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$19.74+5.2%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

ProShares UltraShort Silver

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $69,475,776 and $–, respectively)	$69,478,549	$—
Affiliated investments (cost $10,007,500 and $–, respectively)	10,007,000	—
Cash	30,923,533	164,887,996
Segregated cash balances with brokers for futures contracts	26,464,554	27,244,750
Segregated cash balances with brokers for swap agreements	—	37,550,350
Unrealized appreciation on swap agreements	11,716,941	—
Receivable from capital shares sold	21,727,642	2,129,315
Receivable on open futures contracts	—	19,170,259
Interest receivable	170,415	207,484
Total assets	170,488,634	251,190,154
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	49,772,735
Payable on open futures contracts	10,818,836	—
Payable to Sponsor	133,186	74,694
Unrealized depreciation on swap agreements	7,936,310	4,320,147
Securities purchased payable	10,007,500	—
Total liabilities	28,895,832	54,167,576
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	141,592,802	197,022,578
Total liabilities and shareholders’ equity	$170,488,634	$251,190,154
Shares outstanding	6,190,818	3,701,026
Net asset value per share	$22.87	$53.23
Market value per share (Note 2)	$22.51	$53.40

	Principal Amount	Value
Short-term U.S. government and agency obligations
(49% of shareholders’ equity)
U.S. Treasury Bills^^:
3.832% due 05/07/26†	$15,000,000	$14,945,400
3.699% due 06/25/26†	55,000,000	54,533,149
Total short-term U.S. government and agency obligations (cost $69,475,776)		$69,478,549
Shares
Affiliated Investments
Exchange Traded Fund
(7% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $10,007,500)	100,000	10,007,000
Total Investments in Securities (cost $79,483,276)		$79,485,549

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires May 2026	390	$146,092,050	$6,445,987

	Rate Paid (Received)*	TerminationDate	Notional Amountat Value**	UnrealizedAppreciation(Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	04/06/26	$(42,808,569)	$(4,052,636)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.75	04/06/26	(38,159,209)	11,244,927
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	04/06/26	(3,772,164)	472,014
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.36	04/06/26	(51,957,510)	(3,883,674)
				$3,780,631
Total Unrealized Appreciation				$11,716,941
Total Unrealized Depreciation				$(7,936,310)

(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 swap agreements.

^	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.

*	Reflects the floating financing rate, as of March 31, 2026, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Three Months Ended March 31,
	2026	2025
Investment Income
Interest	$1,252,032	$177,855
Dividends from affiliates (Note 5)	74,228	—
Total income	1,326,260	177,855
Expenses
Management fee	554,744	61,371
Brokerage commissions	27,902	4,329
Total expenses	582,646	65,700
Net investment income (loss)	743,614	112,155
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(45,335,385)	(1,741,414)
Swap agreements	7,561,505	(1,367,572)
Affiliated investments	4,450	—
Payment from affiliate (Note 5)	4,105	—
Net realized gain (loss)	(37,765,325)	(3,108,986)
Change in net unrealized appreciation (depreciation) on
Futures contracts	15,724,838	(786,051)
Swap agreements	8,100,778	(4,265,997)
Short-term U.S. government and agency obligations	2,773	—
Affiliated investments	(500)	—
Change in net unrealized appreciation (depreciation)	23,827,889	(5,052,048)
Net realized and unrealized gain (loss)	(13,937,436)	(8,161,034)
Net income (loss)	$(13,193,822)	$(8,048,879)

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$197,022,578	$23,752,619
Addition of 50,840,000 and 115,000 shares, respectively (Note 1)	1,170,426,257	36,984,514
Redemption of 48,350,208 and 60,000 shares, respectively (Note 1)	(1,212,662,211)	(19,820,635)
Net addition (redemption) of 2,489,792 and 55,000 shares, respectively (Note 1)	(42,235,954)	17,163,879
Net investment income (loss)	743,614	112,155
Net realized gain (loss)	(37,765,325)	(3,108,986)
Change in net unrealized appreciation (depreciation)	23,827,889	(5,052,048)
Net income (loss)	(13,193,822)	(8,048,879)
Shareholders’ equity, end of period	$141,592,802	$32,867,619

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(13,193,822)	$(8,048,879)
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	(69,443,108)	—
Cost of affiliated investments purchased	(110,082,250)	—
Proceeds from affiliated investments sold	100,079,200	—
Net amortization and accretion on short-term U.S. government and agency obligations	(32,668)	—
Net realized (gain) loss on investments	(4,450)	—
Change in unrealized (appreciation) depreciation on investments	(8,103,051)	4,265,997
Decrease (Increase) in receivable on open futures contracts	19,170,259	(547,451)
Decrease (Increase) in interest receivable	37,069	(18,984)
Increase (Decrease) in payable to Sponsor	58,492	3,854
Increase (Decrease) in payable on open futures contracts	10,818,836	(9,092)
Increase (Decrease) in securities purchased payable	10,007,500	—
Net cash provided by (used in) operating activities	(60,687,993)	(4,354,555)
Cash flow from financing activities
Proceeds from addition of shares	1,150,827,930	36,984,514
Payment on shares redeemed	(1,262,434,946)	(16,860,356)
Net cash provided by (used in) financing activities	(111,607,016)	20,124,158
Net increase (decrease) in cash	(172,295,009)	15,769,603
Cash, beginning of period	229,683,096	20,768,601
Cash, end of period	$57,388,087	$36,538,204

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.