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 Yen

	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 $7,002,800 and $–, respectively)	7,004,200	—
Cash	13,119,238	31,050,946
Segregated cash balances with brokers for foreign currency forward contracts	—	3,552,908
Unrealized appreciation on foreign currency forward contracts	913,771	955,069
Receivable for dividends from affiliates	5,534	—
Interest receivable	36,002	97,946
Total assets	31,049,866	35,656,869
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	22,733	29,619
Unrealized depreciation on foreign currency forward contracts	5,836	110,834
Total liabilities	28,569	140,453
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	31,021,297	35,516,416
Total liabilities and shareholders’ equity	$31,049,866	$35,656,869
Shares outstanding	547,160	697,160
Net asset value per share	$56 .70	$50 .94
Market value per share (Note 2)	$56 .62	$50 .90

	Principal Amount	Value
Short-term U.S. government and agency obligations
(32% 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
(23% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54%(a)(b) (cost $7,002,800)	70,000	7,004,200
Total Investments in Securities (cost $16,974,189)		$16,975,321

Foreign Currency Forward Contracts

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with UBS AG	07/17/26	49,460,000	$304,625	$(5,836)
Total Unrealized Depreciation				$(5,836)
Contracts to Sell
Yen with Goldman Sachs International	07/17/26	(5,045,974,165)	$(31,078,281)	$465,583
Yen with UBS AG	07/17/26	(5,078,154,424)	(31,276,480)	448,188
Total Unrealized Appreciation				$913,771

(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	$204,564	$208,788	$415,903	$417,761
Dividends from affiliates (Note 5)	61,871	—	85,276	—
Total income	266,435	208,788	501,179	417,761
Expenses
Management fee	72,367	53,166	146,367	107,103
Total expenses	72,367	53,166	146,367	107,103
Net investment income (loss)	194,068	155,622	354,812	310,658
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	1,082,055	(1,138,324)	2,449,668	(1,297,018)
Short-term U.S. government and agency obligations	—	91	—	91
Payment from affiliate (Note 5)	2,621	—	3,744	—
Net realized gain (loss)	1,084,676	(1,138,233)	2,453,412	(1,296,927)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	780,527	(710,709)	63,700	(2,515,360)
Short-term U.S. government and agency obligations	(187)	—	(268)	—
Affiliated investments	(700)	—	1,400	—
Change in net unrealized appreciation (depreciation)	779,640	(710,709)	64,832	(2,515,360)
Net realized and unrealized gain (loss)	1,864,316	(1,848,942)	2,518,244	(3,812,287)
Net income (loss)	$2,058,384	$(1,693,320)	$2,873,056	$(3,501,629)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$29,016,468	$26,449,371	$35,516,416	$26,080,295
Addition of 150,000, 100,000, 350,000 and 250,000 shares, respectively	7,972,606	4,171,255	18,289,295	10,847,681
Redemption of 150,000, 200,000, 500,000 and 300,000 shares, respectively	(8,026,161)	(8,367,603)	(25,657,470)	(12,866,644)
Net addition (redemption) of –, (100,000), (150,000) and (50,000) shares, respectively	(53,555)	(4,196,348)	(7,368,175)	(2,018,963)
Net investment income (loss)	194,068	155,622	354,812	310,658
Net realized gain (loss)	1,084,676	(1,138,233)	2,453,412	(1,296,927)
Change in net unrealized appreciation (depreciation)	779,640	(710,709)	64,832	(2,515,360)
Net income (loss)	2,058,384	(1,693,320)	2,873,056	(3,501,629)
Shareholders’ equity, end of period	$31,021,297	$20,559,703	$31,021,297	$20,559,703

	Six Months Ended June 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$2,873,056	$(3,501,629)
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	(29,852,898)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	19,999,999	91
Cost of affiliated investments purchased	(7,002,800)	—
Net amortization and accretion on short-term U.S. government and agency obligations	(118,490)	—
Net realized (gain) loss on investments	—	(91)
Change in unrealized (appreciation) depreciation on investments	(64,832)	2,515,360
Decrease (Increase) in receivable for dividends from affiliates	(5,534)	—
Decrease (Increase) in interest receivable	61,944	10,483
Increase (Decrease) in payable to Sponsor	(6,886)	(3,129)
Net cash provided by (used in) operating activities	(14,116,441)	(978,915)
Cash flow from financing activities
Proceeds from addition of shares	18,289,295	10,847,681
Payment on shares redeemed	(25,657,470)	(12,866,644)
Net cash provided by (used in) financing activities	(7,368,175)	(2,018,963)
Net increase (decrease) in cash	(21,484,616)	(2,997,878)
Cash, beginning of period	34,603,854	23,795,096
Cash, end of period	$13,119,238	$20,797,218

ContentsView on SEC.gov

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