8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

ProShares Trust II

(Exact name of registrant as specified in its charter)

Delaware

001-34200

87-6284802

(State or other jurisdiction

of incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

Todd B. Johnson

c/o ProShares Trust II

7272 Wisconsin Avenue, 21st Floor

Bethesda, Maryland 20814

(240) 497-6400

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Erin E. Martin

c/o Morgan Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

and

Richard F. Morris

c/o ProShare Capital Management LLC

7272 Wisconsin Avenue, 21st Floor

Bethesda, Maryland 20814

Securities registered or to be registered pursuant to Section 12(b) of the Act.


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
ProShares Ultra Bloomberg Natural Gas	BOIL	NYSE Arca, Inc.
ProShares UltraShort Bloomberg Crude Oil	SCO	NYSE Arca, Inc.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.

Other Events

On May 11, 2026, ProShare Capital Management LLC, on behalf of ProShares Trust II, issued a press release announcing reverse share splits (each, a “Reverse Split”) on ProShares Ultra Bloomberg Natural Gas (NYSE Arca, Inc. ticker symbol “BOIL”) and ProShares UltraShort Bloomberg Crude Oil (NYSE Arca, Inc. ticker symbol “SCO”) . The Splits will not change the value of a shareholder’s investment.

Reverse Splits

ProShares Ultra Bloomberg Natural Gas will execute a 1 for 2 Reverse Split of its shares. The Reverse Split will be effective prior to the market open on May 28, 2026, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund will not change, but the Fund will be issued a new CUSIP number: “74347Y664”. The Reverse Split will increase the price per share of the Fund with a proportionate decrease in the number of shares outstanding. Specifically, for every two pre- Reverse Split shares held by a Fund shareholder will result in the receipt of one post-Reverse Split share, which will be priced 2 times higher than the net asset value of a pre-Reverse Split share.

ProShares UltraShort Bloomberg Crude Oil will execute a 1 for 4 Reverse Split of its shares. The Reverse Split will be effective prior to the market open on May 28, 2026, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund will not change, but the Fund will be issued a new CUSIP number: “74347Y656”. The Reverse Split will increase the price per share of the Fund with a proportionate decrease in the number of shares outstanding. Specifically, for every four pre- Reverse Split shares held by a Fund shareholder will result in the receipt of one post-Reverse Split share, which will be priced 4 times higher than the net asset value of a pre-Reverse Split share.

For shareholders who hold quantities of shares that are not an exact multiple of the applicable Reverse Split ratio (i.e., not a multiple of 2 or 4), the Reverse Split will result in the creation of a fractional share. Post-Reverse Split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

ProShare Capital Management LLC announced the foregoing via a press release dated May 11, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated by reference. The press release includes information relating to additional funds, none of which are series of ProShares Trust II

Item 9.01

Financial Statements and Exhibits

(d) Exhibits


Exhibit No.		Description

99.1		Press Release Dated May 11, 2026.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 12, 2026


ProShares Trust II

By:		/s/ Todd B. Johnson
		Todd B. Johnson
		Principal Executive Officer

Exhibit 99.1

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ProShares Announces ETF Share Splits

May 11, 2026

BETHESDA, Md. — ProShares, a premier provider of ETFs, announced today forward and reverse share splits on 17 of its ETFs. The splits will not change the total value of a shareholder’s investment.

Forward Split

ProShares will implement a forward split for one ETF at the following split ratio:


Ticker	ProShares ETF	Split Ratio
NOBL	ProShares S&P 500 Dividend Aristocrats ETF		2:1

This forward split will apply to shareholders of record as of market close on May 26, 2026, payable after market close on May 27, 2026. The forward split will be effective prior to market open on May 28, 2026, when the fund will begin trading at its post-split price. The ticker symbol and CUSIP numbers for the fund will not change.

The forward split will decrease the price per share of the fund, with a proportionate increase in the number of shares outstanding. For example, for a two-for-one split, every pre-split share will result in the receipt of two post-split shares, which will be priced at one-half the net asset value (“NAV”) of a pre-split share.

Illustration of a Forward Split

The following table shows the effect of a hypothetical two-for-one forward split.


