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

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Contents

ProShares Ultra Gold

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $439,384,498 and $548,601,553, respectively)	$439,383,527	$548,706,159
Affiliated investments (cost $340,136,000 and $–, respectively)	340,238,000	—
Cash	159,143,584	379,927,481
Segregated cash balances with brokers for futures contracts	95,342,255	59,232,000
Segregated cash balances with brokers for swap agreements	—	18,097,800
Unrealized appreciation on swap agreements	20,532,095	28,676,455
Receivable on open futures contracts	20,441,430	—
Receivable for dividends from affiliates	232,346	—
Interest receivable	761,821	662,431
Total assets	1,076,075,058	1,035,302,326
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	9,085,032	5,589,989
Payable on open futures contracts	—	14,210,474
Payable to Sponsor	921,012	814,922
Unrealized depreciation on swap agreements	12,205,793	—
Total liabilities	22,211,837	20,615,385
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	1,053,863,221	1,014,686,941
Total liabilities and shareholders’ equity	$1,076,075,058	$1,035,302,326
Shares outstanding	17,400,000	18,150,000
Net asset value per share	$60.57	$55.91
Market value per share (Note 2)	$61.46	$55.52

	Principal Amount	Value
Short-term U.S. government and agency obligations
(42% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$150,000,000	$149,879,670
3.806% due 04/16/26†	250,000,000	249,620,825
3.721% due 04/30/26†	40,000,000	39,883,032
Total short-term U.S. government and agency obligations (cost $439,384,498)		$439,383,527
Shares
Affiliated Investments
Exchange Traded Fund
(32% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $340,136,000)	3,400,000	340,238,000
Total Investments in Securities (cost $779,520,498)		$779,621,527

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires June 2026	2,226	$1,041,456,360	$(77,975,258)

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex	0.25%	04/06/26	$599,822,238	$8,801,555
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.25	04/06/26	109,842,924	(12,205,793)
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	04/06/26	355,972,374	11,730,540
				$8,326,302
Total Unrealized Appreciation				$20,532,095
Total Unrealized Depreciation				$(12,205,793)

(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	$8,089,763	$3,738,547
Dividends from affiliates (Note 5)	1,432,237	—
Total income	9,522,000	3,738,547
Expenses
Management fee	2,929,923	863,544
Brokerage commissions	54,156	19,344
Total expenses	2,984,079	882,888
Net investment income (loss)	6,537,921	2,855,659
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	144,972,749	29,332,072
Swap agreements	83,721,741	29,096,514
Affiliated investments	86,550	—
Payment from affiliate (Note 5)	71,622	—
Net realized gain (loss)	228,852,662	58,428,586
Change in net unrealized appreciation (depreciation) on
Futures contracts	(115,273,537)	30,133,001
Swap agreements	(20,350,153)	25,913,603
Short-term U.S. government and agency obligations	(105,577)	(21,886)
Affiliated investments	102,000	—
Change in net unrealized appreciation (depreciation)	(135,627,267)	56,024,718
Net realized and unrealized gain (loss)	93,225,395	114,453,304
Net income (loss)	$99,763,316	$117,308,963

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$1,014,686,941	$289,709,332
Addition of 6,150,000 and 3,400,000 shares, respectively (Note 1)	404,597,108	96,700,763
Redemption of 6,900,000 and 800,000 shares, respectively (Note 1)	(465,184,144)	(23,099,633)
Net addition (redemption) of (750,000) and 2,600,000 shares, respectively (Note 1)	(60,587,036)	73,601,130
Net investment income (loss)	6,537,921	2,855,659
Net realized gain (loss)	228,852,662	58,428,586
Change in net unrealized appreciation (depreciation)	(135,627,267)	56,024,718
Net income (loss)	99,763,316	117,308,963
Shareholders’ equity, end of period	$1,053,863,221	$480,619,425

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$99,763,316	$117,308,963
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	(986,620,839)	(616,446,985)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	1,100,000,000	445,000,000
Cost of affiliated investments purchased	(520,242,150)	—
Proceeds from affiliated investments sold	180,192,700	—
Net amortization and accretion on short-term U.S. government and agency obligations	(4,162,106)	(2,159,417)
Net realized (gain) loss on investments	(86,550)	—
Change in unrealized (appreciation) depreciation on investments	20,353,730	(25,891,717)
Decrease (Increase) in receivable on open futures contracts	(20,441,430)	(4,083,959)
Decrease (Increase) in receivable for dividends from affiliates	(232,346)	—
Decrease (Increase) in interest receivable	(99,390)	(233,766)
Increase (Decrease) in payable to Sponsor	106,090	94,477
Increase (Decrease) in payable on open futures contracts	(14,210,474)	—
Net cash provided by (used in) operating activities	(145,679,449)	(86,412,404)
Cash flow from financing activities
Proceeds from addition of shares	404,597,108	96,700,763
Payment on shares redeemed	(461,689,101)	(23,099,633)
Net cash provided by (used in) financing activities	(57,091,993)	73,601,130
Net increase (decrease) in cash	(202,771,442)	(12,811,274)
Cash, beginning of period	457,257,281	215,158,372
Cash, end of period	$254,485,839	$202,347,098

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.