December 31, 20222023 to 24,843,0965,318,614 outstanding Shares at December 31, 2023.2024.
For the years ended December 31, 20242025 and 2023,2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 4.6%10.9% for the year ended December 31, 2024,2025, as compared to the Fund’s per Share NAV decrease of 13.2%3.2% for the year ended December 31, 2023,2024, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.2025.
The benchmark’s rise of 3.7% for the year ended December 31, 2024, as compared to the benchmark’s decline of 3.6% for the year ended December 31, 2023, can be attributed to an increase in the value of WTI Crude Oil during the year ended December 31, 2024.
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to an increase in the value of the WTI Crude Oil, during the year ended December 31, 2024.
ProShares Ultra Bloomberg Natural Gas*
The following table provides summary performance information for the Fund for the years ended December 31, 2024 and 2023:
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 7,223,047 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 322,875 outstanding Shares at December 31, 2022 to 5,113,709 outstanding Shares at December 31, 2023. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM.
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 61.6% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 92.1% for the year ended December 31, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
The benchmark’s decline of 26.2% for the year ended December 31, 2024, as compared to the benchmark’s decline of 65.3% for the year ended December 31, 2023, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2024.
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a lesser decrease in the value of the Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the year ended December 31, 2024.
The following table provides summary performance information for the Fund for the years ended December 31, 2024 and 2023:
During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 600,000 outstanding Shares at December 31, 2023 to 550,000 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 950,000 outstanding Shares at December 31, 2022 to 600,000 outstanding Shares at December 31, 2023. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 11.8% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 5.2% for the year ended December 31, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
The benchmark’s decline of 6.2% for the year ended December 31, 2024, as compared to the benchmark’s rise of 3.1% for the year ended December 31, 2023, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2024.
The following table provides summary performance information for the Fund for the years ended December 31, 2024 and 2023:
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV also resulted in part from an increase from 3,000,000 outstanding Shares at December 31, 2023 to 3,100,000 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 3,150,000 outstanding Shares at December 31, 2022 to 3,000,000 outstanding Shares at December 31, 2023.
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 46.4% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 15.9% for the year ended December 31, 2023, was primarily due to a greater appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
The benchmark’s rise of 26.6% for the year ended December 31, 2024, as compared to the benchmark’s rise of 12.8% for the year ended December 31, 2023, can be attributed to a greater increase in futures prices, during the year ended December 31, 2024.
The Fund’s net income increased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due a greater increase in the value of futures prices during the year ended December 31, 2024.
The following table provides summary performance information for the Fund for the years ended December 31, 2024 and 2023:
During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,746,526 outstanding Shares at December 31, 2024. By comparison, during the year ended December 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by an increase from 13,046,526 outstanding Shares at December 31, 2022 to 14,296,526 outstanding Shares at December 31, 2023.
For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 23.0% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 14.1% for the year ended December 31, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2024.
The benchmark’s risedecline of 20.6%41.6% for the year ended December 31, 2025, as compared to the benchmark’s decline of 25.6% for the year ended December 31, 2024, as compared to the benchmark’s decline of 0.3% for the year ended December 31, 2023, can be attributed to ana increasegreater decrease in the value of futures prices during the year ended December 31, 2024.2025.
The Fund’s net income increased for the year ended December 31, 20242025 as compared to the year ended December 31, 2023,2024, primarily due to angreater increasedecrease in the value of the futures prices during the year ended December 31, 2024.2025.
The following table provides summary performance information for the Fund for the years ended December 31, 2025 and 2024:
During the year ended December 31, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The decrease in the Fund’s NAV was offset by an increase from 19,043,096 outstanding Shares at December 31, 2024 to 19,843,096 outstanding Shares at December 31, 2025. By comparison, during the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 19,043,096 outstanding Shares at December 31, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.
For the years ended December 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 29.8% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV increase of 4.6% for the year ended December 31, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2025.
The benchmark’s decline of 14.2% for the year ended December 31, 2025, as compared to the benchmark’s rise of 3.7% for the year ended December 31, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the year ended December 31, 2025.
The Fund’s net income decreased for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to a decrease in the value of the WTI Crude Oil, during the year ended December 31, 2025.
The following table provides summary performance information for the Fund for the years ended December 31, 2025 and 2024:
During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at December 31, 2024 to 23,723,047 outstanding Shares at December 31, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. By comparison, during the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 7,223,047 outstanding Shares at December 31, 2024.
For the years ended December 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 58.9% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 61.6% for the year ended December 31, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2025.
The benchmark’s decline of 23.9% for the year ended December 31, 2025, as compared to the benchmark’s decline of 26.2% for the year ended December 31, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the year ended December 31, 2025.
The Fund’s net income increased for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to a lesser decrease in the value of the Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the year ended December 31, 2025.
The following table provides summary performance information for the Fund for the years ended December 31, 2025 and 2024:
During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at December 31, 2025. By comparison, during the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 600,000 outstanding Shares at December 31, 2023 to 550,000 outstanding Shares at December 31, 2024.