Period	# of Shares Owned		Hypothetical NAV per share		Value of Shares
Pre-Split		100	$	120.00	$	12,000.00
Post-Split		200	$	60.00	$	12,000.00

Reverse Splits

ProShares will implement reverse splits for 16 of its ETFs at the following split ratios:

Ticker

ProShares ETF

Split Ratio

Old CUSIP

New CUSIP

SLON

ProShares Ultra Solana ETF

1:5

74349Y647

74350P386

UXRP

ProShares Ultra XRP ETF

1:5

74349Y498

74350P410

SCO

ProShares UltraShort Bloomberg Crude Oil

1:4

74347Y797

74347Y656

BIS

ProShares UltraShort Nasdaq Biotechnology

1:2

74347G838

74350P469

BOIL

ProShares Ultra Bloomberg Natural Gas

1:2

74347Y748

74347Y664

BZQ

ProShares UltraShort MSCI Brazil Capped

1:2

74350P618

74350P444

COIA

ProShares Ultra COIN

1:2

74349Y423

74350P428

EFZ

ProShares Short MSCI EAFE

1:2

74347R370

74350P436

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EMTY

ProShares Decline of the Retail Store ETF

1:2

74347B367

74350P527

REW

ProShares UltraShort Technology

1:2

74350P568

74350P451

RXD

ProShares UltraShort Health Care

1:2

74347G564

74350P485

SBB

ProShares Short SmallCap600

1:2

74348A376

74350P535

SDP

ProShares UltraShort Utilities

1:2

74347G218

74350P519

SIJ

ProShares UltraShort Industrials

1:2

74349Y555

74350P394

SMN

ProShares UltraShort Materials

1:2

74347G226

74350P493

SZK

ProShares UltraShort Consumer Staples

1:2

74347G630

74350P477

ProShares Crypto ETFs invest in cryptocurrency derivatives (swap agreements, futures contracts and similar instruments) and do not invest directly in cryptocurrency.

The reverse splits will be effective prior to market open on May 28, 2026, when the funds will begin trading at their post-split prices. The ticker symbols for the funds will not change. All funds undergoing a reverse split will be issued new CUSIP numbers, listed above.

The reverse splits will increase the price per share of each fund, with a proportionate decrease in the number of shares outstanding. For example, for a one-for-two reverse split, every two pre-split shares will result in the receipt of one post-split share, which will be priced two times higher than the NAV of a pre-split share.

Illustration of a Reverse Split

The following table shows the effect of a hypothetical one-for-two reverse split.


Period	# of Shares Owned		Hypothetical NAV per share		Value of Shares
Pre-Split		1,000	$	10.00	$	10,000.00
Post-Split		500	$	20.00	$	10,000.00

Fractional Shares from Reverse Splits

For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of five for a one-for-five reverse split), the reverse split will result in the creation of fractional shares. Post-reverse split fractional shares will be redeemed for cash and sent to your broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

About ProShares

ProShares has been at the forefront of the ETF revolution since 2006, offering one of the industry’s largest ETF lineups. ProShares, together with its mutual fund affiliate, ProFunds, manages more than $100 billion in assets.¹ The company is a leader in strategies such as dividend growth, high income, interest rate hedged bond, crypto and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.

To learn more about the company and career opportunities, visit us on LinkedIn or at ProShares.com.

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Sources:

¹ As of 4/30/26

Some ProShares ETFs seek daily investment results that correspond, before fees and expenses, to a multiple (e.g., 2x or -2x) of the daily performance of its underlying benchmark (the “Daily Target”). While the Funds have a daily investment objective, you may hold a Fund’s shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance.

ProShares Crypto ETFs invest in cryptocurrency derivatives (swap agreements, futures contracts and similar instruments) and do not invest directly in cryptocurrency. Cryptocurrencies are a relatively new asset class, and the market for these digital assets is subject to rapid changes and uncertainty. Cryptocurrencies are subject to unique and substantial risks, such as rapid price swings and lack of liquidity, including as a result of changes in their supply and demand, statements by influencers and the media, and other factors. Digital assets are largely unregulated and may be more susceptible to fraud and manipulation than more regulated investments. Leveraged exposure to digital assets will increase volatility. The value of an investment in these ETFs could decline significantly and without warning, including to zero. These ETFs may not be suitable for all investors.

ProShares Commodity ETFs invest in financial instruments that provide exposure to the underlying commodity, and each ETF does not invest directly in commodities.

Investing involves risk, including the possible loss of principal. ProShares ETFs are generally non-diversified, and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short positions lose value as security prices increase. Leveraged single-stock ETF performance depends almost entirely on the performance of a single stock. Narrowly focused investments typically exhibit higher volatility. Investments in smaller companies typically exhibit higher volatility. Smaller company stocks also may trade at greater spreads or lower trading volumes, and may be less liquid than stocks of larger companies. Please see prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before Investing. This and other information can be found in the summary and full prospectuses. Read them carefully before investing.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor.

Contacts

Media Contact

Steve Schaefer, Hewes Communications (212) 207-9456

[email protected]

Investor Contact

ProShares

(866) 776-5125

[email protected]

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