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

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Contents

ProShares UltraShort Silver

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires May 2025	175	$30,284,625	$(274,136)

	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%	04/07/25	$(18,620,536)	$(687,939)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	04/07/25	(13,297,188)	(491,267)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	04/07/25	(1,834,207)	(67,825)
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	04/07/25	(1,757,901)	(64,948)
Total Unrealized Depreciation				$(1,311,979)

^	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.

*	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	$177,855	$381,433
Expenses
Management fee	61,371	91,138
Brokerage commissions	4,329	6,024
Total expenses	65,700	97,162
Net investment income (loss)	112,155	284,271
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(1,741,414)	4,873,708
Swap agreements	(1,367,572)	906,312
Net realized gain (loss)	(3,108,986)	5,780,020
Change in net unrealized appreciation (depreciation) on
Futures contracts	(786,051)	(1,750,266)
Swap agreements	(4,265,997)	331,664
Change in net unrealized appreciation (depreciation)	(5,052,048)	(1,418,602)
Net realized and unrealized gain (loss)	(8,161,034)	4,361,418
Net income (loss)	$(8,048,879)	$4,645,689

	Three Months Ended March 31,
	2025	2024
Shareholders’ equity, beginning of period	$23,752,619	$65,149,686
Addition of 1,150,000 and 350,000 shares, respectively	36,984,514	25,818,888
Redemption of 600,000 and 887,500 shares, respectively	(19,820,635)	(71,369,234)
Net addition (redemption) of 550,000 and (537,500) shares, respectively	17,163,879	(45,550,346)
Net investment income (loss)	112,155	284,271
Net realized gain (loss)	(3,108,986)	5,780,020
Change in net unrealized appreciation (depreciation)	(5,052,048)	(1,418,602)
Net income (loss)	(8,048,879)	4,645,689
Shareholders’ equity, end of period	$32,867,619	$24,245,029

	Three Months Ended March 31,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(8,048,879)	$4,645,689
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments	4,265,997	(331,664)
Decrease (Increase) in receivable on open futures contracts	(547,451)	329,629
Decrease (Increase) in interest receivable	(18,984)	108,209
Increase (Decrease) in payable to Sponsor	3,854	(26,350)
Increase (Decrease) in payable on open futures contracts	(9,092)	72,258
Net cash provided by (used in) operating activities	(4,354,555)	4,797,771
Cash flow from financing activities
Proceeds from addition of shares	36,984,514	26,725,913
Payment on shares redeemed	(16,860,356)	(69,665,081)
Net cash provided by (used in) financing activities	20,124,158	(42,939,168)
Net increase (decrease) in cash	15,769,603	(38,141,397)
Cash, beginning of period	20,768,601	64,596,871
Cash, end of period	$36,538,204	$26,455,474

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.