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

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Contents

ProShares UltraShort Silver

	September 30, 2026 (unaudited)	December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $34,732,849 and $–, respectively)	$34,731,986	$—
Affiliated investments (cost $17,010,250 and $–, respectively)	17,010,200	—
Cash	19,433,736	164,887,996
Segregated cash balances with brokers for futures contracts	9,414,984	27,244,750
Segregated cash balances with brokers for swap agreements	—	37,550,350
Unrealized appreciation on swap agreements	7,032,319	—
Receivable from capital shares sold	—	2,129,315
Receivable on open futures contracts	3,864,937	19,170,259
Receivable for dividends from affiliates	8,774	—
Interest receivable	47,932	207,484
Total assets	91,544,868	251,190,154
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	13,901,331	49,772,735
Payable to Sponsor	52,835	74,694
Unrealized depreciation on swap agreements	—	4,320,147
Total liabilities	13,954,166	54,167,576
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	77,590,702	197,022,578
Total liabilities and shareholders’ equity	$91,544,868	$251,190,154
Shares outstanding (Note 1)	2,790,818	3,701,026
Net asset value per share (Note 1)	$27.80	$53.23
Market value per share (Note 1) (Note 2)	$27.67	$53.40

	Principal Amount	Value
Short-term U.S. government and agency obligations
(45% of shareholders’ equity)
U.S. Treasury Bills^^:
3.982% due 12/3/2026†	$25,000,000	$24,825,767
4.111% due 12/22/2026	5,000,000	4,955,011
4.089% due 12/29/2026†	5,000,000	4,951,208
Total short-term U.S. government and agency obligations (cost $34,732,849)		$34,731,986
Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
ProShares Genius Money Market ETF 3.71%(a)(b) (cost $17,010,250)	170,000	17,010,200
Total Investments in Securities (cost $51,743,099)		$51,742,186

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires December 2026	248	$75,101,840	$5,766,424

	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%	10/06/26	$(9,163,110)	$995,116
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.75	10/06/26	(30,055,646)	3,177,822
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.36	10/06/26	(40,923,712)	2,859,381
				$7,032,319
Total Unrealized Appreciation				$7,032,319

(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	$530,092	$202,742	$2,696,029	$607,679
Dividends from affiliates (Note 5)	114,206	—	384,340	—
Total income	644,298	202,742	3,080,369	607,679
Expenses
Management fee	172,851	68,100	1,039,850	202,348
Brokerage commissions	7,512	3,060	49,758	13,179
Total expenses	180,363	71,160	1,089,608	215,527
Net investment income (loss)	463,935	131,582	1,990,761	392,152
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	4,727,386	(1,886,271)	(22,824,159)	(4,406,449)
Swap agreements	(1,729,775)	(4,960,701)	26,543,120	(8,876,741)
Short-term U.S. government and agency obligations	—	—	67	—
Affiliated investments (Note 5)	(1,521)	—	(1,733)	—
Payment from affiliate (Note 5)	4,887	—	17,188	—
Net realized gain (loss)	3,000,977	(6,846,972)	3,734,483	(13,283,190)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(4,649,386)	(2,013,669)	15,045,275	(1,907,904)
Swap agreements	1,679,439	(4,259,901)	11,352,466	(6,926,267)
Short-term U.S. government and agency obligations	(2,212)	—	(863)	—
Affiliated investments (Note 5)	1,900	—	(50)	—
Change in net unrealized appreciation (depreciation)	(2,970,259)	(6,273,570)	26,396,828	(8,834,171)
Net realized and unrealized gain (loss)	30,718	(13,120,542)	30,131,311	(22,117,361)
Net income (loss)	$494,653	$(12,988,960)	$32,122,072	$(21,725,209)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Shareholders’ equity, beginning of period	$91,231,174	$35,410,975	$197,022,578	$23,752,619
Addition of 6,400,000, 210,000, 68,890,000 and 475,000 shares, respectively (Note 1)	160,890,343	40,349,909	1,561,535,692	120,402,312
Redemption of 6,600,000, 150,000, 69,800,208 and 335,000 shares, respectively (Note 1)	(175,025,468)	(32,419,844)	(1,713,089,640)	(92,077,642)
Net addition (redemption) of (200,000), 60,000, (910,208) and 140,000 shares, respectively (Note 1)	(14,135,125)	7,930,065	(151,553,948)	28,324,670
Net investment income (loss)	463,935	131,582	1,990,761	392,152
Net realized gain (loss)	3,000,977	(6,846,972)	3,734,483	(13,283,190)
Change in net unrealized appreciation (depreciation)	(2,970,259)	(6,273,570)	26,396,828	(8,834,171)
Net income (loss)	494,653	(12,988,960)	32,122,072	(21,725,209)
Shareholders’ equity, end of period	$77,590,702	$30,352,080	$77,590,702	$30,352,080

	Nine Months Ended September 30,
	2026	2025
Cash flow from operating activities
Net income (loss)	$32,122,072	$(21,725,209)
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	(158,689,564)	—
Proceeds from sales or maturities of short-term U.S. government and agency obligations	124,976,450	—
Cost of affiliated investments purchased	(155,118,700)	—
Proceeds from affiliated investments sold	138,106,717	—
Net amortization and accretion on short-term U.S. government and agency obligations	(1,019,668)	—
Net realized (gain) loss on investments	1,666	—
Change in unrealized (appreciation) depreciation on investments	(11,351,553)	6,926,267
Decrease (Increase) in receivable on open futures contracts	15,305,322	(277,366)
Decrease (Increase) in receivable for dividends from affiliates	(8,774)	—
Decrease (Increase) in interest receivable	159,552	(7,173)
Increase (Decrease) in payable to Sponsor	(21,859)	1,663
Increase (Decrease) in payable on open futures contracts	—	(9,092)
Net cash provided by (used in) operating activities	(15,538,339)	(15,090,910)
Cash flow from financing activities
Proceeds from addition of shares	1,563,665,007	120,402,312
Payment on shares redeemed	(1,748,961,044)	(90,529,269)
Net cash provided by (used in) financing activities	(185,296,037)	29,873,043
Net increase (decrease) in cash	(200,834,376)	14,782,133
Cash, beginning of period	229,683,096	20,768,601
Cash, end of period	$28,848,720	$35,550,734

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.