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

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

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Contents

ProShares UltraShort Bloomberg Crude Oil

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$96,876,764	$88,861,451
Segregated cash balances with brokers for futures contracts	43,919,954	31,873,660
Receivable from capital shares sold	—	3,386,356
Receivable on open futures contracts	548,948	—
Interest receivable	350,902	341,824
Total assets	141,696,568	124,463,291
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	6,308,561	—
Payable on open futures contracts	—	2,372,844
Payable to Sponsor	110,537	93,113
Total liabilities	6,419,098	2,465,957
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	135,277,470	121,997,334
Total liabilities and shareholders’ equity	$141,696,568	$124,463,291
Shares outstanding	7,505,220	7,205,220
Net asset value per share	$18.02	$16.93
Market value per share (Note 2)	$18.06	$16.92

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires September 2025	1,406	$89,772,840	$2,634,060
WTI Crude Oil - NYMEX, expires December 2025	1,458	89,885,700	8,465,935
WTI Crude Oil - NYMEX, expires June 2026	1,483	90,967,220	4,755,993
			$15,855,988

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Investment Income
Interest	$1,176,354	$2,290,280	$3,111,177	$4,533,047
Expenses
Management fee	294,244	440,755	775,568	892,340
Brokerage commissions	62,422	43,839	123,198	97,800
Total expenses	356,666	484,594	898,766	990,140
Net investment income (loss)	819,688	1,805,686	2,212,411	3,542,907
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	32,210,113	(143,424)	41,144,012	(12,659,025)
Short-term U.S. government and agency obligations	(483)	—	(483)	6,779
Net realized gain (loss)	32,209,630	(143,424)	41,143,529	(12,652,246)
Change in net unrealized appreciation (depreciation) on
Futures contracts	14,026,553	(1,560,618)	17,511,380	(35,992,048)
Short-term U.S. government and agency obligations	277	8,523	—	(9,180)
Change in net unrealized appreciation (depreciation)	14,026,830	(1,552,095)	17,511,380	(36,001,228)
Net realized and unrealized gain (loss)	46,236,460	(1,695,519)	58,654,909	(48,653,474)
Net income (loss)	$47,056,148	$110,167	$60,867,320	$(45,110,567)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$179,185,227	$197,512,295	$121,997,334	$188,963,592
Addition of 9,900,000, 4,200,000, 20,000,000 and 12,650,000 shares, respectively	164,503,631	65,709,408	322,257,722	216,439,065
Redemption of 13,100,000, 5,200,000, 19,700,000 and 10,350,000 shares, respectively	(255,467,536)	(85,711,832)	(369,844,906)	(182,672,052)
Net addition (redemption) of (3,200,000), (1,000,000), 300,000 and 2,300,000 shares, respectively	(90,963,905)	(20,002,424)	(47,587,184)	33,767,013
Net investment income (loss)	819,688	1,805,686	2,212,411	3,542,907
Net realized gain (loss)	32,209,630	(143,424)	41,143,529	(12,652,246)
Change in net unrealized appreciation (depreciation)	14,026,830	(1,552,095)	17,511,380	(36,001,228)
Net income (loss)	47,056,148	110,167	60,867,320	(45,110,567)
Shareholders’ equity, end of period	$135,277,470	$177,620,038	$135,277,470	$177,620,038

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$60,867,320	$(45,110,567)
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	(253,591,971)	(242,128,850)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	254,917,637	190,006,779
Net amortization and accretion on short-term U.S. government and agency obligations	(1,326,149)	(2,612,937)
Net realized (gain) loss on investments	483	(6,779)
Change in unrealized (appreciation) depreciation on investments	—	9,180
Decrease (Increase) in receivable on open futures contracts	(548,948)	(315,222)
Decrease (Increase) in interest receivable	(9,078)	11,852
Increase (Decrease) in payable to Sponsor	17,424	408
Increase (Decrease) in brokerage commissions and futures account fees payable	—	(3,509)
Increase (Decrease) in payable on open futures contracts	(2,372,844)	152,793
Net cash provided by (used in) operating activities	57,953,874	(99,996,852)
Cash flow from financing activities
Proceeds from addition of shares	325,644,078	216,439,065
Payment on shares redeemed	(363,536,345)	(185,768,143)
Net cash provided by (used in) financing activities	(37,892,267)	30,670,922
Net increase (decrease) in cash	20,061,607	(69,325,930)
Cash, beginning of period	120,735,111	141,574,168
Cash, end of period	$140,796,718	$72,248,238

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.