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 Ultra VIX Short-Term Futures ETF

	Principal Amount	Value
Short-term U.S. government and agency obligations
(17% of shareholders’ equity)
U.S. Treasury Bills^^:
4.182% due 10/21/25	$20,000,000	$19,955,000
4.140% due 11/04/25	40,000,000	39,847,944
4.203% due 11/13/25	50,000,000	49,759,915
Total short-term U.S. government and agency obligations
(cost $109,556,297)		$109,562,859

Futures Contracts Purchased
	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025	31,952	$561,971,776	$(32,959,301)
VIX Futures - Cboe, expires November 2025	21,292	409,853,966	(3,137,076)
			$(36,096,377)

^^	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	$5,292,243	$2,501,794	$10,984,632	$7,595,859
Expenses
Management fee	1,636,145	583,266	3,378,880	1,804,611
Brokerage commissions	1,025,774	534,432	2,534,657	1,475,584
Futures account fees	231,026	62,854	444,189	212,988
Total expenses	2,892,945	1,180,552	6,357,726	3,493,183
Net investment income (loss)	2,399,298	1,321,242	4,626,906	4,102,676
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(410,233,402)	(36,612,575)	(254,266,766)	(185,028,990)
Short-term U.S. government and agency obligations	565	317	(1,354)	11,454
Net realized gain (loss)	(410,232,837)	(36,612,258)	(254,268,120)	(185,017,536)
Change in net unrealized appreciation (depreciation) on
Futures contracts	19,280,389	14,558,661	(50,072,369)	39,537,652
Short-term U.S. government and agency obligations	6,372	12,132	(246)	12,150
Change in net unrealized appreciation (depreciation)	19,286,761	14,570,793	(50,072,615)	39,549,802
Net realized and unrealized gain (loss)	(390,946,076)	(22,041,465)	(304,340,735)	(145,467,734)
Net income (loss)	$(388,546,778)	$(20,720,223)	$(299,713,829)	$(141,365,058)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$579,408,908	$232,135,198	$284,452,060	$348,555,743
Addition of 49,350,000, 19,350,000, 134,050,000 and 29,200,000 shares, respectively	705,122,888	563,820,661	2,554,769,405	854,933,354
Redemption of 18,250,000, 17,750,000, 85,650,000 and 26,021,248 shares, respectively	(247,890,596)	(489,883,673)	(1,891,413,214)	(776,772,076)
Net addition (redemption) of 31,100,000, 1,600,000, 48,400,000 and 3,178,752 shares, respectively	457,232,292	73,936,988	663,356,191	78,161,278
Net investment income (loss)	2,399,298	1,321,242	4,626,906	4,102,676
Net realized gain (loss)	(410,232,837)	(36,612,258)	(254,268,120)	(185,017,536)
Change in net unrealized appreciation (depreciation)	19,286,761	14,570,793	(50,072,615)	39,549,802
Net income (loss)	(388,546,778)	(20,720,223)	(299,713,829)	(141,365,058)
Shareholders’ equity, end of period	$648,094,422	$285,351,963	$648,094,422	$285,351,963

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(299,713,829)	$(141,365,058)
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	(681,018,160)	(259,379,827)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	598,974,544	196,346,250
Net amortization and accretion on short-term U.S. government and agency obligations	(2,582,968)	(1,763,038)
Net realized (gain) loss on investments	1,354	(11,454)
Change in unrealized (appreciation) depreciation on investments	246	(12,150)
Decrease (Increase) in receivable on open futures contracts	(3,261,656)	7,609,527
Decrease (Increase) in interest receivable	(326,879)	402,866
Increase (Decrease) in payable to Sponsor	219,632	(101,924)
Increase (Decrease) in brokerage commissions and futures account fees payable	51,136	(16,496)
Increase (Decrease) in payable on open futures contracts	5,975,649	7,629,152
Net cash provided by (used in) operating activities	(381,680,931)	(190,662,152)
Cash flow from financing activities
Proceeds from addition of shares	2,554,769,405	854,933,354
Payment on shares redeemed	(1,891,413,214)	(776,772,076)
Net cash provided by (used in) financing activities	663,356,191	78,161,278
Net increase (decrease) in cash	281,675,260	(112,500,874)
Cash, beginning of period	250,621,829	337,411,617
Cash, end of period	$532,297,089	$224,910,743

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Cash	$47,101,523	$39,802,626
Segregated cash balances with brokers for foreign currency forward contracts	6,771,283	8,805,479
Unrealized appreciation on foreign currency forward contracts	1,384	146,194
Interest receivable	165,535	149,992
Total assets	54,039,725	48,904,291
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor	43,372	37,154
Unrealized depreciation on foreign currency forward contracts	687,017	4,361,491
Total liabilities	730,389	4,398,645
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	53,309,336	44,505,646
Total liabilities and shareholders’ equity	$54,039,725	$48,904,291
Shares outstanding	2,449,970	2,199,970
Net asset value per share	$21.76	$20.23
Market value per share (Note 2)	$21.76	$20.35

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.