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 Yen

	December 31, 2025	December 31, 2024
Assets
Cash	$31,050,946	$21,059,078
Segregated cash balances with brokers for foreign currency forward contracts	3,552,908	2,736,018
Unrealized appreciation on foreign currency forward contracts	955,069	2,283,588
Interest receivable	97,946	76,797
Total assets	35,656,869	26,155,481
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	29,619	19,957
Unrealized depreciation on foreign currency forward contracts	110,834	55,229
Total liabilities	140,453	75,186
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	35,516,416	26,080,295
Total liabilities and shareholders’ equity	$35,656,869	$26,155,481
Shares outstanding	697,160	547,160
Net asset value per share	$50.94	$47.66
Market value per share (Note 2)	$50.90	$46.68

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International	01/09/26	374,199,000	$2,390,183	$(11,672)
Yen with UBS AG	01/09/26	2,050,605,000	13,098,163	(99,162)
			Total Unrealized Depreciation	$(110,834)
Contracts to Sell
Yen with Goldman Sachs International	01/09/26	(5,850,788,165)	$(37,371,693)	$447,018
Yen with UBS AG	01/09/26	(7,696,434,424)	(49,160,690)	508,051
			Total Unrealized Appreciation	$955,069

^	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.

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International	01/10/25	174,930,000	$1,113,126	$(43,263)
Yen with UBS AG	01/10/25	340,324,000	2,165,573	(11,966)
			Total Unrealized Depreciation	$(55,229)
Contracts to Sell
Yen with Goldman Sachs International	01/10/25	(4,370,333,165)	$(27,809,592)	$1,297,175
Yen with UBS AG	01/10/25	(4,340,303,574)	(27,618,506)	986,413
			Total Unrealized Appreciation	$2,283,588

^	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	$965,246	$1,493,002	$1,052,461
Expenses
Management fee	258,166	324,236	233,492
Total expenses	258,166	324,236	233,492
Net investment income (loss)	707,080	1,168,766	818,969
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	3,784,192	4,749,696	2,979,874
Short-term U.S. government and agency obligations	91	3,541	—
Net realized gain (loss)	3,784,283	4,753,237	2,979,874
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	(1,384,124)	3,540,284	1,715,508
Short-term U.S. government and agency obligations	—	—	(2,761)
Change in net unrealized appreciation (depreciation)	(1,384,124)	3,540,284	1,712,747
Net realized and unrealized gain (loss)	2,400,159	8,293,521	4,692,621
Net income (loss)	$3,107,239	$9,462,287	$5,511,590

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$26,080,295	$24,010,010	$21,397,736
Addition of 1,050,000, 900,000 and 1,100,000 shares, respectively	46,962,430	37,504,826	33,387,001
Redemption of 900,000, 1,050,000 and 1,200,000 shares, respectively	(40,633,548)	(44,896,828)	(36,286,317)
Net addition (redemption) of 150,000, (150,000) and (100,000) shares, respectively	6,328,882	(7,392,002)	(2,899,316)
Net investment income (loss)	707,080	1,168,766	818,969
Net realized gain (loss)	3,784,283	4,753,237	2,979,874
Change in net unrealized appreciation (depreciation)	(1,384,124)	3,540,284	1,712,747
Net income (loss)	3,107,239	9,462,287	5,511,590
Shareholders’ equity, end of period	$35,516,416	$26,080,295	$24,010,010

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$3,107,239	$9,462,287	$5,511,590
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sales or maturities of short-term U.S. government and agency obligations	91	3,541	23,000,000
Net amortization and accretion on short-term U.S. government and agency obligations	—	—	(4,702)
Net realized (gain) loss on investments	(91)	(3,541)	—
Change in unrealized (appreciation) depreciation on investments	1,384,124	(3,540,284)	(1,712,747)
Decrease (Increase) in interest receivable	(21,149)	23,487	(64,213)
Increase (Decrease) in payable to Sponsor	9,662	(719)	(8,957)
Net cash provided by (used in) operating activities	4,479,876	5,944,771	26,720,971
Cash flow from financing activities
Proceeds from addition of shares	46,962,430	37,504,826	33,387,001
Payment on shares redeemed	(40,633,548)	(44,896,828)	(38,969,772)
Net cash provided by (used in) financing activities	6,328,882	(7,392,002)	(5,582,771)
Net increase (decrease) in cash	10,808,758	(1,447,231)	21,138,200
Cash, beginning of period	23,795,096	25,242,327	4,104,127
Cash, end of period	$34,603,854	$23,795,096	$25,242,327

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.