ProShares sets BOIL, SCO ETF reverse splits

ProShares Trust announced reverse share splits for two of its ETFs, ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraShort Bloomberg Crude Oil (SCO).

Rhea-AI Filing Summary

ProShares Trust announced reverse share splits for two of its ETFs, ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraShort Bloomberg Crude Oil (SCO). BOIL will execute a 1-for-2 reverse split and SCO a 1-for-4 reverse split, both effective prior to the market open on May 28, 2026. Each fund’s ticker will remain the same, but BOIL will receive new CUSIP 74347Y664 and SCO 74347Y656. The reverse splits will increase each fund’s share price with a proportionate decrease in shares outstanding, leaving the total value of a shareholder’s investment unchanged. Fractional shares created by the reverse splits will be redeemed for cash, which may cause some shareholders to realize taxable gains or losses.

A related ProShares press release describes a 2-for-1 forward split for the ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and reverse splits for 16 additional ProShares ETFs, maintaining investor value while adjusting share counts and prices.

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, or exhibit attachments filed with this report.

Key Figures

BOIL reverse split ratio: 1-for-2 SCO reverse split ratio: 1-for-4 NOBL forward split ratio: 2:1 +5 more

8 metrics

BOIL reverse split ratio 1-for-2 ProShares Ultra Bloomberg Natural Gas reverse split effective May 28, 2026

SCO reverse split ratio 1-for-4 ProShares UltraShort Bloomberg Crude Oil reverse split effective May 28, 2026

NOBL forward split ratio 2:1 ProShares S&P 500 Dividend Aristocrats ETF forward split

Forward and reverse splits count 17 ETFs Total ProShares ETFs affected by forward and reverse splits

Illustrative forward split value 100 shares at $120 to 200 at $60 Two-for-one forward split example showing $12,000 unchanged value

Illustrative reverse split value 1,000 shares at $10 to 500 at $20 One-for-two reverse split example showing $10,000 unchanged value

Assets under management More than $100 billion ProShares and ProFunds combined AUM as of April 30, 2026

Effective trading date May 28, 2026 Date funds begin trading at post-split prices

Key Terms

reverse share splits, forward split, cryptocurrency derivatives, Daily Target, +2 more

6 terms

reverse share splits financial

"issued a press release announcing reverse share splits (each, a “Reverse Split”) on ProShares Ultra Bloomberg Natural Gas"

A reverse share split is a corporate action that combines multiple existing shares into fewer, proportionally more valuable shares — for example, turning ten $1 shares into one $10 share. Investors keep the same overall ownership value but see the per‑share price rise, which can improve a stock’s image, meet listing rules, or change trading liquidity and investor perception, much like exchanging many small coins for a single larger bill.

forward split financial

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

A forward split increases the number of a company’s shares by exchanging each existing share for multiple new shares, so each investor owns more pieces while their overall ownership stake and the company’s value stay the same. Think of cutting a pizza into more slices: each slice is smaller but you still have the same total; for investors this lowers the per‑share price, can make the stock feel more affordable, and often boosts trading activity and accessibility.

cryptocurrency derivatives financial

"ProShares Crypto ETFs invest in cryptocurrency derivatives (swap agreements, futures contracts and similar instruments)"

Daily Target financial

"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”)"

leveraged and inverse financial

"a leader in strategies such as dividend growth, high income, interest rate hedged bond, crypto and geared (leveraged and inverse) ETF investing"

non-diversified financial

"ProShares ETFs are generally non-diversified, and each entails certain risks"

Non-diversified describes an investment vehicle or portfolio that concentrates its holdings in a relatively small number of stocks, bonds or similar assets rather than spreading money across many different holdings. It matters to investors because concentration can amplify both gains and losses — like carrying most of your groceries in a few bags instead of many — so these investments can be riskier and more volatile but may offer higher reward if the chosen assets perform well.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What share splits did ProShares announce in this 8-K for BOIL and SCO?

ProShares announced reverse share splits for two ETFs: BOIL will undergo a 1-for-2 reverse split and SCO a 1-for-4 reverse split, both effective before market open on May 28, 2026, with total investment value unchanged.

When do the ProShares BOIL and SCO reverse splits become effective?

The BOIL and SCO reverse splits become effective prior to market open on May 28, 2026. From that session, both funds will trade at their post-split prices with higher share prices and proportionately fewer shares outstanding for each investor.

How will the BOIL 1-for-2 reverse split affect existing shareholders?

For BOIL, every two pre-split shares will convert into one post-split share priced at twice the prior net asset value per share, so the total dollar value of each shareholder’s position remains the same immediately after the reverse split.

How will the SCO 1-for-4 reverse split work for investors?

For SCO, every four pre-split shares will convert into one post-split share priced four times higher than the prior net asset value per share. This keeps each investor’s overall value constant while reducing the number of shares held.

What happens to fractional shares created by the ProShares reverse splits?

If an investor’s holdings are not an exact multiple of the split ratio, the reverse split may create fractional shares. These fractional shares will be redeemed for cash and sent to the shareholder’s broker, potentially triggering taxable gains or losses.

Which additional ProShares ETF is undergoing a forward split and at what ratio?

The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) will have a 2-for-1 forward split. Shareholders of record as of May 26, 2026 will receive double the number of shares at half the previous net asset value, keeping total investment value unchanged.

How large is ProShares’ ETF and mutual fund business mentioned in the release?

ProShares states that, together with its mutual fund affiliate ProFunds, it manages more than $100 billion in assets as of April 30, 2026. This highlights the scale of its ETF and mutual fund operations across various leveraged, inverse and income strategies.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/12/2026 - 03:27 PM EDT Learn about SEC filing dates

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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): 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

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

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.

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

steve@hewescomm.com

Investor Contact

ProShares

(866) 776-5125

info@proshares.com

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 37.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 13.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 22.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 14.7 KB