ProShares Trust II

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

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FY2025 · Filed Feb 26, 2026

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

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Contents

ProShares UltraShort Bloomberg Crude Oil

	December 31, 2025	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $44,906,073 and $—, respectively)	$44,913,599	$—
Cash	19,951,883	88,861,451
Segregated cash balances with brokers for futures contracts	22,519,576	31,873,660
Receivable from capital shares sold	981,948	3,386,356
Receivable on open futures contracts	1,186,923	—
Interest receivable	124,609	341,824
Total assets	89,678,538	124,463,291
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	139,029	2,372,844
Payable to Sponsor	73,119	93,113
Total liabilities	212,148	2,465,957
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	89,466,390	121,997,334
Total liabilities and shareholders’ equity	$89,678,538	$124,463,291
Shares outstanding	4,555,220	7,205,220
Net asset value per share	$19.64	$16.93
Market value per share (Note 2)	$19.61	$16.92

	Principal Amount	Value
Short-term U.S. government and agency obligations
(50% of shareholders’ equity)
U.S. Treasury Bills^^:
3.986% due 01/06/26	$20,000,000	$19,992,266
3.699% due 02/03/26	25,000,000	24,921,333
Total short-term U.S. government and agency obligations (cost $44,906,073)		$44,913,599

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires March 2026	1,035	$59,222,700	$1,030,474
WTI Crude Oil - NYMEX, expires June 2026	1,048	59,746,480	6,670,215
WTI Crude Oil - NYMEX, expires December 2026	1,053	59,936,760	4,324,429
			$12,025,118

^^	Rates shown represent discount rate at the time of purchase.

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires March 2025	1,140	$81,225,000	$(2,847,040)
WTI Crude Oil - NYMEX, expires June 2025	1,167	81,888,390	1,888,681
WTI Crude Oil - NYMEX, expires December 2025	1,186	80,873,340	(697,033)
			$(1,655,392)

	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$5,201,591	$7,561,479	$8,581,404
Expenses
Management fee	1,317,020	1,518,281	1,871,453
Brokerage commissions	208,797	183,413	242,865
Total expenses	1,525,817	1,701,694	2,114,318
Net investment income (loss)	3,675,774	5,859,785	6,467,086
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	59,511,592	4,429,612	12,379,340
Short-term U.S. government and agency obligations	(483)	6,958	(11,670)
Net realized gain (loss)	59,511,109	4,436,570	12,367,670
Change in net unrealized appreciation (depreciation) on
Futures contracts	13,680,510	(24,091,711)	12,191,426
Short-term U.S. government and agency obligations	7,526	(9,962)	(9,665)
Change in net unrealized appreciation (depreciation)	13,688,036	(24,101,673)	12,181,761
Net realized and unrealized gain (loss)	73,199,145	(19,665,103)	24,549,431
Net income (loss)	$76,874,919	$(13,805,318)	$31,016,517

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$121,997,334	$188,963,592	$222,697,337
Addition of 29,100,000, 19,500,000 and 32,700,000 shares, respectively	478,540,971	332,554,759	695,900,455
Redemption of 31,750,000, 21,400,000 and 32,900,000 shares, respectively	(587,946,834)	(385,715,699)	(760,650,717)
Net addition (redemption) of (2,650,000), (1,900,000) and (200,000) shares, respectively	(109,405,863)	(53,160,940)	(64,750,262)
Net investment income (loss)	3,675,774	5,859,785	6,467,086
Net realized gain (loss)	59,511,109	4,436,570	12,367,670
Change in net unrealized appreciation (depreciation)	13,688,036	(24,101,673)	12,181,761
Net income (loss)	76,874,919	(13,805,318)	31,016,517
Shareholders’ equity, end of period	$89,466,390	$121,997,334	$188,963,592

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$76,874,919	$(13,805,318)	$31,016,517
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations	(407,880,496)	(326,289,323)	(975,397,647)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	364,917,637	379,998,987	1,019,874,276
Net amortization and accretion on short-term U.S. government and agency obligations	(1,943,697)	(4,028,783)	(4,754,914)
Net realized (gain) loss on investments	483	(6,958)	11,670
Change in unrealized (appreciation) depreciation on investments	(7,526)	9,962	9,665
Decrease (Increase) in receivable on open futures contracts	(1,186,923)	654,887	949,960
Decrease (Increase) in interest receivable	217,215	(56,214)	99,246
Increase (Decrease) in payable to Sponsor	(19,994)	(42,245)	(73,244)
Increase (Decrease) in brokerage commissions payable	—	(3,509)	(625)
Increase (Decrease) in payable on open futures contracts	(2,233,815)	2,372,844	(7,102,680)
Net cash provided by (used in) operating activities	28,737,803	38,804,330	64,632,224
Cash flow from financing activities
Proceeds from addition of shares	480,945,379	329,168,403	695,942,149
Payment on shares redeemed	(587,946,834)	(388,811,790)	(758,811,716)
Net cash provided by (used in) financing activities	(107,001,455)	(59,643,387)	(62,869,567)
Net increase (decrease) in cash	(78,263,652)	(20,839,057)	1,762,657
Cash, beginning of period	120,735,111	141,574,168	139,811,511
Cash, end of period	$42,471,459	$120,735,111	$141,574,168

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