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 UltraShort Euro

	December 31, 2025	December 31, 2024
Assets
Cash	$31,282,858	$36,236,198
Segregated cash balances with brokers for foreign currency forward contracts	4,541,088	4,402,112
Unrealized appreciation on foreign currency forward contracts	7,632	1,189,827
Interest receivable	95,777	129,971
Total assets	35,927,355	41,958,108
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	28,744	32,657
Unrealized depreciation on foreign currency forward contracts	400,006	32,777
Total liabilities	428,750	65,434
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	35,498,605	41,892,674
Total liabilities and shareholders’ equity	$35,927,355	$41,958,108
Shares outstanding	1,250,000	1,200,000
Net asset value per share	$28.40	$34.91
Market value per share (Note 2)	$28.33	$34.92

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	963,000	$1,131,686	$(2,964)
Euro with UBS AG	01/09/26	2,568,000	3,017,831	7,632
			Total Unrealized Appreciation	$4,668
Contracts to Sell
Euro with Goldman Sachs International	01/09/26	(31,354,263)	$(36,846,510)	$(199,475)
Euro with UBS AG	01/09/26	(32,587,199)	(38,295,416)	(197,567)
			Total Unrealized Depreciation	$(397,042)

^	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 UBS AG	01/10/25	3,395,000	$3,518,153	$(32,777)
			Total Unrealized Depreciation	$(32,777)
Contracts to Sell
Euro with Goldman Sachs International	01/10/25	(38,554,263)	$(39,952,817)	$584,165
Euro with UBS AG	01/10/25	(45,657,199)	(47,313,413)	605,662
			Total Unrealized Appreciation	$1,189,827

^	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	$1,256,855	$1,650,526	$2,251,539
Expenses
Management fee	336,251	360,078	505,085
Total expenses	336,251	360,078	505,085
Net investment income (loss)	920,604	1,290,448	1,746,454
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	(6,436,050)	2,509,965	(2,624,737)
Short-term U.S. government and agency obligations	119	4,641	—
Net realized gain (loss)	(6,435,931)	2,514,606	(2,624,737)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	(1,549,424)	3,005,829	612,477
Short-term U.S. government and agency obligations	—	—	(4,802)
Change in net unrealized appreciation (depreciation)	(1,549,424)	3,005,829	607,675
Net realized and unrealized gain (loss)	(7,985,355)	5,520,435	(2,017,062)
Net income (loss)	$(7,064,751)	$6,810,883	$(270,608)

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$41,892,674	$39,367,550	$75,113,179
Addition of 600,000, 250,000 and 300,000 shares, respectively	17,664,628	8,047,610	9,033,520
Redemption of 550,000, 400,000 and 1,500,000 shares, respectively	(16,993,946)	(12,333,369)	(44,508,541)
Net addition (redemption) of 50,000, (150,000) and (1,200,000) shares, respectively	670,682	(4,285,759)	(35,475,021)
Net investment income (loss)	920,604	1,290,448	1,746,454
Net realized gain (loss)	(6,435,931)	2,514,606	(2,624,737)
Change in net unrealized appreciation (depreciation)	(1,549,424)	3,005,829	607,675
Net income (loss)	(7,064,751)	6,810,883	(270,608)
Shareholders’ equity, end of period	$35,498,605	$41,892,674	$39,367,550

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$(7,064,751)	$6,810,883	$(270,608)
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	—	—	(54,925,175)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	119	4,641	95,000,000
Net amortization and accretion on short-term U.S. government and agency obligations	—	—	(83,003)
Net realized (gain) loss on investments	(119)	(4,641)	—
Change in unrealized (appreciation) depreciation on investments	1,549,424	(3,005,829)	(607,675)
Decrease (Increase) in interest receivable	34,194	29,388	(49,529)
Increase (Decrease) in payable to Sponsor	(3,913)	(715)	(30,003)
Net cash provided by (used in) operating activities	(5,485,046)	3,833,727	39,034,007
Cash flow from financing activities
Proceeds from addition of shares	17,664,628	8,047,610	9,033,520
Payment on shares redeemed	(16,993,946)	(12,333,369)	(44,508,541)
Net cash provided by (used in) financing activities	670,682	(4,285,759)	(35,475,021)
Net increase (decrease) in cash	(4,814,364)	(452,032)	3,558,986
Cash, beginning of period	40,638,310	41,090,342	37,531,356
Cash, end of period	$35,823,946	$40,638,310	$41,090,342

F-

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