ProShares Trust II

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ProShares Ultra Euro

	December 31, 2025	December 31, 2024
Assets
Cash	$5,185,710	$5,285,126
Segregated cash balances with brokers for foreign currency forward contracts	666,667	618,421
Unrealized appreciation on foreign currency forward contracts	62,719	2,312
Interest receivable	15,545	19,473
Total assets	5,930,641	5,925,332
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	4,756	4,736
Unrealized depreciation on foreign currency forward contracts	29	169,440
Total liabilities	4,785	174,176
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	5,925,856	5,751,156
Total liabilities and shareholders’ equity	$5,930,641	$5,925,332
Shares outstanding	450,000	550,000
Net asset value per share	$13.17	$10.46
Market value per share (Note 2)	$13.16	$10.45

Foreign Currency Forward Contracts^

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International	01/09/26	4,947,921	$5,814,636	$31,315
Euro with UBS AG	01/09/26	5,176,502	6,083,256	31,404
			Total Unrealized Appreciation	$62,719
Contracts to Sell
Euro with UBS AG	01/09/26	(40,000)	$(47,007)	$(29)
			Total Unrealized Depreciation	$(29)

^	The positions and counterparties herein are as of December 31, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

Foreign Currency Forward Contracts^

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International	01/10/25	5,751,921	$5,960,572	$(85,224)
Euro with UBS AG	01/10/25	5,694,502	5,901,069	(84,216)
			Total Unrealized Depreciation	$(169,440)
Contracts to Sell
Euro with Goldman Sachs International	01/10/25	(58,000)	$(60,104)	$1,109
Euro with UBS AG	01/10/25	(287,000)	(297,410)	1,203
			Total Unrealized Appreciation	$2,312

^	The positions and counterparties herein are as of December 31, 2024. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$238,995	$270,617	$343,876
Expenses
Management fee	63,712	56,629	77,062
Total expenses	63,712	56,629	77,062
Net investment income (loss)	175,283	213,988	266,814
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	852,316	(576,761)	293,493
Net realized gain (loss)	852,316	(576,761)	293,493
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	229,818	(474,077)	(108,707)
Change in net unrealized appreciation (depreciation)	229,818	(474,077)	(108,707)
Net realized and unrealized gain (loss)	1,082,134	(1,050,838)	184,786
Net income (loss)	$1,257,417	$(836,850)	$451,600

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$5,751,156	$7,114,015	$10,704,662
Addition of 200,000, 250,000 and 300,000 shares, respectively	2,513,699	2,873,054	3,458,223
Redemption of 300,000, 300,000 and 650,000 shares, respectively	(3,596,416)	(3,399,063)	(7,500,470)
Net addition (redemption) of (100,000), (50,000) and (350,000) shares, respectively	(1,082,717)	(526,009)	(4,042,247)
Net investment income (loss)	175,283	213,988	266,814
Net realized gain (loss)	852,316	(576,761)	293,493
Change in net unrealized appreciation (depreciation)	229,818	(474,077)	(108,707)
Net income (loss)	1,257,417	(836,850)	451,600
Shareholders’ equity, end of period	$5,925,856	$5,751,156	$7,114,015

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$1,257,417	$(836,850)	$451,600
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments	(229,818)	474,077	108,707
Decrease (Increase) in interest receivable	3,928	7,746	13,202
Increase (Decrease) in payable to Sponsor	20	(876)	(5,221)
Net cash provided by (used in) operating activities	1,031,547	(355,903)	568,288
Cash flow from financing activities
Proceeds from addition of shares	2,513,699	2,873,054	3,458,223
Payment on shares redeemed	(3,596,416)	(3,399,063)	(7,500,470)
Net cash provided by (used in) financing activities	(1,082,717)	(526,009)	(4,042,247)
Net increase (decrease) in cash	(51,170)	(881,912)	(3,473,959)
Cash, beginning of period	5,903,547	6,785,459	10,259,418
Cash, end of period	$5,852,377	$5,903,547	$6,785,459

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.