ProShares Trust II

For the period ended Jun 30, 2025. Filed Aug 8, 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.

Jun 30, 2025 · Filed Aug 8, 2025

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

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Contents

ProShares Ultra Gold

	Principal Amount	Value
Short-term U.S. government and agency obligations
(15% of shareholders’ equity)
U.S. Treasury Bills^^:
4.401% due 07/08/25†	$75,000,000	$74,939,332
Total short-term U.S. government and agency obligations
(cost $74,938,385)		$74,939,332

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires August 2025	1,736	$574,216,720	$(3,455,626)

	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%	07/07/25	$170,146,720	$(2,029,284)
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.25	07/07/25	80,814,311	(963,847)
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	07/07/25	145,295,281	(1,732,889)
			Total Unrealized Depreciation	$(4,726,020)

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

^	The positions and counterparties herein are as of June 30, 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 June 30, 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Investment Income
Interest	$5,119,975	$2,819,359	$8,858,522	$4,833,274
Expenses
Management fee	1,197,578	546,388	2,061,122	982,991
Brokerage commissions	26,535	8,123	45,879	17,996
Total expenses	1,224,113	554,511	2,107,001	1,000,987
Net investment income (loss)	3,895,862	2,264,848	6,751,521	3,832,287
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	42,515,493	7,565,606	71,847,565	14,530,658
Swap agreements	43,642,546	24,002,215	72,739,060	35,508,434
Short-term U.S. government and agency obligations	77	—	77	3,011
Net realized gain (loss)	86,158,116	31,567,821	144,586,702	50,042,103
Change in net unrealized appreciation (depreciation) on
Futures contracts	(33,165,219)	(3,144,847)	(3,032,218)	(4,863,967)
Swap agreements	(28,291,491)	(14,087,684)	(2,377,888)	(9,631,250)
Short-term U.S. government and agency obligations	2,408	5,842	(19,478)	(10,280)
Change in net unrealized appreciation (depreciation)	(61,454,302)	(17,226,689)	(5,429,584)	(14,505,497)
Net realized and unrealized gain (loss)	24,703,814	14,341,132	139,157,118	35,536,606
Net income (loss)	$28,599,676	$16,605,980	$145,908,639	$39,368,893

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$480,619,425	$215,970,841	$289,709,332	$191,502,023
Addition of 7,250,000, 1,400,000, 10,650,000 and 3,200,000 shares, respectively (Note 1)	250,023,550	27,209,437	346,724,313	56,539,425
Redemption of 8,150,000, 2,200,000, 8,950,000 and 4,000,000 shares, respectively (Note 1)	(274,237,408)	(43,330,233)	(297,337,041)	(70,954,316)
Net addition (redemption) of (900,000), (800,000), 1,700,000 and (800,000) shares, respectively (Note 1)	(24,213,858)	(16,120,796)	49,387,272	(14,414,891)
Net investment income (loss)	3,895,862	2,264,848	6,751,521	3,832,287
Net realized gain (loss)	86,158,116	31,567,821	144,586,702	50,042,103
Change in net unrealized appreciation (depreciation)	(61,454,302)	(17,226,689)	(5,429,584)	(14,505,497)
Net income (loss)	28,599,676	16,605,980	145,908,639	39,368,893
Shareholders’ equity, end of period	$485,005,243	$216,456,025	$485,005,243	$216,456,025

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$145,908,639	$39,368,893
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	(865,029,856)	(306,151,213)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	870,000,077	175,003,011
Net amortization and accretion on short-term U.S. government and agency obligations	(5,115,329)	(3,364,465)
Net realized (gain) loss on investments	(77)	(3,011)
Change in unrealized (appreciation) depreciation on investments	2,397,366	9,641,530
Decrease (Increase) in receivable on open futures contracts	(1,894,169)	(143,688)
Decrease (Increase) in interest receivable	(679,124)	62,974
Increase (Decrease) in payable to Sponsor	159,616	21,921
Increase (Decrease) in payable on open futures contracts	—	(564,042)
Net cash provided by (used in) operating activities	145,747,143	(86,128,090)
Cash flow from financing activities
Proceeds from addition of shares	346,724,313	56,539,425
Payment on shares redeemed	(290,457,542)	(70,954,316)
Net cash provided by (used in) financing activities	56,266,771	(14,414,891)
Net increase (decrease) in cash	202,013,914	(100,542,981)
Cash, beginning of period	215,158,372	129,351,977
Cash, end of period	$417,172,286	$28,808,996

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.