Fund |
Benchmark
|
ProShares
Ultra Bloomberg Crude Oil (UCO) |
Bloomberg
Commodity Balanced WTI Crude Oil IndexSM
|
ProShares
UltraShort Bloomberg Crude Oil (SCO) |
Bloomberg
Commodity Balanced WTI Crude Oil IndexSM
|
ProShares
Ultra Gold (UGL) |
Bloomberg
Gold SubindexSM
|
ProShares
Ultra Silver (AGQ) |
Bloomberg
Silver SubindexSM
|
|
Page |
SUMMARY |
|
Important
Information About the Funds |
|
Overview |
|
The
Oil Funds |
|
The
Precious Metals Funds |
|
Purchases
and Sales in the Secondary Market |
|
Creation
and Redemption Transactions |
|
Breakeven
Amounts |
|
Important
Tax Information |
|
RISK
FACTOR SUMMARY |
|
Risks
Related to All Funds |
|
Risks
Related to the Oil Funds and Precious Metals Funds |
|
RISK
FACTORS |
|
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS |
|
DESCRIPTION
OF EACH FUND’S BENCHMARK |
|
Bloomberg
Commodity Balanced WTI Crude Oil IndexSM
|
|
Information
About the Index Licensor |
|
DESCRIPTION
OF THE PRECIOUS METALS FUNDS’ BENCHMARKS |
|
Bloomberg
Gold SubindexSM
|
|
Information
About the Index Licensor |
|
Bloomberg
Silver SubindexSM
|
|
Information
About the Index Licensor |
|
INVESTMENT
OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES |
|
Investment
Objectives |
|
PERFORMANCE
OF THE OFFERED COMMODITY POOLS OPERATED BY THE COMMODITY POOL
OPERATOR |
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS |
|
CHARGES |
|
Breakeven
Table |
|
MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS |
|
Status
of the Funds |
|
U.S.
Shareholders |
|
Page |
PERFORMANCE
OF THE OTHER COMMODITY POOLS OPERATED
BY THE COMMODITY POOL OPERATOR |
|
USE
OF PROCEEDS |
|
WHO
MAY SUBSCRIBE |
|
CREATION
AND REDEMPTION OF SHARES |
|
Creation
Procedures |
|
Redemption
Procedures |
|
Creation
and Redemption Transaction Fee |
|
Special
Settlement |
|
LITIGATION |
|
DESCRIPTION
OF THE SHARES; THE FUNDS; CERTAIN MATERIAL TERMS
OF THE TRUST AGREEMENT |
|
Description
of the Shares |
|
Principal
Office; Location of Records; Fiscal Year |
|
The
Funds |
|
The
Trustee |
|
The
Sponsor |
|
Duties
of the Sponsor |
|
Ownership
or Beneficial Interest in the Funds |
|
Management;
Voting by Shareholders |
|
Recognition
of the Trust and the Funds in Certain States |
|
Possible
Repayment of Distributions Received by Shareholders |
|
Shares
Freely Transferable |
|
Book-Entry
Form |
|
Reports
to Shareholders |
|
Net
Asset Value (“NAV”) |
|
Indicative
Optimized Portfolio Value (“IOPV”) |
|
Termination
Events |
|
