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 Euro

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,970,839 and $–, respectively)	$9,970,758	$—
Affiliated investments (cost $10,004,000 and $–, respectively)	10,007,000	—
Cash	16,762,548	31,282,858
Segregated cash balances with brokers for foreign currency forward contracts	—	4,541,088
Unrealized appreciation on foreign currency forward contracts	216,494	7,632
Receivable for dividends from affiliates	6,834	—
Interest receivable	58,147	95,777
Total assets	37,021,781	35,927,355
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	28,098	28,744
Unrealized depreciation on foreign currency forward contracts	5,991	400,006
Total liabilities	34,089	428,750
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	36,987,692	35,498,605
Total liabilities and shareholders’ equity	$37,021,781	$35,927,355
Shares outstanding	1,250,000	1,250,000
Net asset value per share	$29.59	$28.40
Market value per share (Note 2)	$29.60	$28.33

	Principal Amount	Value
Short-term U.S. government and agency obligations
(27% of shareholders’ equity)
U.S. Treasury Bills^^:
3.721% due 04/30/26†	$10,000,000	$9,970,758
Total short-term U.S. government and agency obligations (cost $9,970,839)		$9,970,758
Shares
Affiliated Investments
Exchange Traded Fund
(27% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $10,004,000)	100,000	10,007,000
Total Investments in Securities (cost $19,974,839)		$19,977,758

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International	04/10/26	918,000	$1,061,610	$(5,394)
Euro with UBS AG	04/10/26	5,343,000	6,178,847	(597)
Total Unrealized Depreciation				$(5,991)
Contracts to Sell
Euro with Goldman Sachs International	04/10/26	(33,731,263)	$(39,008,101)	$79,586
Euro with UBS AG	04/10/26	(36,591,199)	(42,315,440)	136,908
Total Unrealized Appreciation				$216,494

(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	$220,113	$348,055
Dividends from affiliates (Note 5)	33,436	—
Total income	253,549	348,055
Expenses
Management fee	81,273	89,948
Total expenses	81,273	89,948
Net investment income (loss)	172,276	258,107
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	611,282	(1,630,953)
Payment from affiliate (Note 5)	1,604	—
Net realized gain (loss)	612,886	(1,630,953)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	602,877	(1,344,718)
Short-term U.S. government and agency obligations	(81)	—
Affiliated investments	3,000	—
Change in net unrealized appreciation (depreciation)	605,796	(1,344,718)
Net realized and unrealized gain (loss)	1,218,682	(2,975,671)
Net income (loss)	$1,390,958	$(2,717,564)

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$35,498,605	$41,892,674
Addition of 100,000 and 50,000 shares, respectively	2,929,052	1,572,364
Redemption of 100,000 and 200,000 shares, respectively	(2,830,923)	(6,834,624)
Net addition (redemption) of – and (150,000) shares, respectively	98,129	(5,262,260)
Net investment income (loss)	172,276	258,107
Net realized gain (loss)	612,886	(1,630,953)
Change in net unrealized appreciation (depreciation)	605,796	(1,344,718)
Net income (loss)	1,390,958	(2,717,564)
Shareholders’ equity, end of period	$36,987,692	$33,912,850

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$1,390,958	$(2,717,564)
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	(9,962,794)	—
Cost of affiliated investments purchased	(10,004,000)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(8,045)	—
Change in unrealized (appreciation) depreciation on investments	(605,796)	1,344,718
Decrease (Increase) in receivable for dividends from affiliates	(6,834)	—
Decrease (Increase) in interest receivable	37,630	22,269
Increase (Decrease) in payable to Sponsor	(646)	(4,752)
Net cash provided by (used in) operating activities	(19,159,527)	(1,355,329)
Cash flow from financing activities
Proceeds from addition of shares	2,929,052	1,572,364
Payment on shares redeemed	(2,830,923)	(5,219,762)
Net cash provided by (used in) financing activities	98,129	(3,647,398)
Net increase (decrease) in cash	(19,061,398)	(5,002,727)
Cash, beginning of period	35,823,946	40,638,310
Cash, end of period	$16,762,548	$35,635,583

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.