ProShares Trust II

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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FY2024 · Filed Feb 28, 2025

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

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Contents

ProShares Short VIX Short-Term Futures ETF

	Principal Amount	Value
Short-term U.S. government and agency obligations
(9% of shareholders’ equity)
U.S. Treasury Bills^^:
4.562% due 01/23/25	$25,000,000	$24,937,875
Total short-term U.S. government and agency obligations(cost $24,931,067)		$24,937,875

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires January 2025	4,447	$77,901,212	$(3,491,718)
VIX Futures - Cboe, expires February 2025	3,080	55,042,064	482,967
			$(3,008,751)

^^	Rates shown represent discount rate at the time of purchase.

	Principal Amount	Value
Short-term U.S. government and agency obligations
(41% of shareholders’ equity)
U.S. Treasury Bills^^:
5.442% due 01/18/24	$25,000,000	$24,941,223
5.345% due 02/01/24	50,000,000	49,780,000
5.417% due 02/20/24	15,000,000	14,892,507
5.382% due 03/12/24	20,000,000	19,796,612
Total short-term U.S. government and agency obligations(cost $109,391,681)		$109,410,342

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires January 2024	5,412	$76,045,095	$10,168,009
VIX Futures - Cboe, expires February 2024	3,778	57,786,021	2,472,615
			$12,640,624

^^	Rates shown represent discount rate at the time of purchase.

	Year Ended December 31,
	2024	2023	2022
Investment Income
Interest	$15,966,194	$10,251,068	$3,512,477
Expenses
Management fee	3,421,991	2,500,560	3,901,784
Brokerage commissions	899,331	543,461	663,288
Futures account fees	44,627	—	381,085
Non-recurring fees and expenses	—	—	16,339
Total expenses	4,365,949	3,044,021	4,962,496
Net investment income (loss)	11,600,245	7,207,047	(1,450,019)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	42,037,096	160,516,553	21,454,600
Short-term U.S. government and agency obligations	17,669	(21,847)	(86,512)
Net realized gain (loss)	42,054,765	160,494,706	21,368,088
Change in net unrealized appreciation (depreciation) on
Futures contracts	(15,649,375)	1,548,243	(20,182,897)
Short-term U.S. government and agency obligations	(11,853)	(5,434)	59,620
Change in net unrealized appreciation (depreciation)	(15,661,228)	1,542,809	(20,123,277)
Net realized and unrealized gain (loss)	26,393,537	162,037,515	1,244,811
Net income (loss)	$37,993,782	$169,244,562	$(205,208)

	Year Ended December 31,
	2024	2023	2022
Shareholders’ equity, beginning of period	$267,184,359	$339,591,638	$423,812,594
Addition of 19,900,000, 8,200,000 and 14,300,000 shares, respectively (Note 1)	961,069,086	282,356,336	366,101,636
Redemption of 19,750,000, 14,600,000 and 16,500,000 shares, respectively (Note 1)	(1,000,156,994)	(524,008,177)	(450,117,384)
Net addition (redemption) of 150,000, (6,400,000) and (2,200,000) shares, respectively (Note 1)	(39,087,908)	(241,651,841)	(84,015,748)
Net investment income (loss)	11,600,245	7,207,047	(1,450,019)
Net realized gain (loss)	42,054,765	160,494,706	21,368,088
Change in net unrealized appreciation (depreciation)	(15,661,228)	1,542,809	(20,123,277)
Net income (loss)	37,993,782	169,244,562	(205,208)
Shareholders’ equity, end of period	$266,090,233	$267,184,359	$339,591,638

	Year Ended December 31,
	2024	2023	2022
Cash flow from operating activities
Net income (loss)	$37,993,782	$169,244,562	$(205,208)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations	(713,284,705)	(756,847,632)	(1,562,961,162)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	805,017,669	796,473,442	1,567,832,801
Net amortization and accretion on short-term U.S. government and agency obligations	(7,254,681)	(4,755,757)	(1,390,488)
Net realized (gain) loss on investments	(17,669)	21,847	86,512
Change in unrealized (appreciation) depreciation on investments	11,853	5,434	(59,620)
Decrease (Increase) in receivable on open futures contracts	10,407,604	28,912,469	59,417,709
Decrease (Increase) in interest receivable	18,478	19,000	(473,062)
Increase (Decrease) in payable to Sponsor	(20,904)	(93,604)	10,593
Increase (Decrease) in brokerage commissions and futures account fees payable	(2,669)	(12,005)	(82,736)
Increase (Decrease) in payable on open futures contracts	564,219	447,611	—
Net cash provided by (used in) operating activities	133,432,977	233,415,367	62,175,339
Cash flow from financing activities
Proceeds from addition of shares	961,069,086	282,356,336	366,101,636
Payment on shares redeemed	(1,015,679,310)	(514,347,675)	(450,380,700)
Net cash provided by (used in) financing activities	(54,610,224)	(231,991,339)	(84,279,064)
Net increase (decrease) in cash	78,822,753	1,424,028	(22,103,725)
Cash, beginning of period	162,331,287	160,907,259	183,010,984
Cash, end of period	$241,154,040	$162,331,287	$160,907,259

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.