ProShares Trust II

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

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ProShares Ultra Gold

	Principal Amount	Value
Short-term U.S. government and agency obligations
(52% of shareholders’ equity)
U.S. Treasury Bills^^:
4.387% due 04/29/25†	$50,000,000	$49,835,110
4.367% due 05/13/25	70,000,000	69,653,731
4.249% due 06/12/25†	130,000,000	128,909,300
Total short-term U.S. government and agency obligations (cost $248,399,602)		$248,398,141

Futures Contracts Purchased
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires June 2025	1,843	$580,600,290	$29,709,593

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 Gold Subindex	0.25%		04/07/25	$163,451,198	$10,118,672
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.25		04/07/25	77,634,149	4,806,049
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25		04/07/25	139,577,699	8,640,750
Total Unrealized Appreciation		$23,565,471

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of March 31, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

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

*	Reflects the floating financing rate, as of March 31, 2025, 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.

	Three Months Ended March 31,
	2025	2024
Investment Income
Interest	$3,738,547	$2,013,915
Expenses
Management fee	863,544	436,603
Brokerage commissions	19,344	9,873
Total expenses	882,888	446,476
Net investment income (loss)	2,855,659	1,567,439
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	29,332,072	6,965,052
Swap agreements	29,096,514	11,506,219
Short-term U.S. government and agency obligations	—	3,011
Net realized gain (loss)	58,428,586	18,474,282
Change in net unrealized appreciation (depreciation) on
Futures contracts	30,133,001	(1,719,120)
Swap agreements	25,913,603	4,456,434
Short-term U.S. government and agency obligations	(21,886)	(16,122)
Change in net unrealized appreciation (depreciation)	56,024,718	2,721,192
Net realized and unrealized gain (loss)	114,453,304	21,195,474
Net income (loss)	$117,308,963	$22,762,913

	Three Months Ended March 31,
	2025	2024
Shareholders’ equity, beginning of period	$289,709,332	$191,502,023
Addition of 850,000 and 450,000 shares, respectively	96,700,763	29,329,988
Redemption of 200,000 and 450,000 shares, respectively	(23,099,633)	(27,624,083)
Net addition (redemption) of 650,000 and – shares, respectively	73,601,130	1,705,905
Net investment income (loss)	2,855,659	1,567,439
Net realized gain (loss)	58,428,586	18,474,282
Change in net unrealized appreciation (depreciation)	56,024,718	2,721,192
Net income (loss)	117,308,963	22,762,913
Shareholders’ equity, end of period	$480,619,425	$215,970,841

	Three Months Ended March 31,
	2025	2024
Cash flow from operating activities
Net income (loss)	$117,308,963	$22,762,913
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	(616,446,985)	(162,692,795)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	445,000,000	85,003,011
Net amortization and accretion on short-term U.S. government and agency obligations	(2,159,417)	(1,403,697)
Net realized (gain) loss on investments	—	(3,011)
Change in unrealized (appreciation) depreciation on investments	(25,891,717)	(4,440,312)
Decrease (Increase) in receivable on open futures contracts	(4,083,959)	(1,065,148)
Decrease (Increase) in interest receivable	(233,766)	130,700
Increase (Decrease) in payable to Sponsor	94,477	11,778
Increase (Decrease) in payable on open futures contracts	—	(564,042)
Net cash provided by (used in) operating activities	(86,412,404)	(62,260,603)
Cash flow from financing activities
Proceeds from addition of shares	96,700,763	25,730,393
Payment on shares redeemed	(23,099,633)	(27,624,083)
Net cash provided by (used in) financing activities	73,601,130	(1,893,690)
Net increase (decrease) in cash	(12,811,274)	(64,154,293)
Cash, beginning of period	215,158,372	129,351,977
Cash, end of period	$202,347,098	$65,197,684

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.