ProShares Trust II

For the period ended Mar 31, 2026. Filed May 8, 2026.

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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

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Contents

ProShares VIX Short-Term Futures ETF

	March 31, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $19,983,882 and $84,730,287, respectively)	$19,983,956	$84,751,266
Affiliated investments (cost $70,028,000 and $–, respectively)	70,049,000	—
Cash	41,662,100	40,959,182
Segregated cash balances with brokers for futures contracts	59,908,998	100,111,309
Receivable on open futures contracts	1,222,593	5,340,338
Receivable for dividends from affiliates	47,836	—
Interest receivable	255,920	301,483
Total assets	193,130,403	231,463,578
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	3,426,397	3,857,756
Payable on open futures contracts	15,880,397	—
Brokerage commissions and futures account fees payable	7,779	19,394
Payable to Sponsor	136,579	121,692
Total liabilities	19,451,152	3,998,842
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	173,679,251	227,464,736
Total liabilities and shareholders’ equity	$193,130,403	$231,463,578
Shares outstanding	5,066,252	8,841,252
Net asset value per share	$34.28	$25.73
Market value per share (Note 2)	$34.35	$25.64

	Principal Amount	Value
Short-term U.S. government and agency obligations
(12% of shareholders’ equity)
U.S. Treasury Bills^^:
3.717% due 04/09/26	$20,000,000	$19,983,956
Total short-term U.S. government and agency obligations (cost $19,983,882)		$19,983,956
Shares
Affiliated Investments
Exchange Traded Fund
(40% of shareholders’ equity)
ProShares Genius Money Market ETF 3.52%(a)(b) (cost $70,028,000)	700,000	70,049,000
Total Investments in Securities (cost $90,011,882)		$90,032,956

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2026	3,337	$83,499,749	$13,669,789
VIX Futures - Cboe, expires May 2026	3,699	90,299,988	(567,825)
			$13,101,964

(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	$1,325,029	$1,562,298
Dividends from affiliates (Note 5)	247,367	—
Total income	1,572,396	1,562,298
Expenses
Management fee	466,498	366,495
Brokerage commissions	81,441	170,727
Futures accounts fees	34,200	66,398
Total expenses	582,139	603,620
Net investment income (loss)	990,257	958,678
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	33,882,321	32,209,263
Affiliated investments	4,500	—
Payment from affiliate (Note 5)	12,053	—
Net realized gain (loss)	33,898,874	32,209,263
Change in net unrealized appreciation (depreciation) on
Futures contracts	34,670,227	6,988,089
Short-term U.S. government and agency obligations	(20,905)	(6,608)
Affiliated investments	21,000	—
Change in net unrealized appreciation (depreciation)	34,670,322	6,981,481
Net realized and unrealized gain (loss)	68,569,196	39,190,744
Net income (loss)	$69,559,453	$40,149,422

	Three Months Ended March 31,
	2026	2025
Shareholders’ equity, beginning of period	$227,464,736	$133,641,615
Addition of 1,150,000 and 4,725,000 shares, respectively	32,747,793	198,916,439
Redemption of 4,925,000 and 4,450,000 shares, respectively	(156,092,731)	(209,708,735)
Net addition (redemption) of (3,775,000) and 275,000 shares, respectively	(123,344,938)	(10,792,296)
Net investment income (loss)	990,257	958,678
Net realized gain (loss)	33,898,874	32,209,263
Change in net unrealized appreciation (depreciation)	34,670,322	6,981,481
Net income (loss)	69,559,453	40,149,422
Shareholders’ equity, end of period	$173,679,251	$162,998,741

	Three Months Ended March 31,
	2026	2025
Cash flow from operating activities
Net income (loss)	$69,559,453	$40,149,422
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	(39,862,003)	(134,311,104)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	105,000,000	140,000,000
Cost of affiliated investments purchased	(80,032,000)	—
Proceeds from affiliated investments sold	10,008,500	—
Net amortization and accretion on short-term U.S. government and agency obligations	(391,592)	(589,829)
Net realized (gain) loss on investments	(4,500)	—
Change in unrealized (appreciation) depreciation on investments	(95)	6,608
Decrease (Increase) in receivable on open futures contracts	4,117,745	1,975,200
Decrease (Increase) in receivable for dividends from affiliates	(47,836)	—
Decrease (Increase) in interest receivable	45,563	(20,035)
Increase (Decrease) in payable to Sponsor	14,887	29,192
Increase (Decrease) in brokerage commissions and futures account fees payable	(11,615)	702
Increase (Decrease) in payable on open futures contracts	15,880,397	656,969
Net cash provided by (used in) operating activities	84,276,904	47,897,125
Cash flow from financing activities
Proceeds from addition of shares	32,747,793	198,916,439
Payment on shares redeemed	(156,524,090)	(209,708,735)
Net cash provided by (used in) financing activities	(123,776,297)	(10,792,296)
Net increase (decrease) in cash	(39,499,393)	37,104,829
Cash, beginning of period	141,070,491	105,874,804
Cash, end of period	$101,571,098	$142,979,633

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.