Reverse split for ProShares UltraShort Silver (NYSEARCA: ZSL)

Rhea-AI Filing Summary

ProShares Trust is implementing a reverse share split for its ProShares UltraShort Silver ETF, ticker ZSL. The fund will execute a 1-for-10 reverse split, effective before the market opens on February 26, 2026, when it begins trading at its post-split price.

The ticker will stay the same, but ZSL will receive a new CUSIP number, 74347Y672. Every 10 pre-split shares will convert into 1 post-split share, priced at roughly ten times the prior net asset value per share, so the total value of each shareholder’s investment remains the same.

Shareholders whose holdings are not an exact multiple of 10 will receive cash in place of any fractional shares, which may create taxable gains or losses.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): February 11, 2026 (February 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 UltraShort Silver		ZSL		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 February 11, 2026, ProShare Capital Management LLC, on behalf of ProShares Trust II, issued a press release announcing a reverse share split (“Reverse Split”) on ProShares UltraShort Silver (NYSE Arca, Inc. ticker symbol “ZSL”). The Split will not change the value of a shareholder’s investment.

Reverse Split

ProShares UltraShort Silver will execute a 1 for 10 Reverse Split of its shares. The Reverse Split will be effective prior to the market open on February 26, 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: “74347Y672”. 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 10 pre-Reverse Split shares held by a Fund shareholder will result in the receipt of one post-Reverse Split share, which will be priced ten times higher than the net asset value of a pre-Reverse Split share.

For Fund shareholders who hold quantities of shares that are not an exact multiple of the Reverse Split ratio (i.e., not a multiple of 10), 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 February 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 February 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: February 11, 2026

ProShares Trust II
By:		/s/ Todd B. Johnson
		Todd B. Johnson
		Principal Executive Officer

Exhibit 99.1

ProShares Announces ETF Share Splits

Feb. 11, 2026

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

ProShares will implement reverse splits for two of its ETFs at the following split ratio:

Ticker

ProShares ETF

Split Ratio

Old CUSIP

New CUSIP

CRCA

ProShares Ultra CRCL

1:10

74349Y431

74350P543

ZSL

ProShares UltraShort Silver

1:10

74347Y722

74347Y672

The reverse splits will be effective prior to market open on February 26, 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-ten reverse split, every ten pre-split shares will result in the receipt of one post-split share, which will be priced ten 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-ten reverse split.

Period		# of Shares Owned				Hypothetical NAV per share				Value of Shares
Pre-Split			1,000			$	10.00			$	10,000.00
Post-Split			100			$	100.00			$	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 ten for a one-for-ten 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. Together with its mutual fund affiliate, ProFunds, the firm manages more than $95 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

MEDIA CONTACT

Tucker Hewes

212-207-9451

tucker@hewescomm.com

INVESTOR CONTACT

ProShares

866-776-5125

¹  As of 12/31/25

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.

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. 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 their summary and full prospectuses. Read them carefully before investing. Separate ProShares Trust II prospectuses are available for Volatility, Commodity, and Currency ProShares.

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

FAQ

What did ProShares announce for ProShares UltraShort Silver (ZSL)?

ProShares announced a 1-for-10 reverse share split for ProShares UltraShort Silver (ZSL). Each block of ten existing shares will become one new share, leaving the overall value of a shareholder’s investment unchanged while increasing the price per share proportionally.

When will the ProShares UltraShort Silver (ZSL) reverse split take effect?

The reverse split for ProShares UltraShort Silver (ZSL) becomes effective before the market opens on February 26, 2026. From that trading day forward, the fund will trade at its post-split price with fewer shares outstanding but unchanged total investment value.

How does the 1-for-10 reverse split affect ZSL shareholders?

For every ten pre-split ZSL shares, shareholders will receive one post-split share priced about ten times higher. While the number of shares decreases, the total dollar value of the holding stays the same, aside from possible effects from market movements.

What happens to fractional shares created by the ZSL reverse split?

If a shareholder’s ZSL position is not a multiple of ten, the reverse split will create fractional shares. These fractional shares will be redeemed for cash and sent to the shareholder’s broker, potentially triggering taxable gains or losses for the affected investor.

Will the ticker or CUSIP change after the ProShares UltraShort Silver split?

The ZSL ticker symbol will remain unchanged after the reverse split. However, ProShares UltraShort Silver will receive a new CUSIP number, 74347Y672, replacing its prior CUSIP to reflect the corporate action in securities identification systems.

Does the reverse split change the total value of a ZSL investment?

The reverse split itself does not change the total value of a ZSL investment. Shareholders will own fewer shares at a higher price per share, leaving the overall position value effectively the same, aside from normal market price fluctuations and any cash paid for fractional shares.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 14.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.5 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 18.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.4 KB