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 Yen

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $14,956,258 and $–, respectively)	$14,956,137	$—
Affiliated investments (cost $16,006,400 and $–, respectively)	16,011,200	—
Cash	14,260,012	43,846,101
Segregated cash balances with brokers for foreign currency forward contracts	—	5,912,013
Unrealized appreciation on foreign currency forward contracts	—	1,161
Receivable for dividends from affiliates	10,934	—
Interest receivable	66,002	128,447
Total assets	45,304,285	49,887,722
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	35,250	38,563
Unrealized depreciation on foreign currency forward contracts	253,791	1,183,809
Total liabilities	289,041	1,222,372
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	45,015,244	48,665,350
Total liabilities and shareholders’ equity	$45,304,285	$49,887,722
Shares outstanding	2,449,970	2,549,970
Net asset value per share	$18.37	$19.08
Market value per share (Note 2)	$18.38	$19.06

	Principal Amount	Value
Short-term U.S. government and agency obligations
(33% of shareholders’ equity)
U.S. Treasury Bills^^:
3.721% due 04/30/26†	$15,000,000	$14,956,137
Total short-term U.S. government and agency obligations (cost $14,956,258)		$14,956,137
Shares
Affiliated Investments
Exchange Traded Fund
(36% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b)(cost $16,006,400)	160,000	16,011,200
Total Investments in Securities (cost $30,962,658)		$30,967,337

Foreign Currency Forward Contracts^
	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International	04/10/26	8,167,890,056	$51,517,104	$(102,053)
Yen with UBS AG	04/10/26	7,172,220,856	45,237,149	(116,856)
Total Unrealized Depreciation				$(218,909)
Contracts to Sell
Yen with Goldman Sachs International	04/10/26	(217,500,000)	$(1,371,832)	$(2,972)
Yen with UBS AG	04/10/26	(857,295,000)	(5,407,193)	(31,910)
Total Unrealized Depreciation				$(34,882)

(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 foreign currency forward contracts.

^	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.

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$300,576	$528,121
Dividends from affiliates (Note 5)	53,497	—
Total income	354,073	528,121
Expenses
Management fee	112,303	137,014
Total expenses	112,303	137,014
Net investment income (loss)	241,770	391,107
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	(2,920,760)	1,642,642
Payment from affiliate (Note 5)	2,567	—
Net realized gain (loss)	(2,918,193)	1,642,642
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	928,857	2,667,939
Short-term U.S. government and agency obligations	(121)	—
Affiliated investments	4,800	—
Change in net unrealized appreciation (depreciation)	933,536	2,667,939
Net realized and unrealized gain (loss)	(1,984,657)	4,310,581
Net income (loss)	$(1,742,887)	$4,701,688

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$48,665,350	$44,505,646
Addition of 150,000 and 900,000 shares, respectively	2,802,959	18,743,712
Redemption of 250,000 and 300,000 shares, respectively	(4,710,178)	(6,623,703)
Net addition (redemption) of (100,000) and 600,000 shares, respectively	(1,907,219)	12,120,009
Net investment income (loss)	241,770	391,107
Net realized gain (loss)	(2,918,193)	1,642,642
Change in net unrealized appreciation (depreciation)	933,536	2,667,939
Net income (loss)	(1,742,887)	4,701,688
Shareholders’ equity, end of period	$45,015,244	$61,327,343

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(1,742,887)	$4,701,688
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	(14,944,192)	—
Cost of affiliated investments purchased	(16,006,400)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(12,066)	—
Change in unrealized (appreciation) depreciation on investments	(933,536)	(2,667,939)
Decrease (Increase) in receivable for dividends from affiliates	(10,934)	—
Decrease (Increase) in interest receivable	62,445	(52,012)
Increase (Decrease) in payable to Sponsor	(3,313)	14,711
Net cash provided by (used in) operating activities	(33,590,883)	1,996,448
Cash flow from financing activities
Proceeds from addition of shares	2,802,959	18,743,712
Payment on shares redeemed	(4,710,178)	(6,623,703)
Net cash provided by (used in) financing activities	(1,907,219)	12,120,009
Net increase (decrease) in cash	(35,498,102)	14,116,457
Cash, beginning of period	49,758,114	48,608,105
Cash, end of period	$14,260,012	$62,724,562

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.