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.

See the whole filing, with its images and exhibits

Contents

ProShares UltraShort Silver

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$23,599,952	$10,846,306
Segregated cash balances with brokers for futures contracts	2,955,000	839,500
Segregated cash balances with brokers for swap agreements	8,414,702	9,082,795
Unrealized appreciation on swap agreements	287,652	2,954,018
Receivable on open futures contracts	92,037	8,500
Interest receivable	89,592	49,804
Total assets	35,438,935	23,780,923
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	—	9,092
Payable to Sponsor	27,960	19,212
Total liabilities	27,960	28,304
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	35,410,975	23,752,619
Total liabilities and shareholders’ equity	$35,438,935	$23,780,923
Shares outstanding	1,360,264	560,264
Net asset value per share	$26.03	$42.40
Market value per share (Note 2)	$25.81	$42.00

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires September 2025	190	$34,363,400	$617,680

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	07/07/25	$(19,107,003)	$150,872
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	07/07/25	(13,644,581)	107,740
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	07/07/25	(1,882,126)	14,799
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	07/07/25	(1,803,827)	14,241
			Total Unrealized Appreciation	$287,652

^	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	$227,082	$597,421	$404,937	$978,854
Expenses
Management fee	72,877	139,041	134,248	230,179
Brokerage commissions	5,790	13,863	10,119	19,887
Total expenses	78,667	152,904	144,367	250,066
Net investment income (loss)	148,415	444,517	260,570	728,788
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(778,764)	(7,210,938)	(2,520,178)	(2,337,230)
Swap agreements	(2,548,468)	(8,859,200)	(3,916,040)	(7,952,888)
Net realized gain (loss)	(3,327,232)	(16,070,138)	(6,436,218)	(10,290,118)
Change in net unrealized appreciation (depreciation) on
Futures contracts	891,816	943,651	105,765	(806,615)
Swap agreements	1,599,631	3,959,173	(2,666,366)	4,290,837
Change in net unrealized appreciation (depreciation)	2,491,447	4,902,824	(2,560,601)	3,484,222
Net realized and unrealized gain (loss)	(835,785)	(11,167,314)	(8,996,819)	(6,805,896)
Net income (loss)	$(687,370)	$(10,722,797)	$(8,736,249)	$(6,077,108)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$32,867,619	$24,245,029	$23,752,619	$65,149,686
Addition of 1,500,000, 1,900,000, 2,650,000 and 2,250,000 shares, respectively	43,067,889	90,286,838	80,052,403	116,105,726
Redemption of 1,250,000, 562,500, 1,850,000 and 1,450,000 shares, respectively	(39,837,163)	(27,610,327)	(59,657,798)	(98,979,561)
Net addition (redemption) of 250,000, 1,337,500, 800,000 and 800,000 shares, respectively	3,230,726	62,676,511	20,394,605	17,126,165
Net investment income (loss)	148,415	444,517	260,570	728,788
Net realized gain (loss)	(3,327,232)	(16,070,138)	(6,436,218)	(10,290,118)
Change in net unrealized appreciation (depreciation)	2,491,447	4,902,824	(2,560,601)	3,484,222
Net income (loss)	(687,370)	(10,722,797)	(8,736,249)	(6,077,108)
Shareholders’ equity, end of period	$35,410,975	$76,198,743	$35,410,975	$76,198,743

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(8,736,249)	$(6,077,108)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments	2,666,366	(4,290,837)
Decrease (Increase) in receivable on open futures contracts	(83,537)	329,629
Decrease (Increase) in interest receivable	(39,788)	(78,721)
Increase (Decrease) in payable to Sponsor	8,748	15,561
Increase (Decrease) in payable on open futures contracts	(9,092)	823,698
Net cash provided by (used in) operating activities	(6,193,552)	(9,277,778)
Cash flow from financing activities
Proceeds from addition of shares	80,052,403	116,451,750
Payment on shares redeemed	(59,657,798)	(98,979,561)
Net cash provided by (used in) financing activities	20,394,605	17,472,189
Net increase (decrease) in cash	14,201,053	8,194,411
Cash, beginning of period	20,768,601	64,596,871
Cash, end of period	$34,969,654	$72,791,282

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.