---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-260981"
form_type: "8-K"
ticker: "AGQ"
cik: "0001415311"
company_name: "ProShares Trust II"
filed_at: "2024-11-18T23:59:59+00:00"
generated_at: "2026-05-29T22:57:34.607293+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ProShares Trust II restates financials for 2021-2023; cites classification errors in FCM accounts

## Summary
- Affected Funds: ProShares Short VIX, Ultra/UltraShort Bloomberg Natural Gas, Ultra VIX, VIX Short-Term Futures ETFs.
- Errors misclassified segregated cash and receivable/payable on open futures; no impact on NAV or performance.
- Material weakness in internal controls over FCM account classification; remediation plan to be filed.
- Previously issued audited financials for years ended Dec 31, 2021, 2022, 2023 and unaudited interim periods should no longer be relied upon.

## SEC filing metadata
- accession: 0001193125-24-260981
- form_type: 8-K
- ticker: AGQ
- cik: 0001415311
- company_name: ProShares Trust II
- filed_at: 2024-11-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1415311/000119312524260981/0001193125-24-260981-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1415311/000119312524260981/d895377d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-260981
- JSON: https://secwatch.observer/filing/0001193125-24-260981.json
- Plain text: https://secwatch.observer/filing/0001193125-24-260981.txt

## Key facts
- Auditor Changes
  ProShares Trust II reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: PricewaterhouseCoopers LLP
  source text: the previously issued audited financial statements for the years ended December 31, 2021, 2022 and 2023 and unaudited interim financial statements for the periods ended March 31, 2023 and 2024, and June 30, 2023 and, 2024, should no longer be relied upon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1415311/000119312524260981/0001193125-24-260981-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.