ProShares Trust II

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

Jun 30, 2026 · Filed Aug 7, 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

	June 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,971,389 and $–, respectively)	$9,971,121	$—
Affiliated investments (cost $10,004,000 and $–, respectively)	10,006,000	—
Cash	14,361,335	31,282,858
Segregated cash balances with brokers for foreign currency forward contracts	—	4,541,088
Unrealized appreciation on foreign currency forward contracts	943,149	7,632
Receivable for dividends from affiliates	7,906	—
Interest receivable	45,261	95,777
Total assets	35,334,772	35,927,355
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	27,262	28,744
Unrealized depreciation on foreign currency forward contracts	44,573	400,006
Total liabilities	71,835	428,750
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	35,262,937	35,498,605
Total liabilities and shareholders’ equity	$35,334,772	$35,927,355
Shares outstanding	1,150,000	1,250,000
Net asset value per share	$30.66	$28.40
Market value per share (Note 2)	$30.62	$28.33

	Principal Amount	Value
Short-term U.S. government and agency obligations
(28% of shareholders’ equity)
U.S. Treasury Bills^^:
3.656% due 07/30/26†	$10,000,000	$9,971,121
Total short-term U.S. government and agency obligations (cost $9,971,389)		$9,971,121
Shares
Affiliated Investments
Exchange Traded Fund
(28% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54%(a)(b) (cost $10,004,000)	100,000	10,006,000
Total Investments in Securities (cost $19,975,389)		$19,977,121

Foreign Currency Forward Contracts

	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	07/17/26	480,000	$548,852	$(7,908)
Euro with UBS AG	07/17/26	7,040,000	8,049,828	(36,665)
Total Unrealized Depreciation				$(44,573)
Contracts to Sell
Euro with Goldman Sachs International	07/17/26	(30,041,263)	$(34,350,422)	$401,712
Euro with UBS AG	07/17/26	(39,138,199)	(44,752,234)	541,437
Total Unrealized Appreciation				$943,149

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of June 30, 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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Investment Income
Interest	$241,908	$303,400	$462,021	$651,455
Dividends from affiliates (Note 5)	88,387	—	121,823	—
Total income	330,295	303,400	583,844	651,455
Expenses
Management fee	88,784	79,062	170,057	169,010
Total expenses	88,784	79,062	170,057	169,010
Net investment income (loss)	241,511	224,338	413,787	482,445
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	272,363	(3,936,993)	883,645	(5,567,946)
Short-term U.S. government and agency obligations	—	119	—	119
Payment from affiliate (Note 5)	3,744	—	5,348	—
Net realized gain (loss)	276,107	(3,936,874)	888,993	(5,567,827)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	688,073	(1,538,631)	1,290,950	(2,883,349)
Short-term U.S. government and agency obligations	(187)	—	(268)	—
Affiliated investments	(1,000)	—	2,000	—
Change in net unrealized appreciation (depreciation)	686,886	(1,538,631)	1,292,682	(2,883,349)
Net realized and unrealized gain (loss)	962,993	(5,475,505)	2,181,675	(8,451,176)
Net income (loss)	$1,204,504	$(5,251,167)	$2,595,462	$(7,968,731)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$36,987,692	$33,912,850	$35,498,605	$41,892,674
Addition of 400,000, 300,000, 500,000 and 350,000 shares, respectively	11,587,376	8,827,978	14,516,429	10,400,342
Redemption of 500,000, 200,000, 600,000 and 400,000 shares, respectively	(14,516,635)	(5,922,649)	(17,347,559)	(12,757,273)
Net addition (redemption) of (100,000), 100,000, (100,000) and (50,000) shares, respectively	(2,929,259)	2,905,329	(2,831,130)	(2,356,931)
Net investment income (loss)	241,511	224,338	413,787	482,445
Net realized gain (loss)	276,107	(3,936,874)	888,993	(5,567,827)
Change in net unrealized appreciation (depreciation)	686,886	(1,538,631)	1,292,682	(2,883,349)
Net income (loss)	1,204,504	(5,251,167)	2,595,462	(7,968,731)
Shareholders’ equity, end of period	$35,262,937	$31,567,012	$35,262,937	$31,567,012

	Six Months Ended June 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$2,595,462	$(7,968,731)
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	(34,832,481)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	25,000,000	119
Cost of affiliated investments purchased	(10,004,000)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(138,908)	—
Net realized (gain) loss on investments	—	(119)
Change in unrealized (appreciation) depreciation on investments	(1,292,682)	2,883,349
Decrease (Increase) in receivable for dividends from affiliates	(7,906)	—
Decrease (Increase) in interest receivable	50,516	30,624
Increase (Decrease) in payable to Sponsor	(1,482)	(6,909)
Net cash provided by (used in) operating activities	(18,631,481)	(5,061,667)
Cash flow from financing activities
Proceeds from addition of shares	14,516,429	10,400,342
Payment on shares redeemed	(17,347,559)	(12,757,273)
Net cash provided by (used in) financing activities	(2,831,130)	(2,356,931)
Net increase (decrease) in cash	(21,462,611)	(7,418,598)
Cash, beginning of period	35,823,946	40,638,310
Cash, end of period	$14,361,335	$33,219,712

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