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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ProShares Ultra Bloomberg Crude Oil

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $154,494,456 and $99,724,267, respectively)	$154,501,105	$99,751,500
Cash	59,810,718	259,419,820
Segregated cash balances with brokers for futures contracts	25,066,845	42,171,314
Segregated cash balances with brokers for swap agreements	115,548,769	84,264,200
Unrealized appreciation on swap agreements	—	38,215,610
Receivable from capital shares sold	7,833,632	—
Receivable on open futures contracts	—	2,157,183
Interest receivable	343,663	692,226
Total assets	363,104,732	526,671,853
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	—	2,748,471
Payable on open futures contracts	2,694,435	70,422
Payable to Sponsor	286,863	432,896
Unrealized depreciation on swap agreements	1,044,339	—
Total liabilities	4,025,637	3,251,789
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	359,079,095	523,420,064
Total liabilities and shareholders’ equity	$363,104,732	$526,671,853
Shares outstanding	16,043,096	19,043,096
Net asset value per share	$22.38	$27.49
Market value per share (Note 2)	$22.48	$27.50

	Principal Amount	Value
Short-term U.S. government and agency obligations
(43% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$35,000,000	$34,976,260
4.182% due 10/21/25	20,000,000	19,955,000
4.140% due 11/04/25	50,000,000	49,809,930
4.203% due 11/13/25†	50,000,000	49,759,915
Total short-term U.S. government and agency obligations (cost $154,494,456)		$154,501,105

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires December 2025	841	$52,108,360	$1,336,613
WTI Crude Oil - NYMEX, expires June 2026	850	52,037,000	737,250
WTI Crude Oil - NYMEX, expires December 2026	855	52,172,100	(737,124)
			$1,336,739

Total Return Swap Agreements

Rate Paid (Received)* · Termination Date · Notional Amount at Value** · Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35%		10/06/25	$50,354,875	$(94,664)
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35		10/06/25	218,509,682	(410,781)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.35		10/06/25	66,380,312	(124,789)
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.25		10/06/25	165,863,610	(301,797)
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index	0.30		10/06/25	60,715,630	(112,308)
Total Unrealized Depreciation		$(1,044,339)

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of September 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.

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

*	Reflects the floating financing rate, as of September 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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Investment Income
Interest	$2,538,935	$6,074,652	$9,284,651	$17,591,301
Expenses
Management fee	919,884	1,266,843	2,836,491	4,088,647
Brokerage commissions	47,091	65,064	155,007	169,844
Total expenses	966,975	1,331,907	2,991,498	4,258,491
Net investment income (loss)	1,571,960	4,742,745	6,293,153	13,332,810
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	9,979,055	(5,588,143)	6,783,860	22,864,139
Swap agreements	5,508,219	(61,237,840)	(4,371,931)	10,385,399
Short-term U.S. government and agency obligations	187	(31)	509	13,170
Net realized gain (loss)	15,487,461	(66,826,014)	2,412,438	33,262,708
Change in net unrealized appreciation (depreciation) on
Futures contracts	(1,945,799)	(15,224,501)	(9,527,346)	1,173,176
Swap agreements	(5,067,962)	(43,864,043)	(39,259,949)	(5,871,386)
Short-term U.S. government and agency obligations	6,018	46,734	(20,584)	1,416
Change in net unrealized appreciation (depreciation)	(7,007,743)	(59,041,810)	(48,807,879)	(4,696,794)
Net realized and unrealized gain (loss)	8,479,718	(125,867,824)	(46,395,441)	28,565,914
Net income (loss)	$10,051,678	$(121,125,079)	$(40,102,288)	$41,898,724

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$420,493,513	$527,486,095	$523,420,064	$652,793,437
Addition of 4,250,000, 16,200,000, 19,150,000 and 25,300,000 shares, respectively	95,230,997	431,007,011	437,683,795	696,995,533
Redemption of 6,900,000, 8,550,000, 22,150,000 and 26,750,000 shares, respectively	(166,697,093)	(244,145,772)	(561,922,476)	(798,465,439)
Net addition (redemption) of (2,650,000), 7,650,000, (3,000,000) and (1,450,000) shares, respectively	(71,466,096)	186,861,239	(124,238,681)	(101,469,906)
Net investment income (loss)	1,571,960	4,742,745	6,293,153	13,332,810
Net realized gain (loss)	15,487,461	(66,826,014)	2,412,438	33,262,708
Change in net unrealized appreciation (depreciation)	(7,007,743)	(59,041,810)	(48,807,879)	(4,696,794)
Net income (loss)	10,051,678	(121,125,079)	(40,102,288)	41,898,724
Shareholders’ equity, end of period	$359,079,095	$593,222,255	$359,079,095	$593,222,255

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(40,102,288)	$41,898,724
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	(1,048,965,009)	(1,176,903,761)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	999,557,585	1,094,650,743
Net amortization and accretion on short-term U.S. government and agency obligations	(5,362,256)	(12,824,271)
Net realized (gain) loss on investments	(509)	(13,170)
Change in unrealized (appreciation) depreciation on investments	39,280,533	5,869,970
Decrease (Increase) in receivable on open futures contracts	2,157,183	(1,704,350)
Decrease (Increase) in interest receivable	348,563	(280,249)
Increase (Decrease) in payable to Sponsor	(146,033)	(87,773)
Increase (Decrease) in brokerage commissions and futures account fees payable	—	(5,682)
Increase (Decrease) in payable on open futures contracts	2,624,013	(2,099,944)
Net cash provided by (used in) operating activities	(50,608,218)	(51,499,763)
Cash flow from financing activities
Proceeds from addition of shares	429,850,163	702,250,555
Payment on shares redeemed	(564,670,947)	(794,661,896)
Net cash provided by (used in) financing activities	(134,820,784)	(92,411,341)
Net increase (decrease) in cash	(185,429,002)	(143,911,104)
Cash, beginning of period	385,855,334	398,178,826
Cash, end of period	$200,426,332	$254,267,722

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.