DISTRIBUTIONS |
|
THE
ADMINISTRATOR |
|
THE
CUSTODIAN |
|
THE
TRANSFER AGENT |
|
THE
DISTRIBUTOR |
|
Description
of SEI |
|
THE
SECURITIES DEPOSITORY; BOOK-ENTRY ONLY SYSTEM; GLOBAL
SECURITY |
|
SHARE
SPLITS OR REVERSE SPLITS |
|
CONFLICTS
OF INTEREST |
|
MATERIAL
CONTRACTS |
|
Administration
and Accounting Agreement |
|
Transfer
Agency and Service Agreement |
|
Custody
Agreement |
|
Distribution
Agreement |
|
PURCHASES
BY EMPLOYEE BENEFIT PLANS |
|
General |
|
“Plan
Assets” |
|
Ineligible
Purchasers |
|
Page |
PLAN
OF DISTRIBUTION |
|
Buying
and Selling Shares |
|
Authorized
Participants |
|
Likelihood
of Becoming a Statutory Underwriter |
|
General |
|
LEGAL
MATTERS |
|
EXPERTS |
|
WHERE
INVESTORS CAN FIND MORE INFORMATION |
|
RECENT
FINANCIAL INFORMATION AND ANNUAL REPORTS |
|
PRIVACY
POLICY |
|
The
Trust’s Commitment to Investors |
|
The
Information the Trust Collects About Investors |
|
How
the Trust Handles Investors’ Personal Information |
|
How
the Trust Safeguards Investors’ Personal Information |
|
INCORPORATION
BY REFERENCE OF CERTAIN DOCUMENTS |
|
FUTURES
COMMISSION MERCHANTS |
|
Litigation
and Regulatory Disclosure Relating to FCMs |
|
Margin
Levels Expected to be Held at the FCMs |
|
SWAP
COUNTERPARTIES |
|
Litigation
and Regulatory Disclosure Relating to Swap
Counterparties |
|
APPENDIX
A—GLOSSARY OF DEFINED TERMS |
A-1
|
Fund
Name
|
Benchmark*
|
ProShares
Ultra Bloomberg Crude Oil |
Bloomberg
Commodity Balanced WTI Crude Oil IndexSM
|
ProShares
UltraShort Bloomberg Crude Oil |
Bloomberg
Commodity Balanced WTI Crude Oil IndexSM
|
Fund
Name
|
Benchmark
|
ProShares
Ultra Gold |
Bloomberg
Gold SubindexSM
|
ProShares
Ultra Silver |
Bloomberg
Silver SubindexSM
|
Fund
|
Create/Redeem
Cut-off
|
NAV
Calculation Time
|
ProShares
Ultra Silver (AGQ) |
1:00
p.m. (Eastern Time) |
1:25
p.m. (Eastern Time) |
ProShares
Ultra Gold (UGL) |
1:00
p.m. (Eastern Time) |
1:30
p.m. (Eastern Time) |
ProShares
Ultra Bloomberg Crude Oil (UCO) |
2:00
p.m. (Eastern Time) |
2:30
p.m. (Eastern Time) |
ProShares
UltraShort Bloomberg Crude Oil (SCO) |
2:00
p.m. (Eastern Time) |
2:30
p.m. (Eastern Time) |
Fund
Name
|
Breakeven
Amount
(%
Per Annum of
Average
Daily
NAV)*
|
Assumed
Selling
Price
Per
Share*
|
Breakeven
Amount
($
for the
Assumed
Selling
Price
Per Share)*
|
ProShares
Ultra Bloomberg Crude Oil |
0.00% |
$30.00 |
$0.00 |
ProShares
UltraShort Bloomberg Crude Oil |
0.00% |
$25.00 |
$0.00 |
ProShares
Ultra Gold |
0.00% |
