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 Silver

	December 31, 2024	December 31, 2023
Assets
Cash	$10,846,306	$46,444,776
Segregated cash balances with brokers for futures contracts	839,500	5,494,500
Segregated cash balances with brokers for swap agreements	9,082,795	12,657,595
Unrealized appreciation on swap agreements	2,954,018	—
Receivable from capital shares sold	—	907,025
Receivable on open futures contracts	8,500	329,629
Interest receivable	49,804	173,799
Total assets	23,780,923	66,007,324
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	9,092	—
Payable to Sponsor	19,212	43,464
Unrealized depreciation on swap agreements	—	814,174
Total liabilities	28,304	857,638
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	23,752,619	65,149,686
Total liabilities and shareholders’ equity	$23,780,923	$66,007,324
Shares outstanding (Note 1)	560,264	897,832
Net asset value per share (Note 1)	$42.40	$72.56
Market value per share (Note 1) (Note 2)	$42.00	$72.96

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2025	72	$10,527,120	$511,915
Total Return Swap Agreements^

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	01/06/25	$(20,658,992)	$1,653,589
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	01/06/25	(11,342,358)	907,867
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	01/06/25	(1,564,559)	125,172
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	01/06/25	(3,340,644)	267,390
			Total Unrealized Appreciation	$2,954,018

^	The positions and counterparties herein are as of December 31, 2024. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of December 31, 2024, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2024	610	$73,462,300	$1,689,046
Total Return Swap Agreements^

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	01/08/24	$(22,017,624)	$126,314
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	01/08/24	(9,901,355)	56,804
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	01/08/24	(1,365,787)	7,793
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	01/08/24	(23,534,661)	(1,005,085)
			Total Unrealized Depreciation	$(814,174)

^	The positions and counterparties herein are as of December 31, 2023. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of December 31, 2023, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Year Ended December 31,
	2024	2023	2022
Investment Income
Interest	$1,836,045	$1,118,150	$215,031
Expenses
Management fee	443,177	287,739	246,718
Brokerage commissions	38,489	39,452	26,948
Futures account fees	—	—	4,443
Non-recurring fees and expenses	—	—	1,106
Total expenses	481,666	327,191	279,215
Net investment income (loss)	1,354,379	790,959	(64,184)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(1,893,066)	13,011,200	796,029
Swap agreements	(6,393,268)	427,289	(2,464,174)
Short-term U.S. government and agency obligations	—	(906)	(2,014)
Net realized gain (loss)	(8,286,334)	13,437,583	(1,670,159)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(1,177,131)	2,629,546	(1,592,993)
Swap agreements	3,768,192	908,449	198,791
Short-term U.S. government and agency obligations	—	—	860
Change in net unrealized appreciation (depreciation)	2,591,061	3,537,995	(1,393,342)
Net realized and unrealized gain (loss)	(5,695,273)	16,975,578	(3,063,501)
Net income (loss)	$(4,340,894)	$17,766,537	$(3,127,685)

	Year Ended December 31,
	2024	2023	2022
Shareholders’ equity, beginning of period	$65,149,686	$31,932,799	$26,537,000
Addition of 3,625,000, 2,962,500 and 1,050,000 shares, respectively (Note 1)	167,612,161	209,998,518	109,036,263
Redemption of 3,962,568, 2,475,000 and 887,500 shares, respectively (Note 1)	(204,668,334)	(194,548,168)	(100,512,779)
Net addition (redemption) of (337,568), 487,500 and 162,500 shares, respectively (Note 1)	(37,056,173)	15,450,350	8,523,484
Net investment income (loss)	1,354,379	790,959	(64,184)
Net realized gain (loss)	(8,286,334)	13,437,583	(1,670,159)
Change in net unrealized appreciation (depreciation)	2,591,061	3,537,995	(1,393,342)
Net income (loss)	(4,340,894)	17,766,537	(3,127,685)
Shareholders’ equity, end of period	$23,752,619	$65,149,686	$31,932,799

	Year Ended December 31,
	2024	2023	2022
Cash flow from operating activities
Net income (loss)	$(4,340,894)	$17,766,537	$(3,127,685)
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	—	(39,876,608)	(20,979,052)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	—	39,937,156	43,997,092
Net amortization and accretion on short-term U.S. government and agency obligations	—	(61,454)	(24,933)
Net realized (gain) loss on investments	—	906	2,014
Change in unrealized (appreciation) depreciation on investments	(3,768,192)	(908,449)	(199,651)
Decrease (Increase) in receivable on open futures contracts	321,129	(270,054)	(44,129)
Decrease (Increase) in interest receivable	123,995	(113,319)	(60,102)
Increase (Decrease) in payable to Sponsor	(24,252)	22,759	(7,855)
Increase (Decrease) in brokerage commissions and futures account fees payable	—	—	(747)
Increase (Decrease) in payable on open futures contracts	9,092	—	(5,840)
Net cash provided by (used in) operating activities	(7,679,122)	16,497,474	19,549,112
Cash flow from financing activities
Proceeds from addition of shares	168,519,186	210,064,282	108,063,474
Payment on shares redeemed	(204,668,334)	(194,548,168)	(100,512,779)
Net cash provided by (used in) financing activities	(36,149,148)	15,516,114	7,550,695
Net increase (decrease) in cash	(43,828,270)	32,013,588	27,099,807
Cash, beginning of period	64,596,871	32,583,283	5,483,476
Cash, end of period	$20,768,601	$64,596,871	$32,583,283

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