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 Gold

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$60,595,160	$13,148,117
Segregated cash balances with brokers for futures contracts	1,488,000	588,800
Segregated cash balances with brokers for swap agreements	13,293,944	2,782,413
Unrealized appreciation on swap agreements	1,407,997	141,581
Interest receivable	204,285	61,820
Total assets	76,989,386	16,722,731
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	93,088	82,309
Payable to Sponsor	58,122	15,994
Total liabilities	151,210	98,303
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	76,838,176	16,624,428
Total liabilities and shareholders’ equity	$76,989,386	$16,722,731
Shares outstanding (Note 1)	3,423,421	473,489
Net asset value per share (Note 1)	$22.44	$35.11
Market value per share (Note 1) (Note 2)	$22.26	$35.16

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires August 2025	98	$32,415,460	$462,452

	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	$(102,141,663)	$1,184,233
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.20	07/07/25	(7,569,889)	88,017
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	07/07/25	(11,708,549)	135,747
			Total Unrealized Appreciation	$1,407,997

^	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.

*	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	$712,768	$176,727	$925,475	$319,930
Expenses
Management fee	198,669	39,309	256,449	71,710
Brokerage commissions	9,743	1,283	11,822	2,218
Total expenses	208,412	40,592	268,271	73,928
Net investment income (loss)	504,356	136,135	657,204	246,002
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	5,683,372	(976,285)	4,105,748	(1,626,248)
Swap agreements	162,727	(1,540,189)	(1,702,253)	(2,288,039)
Net realized gain (loss)	5,846,099	(2,516,474)	2,403,495	(3,914,287)
Change in net unrealized appreciation (depreciation) on
Futures contracts	3,028,045	374,155	341,396	311,336
Swap agreements	2,905,483	890,281	1,266,416	608,521
Change in net unrealized appreciation (depreciation)	5,933,528	1,264,436	1,607,812	919,857
Net realized and unrealized gain (loss)	11,779,627	(1,252,038)	4,011,307	(2,994,430)
Net income (loss)	$12,283,983	$(1,115,903)	$4,668,511	$(2,748,428)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$45,122,935	$15,170,884	$16,624,428	$11,795,779
Addition of 12,200,000, 225,000, 13,700,000 and 325,000 shares, respectively (Note 1)	265,960,947	9,524,925	307,975,402	14,532,555
Redemption of 10,550,068, 175,000, 10,750,068 and 175,000 shares, respectively (Note 1)	(246,529,689)	(7,448,115)	(252,430,165)	(7,448,115)
Net addition (redemption) of 1,649,932, 50,000, 2,949,932 and 150,000 shares, respectively (Note 1)	19,431,258	2,076,810	55,545,237	7,084,440
Net investment income (loss)	504,356	136,135	657,204	246,002
Net realized gain (loss)	5,846,099	(2,516,474)	2,403,495	(3,914,287)
Change in net unrealized appreciation (depreciation)	5,933,528	1,264,436	1,607,812	919,857
Net income (loss)	12,283,983	(1,115,903)	4,668,511	(2,748,428)
Shareholders’ equity, end of period	$76,838,176	$16,131,791	$76,838,176	$16,131,791

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$4,668,511	$(2,748,428)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments	(1,266,416)	(608,521)
Decrease (Increase) in receivable on open futures contracts	—	17,324
Decrease (Increase) in interest receivable	(142,465)	(13,921)
Increase (Decrease) in payable to Sponsor	42,128	2,965
Increase (Decrease) in payable on open futures contracts	10,779	17,400
Net cash provided by (used in) operating activities	3,312,537	(3,333,181)
Cash flow from financing activities
Proceeds from addition of shares	307,975,402	14,532,555
Payment on shares redeemed	(252,430,165)	(7,448,115)
Net cash provided by (used in) financing activities	55,545,237	7,084,440
Net increase (decrease) in cash	58,857,774	3,751,259
Cash, beginning of period	16,519,330	11,946,483
Cash, end of period	$75,377,104	$15,697,742

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.