$55.00 |
$0.00 |
Fund
Name |
Breakeven
Amount
(%
Per Annum of
Average
Daily
NAV)* |
Assumed
Selling
Price
Per
Share* |
Breakeven
Amount
($
for the
Assumed
Selling
Price
Per Share)* |
ProShares
Ultra Silver |
0.00% |
$30.00 |
$0.00 |
|
Benchmark
XYZ
|
Fund
XYZ
| ||
Level
|
Daily
Performance
|
Daily
Performance
|
Net
Asset
Value
| |
Start |
100.00 |
|
|
$100.00 |
Day
1 |
97.00 |
-3.00% |
-6.00% |
$94.00 |
Day
2 |
99.91 |
3.00% |
6.00% |
$99.64 |
Day
3 |
96.91 |
-3.00% |
-6.00% |
$93.66 |
Day
4 |
99.82 |
3.00% |
6.00% |
$99.28 |
Day
5 |
96.83 |
-3.00% |
-6.00% |
$93.32 |
Day
6 |
99.73 |
3.00% |
6.00% |
$98.92 |
Day
7 |
96.74 |
-3.00% |
-6.00% |
$92.99 |
Total
Return |
|
-3.26% |
-7.01% |
|
|
Benchmark
XYZ
|
Fund
XYZ
| ||
Level
|
Daily
Performance
|
Daily
Performance
|
Net
Asset
Value
| |
Start |
100.00 |
|
|
$100.00 |
Day
1 |
103.00 |
3.00% |
6.00% |
$106.00 |
Day
2 |
99.91 |
-3.00% |
-6.00% |
$99.64 |
Day
3 |
102.91 |
3.00% |
6.00% |
$105.62 |
Day
4 |
99.82 |
-3.00% |
-6.00% |
$99.28 |
Day
5 |
102.81 |
3.00% |
6.00% |
$105.24 |
Day
6 |
99.73 |
-3.00% |
-6.00% |
$98.92 |
Day
7 |
102.72 |
3.00% |
6.00% |
$104.86 |
Total
Return |
|
2.72% |
4.86% |
|
Benchmark
|
Historical
Five-Year
Average
Volatility
Rate
as of
December
31, 2022
|
Bloomberg
Commodity Balanced WTI Crude Oil SubindexSM* |
38.11% |
Bloomberg
Gold SubindexSM
|
15.28% |
Bloomberg
Silver SubindexSM
|
31.06% |
One
Year
Benchmark
Performance
|
Two
Times (2x)
One
Year
Benchmark
Performance
|
Benchmark
Volatility
| ||||||||||||||
0%
|
5%
|
10%
|
15%
|
20%
|
25%
|
30%
|
35%
|
40%
|
45%
|
50%
|
55%
|
60%
|
65%
|
70%
| ||
-60% |
-120% |
-84.0% |
-84.0% |
-84.2% |
-84.4% |
-84.6% |
-85.0% |
-85.4% |
-85.8% |
-86.4% |
-86.9% |
-87.5% |
-88.2% |
-88.8% |
-89.5% |
-90.2% |
-55% |
-110% |
-79.8% |
-79.8% |
-80.0% |
-80.2% |
-80.5% |
-81.0% |
-81.5% |
-82.1% |
-82.7% |
-83.5% |
-84.2% |
-85.0% |
-85.9% |
-86.7% |
-87.6% |
-50% |
-100% |
-75.0% |
-75.1% |
-75.2% |
-75.6% |
-76.0% |
-76.5% |
-77.2% |
-77.9% |
-78.7% |
-79.6% |
-80.5% |
-81.5% |
-82.6% |
-83.6% |
-84.7% |
-45% |
-90% |
-69.8% |
-69.8% |
-70.1% |
-70.4% |
-70.9% |
-71.6% |
-72.4% |
-73.2% |
-74.2% |
-75.3% |
-76.4% |
-77.6% |
-78.9% |
-80.2% |
-81.5% |
-40% |
-80% |
-64.0% |
-64.1% |
-64.4% |
-64.8% |
-65.4% |
-66.2% |
-67.1% |
-68.2% |
-69.3% |
-70.6% |
-72.0% |
-73.4% |
-74.9% |
-76.4% |
-77.9% |
-35% |
-70% |
-57.8% |
-57.9% |
-58.2% |
-58.7% |
-59.4% |
-60.3% |
-61.4% |
-62.6% |
-64.0% |
-65.5% |
-67.1% |
