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 VIX Short-Term Futures ETF

	Principal Amount	Value
Short-term U.S. government and agency obligations
(3% of shareholders’ equity)
U.S. Treasury Bills^^:
4.401% due 07/08/25	$15,000,000	$14,987,867
Total short-term U.S. government and agency obligations (cost $14,987,677)		$14,987,867

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - COMEX, expires July 2025	24,975	$467,356,200	$(45,257,764)
VIX Futures - COMEX, expires August 2025	19,969	401,329,105	(10,119,002)
			$(55,376,766)

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Investment Income
Interest	$2,804,863	$2,335,823	$5,692,389	$5,094,065
Expenses
Management fee	906,425	553,814	1,742,735	1,221,345
Brokerage commissions	621,171	454,606	1,508,883	941,152
Futures account fees	126,256	63,964	213,163	150,134
Total expenses	1,653,852	1,072,384	3,464,781	2,312,631
Net investment income (loss)	1,151,011	1,263,439	2,227,608	2,781,434
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	56,045,179	(57,413,186)	155,966,636	(148,416,415)
Short-term U.S. government and agency obligations	(1,849)	500	(1,919)	11,137
Net realized gain (loss)	56,043,330	(57,412,686)	155,964,717	(148,405,278)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(88,993,838)	11,693,863	(69,352,758)	24,978,991
Short-term U.S. government and agency obligations	1,101	4,577	(6,618)	18
Change in net unrealized appreciation (depreciation)	(88,992,737)	11,698,440	(69,359,376)	24,979,009
Net realized and unrealized gain (loss)	(32,949,407)	(45,714,246)	86,605,341	(123,426,269)
Net income (loss)	$(31,798,396)	$(44,450,807)	$88,832,949	$(120,644,835)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$323,381,943	$278,240,649	$284,452,060	$348,555,743
Addition of 39,350,000, 7,030,000, 84,700,000 and 9,850,000 shares, respectively	968,627,629	196,405,861	1,849,646,517	291,112,693
Redemption of 22,150,000, 6,031,248, 67,400,000 and 8,271,248 shares, respectively	(680,802,268)	(198,060,505)	(1,643,522,618)	(286,888,403)
Net addition (redemption) of 17,200,000, 998,752, 17,300,000 and 1,578,752 shares, respectively	287,825,361	(1,654,644)	206,123,899	4,224,290
Net investment income (loss)	1,151,011	1,263,439	2,227,608	2,781,434
Net realized gain (loss)	56,043,330	(57,412,686)	155,964,717	(148,405,278)
Change in net unrealized appreciation (depreciation)	(88,992,737)	11,698,440	(69,359,376)	24,979,009
Net income (loss)	(31,798,396)	(44,450,807)	88,832,949	(120,644,835)
Shareholders’ equity, end of period	$579,408,908	$232,135,198	$579,408,908	$232,135,198

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$88,832,949	$(120,644,835)
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	(283,607,982)	(145,539,355)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	294,604,547	96,889,241
Net amortization and accretion on short-term U.S. government and agency obligations	(1,055,094)	(1,280,566)
Net realized (gain) loss on investments	1,919	(11,137)
Change in unrealized (appreciation) depreciation on investments	6,618	(18)
Decrease (Increase) in receivable on open futures contracts	9,002,751	963,625
Decrease (Increase) in interest receivable	(219,723)	469,869
Increase (Decrease) in payable to Sponsor	120,670	(118,635)
Increase (Decrease) in brokerage commissions and futures account fees payable	23,118	(19,755)
Increase (Decrease) in payable on open futures contracts	18,424,666	—
Net cash provided by (used in) operating activities	126,134,439	(169,291,566)
Cash flow from financing activities
Proceeds from addition of shares	1,816,907,301	291,112,693
Payment on shares redeemed	(1,643,522,618)	(286,888,403)
Net cash provided by (used in) financing activities	173,384,683	4,224,290
Net increase (decrease) in cash	299,519,122	(165,067,276)
Cash, beginning of period	250,621,829	337,411,617
Cash, end of period	$550,140,951	$172,344,341

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$59,198,302	$39,802,626
Segregated cash balances with brokers for foreign currency forward contracts	6,374,646	8,805,479
Unrealized appreciation on foreign currency forward contracts	764,251	146,194
Interest receivable	204,485	149,992
Total assets	66,541,684	48,904,291
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	52,366	37,154
Unrealized depreciation on foreign currency forward contracts	27,879	4,361,491
Total liabilities	80,245	4,398,645
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	66,461,439	44,505,646
Total liabilities and shareholders’ equity	$66,541,684	$48,904,291
Shares outstanding	2,849,970	2,199,970
Net asset value per share	$23.32	$20.23
Market value per share (Note 2)	$23.23	$20.35

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.