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 VIX Short-Term Futures ETF

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $– and $99,753,597, respectively)	$—	$99,775,566
Affiliated investments (cost $105,058,700 and $–, respectively)	105,073,500	—
Cash	68,790,872	20,831,598
Segregated cash balances with brokers for futures contracts	153,697,873	272,061,021
Receivable from capital shares sold	5,221,211	—
Receivable on open futures contracts	2,492,569	17,868,535
Receivable for dividends from affiliates	71,754	—
Interest receivable	480,275	633,386
Total assets	335,828,054	411,170,106
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	3,584,487
Payable on open futures contracts	40,276,987	6,790,097
Brokerage commissions and futures account fees payable	15,742	39,021
Payable to Sponsor	260,070	350,365
Total liabilities	40,552,799	10,763,970
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	295,275,255	400,406,136
Total liabilities and shareholders’ equity	$335,828,054	$411,170,106
Shares outstanding	5,667,347	11,167,347
Net asset value per share	$52.10	$35.86
Market value per share (Note 2)	$52.30	$35.93

	Shares	Value
Affiliated Investments
Exchange Traded Fund
(36% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $105,058,700)	1,050,000	105,073,500

Futures Contracts Purchased
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2026	8,499	$212,665,378	$24,903,425
VIX Futures - Cboe, expires May 2026	9,441	230,473,692	(932,019)
			$23,971,406

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

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

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,975,585	$2,887,526
Dividends from affiliates (Note 5)	338,001	—
Total income	2,313,586	2,887,526
Expenses
Management fee	853,358	836,310
Brokerage commissions	638,333	887,712
Futures accounts fees	69,165	86,907
Total expenses	1,560,856	1,810,929
Net investment income (loss)	752,730	1,076,597
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	75,997,360	99,921,457
Short-term U.S. government and agency obligations	52	(70)
Affiliated investments	12,000	—
Payment from affiliate (Note 5)	16,311	—
Net realized gain (loss)	76,025,723	99,921,387
Change in net unrealized appreciation (depreciation) on
Futures contracts	80,046,568	19,641,080
Short-term U.S. government and agency obligations	(21,969)	(7,719)
Affiliated investments	14,800	—
Change in net unrealized appreciation (depreciation)	80,039,399	19,633,361
Net realized and unrealized gain (loss)	156,065,122	119,554,748
Net income (loss)	$156,817,852	$120,631,345

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$400,406,136	$284,452,060
Addition of 10,600,000 and 9,070,000 shares, respectively (Note 1)	428,547,990	881,018,888
Redemption of 16,100,000 and 9,050,000 shares, respectively (Note 1)	(690,496,723)	(962,720,350)
Net addition (redemption) of (5,500,000) and 20,000 shares, respectively (Note 1)	(261,948,733)	(81,701,462)
Net investment income (loss)	752,730	1,076,597
Net realized gain (loss)	76,025,723	99,921,387
Change in net unrealized appreciation (depreciation)	80,039,399	19,633,361
Net income (loss)	156,817,852	120,631,345
Shareholders’ equity, end of period	$295,275,255	$323,381,943

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$156,817,852	$120,631,345
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	(34,889,457)	(218,972,961)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	134,979,905	194,910,250
Cost of affiliated investments purchased	(155,097,500)	—
Proceeds from affiliated investments sold	50,050,800	—
Net amortization and accretion on short-term U.S. government and agency obligations	(336,799)	(809,335)
Net realized (gain) loss on investments	(12,052)	70
Change in unrealized (appreciation) depreciation on investments	7,169	7,719
Decrease (Increase) in receivable on open futures contracts	15,375,966	(45,900,051)
Decrease (Increase) in receivable for dividends from affiliates	(71,754)	—
Decrease (Increase) in interest receivable	153,111	326,094
Increase (Decrease) in payable to Sponsor	(90,295)	(60,095)
Increase (Decrease) in brokerage commissions and futures account fees payable	(23,279)	(5,582)
Increase (Decrease) in payable on open futures contracts	33,486,890	428,787
Net cash provided by (used in) operating activities	200,350,557	50,556,241
Cash flow from financing activities
Proceeds from addition of shares	423,326,779	881,018,888
Payment on shares redeemed	(694,081,210)	(868,967,930)
Net cash provided by (used in) financing activities	(270,754,431)	12,050,958
Net increase (decrease) in cash	(70,403,874)	62,607,199
Cash, beginning of period	292,892,619	250,621,829
Cash, end of period	$222,488,745	$313,229,028

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.