-68.8% |
-70.5% |
-72.3% |
-74.1% |
-30% |
-60% |
-51.0% |
-51.1% |
-51.5% |
-52.1% |
-52.9% |
-54.0% |
-55.2% |
-56.6% |
-58.2% |
-60.0% |
-61.8% |
-63.8% |
-65.8% |
-67.9% |
-70.0% |
-25% |
-50% |
-43.8% |
-43.9% |
-44.3% |
-45.0% |
-46.0% |
-47.2% |
-48.6% |
-50.2% |
-52.1% |
-54.1% |
-56.2% |
-58.4% |
-60.8% |
-63.1% |
-65.5% |
-20% |
-40% |
-36.0% |
-36.2% |
-36.6% |
-37.4% |
-38.5% |
-39.9% |
-41.5% |
-43.4% |
-45.5% |
-47.7% |
-50.2% |
-52.7% |
-55.3% |
-58.1% |
-60.8% |
-15% |
-30% |
-27.8% |
-27.9% |
-28.5% |
-29.4% |
-30.6% |
-32.1% |
-34.0% |
-36.1% |
-38.4% |
-41.0% |
-43.7% |
-46.6% |
-49.6% |
-52.6% |
-55.7% |
-10% |
-20% |
-19.0% |
-19.2% |
-19.8% |
-20.8% |
-22.2% |
-23.9% |
-26.0% |
-28.3% |
-31.0% |
-33.8% |
-36.9% |
-40.1% |
-43.5% |
-46.9% |
-50.4% |
-5% |
-10% |
-9.8% |
-10.0% |
-10.6% |
-11.8% |
-13.3% |
-15.2% |
-17.5% |
-20.2% |
-23.1% |
-26.3% |
-29.7% |
-33.3% |
-37.0% |
-40.8% |
-44.7% |
0% |
0% |
0.0% |
-0.2% |
-1.0% |
-2.2% |
-3.9% |
-6.1% |
-8.6% |
-11.5% |
-14.8% |
-18.3% |
-22.1% |
-26.1% |
-30.2% |
-34.5% |
-38.7% |
5% |
10% |
10.3% |
10.0% |
9.2% |
7.8% |
5.9% |
3.6% |
0.8% |
-2.5% |
-6.1% |
-10.0% |
-14.1% |
-18.5% |
-23.1% |
-27.7% |
-32.5% |
10% |
20% |
21.0% |
20.7% |
19.8% |
18.3% |
16.3% |
13.7% |
10.6% |
7.0% |
3.1% |
-1.2% |
-5.8% |
-10.6% |
-15.6% |
-20.7% |
-25.9% |
15% |
30% |
32.3% |
31.9% |
30.9% |
29.3% |
27.1% |
24.2% |
20.9% |
17.0% |
12.7% |
8.0% |
3.0% |
-2.3% |
-7.7% |
-13.3% |
-19.0% |
20% |
40% |
44.0% |
43.6% |
42.6% |
40.8% |
38.4% |
35.3% |
31.6% |
27.4% |
22.7% |
17.6% |
12.1% |
6.4% |
0.5% |
-5.6% |
-11.8% |
25% |
50% |
56.3% |
55.9% |
54.7% |
52.8% |
50.1% |
46.8% |
42.8% |
38.2% |
33.1% |
27.6% |
21.7% |
15.5% |
9.0% |
2.4% |
-4.3% |
30% |
60% |
69.0% |
68.6% |
67.3% |
65.2% |
62.4% |
58.8% |
54.5% |
49.5% |
44.0% |
38.0% |
31.6% |
24.9% |
17.9% |
10.8% |
3.5% |
35% |
70% |
82.3% |
81.8% |
80.4% |
78.2% |
75.1% |
71.2% |
66.6% |
61.2% |
55.3% |
48.8% |
41.9% |
34.7% |
27.2% |
19.4% |
11.7% |
40% |
80% |
96.0% |
95.5% |
94.0% |
91.6% |
88.3% |
84.1% |
79.1% |
73.4% |
67.0% |
60.1% |
52.6% |
44.8% |
36.7% |
28.5% |
20.1% |
45% |
90% |
110.3% |
109.7% |
108.2% |
105.6% |
102.0% |
97.5% |
92.2% |
86.0% |
79.2% |
71.7% |
63.7% |
55.4% |
46.7% |
37.8% |
28.8% |
50% |
100% |
125.0% |
124.4% |
122.8% |
120.0% |
116.2% |
111.4% |
105.6% |
99.1% |
91.7% |
83.8% |
75.2% |
66.3% |
57.0% |
47.5% |
37.8% |
55% |
110% |
140.3% |
139.7% |
137.9% |
134.9% |
130.8% |
