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 Ultra Bloomberg Natural Gas

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $79,900,229 and $234,217,281, respectively)	$79,900,099	$234,273,034
Affiliated investments (cost $140,103,500 and $–, respectively)	140,084,000	—
Cash	12,277,896	141,320,716
Segregated cash balances with brokers for futures contracts	158,971,864	199,013,298
Receivable from capital shares sold	801,426	28,186,350
Receivable on open futures contracts	8,629,404	—
Receivable for dividends from affiliates	95,672	—
Interest receivable	441,234	581,253
Total assets	401,201,595	603,374,651
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	21,638,513	—
Payable on open futures contracts	583,704	67,963,288
Brokerage commissions and futures account fees payable	14,762	14,860
Payable to Sponsor	335,922	417,836
Total liabilities	22,572,901	68,395,984
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	378,628,694	534,978,667
Total liabilities and shareholders’ equity	$401,201,595	$603,374,651
Shares outstanding	23,623,047	23,723,047
Net asset value per share	$16.03	$22.55
Market value per share (Note 2)	$16.12	$22.90

	Principal Amount	Value
Short-term U.S. government and agency obligations
(21% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$30,000,000	$29,975,934
3.806% due 04/16/26	50,000,000	49,924,165
Total short-term U.S. government and agency obligations (cost $79,900,229)		$79,900,099
Shares
Affiliated Investments
Exchange Traded Fund
(37% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $140,103,500)	1,400,000	140,084,000
Total Investments in Securities (cost $220,003,729)		$219,984,099

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires May 2026	26,254	$757,165,360	$(26,247,510)

(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	$2,773,682	$2,901,053
Dividends from affiliates (Note 5)	433,333	—
Total income	3,207,015	2,901,053
Expenses
Management fee	1,043,751	703,053
Brokerage commissions	412,561	282,155
Futures accounts fees	47,215	98,538
Total expenses	1,503,527	1,083,746
Net investment income (loss)	1,703,488	1,817,307
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	72,377,815	222,605,228
Short-term U.S. government and agency obligations	9,528	—
Payment from affiliate (Note 5)	18,760	—
Net realized gain (loss)	72,406,103	222,605,228
Change in net unrealized appreciation (depreciation) on
Futures contracts	105,849,362	(42,112,222)
Short-term U.S. government and agency obligations	(55,883)	(26,671)
Affiliated investments	(19,500)	—
Change in net unrealized appreciation (depreciation)	105,773,979	(42,138,893)
Net realized and unrealized gain (loss)	178,180,082	180,466,335
Net income (loss)	$179,883,570	$182,283,642

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$534,978,667	$396,081,499
Addition of 53,500,000 and 5,300,000 shares, respectively	942,689,519	339,318,516
Redemption of 53,600,000 and 9,800,000 shares, respectively	(1,278,923,062)	(685,446,154)
Net addition (redemption) of (100,000) and (4,500,000) shares, respectively	(336,233,543)	(346,127,638)
Net investment income (loss)	1,703,488	1,817,307
Net realized gain (loss)	72,406,103	222,605,228
Change in net unrealized appreciation (depreciation)	105,773,979	(42,138,893)
Net income (loss)	179,883,570	182,283,642
Shareholders’ equity, end of period	$378,628,694	$232,237,503

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$179,883,570	$182,283,642
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	(174,300,461)	(343,123,466)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	329,617,287	345,000,000
Cost of affiliated investments purchased	(140,103,500)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(990,246)	(1,347,138)
Net realized (gain) loss on investments	(9,528)	—
Change in unrealized (appreciation) depreciation on investments	75,383	26,671
Decrease (Increase) in receivable on open futures contracts	(8,629,404)	(4,539,416)
Decrease (Increase) in receivable for dividends from affiliates	(95,672)	—
Decrease (Increase) in interest receivable	140,019	347,353
Increase (Decrease) in payable to Sponsor	(81,914)	(202,663)
Increase (Decrease) in brokerage commissions and futures account fees payable	(98)	(10,861)
Increase (Decrease) in payable on open futures contracts	(67,379,584)	(36,494,088)
Net cash provided by (used in) operating activities	118,125,852	141,940,034
Cash flow from financing activities
Proceeds from addition of shares	970,074,443	346,020,820
Payment on shares redeemed	(1,257,284,549)	(685,446,154)
Net cash provided by (used in) financing activities	(287,210,106)	(339,425,334)
Net increase (decrease) in cash	(169,084,254)	(197,485,300)
Cash, beginning of period	340,334,014	323,011,189
Cash, end of period	$171,249,760	$125,525,889

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.