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 Natural Gas

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $308,808,231 and $99,724,267, respectively)	$308,827,473	$99,751,500
Cash	59,232,227	205,241,492
Segregated cash balances with brokers for futures contracts	182,905,059	117,769,697
Receivable from capital shares sold	—	10,966,643
Receivable on open futures contracts	17,552,221	—
Interest receivable	666,046	825,264
Total assets	569,183,026	434,554,596
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	26,559,561	—
Payable on open futures contracts	—	38,058,122
Brokerage commissions and futures account fees payable	15,482	13,669
Payable to Sponsor	397,763	401,306
Total liabilities	26,972,806	38,473,097
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	542,210,220	396,081,499
Total liabilities and shareholders’ equity	$569,183,026	$434,554,596
Shares outstanding	18,373,047	7,223,047
Net asset value per share	$29.51	$54.84
Market value per share (Note 2)	$29.99	$55.82

	Principal Amount	Value
Short-term U.S. government and agency obligations
(57% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$40,000,000	$39,972,868
4.182% due 10/21/25	20,000,000	19,955,000
4.140% due 11/04/25	100,000,000	99,619,860
4.203% due 11/13/25	150,000,000	149,279,745
Total short-term U.S. government and agency obligations (cost $308,808,231)		$308,827,473

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025	32,831	$1,084,407,930	$(1,049,205)

^^	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	$4,121,370	$7,125,254	$9,102,000	$19,996,081
Expenses
Management fee	1,088,659	1,479,083	2,340,238	4,252,390
Brokerage commissions	411,698	681,738	982,711	2,170,207
Futures account fees	49,402	46,576	166,011	188,737
Total expenses	1,549,759	2,207,397	3,488,960	6,611,334
Net investment income (loss)	2,571,611	4,917,857	5,613,040	13,384,747
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(163,780,916)	(372,130,469)	46,482,203	(402,539,202)
Short-term U.S. government and agency obligations	186	—	(38)	—
Net realized gain (loss)	(163,780,730)	(372,130,469)	46,482,165	(402,539,202)
Change in net unrealized appreciation (depreciation) on
Futures contracts	28,718,499	260,225,054	(98,288,406)	63,582,315
Short-term U.S. government and agency obligations	18,989	34,676	(7,991)	21,069
Change in net unrealized appreciation (depreciation)	28,737,488	260,259,730	(98,296,397)	63,603,384
Net realized and unrealized gain (loss)	(135,043,242)	(111,870,739)	(51,814,232)	(338,935,818)
Net income (loss)	$(132,471,631)	$(106,952,882)	$(46,201,192)	$(325,551,071)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$334,757,794	$540,643,821	$396,081,499	$729,892,808
Addition of 28,200,000, 10,350,000, 46,650,000 and 23,240,000 shares, respectively	939,940,370	549,317,432	1,969,227,422	1,667,588,651
Redemption of 17,050,000, 6,180,000, 35,500,000 and 17,250,000 shares, respectively	(600,016,313)	(331,187,266)	(1,776,897,509)	(1,420,109,283)
Net addition (redemption) of 11,150,000, 4,170,000, 11,150,000 and 5,990,000 shares, respectively	339,924,057	218,130,166	192,329,913	247,479,368
Net investment income (loss)	2,571,611	4,917,857	5,613,040	13,384,747
Net realized gain (loss)	(163,780,730)	(372,130,469)	46,482,165	(402,539,202)
Change in net unrealized appreciation (depreciation)	28,737,488	260,259,730	(98,296,397)	63,603,384
Net income (loss)	(132,471,631)	(106,952,882)	(46,201,192)	(325,551,071)
Shareholders’ equity, end of period	$542,210,220	$651,821,105	$542,210,220	$651,821,105

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(46,201,192)	$(325,551,071)
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	(904,354,263)	(470,623,691)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	699,473,294	215,000,000
Net amortization and accretion on short-term U.S. government and agency obligations	(4,203,033)	(3,693,933)
Net realized (gain) loss on investments	38	—
Change in unrealized (appreciation) depreciation on investments	7,991	(21,069)
Decrease (Increase) in receivable on open futures contracts	(17,552,221)	(22,694,887)
Decrease (Increase) in interest receivable	159,218	1,004,148
Increase (Decrease) in payable to Sponsor	(3,543)	(137,481)
Increase (Decrease) in brokerage commissions and futures account fees payable	1,813	(38,213)
Increase (Decrease) in payable on open futures contracts	(38,058,122)	(21,843,883)
Net cash provided by (used in) operating activities	(310,730,020)	(628,600,080)
Cash flow from financing activities
Proceeds from addition of shares	1,980,194,065	1,671,870,576
Payment on shares redeemed	(1,750,337,948)	(1,388,991,394)
Net cash provided by (used in) financing activities	229,856,117	282,879,182
Net increase (decrease) in cash	(80,873,903)	(345,720,898)
Cash, beginning of period	323,011,189	701,114,381
Cash, end of period	$242,137,286	$355,393,483

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.