GLL, UVXY reverse splits effective Nov 20, 2025; new CUSIPs

Rhea-AI Filing Summary

ProShares Trust II announced reverse share splits for two ETFs. ProShares UltraShort Gold (GLL) will undergo a 1-for-2 reverse split, and ProShares Ultra VIX Short-Term Futures ETF (UVXY) will undergo a 1-for-5 reverse split. Both take effect prior to the market open on November 20, 2025.

Ticker symbols will remain GLL and UVXY. New CUSIPs will be assigned: GLL 74347Y698 and UVXY 74347Y680. Each split raises the price per share with a proportionate decrease in shares outstanding, leaving the value of a shareholder’s investment unchanged at the time of the split. Share quantities not divisible by the split ratio will create fractional shares that will be redeemed for cash, which may result in taxable gains or losses for some shareholders.

Insights

ETF Markets Analyst

Administrative reverse splits for GLL and UVXY; neutral impact.

ProShares Trust II will execute reverse splits on two leveraged ETFs: GLL at 1-for-2 and UVXY at 1-for-5, effective before the market opens on November 20, 2025. Reverse splits adjust share price and count proportionally, keeping the investment’s value unchanged at implementation.

Tickers remain the same, while new CUSIPs—GLL 74347Y698, UVXY 74347Y680—will take effect. Fractional positions will be redeemed for cash, which may create taxable gains or losses depending on holder circumstances.

Operationally, this is a routine action for leveraged ETFs to maintain trading ranges. Actual market impact, if any, depends on post-split trading dynamics and investor flows.

NYSEArca CboeBZX false 0001415311 0001415311 2025-11-04 2025-11-04 0001415311 gll:ProSharesUltraShortGoldMember 2025-11-04 2025-11-04 0001415311 gll:ProSharesUltraVixShortTermFuturesEtfMember 2025-11-04 2025-11-04

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): November 4, 2025 (November 4, 2025)

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 Gold		GLL		NYSE Arca, Inc.
ProShares Ultra VIX Short-Term Futures ETF		UVXY		Cboe BZX Exchange, 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 November 4, 2025, ProShare Capital Management LLC, on behalf of ProShares Trust II, issued a press release announcing a reverse share split (“Reverse Split”) on ProShares UltraShort Gold (NYSE Arca, Inc. ticker symbol “GLL”) and ProShares Ultra VIX Short-Term Futures (Cboe BZX Exchange, Inc., ticker symbol “UVXY”). The Splits will not change the value of a shareholder’s investment.

Reverse Splits

ProShares UltraShort Gold will execute a 1 for 2 Reverse Split of its shares. The Reverse Split will be effective prior to the market open on November 20, 2025, 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: ProShares UltraShort Gold (new CUSIP number “74347Y698”). The Reverse Split will increase the price per share of the Fund with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares Ultrashort Gold every 2 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 Ultra VIX Short-Term Futures ETF will execute a 1 for 5 Reverse Split of its shares. The Reverse Split will be effective prior to the market open on November 20, 2025, 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: ProShares Ultra VIX Short-Term Futures (new CUSIP number “74347Y680”). The Reverse Split will increase the price per share of the Fund with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares Ultra VIX Short-Term Futures every 5 pre-Reverse Split shares held by a Fund shareholder will result in the receipt of one post-Reverse Split share, which will be priced 5 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 applicable Reverse Split ratio (i.e., not a multiple of 2 or 5), 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 November 4, 2025. 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 November 4, 2025.
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: November 4, 2025

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

FAQ

What reverse split ratios did GLL and UVXY announce?

ProShares UltraShort Gold (GLL) will have a 1-for-2 reverse split, and ProShares Ultra VIX Short-Term Futures (UVXY) will have a 1-for-5 reverse split.

When do the ProShares GLL and UVXY reverse splits take effect?

Both reverse splits take effect prior to the market open on November 20, 2025.

Will ticker symbols change after the reverse splits?

No. The ticker symbols remain GLL and UVXY; only the CUSIPs change.

What are the new CUSIPs for GLL and UVXY post-split?

GLL’s new CUSIP is 74347Y698; UVXY’s new CUSIP is 74347Y680.

How are fractional shares handled in these reverse splits?

Post-split fractional shares will be redeemed for cash and sent to the shareholder’s broker, which may trigger taxable gains or losses.

Does this filing impact AGQ?

The announced event concerns GLL and UVXY. AGQ is not mentioned.

Does a reverse split change my investment’s value?

The filing states the splits will not change the value of a shareholder’s investment at the time of the split.