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 VIX Short-Term Futures ETF

	September 30, 2025 (unaudited)	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $129,526,844 and $24,931,067, respectively)	$129,533,779	$24,937,875
Cash	60,490,726	54,919,200
Segregated cash balances with brokers for futures contracts	138,214,552	50,955,604
Receivable on open futures contracts	2,618,122	2,613,474
Interest receivable	616,620	310,926
Total assets	331,473,799	133,737,079
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	1,712,496	—
Brokerage commissions and futures account fees payable	26,111	9,271
Payable to Sponsor	150,710	86,193
Total liabilities	1,889,317	95,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	329,584,482	133,641,615
Total liabilities and shareholders’ equity	$331,473,799	$133,737,079
Shares outstanding	10,241,252	2,966,252
Net asset value per share	$32.18	$45.05
Market value per share (Note 2)	$32.30	$45.02

	Principal Amount	Value
Short-term U.S. government and agency obligations
(39% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25	$20,000,000	$19,986,434
4.182% due 10/21/25	10,000,000	9,977,500
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 $129,526,844)		$129,533,779

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025	10,829	$190,460,452	$(10,656,130)
VIX Futures - Cboe, expires November 2025	7,218	138,940,726	(1,004,955)
			$(11,661,085)

^^	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	$2,597,119	$1,554,282	$5,348,650	$4,932,465
Expenses
Management fee	628,098	298,739	1,280,780	945,176
Brokerage commissions	160,166	109,695	448,329	189,358
Futures account fees	61,987	25,438	150,648	89,976
Total expenses	850,251	433,872	1,879,757	1,224,510
Net investment income (loss)	1,746,868	1,120,410	3,468,893	3,707,955
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(109,920,952)	47,467,197	(33,147,346)	(11,804,121)
Short-term U.S. government and agency obligations	100	(1,223)	727	3,607
Net realized gain (loss)	(109,920,852)	47,465,974	(33,146,619)	(11,800,514)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(1,519,372)	5,170,981	(16,054,412)	12,174,255
Short-term U.S. government and agency obligations	6,935	8,134	127	(3,751)
Change in net unrealized appreciation (depreciation)	(1,512,437)	5,179,115	(16,054,285)	12,170,504
Net realized and unrealized gain (loss)	(111,433,289)	52,645,089	(49,200,904)	369,990
Net income (loss)	$(109,686,421)	$53,765,499	$(45,732,011)	$4,077,945

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Shareholders’ equity, beginning of period	$164,541,842	$148,420,028	$133,641,615	$157,321,746
Addition of 7,000,000, 2,637,500, 14,225,000 and 4,512,500 shares, respectively	284,674,514	119,479,226	617,353,813	215,111,517
Redemption of 275,000, 2,725,000, 6,950,000 and 3,712,500 shares, respectively	(9,945,453)	(158,267,320)	(375,678,935)	(213,113,775)
Net addition (redemption) of 6,725,000, (87,500), 7,275,000 and 800,000 shares, respectively	274,729,061	(38,788,094)	241,674,878	1,997,742
Net investment income (loss)	1,746,868	1,120,410	3,468,893	3,707,955
Net realized gain (loss)	(109,920,852)	47,465,974	(33,146,619)	(11,800,514)
Change in net unrealized appreciation (depreciation)	(1,512,437)	5,179,115	(16,054,285)	12,170,504
Net income (loss)	(109,686,421)	53,765,499	(45,732,011)	4,077,945
Shareholders’ equity, end of period	$329,584,482	$163,397,433	$329,584,482	$163,397,433

	Nine Months Ended September 30,
	2025	2024
Cash flow from operating activities
Net income (loss)	$(45,732,011)	$4,077,945
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	(397,638,916)	(242,444,601)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	294,724,927	239,782,389
Net amortization and accretion on short-term U.S. government and agency obligations	(1,681,061)	(2,462,980)
Net realized (gain) loss on investments	(727)	(3,607)
Change in unrealized (appreciation) depreciation on investments	(127)	3,751
Decrease (Increase) in receivable on open futures contracts	(4,648)	2,362,837
Decrease (Increase) in interest receivable	(305,694)	(30,058)
Increase (Decrease) in payable to Sponsor	64,517	12,394
Increase (Decrease) in brokerage commissions and futures account fees payable	16,840	(5,916)
Increase (Decrease) in payable on open futures contracts	1,712,496	2,827,581
Net cash provided by (used in) operating activities	(148,844,404)	4,119,735
Cash flow from financing activities
Proceeds from addition of shares	617,353,813	215,111,517
Payment on shares redeemed	(375,678,935)	(213,113,775)
Net cash provided by (used in) financing activities	241,674,878	1,997,742
Net increase (decrease) in cash	92,830,474	6,117,477
Cash, beginning of period	105,874,804	95,126,975
Cash, end of period	$198,705,278	$101,244,452

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.