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.

See the whole filing, with its images and exhibits

Contents

ProShares Ultra Bloomberg Crude Oil

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $209,066,935 and $149,544,793, respectively)	$209,070,202	$149,575,489
Affiliated investments (cost $230,177,660 and $–, respectively)	230,138,000	—
Cash	65,991,509	101,024,953
Segregated cash balances with brokers for futures contracts	78,549,707	38,125,720
Segregated cash balances with brokers for swap agreements	—	109,128,769
Unrealized appreciation on swap agreements	45,264,234	—
Receivable on open futures contracts	16,472,364	602,246
Receivable for dividends from affiliates	170,842	—
Interest receivable	335,867	368,065
Total assets	645,992,725	398,825,242
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	19,394,977	2,895,283
Payable on open futures contracts	16,026,937	1,426,673
Payable to Sponsor	483,652	314,178
Unrealized depreciation on swap agreements	7,188,612	11,151,121
Total liabilities	43,094,178	15,787,255
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	602,898,547	383,037,987
Total liabilities and shareholders’ equity	$645,992,725	$398,825,242
Shares outstanding	15,543,096	19,843,096
Net asset value per share	$38.79	$19.30
Market value per share (Note 2)	$39.30	$19.32

	Principal Amount	Value
Short-term U.S. government and agency obligations
(35% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26†	$20,000,000	$19,983,956
3.806% due 04/16/26†	50,000,000	49,924,165
3.806% due 05/05/26†	50,000,000	49,829,055
3.832% due 05/07/26†	20,000,000	19,927,200
3.698% due 06/25/26†	70,000,000	69,405,826
Total short-term U.S. government and agency obligations (cost $209,066,935)		$209,070,202
Shares
Affiliated Investments
Exchange Traded Fund
(38% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $230,177,660)	2,300,000	230,138,000
Total Investments in Securities (cost $439,244,595)		$439,208,202

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires June 2026	1,824	$169,923,840	$45,444,474
WTI Crude Oil - NYMEX, expires December 2026	1,920	139,142,400	15,743,198
WTI Crude Oil - Need Exch, expires June 2027	2,013	140,285,970	9,778,548
			$70,966,220

Rate Paid (Received)* · Termination Date · Notional Amount at Value** · Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35%	04/06/26		$67,778,389	$(3,756,664)
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35	04/06/26		294,117,187	21,935,669
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35	04/06/26		89,348,858	6,663,762
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.25	04/06/26		223,254,814	16,664,803
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.30	04/06/26		81,724,115	(3,431,948)
			$38,075,622
Total Unrealized Appreciation			$45,264,234
Total Unrealized Depreciation			$(7,188,612)

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

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

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2026. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

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

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,918,502	$3,505,104
Dividends from affiliates (Note 5)	688,820	—
Total income	2,607,322	3,505,104
Expenses
Management fee	1,118,708	964,913
Brokerage commissions	110,199	46,568
Total expenses	1,228,907	1,011,481
Net investment income (loss)	1,378,415	2,493,623
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	40,149,665	11,158,728
Swap agreements	182,842,525	4,358,133
Affiliated investments	(16,800)	—
Payment from affiliate (Note 5)	29,086	—
Net realized gain (loss)	223,004,476	15,516,861
Change in net unrealized appreciation (depreciation) on
Futures contracts	74,655,327	1,014,203
Swap agreements	49,226,743	(1,449,698)
Short-term U.S. government and agency obligations	(27,429)	(28,855)
Affiliated investments	(39,660)	—
Change in net unrealized appreciation (depreciation)	123,814,981	(464,350)
Net realized and unrealized gain (loss)	346,819,457	15,052,511
Net income (loss)	$348,197,872	$17,546,134

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$383,037,987	$523,420,064
Addition of 15,350,000 and 5,700,000 shares, respectively	519,928,114	145,515,138
Redemption of 19,650,000 and 8,800,000 shares, respectively	(648,265,426)	(254,017,509)
Net addition (redemption) of (4,300,000) and (3,100,000) shares, respectively	(128,337,312)	(108,502,371)
Net investment income (loss)	1,378,415	2,493,623
Net realized gain (loss)	223,004,476	15,516,861
Change in net unrealized appreciation (depreciation)	123,814,981	(464,350)
Net income (loss)	348,197,872	17,546,134
Shareholders’ equity, end of period	$602,898,547	$432,463,827

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$348,197,872	$17,546,134
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	(258,572,840)	(522,138,550)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	200,000,000	435,000,000
Cost of affiliated investments purchased	(250,204,460)	—
Proceeds from affiliated investments sold	20,010,000	—
Net amortization and accretion on short-term U.S. government and agency obligations	(949,302)	(2,005,913)
Net realized (gain) loss on investments	16,800	—
Change in unrealized (appreciation) depreciation on investments	(49,159,654)	1,478,553
Decrease (Increase) in receivable on open futures contracts	(15,870,118)	(2,822,327)
Decrease (Increase) in receivable for dividends from affiliates	(170,842)	—
Decrease (Increase) in interest receivable	32,198	172,688
Increase (Decrease) in payable to Sponsor	169,474	(100,900)
Increase (Decrease) in payable on open futures contracts	14,600,264	(70,422)
Net cash provided by (used in) operating activities	8,099,392	(72,940,737)
Cash flow from financing activities
Proceeds from addition of shares	519,928,114	145,515,138
Payment on shares redeemed	(631,765,732)	(251,340,864)
Net cash provided by (used in) financing activities	(111,837,618)	(105,825,726)
Net increase (decrease) in cash	(103,738,226)	(178,766,463)
Cash, beginning of period	248,279,442	385,855,334
Cash, end of period	$144,541,216	$207,088,871

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.