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 Gold

	June 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $39,857,190 and $–, respectively)	$39,855,200	$—
Affiliated investments (cost $30,014,500 and $–, respectively)	30,021,000	—
Cash	27,883,061	66,655,665
Segregated cash balances with brokers for futures contracts	9,278,684	4,192,800
Segregated cash balances with brokers for swap agreements	—	12,948,365
Unrealized appreciation on swap agreements	2,918,311	—
Receivable from capital shares sold	1,344,515	—
Receivable on open futures contracts	10,742	155,440
Receivable for dividends from affiliates	30,406	—
Interest receivable	106,179	187,856
Total assets	111,448,098	84,140,126
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	171,926	37,235
Payable to Sponsor	83,099	59,481
Unrealized depreciation on swap agreements	—	2,568,196
Total liabilities	255,025	2,664,912
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	111,193,073	81,475,214
Total liabilities and shareholders’ equity	$111,448,098	$84,140,126
Shares outstanding	4,136,631	3,136,631
Net asset value per share	$26.88	$25.98
Market value per share (Note 2)	$26.98	$26.15

	Principal Amount	Value
Short-term U.S. government and agency obligations
(36% of shareholders’ equity)
U.S. Treasury Bills^^:
3.639% due 08/06/26†	$40,000,000	$39,855,200
Total short-term U.S. government and agency obligations (cost $39,857,190)		$39,855,200
Shares
Affiliated Investments
Exchange Traded Fund
(27% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54%(a)(b) (cost $30,014,500)	300,000	30,021,000
Total Investments in Securities (cost $69,871,690)		$69,876,200

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires August 2026	372	$150,232,200	$14,999,402

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex	0.25%	07/06/26	$(49,641,886)	$2,015,547
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.20	07/06/26	(8,814,805)	708,009
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	07/06/26	(13,634,094)	194,755
				$2,918,311
Total Unrealized Appreciation				$2,918,311

(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 swap agreements.

^	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.

*	Reflects the floating financing rate, as of June 30, 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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Investment Income
Interest	$689,377	$712,768	$1,259,553	$925,475
Dividends from affiliates (Note 5)	237,897	—	321,487	—
Total income	927,274	712,768	1,581,040	925,475
Expenses
Management fee	256,484	198,669	480,471	256,449
Brokerage commissions	4,828	9,743	11,873	11,822
Total expenses	261,312	208,412	492,344	268,271
Net investment income (loss)	665,962	504,356	1,088,696	657,204
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	9,904,179	5,683,372	4,210,330	4,105,748
Swap agreements	8,843,720	162,727	(501,468)	(1,702,253)
Affiliated investments	(3,206)	—	(1,456)	—
Payment from affiliate (Note 5)	9,895	—	14,029	—
Net realized gain (loss)	18,754,588	5,846,099	3,721,435	2,403,495
Change in net unrealized appreciation (depreciation) on
Futures contracts	4,902,721	3,028,045	15,854,449	341,396
Swap agreements	3,162,647	2,905,483	5,486,507	1,266,416
Short-term U.S. government and agency obligations	(1,747)	—	(1,990)	—
Affiliated investments	(1,000)	—	6,500	—
Change in net unrealized appreciation (depreciation)	8,062,621	5,933,528	21,345,466	1,607,812
Net realized and unrealized gain (loss)	26,817,209	11,779,627	25,066,901	4,011,307
Net income (loss)	$27,483,171	$12,283,983	$26,155,597	$4,668,511

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$118,571,176	$45,122,935	$81,475,214	$16,624,428
Addition of 2,200,000, 6,100,000, 13,050,000 and 6,850,000 shares, respectively (Note 1)	49,564,977	265,960,947	251,050,672	307,975,402
Redemption of 3,850,000, 5,275,034, 12,050,000 and 5,375,034 shares, respectively (Note 1)	(84,426,251)	(246,529,689)	(247,488,410)	(252,430,165)
Net addition (redemption) of (1,650,000), 824,966, 1,000,000 and 1,474,966 shares, respectively (Note 1)	(34,861,274)	19,431,258	3,562,262	55,545,237
Net investment income (loss)	665,962	504,356	1,088,696	657,204
Net realized gain (loss)	18,754,588	5,846,099	3,721,435	2,403,495
Change in net unrealized appreciation (depreciation)	8,062,621	5,933,528	21,345,466	1,607,812
Net income (loss)	27,483,171	12,283,983	26,155,597	4,668,511
Shareholders’ equity, end of period	$111,193,073	$76,838,176	$111,193,073	$76,838,176

	Six Months Ended June 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$26,155,597	$4,668,511
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	(84,505,721)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	45,000,000	—
Cost of affiliated investments purchased	(45,025,500)	—
Proceeds from affiliated investments sold	15,009,544	—
Net amortization and accretion on short-term U.S. government and agency obligations	(351,469)	—
Net realized (gain) loss on investments	1,456	—
Change in unrealized (appreciation) depreciation on investments	(5,491,017)	(1,266,416)
Decrease (Increase) in receivable on open futures contracts	144,698	—
Decrease (Increase) in receivable for dividends from affiliates	(30,406)	—
Decrease (Increase) in interest receivable	81,677	(142,465)
Increase (Decrease) in payable to Sponsor	23,618	42,128
Increase (Decrease) in payable on open futures contracts	134,691	10,779
Net cash provided by (used in) operating activities	(48,852,832)	3,312,537
Cash flow from financing activities
Proceeds from addition of shares	249,706,157	307,975,402
Payment on shares redeemed	(247,488,410)	(252,430,165)
Net cash provided by (used in) financing activities	2,217,747	55,545,237
Net increase (decrease) in cash	(46,635,085)	58,857,774
Cash, beginning of period	83,796,830	16,519,330
Cash, end of period	$37,161,745	$75,377,104

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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.