For the years ended December 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 25.9% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 11.8% for the year ended December 31, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2025.
The benchmark’s rise of 13.4% for the year ended December 31, 2025, as compared to the benchmark’s decline of 6.2% for the year ended December 31, 2024, can be attributed to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2025.
The Fund’s net income increased for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2025.
ProShares Ultra Gold*
The following table provides summary performance information for the Fund for the years ended December 31, 2025 and 2024:
During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 18,150,000 outstanding Shares at December 31, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. By comparison, during the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV also resulted in part from an increase from 12,000,000 outstanding Shares at December 31, 2023 to 12,400,000 outstanding Shares at December 31, 2024.
For the years ended December 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 139.3% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV increase of 46.4% for the year ended December 31, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the year ended December 31, 2025.
The benchmark’s rise of 62.5% for the year ended December 31, 2025, as compared to the benchmark’s rise of 26.6% for the year ended December 31, 2024, can be attributed to a greater increase in futures prices during the year ended December 31, 2025.
The Fund’s net income increased for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to a greater increase in the value of futures prices during the year ended December 31, 2025.
The following table provides summary performance information for the Fund for the years ended December 31, 2025 and 2024:
During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 14,346,526 outstanding Shares at December 31, 2025. By comparison, during the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,746,526 outstanding Shares at December 31, 2024.
What changed in the latest 10-Q
Risk Factors
There have been no other material changes to the risk factors previously included in our Annual Report on Form 10-K for the year ending December 31, 2025. Please refer to the “Risk Factors” discussed in Part I, Item 1A of our Annual Report on Form 10-K for previously disclosed risk factors.
Largest changes
see in full comparisonBelow,Therewehavedescribebeennewno other material changes to the risk factorsnotpreviously included in our Annual Report on Form 10-K for the year ending December 31, 2025.Aside from these additions, there have been no other material changes to the risk factors.Please refer to the “Risk Factors” discussed in Part I, Item 1A of our Annual Report on Form 10-K for previously disclosed risk factors.
Full comparison: every changed paragraph (1)
Below,There wehave describebeen newno other material changes to the risk factors not previously included in our Annual Report on Form 10-K for the year ending December 31, 2025. Aside from these additions, there have been no other material changes to the risk factors. Please refer to the “Risk Factors” discussed in Part I, Item 1A of our Annual Report on Form 10-K for previously disclosed risk factors.
Management's Discussion & Analysis (MD&A)
New heading “ProShares Ultra Bloomberg Natural Gas*”
New heading “ProShares UltraShort Bloomberg Crude Oil*”
New heading “Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025”
New heading “ProShares Ultra Bloomberg Natural Gas*”
New heading “ProShares Ultra VIX Short-Term Futures ETF*”
New heading “ProShares UltraShort Bloomberg Crude Oil*”
New heading “ProShares UltraShort Gold*”
New heading “ProShares UltraShort Silver*”
Removed heading “ProShares Ultra Gold*”
Largest changes
“Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025”see in full comparison
Full comparison: every changed paragraph (253)
This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended MarchJune 31,30, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
On May 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares Ultra Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Bloomberg Natural Gas executed a 1:2 Reverse Split of its shares and ProShares UltraShort Bloomberg Crude Oil executed a 1:4 Reverse Split of its shares. The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.
In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, exchange traded funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and six months ended MarchJune 31,30, 2026 and 2025, each of the Funds earned interest income as follows:
During the three and six months ended MarchJune 31,30, 2026 and June 30, 2025, each of the Funds earned dividend income from affiliated investments as follows:
As of MayAugust 4,5, 2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.
Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.statements.
For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended MarchJune 31,30, 2026.
Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.
The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.
Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method.
Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.
Results of Operations for the Three Months Ended MarchJune 31,30, 2026 Compared to the Three Months Ended MarchJune 31,30, 2025
The following table provides summary performance information for the Fund for the three months ended MarchJune 31,30, 2026 and 2025:
During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 4,018,614 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 5,068,614 outstanding Shares at March 31, 2025.
For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.5% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
The benchmark’s rise of 34.0% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 12.4% for the three months ended March 31, 2025, can be attributed to a greater increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2026.
The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The increase in the Fund’s NAV was offset by a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 15,543,096 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 15,943,096 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.
For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 101.0% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended March 31, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
The benchmark’s rise of 44.4% for the three months ended March 31, 2026, as compared to the benchmark’s decline of 0.5% for the three months ended March 31, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended March 31, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income increased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to an increase in the value of WTI Crude Oil during the three months ended March 31, 2026.
