ProShares Trust II

For the period ended Mar 31, 2025. Filed May 9, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

SCO$19.74+5.2%Stored close · as of Nov 9, 2026

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Contents

ProShares Trust II

COMBINED STATEMENTS OF FINANCIAL CONDITION

	March 31, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $1,441,003,366 and $473,690,268, respectively)	$1,440,994,090	$473,819,625
Cash	1,310,734,241	1,765,501,542
Segregated cash balances with brokers for futures contracts	686,114,104	622,689,660
Segregated cash balances with brokers for foreign currency forward contracts	15,593,555	16,562,030
Segregated cash balances with brokers for swap agreements	82,050,026	172,690,806
Unrealized appreciation on swap agreements	88,355,587	41,311,209
Unrealized appreciation on foreign currency forward contracts	546,793	3,621,921
Receivable from capital shares sold	10,993,176	14,352,999
Securities sold receivable	18,161,000	—
Receivable on open futures contracts	78,998,770	35,746,889
Interest receivable	6,003,972	5,627,491
Total assets	3,738,545,314	3,151,924,172
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	131,593,857	20,192,198
Payable on open futures contracts	25,589,331	44,527,123
Brokerage commissions and futures account fees payable	52,305	59,280
Payable to Sponsor	2,791,147	2,525,993
Unrealized depreciation on swap agreements	2,809,465	54,867,040
Unrealized depreciation on foreign currency forward contracts	1,830,362	4,618,937
Total liabilities	164,666,467	126,790,571
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	3,573,878,847	3,025,133,601
Total liabilities and shareholders’ equity	$3,738,545,314	$3,151,924,172
Shares outstanding (Note 2)	111,771,884	89,221,884

COMBINED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025	2024
Investment Income
Interest	$30,950,905	$30,789,270
Expenses
Management fee	7,850,538	7,170,260
Brokerage commissions	2,164,503	1,843,552
Futures account fees	326,700	230,463
Total expenses	10,341,741	9,244,275
Net investment income (loss)	20,609,164	21,544,995
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	185,256,572	(288,399,020)
Swap agreements	61,760,546	89,484,514
Foreign currency forward contracts	13,512	(1,125,591)
Short-term U.S. government and agency obligations	(70)	69,945
Net realized gain (loss)	247,030,560	(199,970,152)
Change in net unrealized appreciation (depreciation) on
Futures contracts	61,240,763	(100,372,675)
Swap agreements	99,101,953	45,577,444
Foreign currency forward contracts	(286,553)	1,817,440
Short-term U.S. government and agency obligations	(138,633)	(185,198)
Change in net unrealized appreciation (depreciation)	159,917,530	(53,162,989)
Net realized and unrealized gain (loss)	406,948,090	(253,133,141)
Net income (loss)	$427,557,254	$(231,588,146)

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Three Months Ended March 31,
	2025	2024
Shareholders’ equity, beginning of period	$3,025,133,601	$3,282,832,126
Addition 132,675,000 and 41,065,000 shares, respectively	3,422,083,613	1,797,533,442
Redemption of 110,125,000 and 37,705,000 shares, respectively	(3,300,895,621)	(1,760,097,741)
Net addition (redemption) of 22,550,000 and 3,360,000 shares, respectively	121,187,992	37,435,701
Net investment income (loss)	20,609,164	21,544,995
Net realized gain (loss)	247,030,560	(199,970,152)
Change in net unrealized appreciation (depreciation)	159,917,530	(53,162,989)
Net income (loss)	427,557,254	(231,588,146)
Shareholders’ equity, end of period	$3,573,878,847	$3,088,679,681

COMBINED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025	2024
Cash flow from operating activities
Net income (loss)	$427,557,254	$(231,588,146)
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	(3,908,290,932)	(1,454,832,843)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	2,954,910,250	1,056,718,779
Net amortization and accretion on short-term U.S. government and agency obligations	(13,932,486)	(12,698,573)
Net realized (gain) loss on investments	70	(69,945)
Change in unrealized (appreciation) depreciation on investments	(98,676,767)	(47,209,686)
Decrease (Increase) in securities sold receivable	(18,161,000)	—
Decrease (Increase) in receivable on futures contracts	(43,251,881)	(27,529,448)
Decrease (Increase) in interest receivable	(376,481)	2,563,436
Increase (Decrease) in payable to Sponsor	265,154	(301,336)
Increase (Decrease) in brokerage commissions and futures account fees payable	(6,975)	(59,238)
Increase (Decrease) in payable on futures contracts	(18,937,792)	(5,992,179)
Net cash provided by (used in) operating activities	(718,901,586)	(720,999,179)
Cash flow from financing activities
Proceeds from addition of shares	3,425,443,436	1,758,442,652
Payment on shares redeemed	(3,189,493,962)	(1,789,682,322)
Net cash provided by (used in) financing activities	235,949,474	(31,239,670)
Net increase (decrease) in cash	(482,952,112)	(752,238,849)
Cash, beginning of period	2,577,444,038	2,597,706,107
Cash, end of period	$2,094,491,926	$1,845,467,258

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.