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 Natural Gas

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $39,946,662 and $69,807,867, respectively)	$39,946,692	$69,821,093
Affiliated investments (cost $80,032,000 and $–, respectively)	80,048,000	—
Cash	14,370,871	24,344,867
Segregated cash balances with brokers for futures contracts	72,274,989	49,604,357
Receivable on open futures contracts	307,616	15,938,672
Receivable for dividends from affiliates	54,670	—
Interest receivable	236,003	201,070
Total assets	207,238,841	159,910,059
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	14,316,465
Payable on open futures contracts	208,357	1,060,496
Brokerage commissions and futures account fees payable	6,621	6,012
Payable to Sponsor	195,355	149,995
Total liabilities	410,333	15,532,968
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	206,828,508	144,377,091
Total liabilities and shareholders’ equity	$207,238,841	$159,910,059
Shares outstanding	9,483,712	4,033,712
Net asset value per share	$21.81	$35.79
Market value per share (Note 2)	$21.71	$35.27

	Principal Amount	Value
Short-term U.S. government and agency obligations
(19% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$30,000,000	$29,975,934
3.721% due 04/30/26	10,000,000	9,970,758
Total short-term U.S. government and agency obligations (cost $39,946,662)		$39,946,692
Shares
Affiliated Investments
Exchange Traded Fund
(39% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b)(cost $80,032,000)	800,000	80,048,000
Total Investments in Securities (cost $119,978,662)		$119,994,692

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires May 2026	14,345	$413,709,800	$42,050,151

(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.

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,812,716	$4,443,450
Dividends from affiliates (Note 5)	301,047	—
Total income	2,113,763	4,443,450
Expenses
Management fee	717,122	1,087,219
Brokerage commissions	515,434	504,500
Futures accounts fees	28,465	46,040
Total expenses	1,261,021	1,637,759
Net investment income (loss)	852,742	2,805,691
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	179,842,431	(221,827,712)
Short-term U.S. government and agency obligations	1,718	—
Affiliated investments	24,500	—
Payment from affiliate (Note 5)	15,756	—
Net realized gain (loss)	179,884,405	(221,827,712)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(11,893,386)	(14,596,235)
Short-term U.S. government and agency obligations	(13,196)	(1,802)
Affiliated investments	16,000	—
Change in net unrealized appreciation (depreciation)	(11,890,582)	(14,598,037)
Net realized and unrealized gain (loss)	167,993,823	(236,425,749)
Net income (loss)	$168,846,565	$(233,620,058)

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$144,377,091	$260,940,143
Addition of 65,100,000 and 47,000,000 shares, respectively	1,214,566,289	1,166,645,827
Redemption of 59,650,000 and 23,850,000 shares, respectively	(1,320,961,437)	(620,112,444)
Net addition (redemption) of 5,450,000 and 23,150,000 shares, respectively	(106,395,148)	546,533,383
Net investment income (loss)	852,742	2,805,691
Net realized gain (loss)	179,884,405	(221,827,712)
Change in net unrealized appreciation (depreciation)	(11,890,582)	(14,598,037)
Net income (loss)	168,846,565	(233,620,058)
Shareholders’ equity, end of period	$206,828,508	$573,853,468

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$168,846,565	$(233,620,058)
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	(59,756,285)	(646,107,653)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	89,940,588	300,000,000
Cost of affiliated investments purchased	(140,056,000)	—
Proceeds from affiliated investments sold	60,048,500	—
Net amortization and accretion on short-term U.S. government and agency obligations	(321,380)	(1,928,077)
Net realized (gain) loss on investments	(26,218)	—
Change in unrealized (appreciation) depreciation on investments	(2,804)	1,802
Decrease (Increase) in receivable on open futures contracts	15,631,056	15,274,355
Decrease (Increase) in receivable for dividends from affiliates	(54,670)	—
Decrease (Increase) in interest receivable	(34,933)	(618,155)
Increase (Decrease) in payable to Sponsor	45,360	389,680
Increase (Decrease) in brokerage commissions and futures account fees payable	609	9,218
Increase (Decrease) in payable on open futures contracts	(852,139)	12,344,043
Net cash provided by (used in) operating activities	133,408,249	(554,254,845)
Cash flow from financing activities
Proceeds from addition of shares	1,214,566,289	1,166,645,827
Payment on shares redeemed	(1,335,277,902)	(637,556,171)
Net cash provided by (used in) financing activities	(120,711,613)	529,089,656
Net increase (decrease) in cash	12,696,636	(25,165,189)
Cash, beginning of period	73,949,224	258,891,257
Cash, end of period	$86,645,860	$233,726,068

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.