The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
During the three months ended MarchJune 31,30, 2026, the decreaseincrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to twoone-half timesthe inverse (2x-0.5x) of the daily performance of the BloombergS&P Natural500 GasVIX SubindexSM.Short-Term Futures Index. The decreaseincrease in the Fund’s NAV alsowas resultedoffset in part fromby a decrease from 23,723,047 outstanding Shares at December 31, 2025 to 23,623,0474,018,614 outstanding Shares at March 31, 2026 to 3,868,614 outstanding Shares at June 30, 2026. By comparison, during the three months ended MarchJune 31,30, 2025, the decreaseincrease in the Fund’s NAV resulted primarily from aan decreaseincrease from 7,223,047 outstanding Shares at December 31, 2024 to 2,723,0475,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 30, 2025. The decreaseincrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to twoone-half timesthe inverse (2x-0.5x) of the daily performance of the BloombergS&P Natural500 GasVIX SubindexSM.Short-Term Futures Index.
For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 28.9% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 55.5% for the three months ended March 31, 2025, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
The benchmark’s decline of 4.2% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 31.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2026.
The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at December 31, 2025 to 500,000 outstanding Shares at March 31, 2026. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at March 31, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.
For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 3.6% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 8.6% for the three months ended March 31, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
The benchmark’s decline of 1.6% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 4.4% for the three months ended March 31, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended March 31, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due a decrease in the value of the euro versus the U.S. dollar during the three months ended March 31, 2026.
ProShares Ultra Gold*
The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
During the three months ended March 31, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 18,150,000 outstanding Shares at December 31, 2025 to 17,400,000 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 15,000,000 outstanding Shares at March 31, 2025.
For the three months ended March 31, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 8.3% for the three months ended March 31, 2026, as compared to the Fund’s per Share NAV increase of 37.2% for the three months ended March 31, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2026.
The benchmark’s rise of 7.1% for the three months ended March 31, 2026, as compared to the benchmark’s rise of 18.2% for the three months ended March 31, 2025, can be attributed to a lesser increase in the value of gold futures contracts during the period ended March 31, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a lesser increase in future prices, during the three months ended March 31, 2026.
The following table provides summary performance information for the Fund for the three months ended March 31, 2026 and 2025:
During the three months ended March 31, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 15,746,526 outstanding Shares at March 31, 2026. By comparison, during the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,696,526 outstanding Shares at March 31, 2025.
For the three months ended MarchJune 31,30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2xone-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decreaseincrease of 24.5%25.1% for the three months ended MarchJune 31,30, 2026, as compared to the Fund’s per Share NAV increasedecrease of 36.3%6.9% for the three months ended MarchJune 31,30, 2025, was primarily due to aan depreciationappreciation in the value of the assets held by the Fund during the three months ended MarchJune 31,30, 2026.
The benchmark’s risedecline of 6.3%37.6% for the three months ended MarchJune 31,30, 2026, as compared to the benchmark’s risedecline of 18.5%6.5% for the three months ended MarchJune 31,30, 2025, can be attributed to a lessergreater increasedecrease in the value of silvernear-term futures contracts on the VIX futures curve during the period ended MarchJune 31,30, 2026.
The following table provides summary income information for the Fund for the three months ended March 31, 2026 and 2025:
The Fund’s net income decreasedincreased for the three months ended MarchJune 31,30, 2026 as compared to the three months ended MarchJune 31,30, 2025, primarily due to a lessergreater increasedecrease in the value of futures prices, in conjunction with timing of shareholder activityprices during the three months ended MarchJune 31,30, 2026.
The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,543,096 outstanding Shares at March 31, 2026 to 9,593,096 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025.
For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 16.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
The benchmark’s decline of 7.1% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 7.7% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of WTI Crude Oil during the period ended June 30, 2026.
The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil during the three months ended June 30, 2026.
ProShares Ultra Bloomberg Natural Gas*
The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:
During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV also resulted in part from a decrease from 11,811,524 outstanding Shares at March 31, 2026 to 11,111,144 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,361,524 outstanding Shares at March 31, 2025 to 3,611,524 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM.
For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 13.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.
The benchmark’s decline of 4.9% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 22.2% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.
The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2026.
AGQ insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding AGQ (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 534,702 | $17.6M | 0.01% | Added 95% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 265,215 | $13.9M | — | Sold out |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 126,692 | $8.6M | 0.0% | Reduced 59% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 232,677 | $5.1M | — | Sold out |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 553,927 | $4.6M | — | Sold out |
| Two Sigma Investments | 2026-06-30 | 79,385 | $4.2M | — | Sold out |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 212,527 | $3.4M | — | Sold out |
| Two Sigma Investments | 2026-06-30 | 44,378 | $2.5M | 0.0% | New position |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 87,500 | $1.9M | 0.0% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 23,474 | $1.3M | 0.0% | Reduced 3% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 46,549 | $991.0K | 0.0% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 19,517 | $597.6K | 0.0% | Reduced 41% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 25,995 | $373.0K | 0.0% | Added 2% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 19,362 | $336.4K | 0.0% | New position |
| D. E. Shaw & Co. | 2026-06-30 | 11,917 | $296.4K | 0.0% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 19,083 | $235.8K | 0.0% | Added 68% |