ProShares Trust II

For the period ended Mar 31, 2026. Filed May 8, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 8, 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 Short VIX Short-Term Futures ETF

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $34,940,141 and $59,898,070, respectively)	$34,940,093	$59,907,798
Affiliated investments (cost $60,024,000 and $–, respectively)	60,042,000	—
Cash	29,866,506	87,603,058
Segregated cash balances with brokers for futures contracts	57,509,556	93,632,448
Receivable on open futures contracts	6,541,539	1,909,294
Receivable for dividends from affiliates	41,002	—
Interest receivable	175,081	340,241
Total assets	189,115,777	243,392,839
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	5,002,982	851,049
Brokerage commissions and futures account fees payable	4,372	6,400
Payable to Sponsor	139,200	184,353
Total liabilities	5,146,554	1,041,802
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	183,969,223	242,351,037
Total liabilities and shareholders’ equity	$189,115,777	$243,392,839
Shares outstanding	4,018,614	4,368,614
Net asset value per share	$45.78	$55.48
Market value per share (Note 2)	$45.80	$55.38

	Principal Amount	Value
Short-term U.S. government and agency obligations
(19% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$20,000,000	$19,983,956
3.721% due 04/30/26	15,000,000	14,956,137
Total short-term U.S. government and agency obligations (cost $34,940,141)		$34,940,093
Shares
Affiliated Investments
Exchange Traded Fund
(33% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $60,024,000)	600,000	60,042,000
Total Investments in Securities (cost $94,964,141)		$94,982,093

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2026	1,763	$44,114,491	$(3,180,824)
VIX Futures - Cboe, expires May 2026	1,955	47,725,460	(119,851)
			$(3,300,675)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of March 31, 2026.

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

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,222,045	$2,155,917
Dividends from affiliates (Note 5)	207,569	—
Total income	1,429,614	2,155,917
Expenses
Management fee	489,767	555,389
Brokerage commissions	99,968	127,212
Futures accounts fees	13,858	25,697
Total expenses	603,593	708,298
Net investment income (loss)	826,021	1,447,619
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(18,705,613)	(17,636,853)
Affiliated investments	5,000	—
Payment from affiliate (Note 5)	10,202	—
Net realized gain (loss)	(18,690,411)	(17,636,853)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(19,000,272)	(235,275)
Short-term U.S. government and agency obligations	(9,776)	(7,663)
Affiliated investments	18,000	—
Change in net unrealized appreciation (depreciation)	(18,992,048)	(242,938)
Net realized and unrealized gain (loss)	(37,682,459)	(17,879,791)
Net income (loss)	$(36,856,438)	$(16,432,172)

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$242,351,037	$266,090,233
Addition of 500,000 and 2,250,000 shares, respectively	23,792,592	106,382,989
Redemption of 850,000 and 2,500,000 shares, respectively	(45,317,968)	(123,933,194)
Net addition (redemption) of (350,000) and (250,000) shares, respectively	(21,525,376)	(17,550,205)
Net investment income (loss)	826,021	1,447,619
Net realized gain (loss)	(18,690,411)	(17,636,853)
Change in net unrealized appreciation (depreciation)	(18,992,048)	(242,938)
Net income (loss)	(36,856,438)	(16,432,172)
Shareholders’ equity, end of period	$183,969,223	$232,107,856

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(36,856,438)	$(16,432,172)
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	(109,585,263)	(253,581,889)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	135,000,000	190,000,000
Cost of affiliated investments purchased	(70,028,000)	—
Proceeds from affiliated investments sold	10,009,000	—
Net amortization and accretion on short-term U.S. government and agency obligations	(456,808)	(870,531)
Net realized (gain) loss on investments	(5,000)	—
Change in unrealized (appreciation) depreciation on investments	(8,224)	7,663
Decrease (Increase) in receivable on open futures contracts	(4,632,245)	(500,216)
Decrease (Increase) in receivable for dividends from affiliates	(41,002)	—
Decrease (Increase) in interest receivable	165,160	(30,416)
Increase (Decrease) in payable to Sponsor	(45,153)	(24,674)
Increase (Decrease) in brokerage commissions and futures account fees payable	(2,028)	(469)
Increase (Decrease) in payable on open futures contracts	4,151,933	(1,011,830)
Net cash provided by (used in) operating activities	(72,334,068)	(82,444,534)
Cash flow from financing activities
Proceeds from addition of shares	23,792,592	106,382,989
Payment on shares redeemed	(45,317,968)	(123,933,194)
Net cash provided by (used in) financing activities	(21,525,376)	(17,550,205)
Net increase (decrease) in cash	(93,859,444)	(99,994,739)
Cash, beginning of period	181,235,506	241,154,040
Cash, end of period	$87,376,062	$141,159,301

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.