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

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Contents

ProShares UltraShort Silver

	June 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $44,626,859 and $–, respectively)	$44,628,208	$—
Affiliated investments (cost $20,015,950 and $–, respectively)	20,014,000	—
Cash	10,207,398	164,887,996
Segregated cash balances with brokers for futures contracts	12,215,100	27,244,750
Segregated cash balances with brokers for swap agreements	—	37,550,350
Unrealized appreciation on swap agreements	5,523,984	—
Receivable from capital shares sold	—	2,129,315
Receivable on open futures contracts	622,245	19,170,259
Receivable for dividends from affiliates	15,812	—
Interest receivable	70,394	207,484
Total assets	93,297,141	251,190,154
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	49,772,735
Payable on open futures contracts	1,816,610	—
Payable to Sponsor	78,253	74,694
Unrealized depreciation on swap agreements	171,104	4,320,147
Total liabilities	2,065,967	54,167,576
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	91,231,174	197,022,578
Total liabilities and shareholders’ equity	$93,297,141	$251,190,154
Shares outstanding	2,990,818	3,701,026
Net asset value per share	$30.50	$53.23
Market value per share (Note 2)	$30.79	$53.40

	Principal Amount	Value
Short-term U.S. government and agency obligations
(49% of shareholders’ equity)
U.S. Treasury Bills^^:
3.771% due 09/17/26†	$25,000,000	$24,801,750
3.760% due 09/24/26†	20,000,000	19,826,458
Total short-term U.S. government and agency obligations (cost $44,626,859)		$44,628,208
Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54%(a)(b) (cost $20,015,950)	200,000	20,014,000
Total Investments in Securities (cost $64,642,809)		$64,642,208

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires September 2026	341	$102,167,010	$10,415,810

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	07/06/26	$(9,169,411)	$939,462
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.75	07/06/26	(30,076,312)	4,584,522
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.36	07/06/26	(40,951,852)	(171,104)
				$5,352,880
Total Unrealized Appreciation				$5,523,984
Total Unrealized Depreciation				$(171,104)

(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	$913,905	$227,082	$2,165,937	$404,937
Dividends from affiliates (Note 5)	195,906	—	270,134	—
Total income	1,109,811	227,082	2,436,071	404,937
Expenses
Management fee	312,255	72,877	866,999	134,248
Brokerage commissions	14,344	5,790	42,246	10,119
Total expenses	326,599	78,667	909,245	144,367
Net investment income (loss)	783,212	148,415	1,526,826	260,570
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	17,783,840	(778,764)	(27,551,545)	(2,520,178)
Swap agreements	20,711,390	(2,548,468)	28,272,895	(3,916,040)
Short-term U.S. government and agency obligations	67	—	67	—
Affiliated investments	(4,662)	—	(212)	—
Payment from affiliate (Note 5)	8,196	—	12,301	—
Net realized gain (loss)	38,498,831	(3,327,232)	733,506	(6,436,218)
Change in net unrealized appreciation (depreciation) on
Futures contracts	3,969,823	891,816	19,694,661	105,765
Swap agreements	1,572,249	1,599,631	9,673,027	(2,666,366)
Short-term U.S. government and agency obligations	(1,424)	—	1,349	—
Affiliated investments	(1,450)	—	(1,950)	—
Change in net unrealized appreciation (depreciation)	5,539,198	2,491,447	29,367,087	(2,560,601)
Net realized and unrealized gain (loss)	44,038,029	(835,785)	30,100,593	(8,996,819)
Net income (loss)	$44,821,241	$(687,370)	$31,627,419	$(8,736,249)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$141,592,802	$32,867,619	$197,022,578	$23,752,619
Addition of 11,650,000, 150,000, 62,490,000 and 265,000 shares, respectively (Note 1)	230,219,092	43,067,889	1,400,645,349	80,052,403
Redemption of 14,850,000, 125,000, 63,200,208 and 185,000 shares, respectively (Note 1)	(325,401,961)	(39,837,163)	(1,538,064,172)	(59,657,798)
Net addition (redemption) of (3,200,000), 25,000, (710,208) and 80,000 shares, respectively (Note 1)	(95,182,869)	3,230,726	(137,418,823)	20,394,605
Net investment income (loss)	783,212	148,415	1,526,826	260,570
Net realized gain (loss)	38,498,831	(3,327,232)	733,506	(6,436,218)
Change in net unrealized appreciation (depreciation)	5,539,198	2,491,447	29,367,087	(2,560,601)
Net income (loss)	44,821,241	(687,370)	31,627,419	(8,736,249)
Shareholders’ equity, end of period	$91,231,174	$35,410,975	$91,231,174	$35,410,975

	Six Months Ended June 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$31,627,419	$(8,736,249)
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	(124,000,489)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	79,976,450	—
Cost of affiliated investments purchased	(140,109,950)	—
Proceeds from affiliated investments sold	120,093,788	—
Net amortization and accretion on short-term U.S. government and agency obligations	(602,753)	—
Net realized (gain) loss on investments	145	—
Change in unrealized (appreciation) depreciation on investments	(9,672,426)	2,666,366
Decrease (Increase) in receivable on open futures contracts	18,548,014	(83,537)
Decrease (Increase) in receivable for dividends from affiliates	(15,812)	—
Decrease (Increase) in interest receivable	137,090	(39,788)
Increase (Decrease) in payable to Sponsor	3,559	8,748
Increase (Decrease) in payable on open futures contracts	1,816,610	(9,092)
Net cash provided by (used in) operating activities	(22,198,355)	(6,193,552)
Cash flow from financing activities
Proceeds from addition of shares	1,402,774,664	80,052,403
Payment on shares redeemed	(1,587,836,907)	(59,657,798)
Net cash provided by (used in) financing activities	(185,062,243)	20,394,605
Net increase (decrease) in cash	(207,260,598)	14,201,053
Cash, beginning of period	229,683,096	20,768,601
Cash, end of period	$22,422,498	$34,969,654

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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.