ProShares Trust II

Previous wording

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. 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.

Current wording

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.

Previous wording

The “Short” Fund seeks daily investment results, before fees and expenses, that correspond toone-half the inverse(-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse(-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one andone-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation.

Current wording

The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation.

Previous wording

Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIXMid-Term Futures Index (the“Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”).

Current wording

Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”).

Previous wording

Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at aper-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.

Current wording

Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.

Previous wording

Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregatedtri-party accounts at the Fund’s custodian bank.

Current wording

Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Previous wording

As of February 27, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitateoff-balance sheet financing arrangements and have no loan guarantee arrangements oroff-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.

Current wording

As of February x, 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.

Previous wording

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.

Current wording

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. 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.

Previous wording

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements and/or cash held on deposit with brokers for futures contracts.

Current wording

Interest income is recognized on an accrual basis and includes the amortization of discount on short -term U.S. government and agency obligations and is reflected in the Statement of Operations. Interest income may be earned on cash held at the custodian bank and/or segregated cash balances with brokers.

Previous wording

For discussion of 2023 results and comparison with 2022 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10K/A for the fiscal year ended December 31, 2023.

Current wording

For discussion of 2024 results and comparison with 2023 results refer to “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Previous wording

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 toone-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 toone-half the inverse(-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

Current wording

During the year ended December 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 4,368,614 outstanding Shares at December 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 one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. 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 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.

Previous wording

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.

Current wording

For the years ended December 31, 2025 and 2024, 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 increase of 10.9% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 3.2% 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.

Previous wording

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.

Current wording

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 greater decrease in the value of the futures prices during the year ended December 31, 2025.

Previous wording

During the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 7,205,220 outstanding Shares at December 31, 2024. 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 the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. 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 the inverse(-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 9,305,220 outstanding Shares at December 31, 2022 to 9,105,220 outstanding Shares at December 31, 2023, the decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity.

Current wording

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 Index SM. 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 Index SM.

Previous wording

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 4.6% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 13.2% 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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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 an increase in the value of the WTI Crude Oil during the year ended December 31, 2024.

Current wording

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.

Previous wording

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 Subindex SM. 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 Subindex SM.

Current wording

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 Subindex SM. 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 Subindex SM. 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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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 Subindex SM. 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 Subindex SM. 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.

Current wording

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 Subindex SM. 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 Subindex SM. 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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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 Subindex SM. 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 Subindex SM. 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.

Current wording

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 Subindex SM. 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 Subindex SM. 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.

Previous wording

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.

Current wording

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 364.7% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV increase of 23.0% 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.

Previous wording

The benchmark’s rise of 20.6% 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 an increase in the value of futures prices during the year ended December 31, 2024.

Current wording

The benchmark’s rise of 138.6% for the year ended December 31, 2025, as compared to the benchmark’s rise of 20.6% for the year ended December 31, 2024, can be attributed to a greater increase in the value of futures prices during the year ended December 31, 2025.

Previous wording

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 andone-half times (1.5x) 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 8,264,892 outstanding Shares at December 31, 2023 to 13,693,643 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 one andone-half times (1.5x) 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 1,861,568 outstanding Shares at December 31, 2022 to 8,264,892 outstanding Shares at December 31, 2023.

Current wording

During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 11,167,347 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 one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. 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 one and one-half times (1.5x) 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 1,652,978 outstanding Shares at December 31, 2023 to 2,738,729 outstanding Shares at December 31, 2024.

Previous wording

For the years ended December 31, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 50.7% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 87.7% 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.

Current wording

For the years ended December 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 65.5% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 50.7% for the year ended December 31, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2025.

Previous wording

During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,199,970 outstanding Shares at December 31, 2024. 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 Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 399,970 outstanding Shares at December 31, 2022 to 1,099,970 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 spot price of the Japanese yen versus the U.S. dollar.

Current wording

During the year ended December 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,549,970 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 spot price of the Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,199,970 outstanding Shares at December 31, 2024. 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 Japanese yen versus the U.S. dollar.

Previous wording

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 26.3% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 20.5% for the year ended December 31, 2023, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.

Current wording

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 5.7% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 26.3% 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.

Previous wording

The benchmark’s decline of 10.4% for the year ended December 31, 2024, as compared to the benchmark’s decline of 6.9% for the year ended December 31, 2023, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2024.

Current wording

The benchmark’s rise of 0.5% for the year ended December 31, 2025, as compared to the benchmark’s decline of 10.4% for the year ended December 31, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2025.

Previous wording

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 Index SM. 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 Commodity Balanced WTI Crude Oil Index SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 28,393,096 outstanding Shares at December 31, 2022 to 24,843,096 outstanding Shares at December 31, 2023.

Current wording

During the year ended December 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,205,220 outstanding Shares at December 31, 2024 to 4,555,220 outstanding Shares at December 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 the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM. By comparison, during the year ended December 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 7,205,220 outstanding Shares at December 31, 2024. 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 the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM.

Previous wording

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 inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.4% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV decrease of 13.3% for the year ended December 31, 2023, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2024.

Current wording

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 inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 16.0% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 18.4% 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.

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

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 decrease in the value of the WTI Crude Oil during the year ended December 31, 2025.

Previous wording

During the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,933,712 outstanding Shares at December 31, 2023 to 5,983,712 outstanding Shares at December 31, 2024. 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 the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. By comparison, during the year ended December 31, 2023, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. The increase in the Fund’s NAV was offset a decrease from 9,933,712 outstanding Shares at December 31, 2022 to 2,933,712 outstanding Shares at December 31, 2023.

Current wording

During the year ended December 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,983,712 outstanding Shares at December 31, 2024 to 4,033,712 outstanding Shares at December 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 the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM. By comparison, during the year ended December 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,933,712 outstanding Shares at December 31, 2023 to 5,983,712 outstanding Shares at December 31, 2024. 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 the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM.

Previous wording

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 inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 9.2% for the year ended December 31, 2024, as compared to the Fund’s per Share NAV increase of 255.9% 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.

Current wording

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 inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.9% for the year ended December 31, 2025, as compared to the Fund’s per Share NAV decrease of 9.2% for the year ended December 31, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2025.