ProShares Trust II, a Delaware statutory trust, operates sixteen separate series (Funds) offering leveraged, inverse, or matching daily performance targets for various benchmarks including VIX futures, crude oil, natural gas, gold, silver, Euro, and Japanese Yen. The Trust's combined net income for the year ended December 31, 2025, was $1,711,915,524, a substantial improvement from a net loss of $39,371,749 in 2024. Combined net realized and unrealized gains on investment activity surged to $1,620,485,059 in 2025, compared to a loss of $142,820,578 in 2024. Total assets for the combined Trust increased to $6,062,940,882 in 2025 from $3,151,924,172 in 2024, while shareholders' equity rose to $5,724,069,329 from $3,025,133,601. Individual fund performance varied significantly: ProShares Ultra Silver saw a 364.7% increase in NAV per share, and ProShares Ultra Gold increased by 139.3%. Conversely, ProShares Ultra VIX Short-Term Futures ETF experienced a 65.5% decrease in NAV per share, and ProShares Ultra Bloomberg Natural Gas decreased by 58.9%. The expense ratio for most funds, excluding brokerage commissions and futures account fees, remained at 0.95% (0.85% for Matching VIX Funds). Several share splits and reverse splits were executed across various funds in 2023, 2024, and 2025, which did not change the aggregate net asset value of shareholders' investments. The Trust's cybersecurity management program is based on the NIST Cybersecurity Framework and is integrated into the Sponsor's enterprise risk management system, with regular assessments and employee training.