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 UltraShort Bloomberg Crude Oil

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $219,470,871 and $44,906,073, respectively)	$219,469,491	$44,913,599
Affiliated investments (cost $290,317,420 and $–, respectively)	290,174,000	—
Cash	105,949,020	19,951,883
Segregated cash balances with brokers for futures contracts	333,583,771	22,519,576
Receivable from capital shares sold	21,083,716	981,948
Receivable on open futures contracts	41,010,813	1,186,923
Receivable for dividends from affiliates	198,177	—
Interest receivable	479,233	124,609
Total assets	1,011,948,221	89,678,538
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	2,108,372	—
Payable on open futures contracts	20,140,977	139,029
Payable to Sponsor	442,131	73,119
Total liabilities	22,691,480	212,148
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	989,256,741	89,466,390
Total liabilities and shareholders’ equity	$1,011,948,221	$89,678,538
Shares outstanding	117,305,220	4,555,220
Net asset value per share	$8.43	$19.64
Market value per share (Note 2)	$8.32	$19.61

	Principal Amount	Value
Short-term U.S. government and agency obligations
(22% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$20,000,000	$19,983,956
3.806% due 04/16/26	50,000,000	49,924,165
3.721% due 04/30/26	150,000,000	149,561,370
Total short-term U.S. government and agency obligations (cost $219,470,871)		$219,469,491
Shares
Affiliated Investments
Exchange Traded Fund
(29% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $290,317,420)	2,900,000	290,174,000
Total Investments in Securities (cost $509,788,291)		$509,643,491

Futures Contracts Sold
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires June 2026	7,918	$737,640,880	$(45,303,696)
WTI Crude Oil - NYMEX, expires December 2026	8,606	623,676,820	3,486,646
WTI Crude Oil - NYMEX, expires June 2027	8,853	616,965,570	(3,029,347)
			$(44,846,397)

(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.

F-

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,331,795	$1,934,823
Dividends from affiliates (Note 5)	681,432	—
Total income	2,013,227	1,934,823
Expenses
Management fee	638,171	481,324
Brokerage commissions	119,426	60,776
Total expenses	757,597	542,100
Net investment income (loss)	1,255,630	1,392,723
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(96,860,657)	8,933,899
Short-term U.S. government and agency obligations	(2)	—
Payment from affiliate (Note 5)	24,479	—
Net realized gain (loss)	(96,836,180)	8,933,899
Change in net unrealized appreciation (depreciation) on
Futures contracts	(56,871,515)	3,484,827
Short-term U.S. government and agency obligations	(8,906)	(277)
Affiliated investments	(143,420)	—
Change in net unrealized appreciation (depreciation)	(57,023,841)	3,484,550
Net realized and unrealized gain (loss)	(153,860,021)	12,418,449
Net income (loss)	$(152,604,391)	$13,811,172

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$89,466,390	$121,997,334
Addition of 135,500,000 and 10,100,000 shares, respectively	1,279,853,061	157,754,091
Redemption of 22,750,000 and 6,600,000 shares, respectively	(227,458,319)	(114,377,370)
Net addition (redemption) of 112,750,000 and 3,500,000 shares, respectively	1,052,394,742	43,376,721
Net investment income (loss)	1,255,630	1,392,723
Net realized gain (loss)	(96,836,180)	8,933,899
Change in net unrealized appreciation (depreciation)	(57,023,841)	3,484,550
Net income (loss)	(152,604,391)	13,811,172
Shareholders’ equity, end of period	$989,256,741	$179,185,227

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(152,604,391)	$13,811,172
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	(244,073,368)	(228,753,456)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	70,000,000	170,000,000
Cost of affiliated investments purchased	(290,317,420)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(491,432)	(812,287)
Net realized (gain) loss on investments	2	—
Change in unrealized (appreciation) depreciation on investments	152,326	277
Decrease (Increase) in receivable on open futures contracts	(39,823,890)	—
Decrease (Increase) in receivable for dividends from affiliates	(198,177)	—
Decrease (Increase) in interest receivable	(354,624)	(27,055)
Increase (Decrease) in payable to Sponsor	369,012	64,816
Increase (Decrease) in payable on open futures contracts	20,001,948	5,216,738
Net cash provided by (used in) operating activities	(637,340,014)	(40,499,795)
Cash flow from financing activities
Proceeds from addition of shares	1,259,751,293	156,955,892
Payment on shares redeemed	(225,349,947)	(114,377,370)
Net cash provided by (used in) financing activities	1,034,401,346	42,578,522
Net increase (decrease) in cash	397,061,332	2,078,727
Cash, beginning of period	42,471,459	120,735,111
Cash, end of period	$439,532,791	$122,813,838

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.