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 Yen

	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 $7,002,800 and $–, respectively)	7,004,900	—
Cash	11,879,043	31,050,946
Segregated cash balances with brokers for foreign currency forward contracts	—	3,552,908
Unrealized appreciation on foreign currency forward contracts	133,879	955,069
Receivable for dividends from affiliates	4,784	—
Interest receivable	53,261	97,946
Total assets	29,046,625	35,656,869
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	23,686	29,619
Unrealized depreciation on foreign currency forward contracts	6,471	110,834
Total liabilities	30,157	140,453
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	29,016,468	35,516,416
Total liabilities and shareholders’ equity	$29,046,625	$35,656,869
Shares outstanding	547,160	697,160
Net asset value per share	$53.03	$50.94
Market value per share (Note 2)	$52.98	$50.90

	Principal Amount	Value
Short-term U.S. government and agency obligations
(34% 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
(24% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $7,002,800)	70,000	7,004,900
Total Investments in Securities (cost $16,973,639)		$16,975,658

	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	150,281,000	$947,863	$(2,124)
Yen with UBS AG	04/10/26	1,298,109,000	8,187,527	(4,347)
Total Unrealized Depreciation				$(6,471)
Contracts to Sell
Yen with Goldman Sachs International	04/10/26	(4,898,069,165)	$(30,893,455)	$60,403
Yen with UBS AG	04/10/26	(5,768,986,424)	(36,386,567)	73,476
Total Unrealized Appreciation				$133,879

(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	$211,339	$208,973
Dividends from affiliates (Note 5)	23,405	—
Total income	234,744	208,973
Expenses
Management fee	74,000	53,937
Total expenses	74,000	53,937
Net investment income (loss)	160,744	155,036
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	1,367,613	(158,694)
Payment from affiliate (Note 5)	1,123	—
Net realized gain (loss)	1,368,736	(158,694)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	(716,827)	(1,804,651)
Short-term U.S. government and agency obligations	(81)	—
Affiliated investments	2,100	—
Change in net unrealized appreciation (depreciation)	(714,808)	(1,804,651)
Net realized and unrealized gain (loss)	653,928	(1,963,345)
Net income (loss)	$814,672	$(1,808,309)

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$35,516,416	$26,080,295
Addition of 200,000 and 150,000 shares, respectively	10,316,689	6,676,426
Redemption of 350,000 and 100,000 shares, respectively	(17,631,309)	(4,499,041)
Net addition (redemption) of (150,000) and 50,000 shares, respectively	(7,314,620)	2,177,385
Net investment income (loss)	160,744	155,036
Net realized gain (loss)	1,368,736	(158,694)
Change in net unrealized appreciation (depreciation)	(714,808)	(1,804,651)
Net income (loss)	814,672	(1,808,309)
Shareholders’ equity, end of period	$29,016,468	$26,449,371

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$814,672	$(1,808,309)
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	(9,962,795)	—
Cost of affiliated investments purchased	(7,002,800)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(8,044)	—
Change in unrealized (appreciation) depreciation on investments	714,808	1,804,651
Decrease (Increase) in receivable for dividends from affiliates	(4,784)	—
Decrease (Increase) in interest receivable	44,685	7,342
Increase (Decrease) in payable to Sponsor	(5,933)	(2,001)
Net cash provided by (used in) operating activities	(15,410,191)	1,683
Cash flow from financing activities
Proceeds from addition of shares	10,316,689	6,676,426
Payment on shares redeemed	(17,631,309)	(4,499,041)
Net cash provided by (used in) financing activities	(7,314,620)	2,177,385
Net increase (decrease) in cash	(22,724,811)	2,179,068
Cash, beginning of period	34,603,854	23,795,096
Cash, end of period	$11,879,043	$25,974,164

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.