ProShares Trust II

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

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

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

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Contents

ProShares VIX Mid-Term Futures ETF

	December 31, 2024	December 31, 2023
Assets
Cash	$24,122,440	$31,674,194
Segregated cash balances with brokers for futures contracts	3,959,399	5,936,995
Receivable on open futures contracts	557	137,945
Interest receivable	99,278	141,818
Total assets	28,181,674	37,890,952
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	50,382	—
Brokerage commissions and futures account fees payable	1,656	1,876
Payable to Sponsor	18,426	22,933
Total liabilities	70,464	24,809
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	28,111,210	37,866,143
Total liabilities and shareholders’ equity	$28,181,674	$37,890,952
Shares outstanding	1,937,403	2,262,403
Net asset value per share	$14.51	$16.74
Market value per share (Note 2)	$14.46	$16.75

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2025	298	$5,453,400	$(178,347)
VIX Futures - Cboe, expires May 2025	505	9,346,590	(1,124)
VIX Futures - Cboe, expires June 2025	505	9,405,625	240,639
VIX Futures - Cboe, expires July 2025	206	3,897,850	(38,902)
			$22,266

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2024	424	$7,187,267	$(1,070,003)
VIX Futures - Cboe, expires May 2024	721	12,515,262	(2,326,922)
VIX Futures - Cboe, expires June 2024	721	12,787,800	(258,508)
VIX Futures - Cboe, expires July 2024	297	5,375,700	(90,243)
			$(3,745,676)

	Year Ended December 31,
	2024	2023	2022
Investment Income
Interest	$2,348,655	$2,412,485	$860,134
Expenses
Management fee	428,613	499,363	809,060
Brokerage commissions	99,142	40,128	73,842
Futures account fees	25,768	40,387	73,303
Non-recurring fees and expenses	—	—	3,854
Total expenses	553,523	579,878	960,059
Net investment income (loss)	1,795,132	1,832,607	(99,925)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(13,696,430)	(38,709,532)	9,333,930
Short-term U.S. government and agency obligations	3,549	—	(336)
Net realized gain (loss)	(13,692,881)	(38,709,532)	9,333,594
Change in net unrealized appreciation (depreciation) on
Futures contracts	3,767,942	1,045,547	(4,166,835)
Short-term U.S. government and agency obligations	—	(5,651)	19,985
Change in net unrealized appreciation (depreciation)	3,767,942	1,039,896	(4,146,850)
Net realized and unrealized gain (loss)	(9,924,939)	(37,669,636)	5,186,744
Net income (loss)	$(8,129,807)	$(35,837,029)	$5,086,819

	Year Ended December 31,
	2024	2023	2022
Shareholders’ equity, beginning of period	$37,866,143	$84,014,959	$112,875,680
Addition of 9,475,000, 1,950,000 and 2,275,000 shares, respectively	147,773,279	43,215,317	73,779,874
Redemption of 9,800,000, 2,450,000 and 3,200,000 shares, respectively	(149,398,405)	(53,527,104)	(107,727,414)
Net addition (redemption) of (325,000), (500,000) and (925,000) shares, respectively	(1,625,126)	(10,311,787)	(33,947,540)
Net investment income (loss)	1,795,132	1,832,607	(99,925)
Net realized gain (loss)	(13,692,881)	(38,709,532)	9,333,594
Change in net unrealized appreciation (depreciation)	3,767,942	1,039,896	(4,146,850)
Net income (loss)	(8,129,807)	(35,837,029)	5,086,819
Shareholders’ equity, end of period	$28,111,210	$37,866,143	$84,014,959

	Year Ended December 31,
	2024	2023	2022
Cash flow from operating activities
Net income (loss)	$(8,129,807)	$(35,837,029)	$5,086,819
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	(49,330,764)	(294,811,992)	(141,619,621)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	49,719,851	345,000,000	177,998,548
Net amortization and accretion on short-term U.S. government and agency obligations	(385,538)	(311,311)	(318,657)
Net realized (gain) loss on investments	(3,549)	—	336
Change in unrealized (appreciation) depreciation on investments	—	5,651	(19,985)
Decrease (Increase) in receivable on open futures contracts	137,388	4,849	(79,397)
Decrease (Increase) in interest receivable	42,540	(53,638)	(87,083)
Increase (Decrease) in payable to Sponsor	(4,507)	(31,731)	(27,319)
Increase (Decrease) in brokerage commissions and futures account fees payable	(220)	(1,812)	(3,436)
Increase (Decrease) in payable on open futures contracts	50,382	—	(94,495)
Net cash provided by (used in) operating activities	(7,904,224)	13,962,987	40,835,710
Cash flow from financing activities
Proceeds from addition of shares	147,773,279	43,215,317	73,779,874
Payment on shares redeemed	(149,398,405)	(53,527,104)	(107,727,414)
Net cash provided by (used in) financing activities	(1,625,126)	(10,311,787)	(33,947,540)
Net increase (decrease) in cash	(9,529,350)	3,651,200	6,888,170
Cash, beginning of period	37,611,189	33,959,989	27,071,819
Cash, end of period	$28,081,839	$37,611,189	$33,959,989

ContentsView on SEC.gov

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