Core Viewpoint - The ProShares Ultra Yen (YCL US) aims to deliver approximately twice the daily return of the Japanese yen against the U.S. dollar through a dynamically managed portfolio of financial instruments rather than holding physical currency [1] Investment Strategy - The fund utilizes a portfolio constructed from swap agreements, futures, and forward contracts that reference the JPYUSD exchange rate [1] - A rules-based model determines the mix and notional size of these instruments to maintain aggregate exposure close to 200 percent of the benchmark at each net asset value calculation [1] - Unencumbered cash is invested in USD cash equivalents, including U.S. Treasury bills and high-quality short-term fixed income, which also serve as margin and collateral [1] Portfolio Management - The portfolio is adjusted daily to reflect movements in the yen, changes in contract values, and investor flows [1] - Positions are resized rather than tactically timed, allowing longer-horizon outcomes to reflect compounding of leveraged, path-dependent daily returns [1]

Innovator 1 Yr February (ZFEB US) – Portfolio Construction MethodologyThe investment strategy governing the actively managed Innovator 1 Yr February seeks to deliver large-cap U.S. equity exposure using an equity defined protection framework on a February outcome schedule. The fund targets the price performance of the SPDR S&P 500 ETF Trust over an approximately one-year Outcome Period from early February to late January, while seeking full downside protection and accepting a stated upside cap before fees a ...