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 UltraShort Bloomberg Natural Gas

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $39,967,139 and $–, respectively)	$39,967,644	$—
Cash	159,550,456	177,262,462
Segregated cash balances with brokers for futures contracts	85,426,550	81,628,795
Receivable from capital shares sold	2,544,277	—
Receivable on open futures contracts	38,269,352	19,205,533
Interest receivable	590,035	405,754
Total assets	326,348,314	278,502,544
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	35,619,872	17,443,727
Payable on open futures contracts	7,203,197	—
Brokerage commissions and futures account fees payable	8,470	3,166
Payable to Sponsor	250,138	115,508
Total liabilities	43,081,677	17,562,401
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	283,266,637	260,940,143
Total liabilities and shareholders’ equity	$326,348,314	$278,502,544
Shares outstanding	11,133,712	5,983,712
Net asset value per share	$25.44	$43.61
Market value per share (Note 2)	$25.61	$42.74

	Principal Amount	Value
Short-term U.S. government and agency obligations
(14% of shareholders’ equity)
U.S. Treasury Bills^^:
4.401% due 07/08/25	$40,000,000	$39,967,644
Total short-term U.S. government and agency obligations (cost $39,967,139)		$39,967,644

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas – NYMEX, expires September 2025	16,234	$566,566,600	$40,226,449

^^	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	$3,919,799	$1,577,496	$8,363,249	$2,924,574
Expenses
Management fee	972,550	310,060	2,059,769	572,504
Brokerage commissions	525,062	304,998	1,029,562	566,252
Futures account fees	26,697	10,978	72,737	27,011
Total expenses	1,524,309	626,036	3,162,068	1,165,767
Net investment income (loss)	2,395,490	951,460	5,201,181	1,758,807
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	124,600,984	(44,563,292)	(97,226,728)	91,065
Short-term U.S. government and agency obligations	(8,338)	—	(8,338)	(1,743)
Net realized gain (loss)	124,592,646	(44,563,292)	(97,235,066)	89,322
Change in net unrealized appreciation (depreciation) on
Futures contracts	80,953,188	20,547,016	66,356,953	44,377,650
Short-term U.S. government and agency obligations	2,307	3,543	505	(603)
Change in net unrealized appreciation (depreciation)	80,955,495	20,550,559	66,357,458	44,377,047
Net realized and unrealized gain (loss)	205,548,141	(24,012,733)	(30,877,608)	44,466,369
Net income (loss)	$207,943,631	$(23,061,273)	$(25,676,427)	$46,225,176

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$573,853,468	$94,345,355	$260,940,143	$140,963,092
Addition of 18,750,000, 7,400,000, 65,750,000 and 14,000,000 shares, respectively	423,029,768	367,052,728	1,589,675,595	697,107,902
Redemption of 36,750,000, 5,650,000, 60,600,000 and 13,950,000 shares, respectively	(921,560,230)	(291,044,383)	(1,541,672,674)	(737,003,743)
Net addition (redemption) of (18,000,000), 1,750,000, 5,150,000 and 50,000 shares, respectively	(498,530,462)	76,008,345	48,002,921	(39,895,841)
Net investment income (loss)	2,395,490	951,460	5,201,181	1,758,807
Net realized gain (loss)	124,592,646	(44,563,292)	(97,235,066)	89,322
Change in net unrealized appreciation (depreciation)	80,955,495	20,550,559	66,357,458	44,377,047
Net income (loss)	207,943,631	(23,061,273)	(25,676,427)	46,225,176
Shareholders’ equity, end of period	$283,266,637	$147,292,427	$283,266,637	$147,292,427

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(25,676,427)	$46,225,176
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	(755,466,782)	(188,049,532)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	719,712,566	99,796,807
Net amortization and accretion on short-term U.S. government and agency obligations	(4,221,261)	(1,225,504)
Net realized (gain) loss on investments	8,338	1,743
Change in unrealized (appreciation) depreciation on investments	(505)	603
Decrease (Increase) in receivable on open futures contracts	(19,063,819)	(3,695,357)
Decrease (Increase) in interest receivable	(184,281)	110,095
Increase (Decrease) in payable to Sponsor	134,630	4,138
Increase (Decrease) in brokerage commissions and futures account fees payable	5,304	(7,188)
Increase (Decrease) in payable on open futures contracts	7,203,197	(9,569,329)
Net cash provided by (used in) operating activities	(77,549,040)	(56,408,348)
Cash flow from financing activities
Proceeds from addition of shares	1,587,131,318	706,719,280
Payment on shares redeemed	(1,523,496,529)	(732,066,710)
Net cash provided by (used in) financing activities	63,634,789	(25,347,430)
Net increase (decrease) in cash	(13,914,251)	(81,755,778)
Cash, beginning of period	258,891,257	136,172,565
Cash, end of period	$244,977,006	$54,416,787

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.