ProShares Trust II

For the period ended Sep 30, 2026. Filed Nov 6, 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.

Sep 30, 2026 · Filed Nov 6, 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

	September 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $50,827,091 and $–, respectively)	$50,820,203	$—
Affiliated investments (cost $25,010,000 and $–, respectively)	25,015,000	—
Cash	19,993,482	66,655,665
Segregated cash balances with brokers for futures contracts	8,066,393	4,192,800
Segregated cash balances with brokers for swap agreements	—	12,948,365
Unrealized appreciation on swap agreements	3,870,435	—
Receivable on open futures contracts	535,178	155,440
Receivable for dividends from affiliates	24,551	—
Interest receivable	27,810	187,856
Total assets	108,353,052	84,140,126
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	4,989,343	—
Payable on open futures contracts	109,692	37,235
Payable to Sponsor	67,446	59,481
Unrealized depreciation on swap agreements	—	2,568,196
Total liabilities	5,166,481	2,664,912
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	103,186,571	81,475,214
Total liabilities and shareholders’ equity	$108,353,052	$84,140,126
Shares outstanding (Note 1)	4,136,631	3,136,631
Net asset value per share (Note 1)	$24.94	$25.98
Market value per share (Note 1) (Note 2)	$24.93	$26.15

	Principal Amount	Value
Short-term U.S. government and agency obligations
(49% of shareholders’ equity)
U.S. Treasury Bills^^:
3.907% due 10/22/2026†	$10,000,000	$9,977,644
3.813% due 11/5/2026†	40,000,000	39,848,528
3.855% due 11/24/2026†	1,000,000	994,031
Total short-term U.S. government and agency obligations (cost $50,827,091)		$50,820,203
Shares
Affiliated Investments
Exchange Traded Fund
(24% of shareholders’ equity)
ProShares Genius Money Market ETF 3.71%(a)(b) (cost $25,010,000)	250,000	25,015,000
Total Investments in Securities (cost $75,837,091)		$75,835,203

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires December 2026	317	$132,718,390	$2,579,005

	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%	10/06/26	$(50,727,231)	$2,881,688
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.20	10/06/26	(9,007,528)	541,663
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	10/06/26	(13,932,183)	447,084
				$3,870,435
Total Unrealized Appreciation				$3,870,435

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

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

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of September 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 September 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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Investment Income
Interest	$645,638	$543,256	$1,905,191	$1,468,731
Dividends from affiliates (Note 5)	273,223	—	594,710	—
Total income	918,861	543,256	2,499,901	1,468,731
Expenses
Management fee	247,063	155,211	727,534	411,660
Brokerage commissions	6,207	2,719	18,080	14,541
Total expenses	253,270	157,930	745,614	426,201
Net investment income (loss)	665,591	385,326	1,754,287	1,042,530
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	3,379,587	(2,131,476)	7,589,917	1,974,272
Swap agreements	(2,575,236)	(7,008,905)	(3,076,704)	(8,711,158)
Affiliated investments (Note 5)	(4,809)	—	(6,265)	—
Payment from affiliate (Note 5)	11,292	—	25,321	—
Net realized gain (loss)	810,834	(9,140,381)	4,532,269	(6,736,886)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(12,420,397)	(2,544,052)	3,434,052	(2,202,656)
Swap agreements	952,124	(5,507,055)	6,438,631	(4,240,639)
Short-term U.S. government and agency obligations	(4,898)	—	(6,888)	—
Affiliated investments (Note 5)	(1,500)	—	5,000	—
Change in net unrealized appreciation (depreciation)	(11,474,671)	(8,051,107)	9,870,795	(6,443,295)
Net realized and unrealized gain (loss)	(10,663,837)	(17,191,488)	14,403,064	(13,180,181)
Net income (loss)	$(9,998,246)	$(16,806,162)	$16,157,351	$(12,137,651)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$111,193,073	$76,838,176	$81,475,214	$16,624,428
Addition of 4,250,000, 1,325,000, 17,300,000 and 8,175,000 shares, respectively (Note 1)	101,834,517	51,416,393	352,885,189	359,391,795
Redemption of 4,250,000, 1,150,000, 16,300,000 and 6,525,034 shares, respectively (Note 1)	(99,842,773)	(48,257,694)	(347,331,183)	(300,687,859)
Net addition (redemption) of –, 175,000, 1,000,000 and 1,649,966 shares, respectively (Note 1)	1,991,744	3,158,699	5,554,006	58,703,936
Net investment income (loss)	665,591	385,326	1,754,287	1,042,530
Net realized gain (loss)	810,834	(9,140,381)	4,532,269	(6,736,886)
Change in net unrealized appreciation (depreciation)	(11,474,671)	(8,051,107)	9,870,795	(6,443,295)
Net income (loss)	(9,998,246)	(16,806,162)	16,157,351	(12,137,651)
Shareholders’ equity, end of period	$103,186,571	$63,190,713	$103,186,571	$63,190,713

	Nine Months Ended September 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$16,157,351	$(12,137,651)
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	(135,024,869)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	85,000,000	—
Cost of affiliated investments purchased	(55,035,000)	—
Proceeds from affiliated investments sold	30,018,735	—
Net amortization and accretion on short-term U.S. government and agency obligations	(802,222)	—
Net realized (gain) loss on investments	6,265	—
Change in unrealized (appreciation) depreciation on investments	(6,436,743)	4,240,639
Decrease (Increase) in receivable on open futures contracts	(379,738)	—
Decrease (Increase) in receivable for dividends from affiliates	(24,551)	—
Decrease (Increase) in interest receivable	160,046	(111,787)
Increase (Decrease) in payable to Sponsor	7,965	32,948
Increase (Decrease) in payable on open futures contracts	72,457	(6,680)
Net cash provided by (used in) operating activities	(66,280,304)	(7,982,531)
Cash flow from financing activities
Proceeds from addition of shares	352,885,189	359,391,795
Payment on shares redeemed	(342,341,840)	(299,850,543)
Net cash provided by (used in) financing activities	10,543,349	59,541,252
Net increase (decrease) in cash	(55,736,955)	51,558,721
Cash, beginning of period	83,796,830	16,519,330
Cash, end of period	$28,059,875	$68,078,051

ContentsView on SEC.gov

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