125.7% |
119.6% |
112.6% |
104.7% |
96.2% |
87.1% |
77.5% |
67.6% |
57.5% |
47.2% |
60% |
120% |
156.0% |
155.4% |
153.5% |
150.3% |
146.0% |
140.5% |
134.0% |
126.5% |
118.1% |
109.1% |
99.4% |
89.2% |
78.6% |
67.8% |
56.8% |
One
Year
Benchmark
Performance |
Two
Times
Inverse
(-2x) of
One
Year
Benchmark
Performance
|
Benchmark
Volatility
| ||||||||||||||
0%
|
5%
|
10%
|
15%
|
20%
|
25%
|
30%
|
35%
|
40%
|
45%
|
50%
|
55%
|
60%
|
65%
|
70%
| ||
-60% |
120% |
525.0% |
520.3% |
506.5% |
484.2% |
454.3% |
418.1% |
377.1% |
332.8% |
286.7% |
240.4% |
195.2% |
152.2% |
112.2% |
76.0% |
43.7% |
-55% |
110% |
393.8% |
390.1% |
379.2% |
361.6% |
338.0% |
309.4% |
277.0% |
242.0% |
205.6% |
169.0% |
133.3% |
99.3% |
67.7% |
39.0% |
13.5% |
-50% |
100% |
300.0% |
297.0% |
288.2% |
273.9% |
254.8% |
231.6% |
205.4% |
177.0% |
147.5% |
117.9% |
88.9% |
61.4% |
35.8% |
12.6% |
-8.0% |
-45% |
90% |
230.6% |
228.1% |
220.8% |
209.0% |
193.2% |
174.1% |
152.4% |
128.9% |
104.6% |
80.1% |
56.2% |
33.4% |
12.3% |
-6.9% |
-24.0% |
-40% |
80% |
177.8% |
175.7% |
169.6% |
159.6% |
146.4% |
130.3% |
112.0% |
92.4% |
71.9% |
51.3% |
31.2% |
12.1% |
-5.7% |
-21.8% |
-36.1% |
-35% |
70% |
136.7% |
134.9% |
129.7% |
121.2% |
109.9% |
96.2% |
80.7% |
63.9% |
46.5% |
28.9% |
11.8% |
-4.5% |
-19.6% |
-33.4% |
-45.6% |
-30% |
60% |
104.1% |
102.6% |
98.1% |
90.8% |
81.0% |
69.2% |
55.8% |
41.3% |
26.3% |
11.2% |
-3.6% |
-17.6% |
-30.7% |
-42.5% |
-53.1% |
-25% |
50% |
77.8% |
76.4% |
72.5% |
66.2% |
57.7% |
47.4% |
35.7% |
23.1% |
10.0% |
-3.2% |
-16.0% |
-28.3% |
-39.6% |
-49.9% |
-59.1% |
-20% |
40% |
56.3% |
55.1% |
51.6% |
46.1% |
38.6% |
29.5% |
19.3% |
8.2% |
-3.3% |
-14.9% |
-26.2% |
-36.9% |
-46.9% |
-56.0% |
-64.1% |
-15% |
30% |
38.4% |
37.4% |
34.3% |
29.4% |
22.8% |
14.7% |
5.7% |
-4.2% |
-14.4% |
-24.6% |
-34.6% |
-44.1% |
-53.0% |
-61.0% |
-68.2% |
-10% |
20% |
23.5% |
22.5% |
19.8% |
15.4% |
9.5% |
2.3% |
-5.8% |
-14.5% |
-23.6% |
-32.8% |
-41.7% |
-50.2% |
-58.1% |
-65.2% |
-71.6% |
-5% |
10% |
10.8% |
10.0% |
7.5% |
3.6% |
-1.7% |
-8.1% |
-15.4% |
-23.3% |
-31.4% |
-39.6% |
-47.7% |
-55.3% |
-62.4% |
-68.8% |
-74.5% |
0% |
0% |
0.0% |
-0.7% |
-3.0% |
-6.5% |
-11.3% |
-17.1% |
-23.7% |
-30.8% |
-38.1% |
-45.5% |
-52.8% |
-59.6% |
-66.0% |
-71.8% |
-77.0% |
5% |
-10% |
-9.3% |
-10.0% |
-12.0% |
-15.2% |
-19.6% |
-24.8% |
-30.8% |
-37.2% |
-43.9% |
-50.6% |
-57.2% |
-63.4% |
-69.2% |
-74.5% |
-79.1% |
10% |
-20% |
-17.4% |
