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 VIX Mid-Term Futures ETF

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$18,102,286	$24,122,440
Segregated cash balances with brokers for futures contracts	2,896,588	3,959,399
Receivable from capital shares sold	418,367	—
Receivable on open futures contracts	68,784	557
Interest receivable	65,523	99,278
Total assets	21,551,548	28,181,674
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	—	50,382
Brokerage commissions and futures account fees payable	643	1,656
Payable to Sponsor	13,295	18,426
Total liabilities	13,938	70,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	21,537,610	28,111,210
Total liabilities and shareholders’ equity	$21,551,548	$28,181,674
Shares outstanding	1,287,403	1,937,403
Net asset value per share	$16.73	$14.51
Market value per share (Note 2)	$16.76	$14.46

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025	187	$3,947,009	$165,078
VIX Futures - Cboe, expires November 2025	336	7,156,800	(264,054)
VIX Futures - Cboe, expires December 2025	336	7,144,536	(76,044)
VIX Futures - Cboe, expires January 2026	150	3,296,009	(13,647)
			$(188,667)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Investment Income
Interest	$216,994	$1,106,849	$498,093	$1,622,013
Expenses
Management fee	49,547	191,320	113,521	288,207
Brokerage commissions	5,909	66,049	18,454	86,212
Futures account fees	2,004	10,537	5,124	16,541
Total expenses	57,460	267,906	137,099	390,960
Net investment income (loss)	159,534	838,943	360,994	1,231,053
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	4,726,990	(8,949,418)	5,434,182	(15,057,887)
Short-term U.S. government and agency obligations	84	—	84	3,278
Net realized gain (loss)	4,727,074	(8,949,418)	5,434,266	(15,054,609)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(1,835,417)	1,092,860	(210,933)	3,882,651
Short-term U.S. government and agency obligations	—	2,519	—	2,519
Change in net unrealized appreciation (depreciation)	(1,835,417)	1,095,379	(210,933)	3,885,170
Net realized and unrealized gain (loss)	2,891,657	(7,854,039)	5,223,333	(11,169,439)
Net income (loss)	$3,051,191	$(7,015,096)	$5,584,327	$(9,938,386)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$34,246,807	$84,603,064	$28,111,210	$37,866,143
Addition of 25,000, 5,250,000, 1,325,000 and 8,625,000 shares, respectively	418,368	80,762,930	20,545,980	135,188,877
Redemption of 900,000, 8,250,000, 1,975,000 and 8,550,000 shares, respectively	(16,178,756)	(124,949,446)	(32,703,907)	(129,715,182)
Net addition (redemption) of (875,000), (3,000,000), (650,000) and 75,000 shares, respectively	(15,760,388)	(44,186,516)	(12,157,927)	5,473,695
Net investment income (loss)	159,534	838,943	360,994	1,231,053
Net realized gain (loss)	4,727,074	(8,949,418)	5,434,266	(15,054,609)
Change in net unrealized appreciation (depreciation)	(1,835,417)	1,095,379	(210,933)	3,885,170
Net income (loss)	3,051,191	(7,015,096)	5,584,327	(9,938,386)
Shareholders’ equity, end of period	$21,537,610	$33,401,452	$21,537,610	$33,401,452

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$5,584,327	$(9,938,386)
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	—	(49,330,764)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	84	3,278
Net amortization and accretion on short-term U.S. government and agency obligations	—	(189,132)
Net realized (gain) loss on investments	(84)	(3,278)
Change in unrealized (appreciation) depreciation on investments	—	(2,519)
Decrease (Increase) in receivable on open futures contracts	(68,227)	(10,685,557)
Decrease (Increase) in interest receivable	33,755	(79,106)
Increase (Decrease) in payable to Sponsor	(5,131)	43,729
Increase (Decrease) in brokerage commissions and futures account fees payable	(1,013)	1,208
Increase (Decrease) in payable on open futures contracts	(50,382)	—
Net cash provided by (used in) operating activities	5,493,329	(70,180,527)
Cash flow from financing activities
Proceeds from addition of shares	20,127,613	135,188,877
Payment on shares redeemed	(32,703,907)	(56,875,919)
Net cash provided by (used in) financing activities	(12,576,294)	78,312,958
Net increase (decrease) in cash	(7,082,965)	8,132,431
Cash, beginning of period	28,081,839	37,611,189
Cash, end of period	$20,998,874	$45,743,620

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.