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.

See the whole filing, with its images and exhibits

Contents

ProShares Ultra Gold

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $607,989,455 and $74,793,200, respectively)	$608,009,273	$74,813,625
Cash	76,817,403	203,750,372
Segregated cash balances with brokers for futures contracts	42,967,500	11,408,000
Segregated cash balances with brokers for swap agreements	34,511,800	—
Unrealized appreciation on swap agreements	34,537,917	—
Receivable from capital shares sold	9,144,187	—
Receivable on open futures contracts	3,042,379	1,952,335
Interest receivable	831,844	371,587
Total assets	809,862,303	292,295,919
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	581,385	238,455
Unrealized depreciation on swap agreements	—	2,348,132
Total liabilities	581,385	2,586,587
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	809,280,918	289,709,332
Total liabilities and shareholders’ equity	$809,862,303	$292,295,919
Shares outstanding (Note 1)	17,700,000	12,400,000
Net asset value per share (Note 1)	$45.72	$23.36
Market value per share (Note 1) (Note 2)	$46.06	$23.37

	Principal Amount	Value
Short-term U.S. government and agency obligations
(75% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$75,000,000	$74,949,127
4.182% due 10/21/25	125,000,000	124,718,750
4.140% due 11/04/25†	310,000,000	308,821,566
4.203% due 11/13/25†	100,000,000	99,519,830
Total short-term U.S. government and agency obligations (cost $607,989,455)		$608,009,273

Futures Contracts Purchased
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Gold Futures—COMEX, expires December 2025	2,411	$933,828,520	$101,806,050

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 Gold Subindex	0.25%	10/06/25	$424,720,428	$21,409,914
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex	0.25	10/06/25	93,079,951	4,692,107
Swap agreement with UBS AG based on Bloomberg Gold Subindex	0.25	10/06/25	167,347,561	8,435,896
Total Unrealized Appreciation				$34,537,917

†	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	$5,843,146	$3,315,167	$14,701,668	$8,148,441
Expenses
Management fee	1,426,882	628,619	3,488,004	1,611,610
Brokerage commissions	18,644	9,213	64,523	27,209
Total expenses	1,445,526	637,832	3,552,527	1,638,819
Net investment income (loss)	4,397,620	2,677,335	11,149,141	6,509,622
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
Futures contracts	(533,759)	1,541,465	71,313,806	16,072,123
Swap agreements	39,227,803	10,501,253	111,966,863	46,009,687
Short-term U.S. government and agency obligations	375	—	452	3,011
Net realized gain (loss)	38,694,419	12,042,718	183,281,121	62,084,821
Change in net unrealized appreciation (depreciation) on
Futures contracts	105,261,676	18,663,834	102,229,458	13,799,867
Swap agreements	39,263,937	23,264,503	36,886,049	13,633,253
Short-term U.S. government and agency obligations	18,871	29,160	(607)	18,880
Change in net unrealized appreciation (depreciation)	144,544,484	41,957,497	139,114,900	27,452,000
Net realized and unrealized gain (loss)	183,238,903	54,000,215	322,396,021	89,536,821
Net income (loss)	$187,636,523	$56,677,550	$333,545,162	$96,046,443

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$485,005,243	$216,456,025	$289,709,332	$191,502,023
Addition of 7,000,000, 3,400,000, 17,650,000 and 6,600,000 shares, respectively (Note 1)	265,301,111	74,000,508	612,025,424	130,539,933
Redemption of 3,400,000, 2,200,000, 12,350,000 and 6,200,000 shares, respectively (Note 1)	(128,661,959)	(48,251,861)	(425,999,000)	(119,206,177)
Net addition (redemption) of 3,600,000, 1,200,000, 5,300,000 and 400,000 shares, respectively (Note 1)	136,639,152	25,748,647	186,026,424	11,333,756
Net investment income (loss)	4,397,620	2,677,335	11,149,141	6,509,622
Net realized gain (loss)	38,694,419	12,042,718	183,281,121	62,084,821
Change in net unrealized appreciation (depreciation)	144,544,484	41,957,497	139,114,900	27,452,000
Net income (loss)	187,636,523	56,677,550	333,545,162	96,046,443
Shareholders’ equity, end of period	$809,280,918	$298,882,222	$809,280,918	$298,882,222

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$333,545,162	$96,046,443
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	(1,953,529,314)	(578,835,390)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	1,429,111,536	420,003,011
Net amortization and accretion on short-term U.S. government and agency obligations	(8,778,025)	(5,810,921)
Net realized (gain) loss on investments	(452)	(3,011)
Change in unrealized (appreciation) depreciation on investments	(36,885,442)	(13,652,133)
Decrease (Increase) in receivable on open futures contracts	(1,090,044)	—
Decrease (Increase) in interest receivable	(460,257)	(85,135)
Increase (Decrease) in payable to Sponsor	342,930	77,112
Increase (Decrease) in payable on open futures contracts	—	(125,977)
Net cash provided by (used in) operating activities	(237,743,906)	(82,386,001)
Cash flow from financing activities
Proceeds from addition of shares	602,881,237	130,539,933
Payment on shares redeemed	(425,999,000)	(114,385,981)
Net cash provided by (used in) financing activities	176,882,237	16,153,952
Net increase (decrease) in cash	(60,861,669)	(66,232,049)
Cash, beginning of period	215,158,372	129,351,977
Cash, end of period	$154,296,703	$63,119,928

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.