ProShares Trust II 3Q 2026: Net loss ($418.62M) — 10-Q Summary
ProShares Trust II reported a net loss of $418.62M for the quarter, a decline from a net income of $76.11M a year earlier. The loss was driven by investment activity, including futures and swaps. Investment income rose to $41.2M, while expenses increased to $13.4M. The Ultra Bloomberg Crude Oil Fund reported $202.0M in net income, and Ultra Silver had a $33.4M net loss. Net share additions totaled 42.6M.
How this was made
The 30-second read
Why it matters
The disclosed net loss highlights the risks of leveraged volatility products in a low‑volatility environment.
Market read
The fund's quarterly loss is material for volatility‑focused investors and may trigger short‑term price adjustments.
What to watch
The loss is driven by unrealized futures positions; a future market rally could offset the impact.
Background
ProShares Trust II (UVXY) is an exchange‑traded fund that provides leveraged exposure to the S&P 500 VIX Short‑Term Futures Index.
Ticker impact
ProShares Trust II reported a net loss of $418.62M for Q3 2026, the first disclosure of this quarterly result.
likely downward pressure as the market prices in the loss
Quarterly loss of over $400M is material for an ETF and is newly disclosed in the 10‑Q.
Market effects
Volatility‑linked ETFs may see reduced inflows after a large loss report.
U.S. market participants tracking volatility products could adjust positions.
Limited to investors in volatility strategies; no broader macro impact.
Counterpoint
If volatility spikes, UVXY could rebound despite the loss, offering a buying opportunity.
Key entities
- FundProShares Trust II
Issuer of the UVXY leveraged volatility ETF.