-18.0% |
-19.8% |
-22.7% |
-26.7% |
-31.5% |
-36.9% |
-42.8% |
-48.9% |
-55.0% |
-61.0% |
-66.7% |
-71.9% |
-76.7% |
-81.0% |
15% |
-30% |
-24.4% |
-25.0% |
-26.6% |
-29.3% |
-32.9% |
-37.3% |
-42.3% |
-47.6% |
-53.2% |
-58.8% |
-64.3% |
-69.5% |
-74.3% |
-78.7% |
-82.6% |
20% |
-40% |
-30.6% |
-31.1% |
-32.6% |
-35.1% |
-38.4% |
-42.4% |
-47.0% |
-51.9% |
-57.0% |
-62.2% |
-67.2% |
-72.0% |
-76.4% |
-80.4% |
-84.0% |
25% |
-50% |
-36.0% |
-36.5% |
-37.9% |
-40.2% |
-43.2% |
-46.9% |
-51.1% |
-55.7% |
-60.4% |
-65.1% |
-69.8% |
-74.2% |
-78.3% |
-82.0% |
-85.3% |
30% |
-60% |
-40.8% |
-41.3% |
-42.6% |
-44.7% |
-47.5% |
-50.9% |
-54.8% |
-59.0% |
-63.4% |
-67.8% |
-72.0% |
-76.1% |
-79.9% |
-83.3% |
-86.4% |
35% |
-70% |
-45.1% |
-45.5% |
-46.8% |
-48.7% |
-51.3% |
-54.5% |
-58.1% |
-62.0% |
-66.0% |
-70.1% |
-74.1% |
-77.9% |
-81.4% |
-84.6% |
-87.4% |
40% |
-80% |
-49.0% |
-49.4% |
-50.5% |
-52.3% |
-54.7% |
-57.7% |
-61.1% |
-64.7% |
-68.4% |
-72.2% |
-75.9% |
-79.4% |
-82.7% |
-85.6% |
-88.3% |
45% |
-90% |
-52.4% |
-52.8% |
-53.8% |
-55.5% |
-57.8% |
-60.6% |
-63.7% |
-67.1% |
-70.6% |
-74.1% |
-77.5% |
-80.8% |
-83.8% |
-86.6% |
-89.1% |
50% |
-100% |
-55.6% |
-55.9% |
-56.9% |
-58.5% |
-60.6% |
-63.2% |
-66.1% |
-69.2% |
-72.5% |
-75.8% |
-79.0% |
-82.1% |
-84.9% |
-87.5% |
-89.8% |
55% |
-110% |
-58.4% |
-58.7% |
-59.6% |
-61.1% |
-63.1% |
-65.5% |
-68.2% |
-71.2% |
-74.2% |
-77.3% |
-80.3% |
-83.2% |
-85.9% |
-88.3% |
-90.4% |
60% |
-120% |
-60.9% |
-61.2% |
-62.1% |
-63.5% |
-65.4% |
-67.6% |
-70.2% |
-73.0% |
-75.8% |
-78.7% |
-81.5% |
-84.2% |
-86.7% |
-89.0% |
-91.0% |
During
the month of
|
The
Bloomberg Commodity Balanced WTI
Crude
Oil Index will roll on the second and
third
business days of the month and
beginning
on the fourth business day of the
month
are expected to be comprised of the
following
WTI crude oil futures contracts*
|
The
weighting of the WTI crude oil futures
contracts
comprising the New Oil Index is
reset
to its target weight of 1/3, 1/3 and 1/3 at
the
close of business on the 3rd business day
of |
January
(Current Year) |
April
(Current Year)
June
(Current Year)
December
(Current Year)
|
|
February
(Current Year) |
May
(Current Year)
June
(Current Year)
December
(Current Year)
|
|
March
(Current Year) |
June
(Current Year)
December
(Current Year)
June
(Following Year)
|
March
(Current Year) |
April
(Current Year) |
July
(Current Year)
December
(Current Year)
June
(Following Year)
|
|