ProShares Trust II

For the period ended Jun 30, 2026. Filed Aug 7, 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.

Jun 30, 2026 · Filed Aug 7, 2026

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

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Contents

ProShares Trust II

COMBINED STATEMENTS OF FINANCIAL CONDITI

	June 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $2,133,490,927 and $2,258,570,523, respectively)	$2,133,460,710	$2,259,034,978
Affiliated investments (cost $1,258,686,320 and –, respectively)	1,258,857,300	—
Cash	505,018,497	2,000,384,525
Segregated cash balances with brokers for futures contracts	863,694,485	1,057,966,488
Segregated cash balances with brokers for foreign currency forward contracts	—	14,672,676
Segregated cash balances with brokers for swap agreements	—	177,725,284
Unrealized appreciation on swap agreements	11,703,095	342,589,713
Unrealized appreciation on foreign currency forward contracts	1,865,204	1,026,581
Due from counterparty	11,540,059	—
Receivable from capital shares sold	47,691,291	141,593,234
Receivable on open futures contracts	50,301,063	62,341,509
Receivable for dividends from affiliates	1,157,885	—
Interest receivable	3,576,701	5,605,894
Total assets	4,888,866,290	6,062,940,882
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	43,105,931	80,016,715
Payable on open futures contracts	34,944,427	234,805,824
Brokerage commissions and futures account fees payable	62,775	87,843
Payable to Sponsor	3,975,571	4,227,029
Unrealized depreciation on swap agreements	240,815,744	18,039,464
Unrealized depreciation on foreign currency forward contracts	1,134,858	1,694,678
Total liabilities	324,039,306	338,871,553
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	4,564,826,984	5,724,069,329
Total liabilities and shareholders’ equity	$4,888,866,290	$6,062,940,882
Shares outstanding (Note 1) (Note 2)	121,861,975	108,548,066

COMBINED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Investment Income
Interest	$34,737,195	$31,608,406	$72,749,424	$62,559,311
Dividends from affiliates (Note 5)	14,923,797	—	21,519,338	—
Total income	49,660,992	31,608,406	94,268,762	62,559,311
Expenses
Management fee	14,232,592	8,240,705	29,915,149	16,091,243
Brokerage commissions	2,136,363	1,988,079	4,325,222	4,152,582
Futures account fees	220,893	222,750	417,823	549,450
Total expenses	16,589,848	10,451,534	34,658,194	20,793,275
Net investment income (loss)	33,071,144	21,156,872	59,610,568	41,766,036
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(777,247,902)	328,054,378	(222,976,007)	513,310,950
Swap agreements	(318,604,869)	81,036,670	132,409,662	142,797,216
Foreign currency forward contracts	(202,869)	(3,030,481)	(1,324,376)	(3,016,969)
Short-term U.S. government and agency obligations	(6,469)	(9,131)	5,082	(9,201)
Affiliated investments	(62,770)	—	186,180	—
Payment from affiliate (Note 5)	636,039	—	949,535	—
Net realized gain (loss)	(1,095,488,840)	406,051,436	(90,749,924)	653,081,996
Change in net unrealized appreciation (depreciation) on
Futures contracts	188,057,704	(165,477,989)	(140,194,370)	(104,237,226)
Swap agreements	(328,285,016)	(91,024,244)	(553,662,898)	8,077,709
Foreign currency forward contracts	694,074	450,161	1,398,443	163,608
Short-term U.S. government and agency obligations	(39,447)	13,008	(494,672)	(125,625)
Affiliated investments	57,360	—	170,980	—
Change in net unrealized appreciation (depreciation)	(139,515,325)	(256,039,064)	(692,782,517)	(96,121,534)
Net realized and unrealized gain (loss)	(1,235,004,165)	150,012,372	(783,532,441)	556,960,462
Net income (loss)	$(1,201,933,021)	$171,169,244	$(723,921,873)	$598,726,498

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$6,186,097,088	$3,573,878,847	$5,724,069,329	$3,025,133,601
Addition of 134,962,500, 83,245,000, 370,377,500 and 168,680,000 shares, respectively (Note 1)	4,520,040,143	3,965,828,522	12,755,830,010	7,387,912,135
Redemption of 148,025,883, 93,155,034, 357,063,591 and 156,990,034 shares, respectively (Note 1)	(4,939,377,226)	(4,058,920,811)	(13,191,150,482)	(7,359,816,432)
Net addition (redemption) of (13,063,383), (9,910,034), 13,313,909 and 11,689,966 shares, respectively (Note 1)	(419,337,083)	(93,092,289)	(435,320,472)	28,095,703
Net investment income (loss)	33,071,144	21,156,872	59,610,568	41,766,036
Net realized gain (loss)	(1,095,488,840)	406,051,436	(90,749,924)	653,081,996
Change in net unrealized appreciation (depreciation)	(139,515,325)	(256,039,064)	(692,782,517)	(96,121,534)
Net income (loss)	(1,201,933,021)	171,169,244	(723,921,873)	598,726,498
Shareholders’ equity, end of period	$4,564,826,984	$3,651,955,802	$4,564,826,984	$3,651,955,802

COMBINED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$(723,921,873)	$598,726,498
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	(8,583,723,819)	(4,922,432,200)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	8,747,597,486	5,104,090,758
Cost of affiliated investments purchased	(3,170,100,180)	—
Proceeds from affiliated investments sold	1,911,600,040	—
Net amortization and accretion on short-term U.S. government and agency obligations	(38,788,989)	(27,726,427)
Net realized (gain) loss on investments	(191,262)	9,201
Change in unrealized (appreciation) depreciation on investments	552,588,147	(8,115,692)
Decrease (Increase) in due from counterparty	(11,540,059)	—
Decrease (Increase) in receivable on futures contracts	12,040,446	(8,950,923)
Decrease (Increase) in receivable for dividends from affiliates	(1,157,885)	—
Decrease (Increase) in interest receivable	2,029,193	(1,848,021)
Increase (Decrease) in payable to Sponsor	(251,458)	247,285
Increase (Decrease) in brokerage commissions and futures account fees payable	(25,068)	17,059
Increase (Decrease) in payable on futures contracts	(199,861,397)	42,734,683
Net cash provided by (used in) operating activities	(1,503,706,678)	776,752,221
Cash flow from financing activities
Proceeds from addition of shares	12,849,731,953	7,307,503,630
Payment on shares redeemed	(13,228,061,266)	(7,327,826,527)
Net cash provided by (used in) financing activities	(378,329,313)	(20,322,897)
Net increase (decrease) in cash	(1,882,035,991)	756,429,324
Cash, beginning of period	3,250,748,973	2,577,444,038
Cash, end of period	$1,368,712,982	$3,333,873,362

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.