ProShares Trust II

For the period ended Jun 30, 2025. Filed Aug 8, 2025.

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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 VIX Short-Term Futures ETF

	June 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $ — and $24,931,067, respectively)	$—	$24,937,875
Cash	92,957,291	54,919,200
Segregated cash balances with brokers for futures contracts	72,336,124	50,955,604
Receivable on open futures contracts	—	2,613,474
Interest receivable	429,360	310,926
Total assets	165,722,775	133,737,079
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	1,054,685	—
Brokerage commissions and futures account fees payable	8,568	9,271
Payable to Sponsor	117,680	86,193
Total liabilities	1,180,933	95,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	164,541,842	133,641,615
Total liabilities and shareholders’ equity	$165,722,775	$133,737,079
Shares outstanding	3,516,252	2,966,252
Net asset value per share	$46.79	$45.05
Market value per share (Note 2)	$46.88	$45.02

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires July 2025	4,728	$88,477,693	$(7,787,496)
VIX Futures - Cboe, expires August 2025	3,778	75,928,733	(2,354,217)
			$(10,141,713)

See

accompanying

notes to financial statements.

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Investment Income
Interest	$1,189,233	$1,619,921	$2,751,531	$3,378,183
Expenses
Management fee	286,187	310,061	652,682	646,437
Brokerage commissions	117,436	39,404	288,163	79,663
Futures account fees	22,263	31,267	88,661	64,538
Total expenses	425,886	380,732	1,029,506	790,638
Net investment income (loss)	763,347	1,239,189	1,722,025	2,587,545
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	44,564,343	(27,512,354)	76,773,606	(59,271,318)
Short-term U.S. government and agency obligations	627	—	627	4,830
Net realized gain (loss)	44,564,970	(27,512,354)	76,774,233	(59,266,488)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(21,523,129)	4,018,755	(14,535,040)	7,003,274
Short-term U.S. government and agency obligations	(200)	3,454	(6,808)	(11,885)
Change in net unrealized appreciation (depreciation)	(21,523,329)	4,022,209	(14,541,848)	6,991,389
Net realized and unrealized gain (loss)	23,041,641	(23,490,145)	62,232,385	(52,275,099)
Net income (loss)	$23,804,988	$(22,250,956)	$63,954,410	$(49,687,554)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$162,998,741	$162,936,051	$133,641,615	$157,321,746
Addition of 2,500,000, 925,000, 7,225,000 and 1,875,000 shares, respectively	133,762,860	42,851,982	332,679,299	95,632,291
Redemption of 2,225,000, 650,000, 6,675,000 and 987,500 shares, respectively	(156,024,747)	(35,117,049)	(365,733,482)	(54,846,455)
Net addition (redemption) of 275,000, 275,000, 550,000 and 887,500 shares, respectively	(22,261,887)	7,734,933	(33,054,183)	40,785,836
Net investment income (loss)	763,347	1,239,189	1,722,025	2,587,545
Net realized gain (loss)	44,564,970	(27,512,354)	76,774,233	(59,266,488)
Change in net unrealized appreciation (depreciation)	(21,523,329)	4,022,209	(14,541,848)	6,991,389
Net income (loss)	23,804,988	(22,250,956)	63,954,410	(49,687,554)
Shareholders’ equity, end of period	$164,541,842	$148,420,028	$164,541,842	$148,420,028

	Six Months Ended June 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$63,954,410	$(49,687,554)
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	(164,117,321)	(153,292,911)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	189,961,871	149,944,134
Net amortization and accretion on short-term U.S. government and agency obligations	(912,856)	(1,754,522)
Net realized (gain) loss on investments	(627)	(4,830)
Change in unrealized (appreciation) depreciation on investments	6,808	11,885
Decrease (Increase) in receivable on open futures contracts	2,613,474	(2,310,106)
Decrease (Increase) in interest receivable	(118,434)	5,529
Increase (Decrease) in payable to Sponsor	31,487	(23,353)
Increase (Decrease) in brokerage commissions and futures account fees payable	(703)	(659)
Increase (Decrease) in payable on open futures contracts	1,054,685	(580)
Net cash provided by (used in) operating activities	92,472,794	(57,112,967)
Cash flow from financing activities
Proceeds from addition of shares	332,679,299	95,632,291
Payment on shares redeemed	(365,733,482)	(54,846,455)
Net cash provided by (used in) financing activities	(33,054,183)	40,785,836
Net increase (decrease) in cash	59,418,611	(16,327,131)
Cash, beginning of period	105,874,804	95,126,975
Cash, end of period	$165,293,415	$78,799,844

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.