ProShares Trust – ProShares Ultra CRCL is a U.S.-domiciled, non-diversified exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of the Class A common shares of Circle Internet Group, Inc. (NYSE Arca: CRCL). Managed by ProShare Advisors LLC and distributed by SEI Investments Distribution Co., the fund provides leveraged, single-stock exposure to Circle through a brokerage-traded ETF structure. ProShares Ultra CRCL principally uses total-return swap agreements linked to CRCL, including agreements with Bank of America, Barclays Capital, Cantor Fitzgerald, Citibank, Goldman Sachs International, Marex, Nomura and Société Générale, and maintains cash and other assets and liabilities to support its investment strategy. The fund is designed for investors seeking amplified daily exposure to Circle, which provides stablecoin and blockchain infrastructure and issues the U.S. dollar-denominated USDC and euro-denominated EURC stablecoins. Shares trade on NYSE Arca under the ticker CRCA, with options available, quarterly distributions, a 1.08% gross expense ratio and a 0.95% net expense ratio subject to a contractual fee waiver through September 30, 2026. ProShares Ultra CRCL was launched on August 6, 2025, representing ProShares’ first ETF designed to target two times the daily returns of Circle Internet Group following Circle’s public listing. As of September 9, 2026, the fund reported net assets of approximately $128.2 million and continued to maintain its leveraged CRCL exposure primarily through swap contracts. ProShares Trust is headquartered in Bethesda, Maryland, United States.