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 UltraShort Bloomberg Natural Gas

	December 31, 2024	December 31, 2023
Assets
Cash	$177,262,462	$73,282,564
Segregated cash balances with brokers for futures contracts	81,628,795	62,890,001
Receivable from capital shares sold	—	9,611,378
Receivable on open futures contracts	19,205,533	4,446,202
Interest receivable	405,754	447,861
Total assets	278,502,544	150,678,006
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	17,443,727	—
Payable on open futures contracts	—	9,596,045
Brokerage commissions and futures account fees payable	3,166	10,461
Payable to Sponsor	115,508	108,408
Total liabilities	17,562,401	9,714,914
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	260,940,143	140,963,092
Total liabilities and shareholders’ equity	$278,502,544	$150,678,006
Shares outstanding (Note 1)	5,983,712	2,933,712
Net asset value per share (Note 1)	$43.61	$48.05
Market value per share (Note 1) (Note 2)	$42.74	$48.21

Futures Contracts Sold
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires March 2025	16,846	$521,889,080	$(26,130,504)

Futures Contracts Sold
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires March 2024	12,109	$281,776,430	$(3,553,507)

	Year Ended December 31,
	2024	2023	2022
Investment Income
Interest	$5,342,982	$5,542,278	$2,635,445
Expenses
Management fee	1,092,378	1,226,758	2,255,264
Brokerage commissions	965,275	817,632	713,500
Futures account fees	40,687	104,966	283,983
Non-recurring fees and expenses	—	—	10,264
Total expenses	2,098,340	2,149,356	3,263,011
Net investment income (loss)	3,244,642	3,392,922	(627,566)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	96,490,359	306,791,742	(165,347,108)
Short-term U.S. government and agency obligations	(3,961)	3,839	(106,181)
Net realized gain (loss)	96,486,398	306,795,581	(165,453,289)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(22,576,997)	(89,442,905)	72,453,147
Short-term U.S. government and agency obligations	—	(12,800)	46,805
Change in net unrealized appreciation (depreciation)	(22,576,997)	(89,455,705)	72,499,952
Net realized and unrealized gain (loss)	73,909,401	217,339,876	(92,953,337)
Net income (loss)	$77,154,043	$220,732,798	$(93,580,903)

	Year Ended December 31,
	2024	2023	2022
Shareholders’ equity, beginning of period	$140,963,092	$134,109,520	$242,145,130
Addition of 25,950,000, 52,600,000 and 269,080,000 shares, respectively (Note 1)	1,356,966,632	1,538,415,045	2,458,594,426
Redemption of 22,900,000, 59,600,000 and 261,103,772 shares, respectively (Note 1)	(1,314,143,624)	(1,752,294,271)	(2,473,049,133)
Net addition (redemption) of 3,050,000, (7,000,000) and 7,976,228 shares, respectively (Note 1)	42,823,008	(213,879,226)	(14,454,707)
Net investment income (loss)	3,244,642	3,392,922	(627,566)
Net realized gain (loss)	96,486,398	306,795,581	(165,453,289)
Change in net unrealized appreciation (depreciation)	(22,576,997)	(89,455,705)	72,499,952
Net income (loss)	77,154,043	220,732,798	(93,580,903)
Shareholders’ equity, end of period	$260,940,143	$140,963,092	$134,109,520

	Year Ended December 31,
	2024	2023	2022
Cash flow from operating activities
Net income (loss)	$77,154,043	$220,732,798	$(93,580,903)
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	(262,384,408)	(297,847,108)	(824,793,791)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	264,472,679	360,999,575	888,104,364
Net amortization and accretion on short-term U.S. government and agency obligations	(2,092,232)	(1,678,902)	(1,030,927)
Net realized (gain) loss on investments	3,961	(3,839)	106,181
Change in unrealized (appreciation) depreciation on investments	—	12,800	(46,805)
Decrease (Increase) in receivable on open futures contracts	(14,759,331)	(3,766,954)	1,361,133
Decrease (Increase) in interest receivable	42,107	(154,043)	(292,069)
Increase (Decrease) in payable to Sponsor	7,100	(23,789)	(61,941)
Increase (Decrease) in brokerage commissions and futures account fees payable	(7,295)	2,964	(39,370)
Increase (Decrease) in payable on open futures contracts	(9,596,045)	9,313,683	(11,967,656)
Net cash provided by (used in) operating activities	52,840,579	287,587,185	(42,241,784)
Cash flow from financing activities
Proceeds from addition of shares	1,366,578,010	1,528,803,667	2,458,594,426
Payment on shares redeemed	(1,296,699,897)	(1,757,659,467)	(2,483,669,939)
Net cash provided by (used in) financing activities	69,878,113	(228,855,800)	(25,075,513)
Net increase (decrease) in cash	122,718,692	58,731,385	(67,317,297)
Cash, beginning of period	136,172,565	77,441,180	144,758,477
Cash, end of period	$258,891,257	$136,172,565	$77,441,180

ContentsView on SEC.gov

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