ProShares Trust II

For the period ended Sep 30, 2025. Filed Nov 7, 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.

Sep 30, 2025 · Filed Nov 7, 2025

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

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Contents

ProShares Short VIX Short-Term Futures ETF

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $89,765,603 and $24,931,067, respectively)	$89,767,081	$24,937,875
Cash	78,661,691	160,200,226
Segregated cash balances with brokers for futures contracts	75,461,358	80,953,814
Receivable on open futures contracts	2,056,421	806,556
Interest receivable	503,918	438,452
Total assets	246,450,469	267,336,923
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	2,550,308	—
Payable on open futures contracts	401,524	1,011,830
Brokerage commissions and futures account fees payable	6,335	6,902
Payable to Sponsor	192,781	227,958
Total liabilities	3,150,948	1,246,690
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	243,299,521	266,090,233
Total liabilities and shareholders’ equity	$246,450,469	$267,336,923
Shares outstanding	4,768,614	5,318,614
Net asset value per share	$51.02	$50.03
Market value per share (Note 2)	$50.94	$50.06

	Principal Amount	Value
Short-term U.S. government and agency obligations
(37% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$30,000,000	$29,979,651
4.182% due 10/21/25	10,000,000	9,977,500
4.140% due 11/04/25	50,000,000	49,809,930
Total short-term U.S. government and agency obligations (cost $89,765,603)		$89,767,081

Futures Contracts Sold

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025	4,007	$70,475,116	$6,447,295
VIX Futures - Cboe, expires November 2025	2,665	51,299,118	266,571
			$6,713,866

^^	Rates shown represent discount rate at the time of purchase.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Investment Income
Interest	$2,269,580	$5,814,236	$8,090,223	$12,580,744
Expenses
Management fee	601,947	1,173,293	2,130,449	2,616,334
Brokerage commissions	125,536	346,441	458,281	688,357
Futures account fees	17,627	24,896	70,783	24,896
Total expenses	745,110	1,544,630	2,659,513	3,329,587
Net investment income (loss)	1,524,470	4,269,606	5,430,710	9,251,157
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	46,614,443	(7,503,293)	28,979,595	47,755,573
Short-term U.S. government and agency obligations	150	—	605	17,669
Net realized gain (loss)	46,614,593	(7,503,293)	28,980,200	47,773,242
Change in net unrealized appreciation (depreciation) on
Futures contracts	(3,678,476)	(4,219,681)	9,722,617	(13,025,106)
Short-term U.S. government and agency obligations	1,478	33,407	(5,330)	16,790
Change in net unrealized appreciation (depreciation)	(3,676,998)	(4,186,274)	9,717,287	(13,008,316)
Net realized and unrealized gain (loss)	42,937,595	(11,689,567)	38,697,487	34,764,926
Net income (loss)	$44,462,065	$(7,419,961)	$44,128,197	$44,016,083

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$279,925,400	$298,712,515	$266,090,233	$267,184,359
Addition of –, 12,300,000, 18,650,000 and 15,050,000 shares, respectively	—	562,757,352	713,832,219	710,001,613
Redemption of 1,800,000, 9,900,000, 19,200,000 and 12,950,000 shares, respectively	(81,087,944)	(489,475,550)	(780,751,128)	(656,627,699)
Net addition (redemption) of (1,800,000), 2,400,000, (550,000) and 2,100,000 shares, respectively	(81,087,944)	73,281,802	(66,918,909)	53,373,914
Net investment income (loss)	1,524,470	4,269,606	5,430,710	9,251,157
Net realized gain (loss)	46,614,593	(7,503,293)	28,980,200	47,773,242
Change in net unrealized appreciation (depreciation)	(3,676,998)	(4,186,274)	9,717,287	(13,008,316)
Net income (loss)	44,462,065	(7,419,961)	44,128,197	44,016,083
Shareholders’ equity, end of period	$243,299,521	$364,574,356	$243,299,521	$364,574,356

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$44,128,197	$44,016,083
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	(566,948,437)	(564,453,788)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	504,645,038	455,017,669
Net amortization and accretion on short-term U.S. government and agency obligations	(2,530,532)	(5,374,725)
Net realized (gain) loss on investments	(605)	(17,669)
Change in unrealized (appreciation) depreciation on investments	5,330	(16,790)
Decrease (Increase) in receivable on open futures contracts	(1,249,865)	7,274,730
Decrease (Increase) in interest receivable	(65,466)	(424,946)
Increase (Decrease) in payable to Sponsor	(35,177)	86,045
Increase (Decrease) in brokerage commissions and futures account fees payable	(567)	(5,605)
Increase (Decrease) in payable on open futures contracts	(610,306)	2,973,713
Net cash provided by (used in) operating activities	(22,662,390)	(60,925,283)
Cash flow from financing activities
Proceeds from addition of shares	713,832,219	710,001,613
Payment on shares redeemed	(778,200,820)	(672,150,015)
Net cash provided by (used in) financing activities	(64,368,601)	37,851,598
Net increase (decrease) in cash	(87,030,991)	(23,073,685)
Cash, beginning of period	241,154,040	162,331,287
Cash, end of period	$154,123,049	$139,257,602

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.