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$19.74+5.2%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ProShares Ultra Silver

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $1,011,909,248 and $967,111,002, respectively)	$1,011,915,551	$967,310,974
Affiliated investments (cost $405,162,000 and $–, respectively)	405,283,500	—
Cash	147,081,845	803,492,250
Segregated cash balances with brokers for futures contracts	251,409,980	185,737,500
Unrealized appreciation on swap agreements	131,908,038	313,913,258
Receivable from capital shares sold	—	109,152,231
Receivable on open futures contracts	41,295,631	—
Receivable for dividends from affiliates	276,765	—
Interest receivable	1,031,538	1,543,277
Total assets	1,990,202,848	2,381,149,490
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	52,952,834	—
Payable on open futures contracts	—	142,327,483
Payable to Sponsor	1,630,501	1,536,740
Unrealized depreciation on swap agreements	82,673,890	—
Total liabilities	137,257,225	143,864,223
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	1,852,945,623	2,237,285,267
Total liabilities and shareholders’ equity	$1,990,202,848	$2,381,149,490
Shares outstanding	15,746,526	14,346,526
Net asset value per share	$117.67	$155.95
Market value per share (Note 2)	$119.51	$155.12

	Principal Amount	Value
Short-term U.S. government and agency obligations
(55% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26†	$8,348,000	$8,341,303
3.806% due 04/16/26†	79,180,000	79,059,908
3.726% due 04/28/26†	200,000,000	199,454,740
3.806% due 05/05/26†	200,000,000	199,316,220
3.832% due 05/07/26†	130,000,000	129,526,800
3.698% due 06/25/26†	200,000,000	198,302,360
3.677% due 07/14/26†	200,000,000	197,914,220
Total short-term U.S. government and agency obligations (cost $1,011,909,248)		$1,011,915,551
Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $405,162,000)	4,050,000	405,283,500
Total Investments in Securities (cost $1,417,071,248)		$1,417,199,051

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires May 2026	3,654	$1,368,770,130	$(35,395,910)

	Rate Paid(Received)*	TerminationDate	Notional Amountat Value**	UnrealizedAppreciation(Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	04/06/26	$1,016,244,234	$71,210,588
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	1.50	04/06/26	219,382,883	(55,814,650)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.80	04/06/26	213,204,683	(26,859,240)
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.36	04/06/26	888,119,421	60,697,450
				$49,234,148
Total Unrealized Appreciation				$131,908,038
Total Unrealized Depreciation				$(82,673,890)

(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	$14,569,223	$6,019,905
Dividends from affiliates (Note 5)	1,930,707	—
Total income	16,499,930	6,019,905
Expenses
Management fee	6,234,079	1,516,455
Brokerage commissions	107,448	46,556
Total expenses	6,341,527	1,563,011
Net investment income (loss)	10,158,403	4,456,894
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	173,095,352	23,172,336
Swap agreements	186,233,948	31,538,451
Short-term U.S. government and agency obligations	255	—
Affiliated investments	127,000	—
Payment from affiliate (Note 5)	98,485	—
Net realized gain (loss)	359,555,040	54,710,787
Change in net unrealized appreciation (depreciation) on
Futures contracts	(454,641,309)	58,771,511
Swap agreements	(264,679,110)	80,543,112
Short-term U.S. government and agency obligations	(193,669)	(37,152)
Affiliated investments	121,500	—
Change in net unrealized appreciation (depreciation)	(719,392,588)	139,277,471
Net realized and unrealized gain (loss)	(359,837,548)	193,988,258
Net income (loss)	$(349,679,145)	$198,445,152

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$2,237,285,267	$562,083,293
Addition of 12,150,000 and 4,850,000 shares, respectively	1,975,835,556	203,711,879
Redemption of 10,750,000 and 5,900,000 shares, respectively	(2,010,496,055)	(246,247,865)
Net addition (redemption) of 1,400,000 and (1,050,000) shares, respectively	(34,660,499)	(42,535,986)
Net investment income (loss)	10,158,403	4,456,894
Net realized gain (loss)	359,555,040	54,710,787
Change in net unrealized appreciation (depreciation)	(719,392,588)	139,277,471
Net income (loss)	(349,679,145)	198,445,152
Shareholders’ equity, end of period	$1,852,945,623	$717,992,459

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(349,679,145)	$198,445,152
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	(2,598,467,892)	(944,854,868)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	2,562,212,049	735,000,000
Cost of affiliated investments purchased	(800,407,000)	—
Proceeds from affiliated investments sold	395,372,000	—
Net amortization and accretion on short-term U.S. government and agency obligations	(8,542,148)	(3,409,959)
Net realized (gain) loss on investments	(127,255)	—
Change in unrealized (appreciation) depreciation on investments	264,751,279	(80,505,960)
Decrease (Increase) in securities sold receivable	—	(18,161,000)
Decrease (Increase) in receivable on open futures contracts	(41,295,631)	(2,002,991)
Decrease (Increase) in receivable for dividends from affiliates	(276,765)	—
Decrease (Increase) in interest receivable	511,739	(203,863)
Increase (Decrease) in payable to Sponsor	93,761	45,651
Increase (Decrease) in payable on open futures contracts	(142,327,483)	(695,048)
Net cash provided by (used in) operating activities	(718,182,491)	(116,342,886)
Cash flow from financing activities
Proceeds from addition of shares	2,084,987,787	203,711,879
Payment on shares redeemed	(1,957,543,221)	(218,802,499)
Net cash provided by (used in) financing activities	127,444,566	(15,090,620)
Net increase (decrease) in cash	(590,737,925)	(131,433,506)
Cash, beginning of period	989,229,750	491,827,274
Cash, end of period	$398,491,825	$360,393,768

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.