ProShares Trust II

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

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

Item 8. Financial Statements and Supplementary Data

Statement of Operations for the three month periods ended March 31, 2025 and 2024, June 30, 2025 and 2024, September 30, 2025 and 2024, and December 31, 2025 and 2024 and the years ended December 31, 2025 and 2024 for each Fund, as applicable.

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$1,447,619	$2,458,621	$1,524,470	$1,146,786	$6,577,496
Net realized and unrealized gain (loss)	$(17,879,791)	$13,639,683	$42,937,595	$17,002,979	$55,700,466
Net income (loss)	$(16,432,172)	$16,098,304	$44,462,065	$18,149,765	$62,277,962
Net increase (decrease) in net asset value per share	$(4.24)	$(3.17)	$8.40	$4.46	$5.45

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$2,397,290	$2,584,261	$4,269,606	$2,349,088	$11,600,245
Net realized and unrealized gain (loss)	$23,859,796	$22,594,697	$(11,689,567)	$(8,371,389)	$26,393,537
Net income (loss)	$26,257,086	$25,178,958	$(7,419,961)	$(6,022,301)	$37,993,782
Net increase (decrease) in net asset value per share	$4.69	$4.97	$(11.19)	$(0.13)	$(1.66)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$2,493,623	$2,227,570	$1,571,960	$1,686,390	$7,979,543
Net realized and unrealized gain (loss)	$15,052,511	$(69,927,670)	$8,479,718	$(45,733,729)	$(92,129,170)
Net income (loss)	$17,546,134	$(67,700,100)	$10,051,678	$(44,047,339)	$(84,149,627)
Net increase (decrease) in net asset value per share	$(0.36)	$(4.64)	$(0.11)	$(3.08)	$(8.19)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$3,471,629	$5,118,436	$4,742,745	$5,200,539	$18,533,349
Net realized and unrealized gain (loss)	$148,214,947	$6,218,791	$(125,867,824)	$53,373,587	$81,939,501
Net income (loss)	$151,686,576	$11,337,227	$(121,125,079)	$58,574,126	$100,472,850
Net increase (decrease) in net asset value per share	$6.91	$0.32	$(8.15)	$2.13	$1.21

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$1,817,307	$1,224,122	$2,571,611	$2,674,743	$8,287,783
Net realized and unrealized gain (loss)	$180,466,335	$(97,237,325)	$(135,043,242)	$(36,785,814)	$(88,600,046)
Net income (loss)	$182,283,642	$(96,013,203)	$(132,471,631)	$(34,111,071)	$(80,312,263)
Net increase (decrease) in net asset value per share	$30.45	$(38.94)	$(16.84)	$(6.96)	$(32.29)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$4,210,636	$4,256,254	$4,917,857	$3,759,559	$17,144,306
Net realized and unrealized gain (loss)	$(378,573,869)	$151,508,790	$(111,870,739)	$(5,708,999)	$(344,644,817)
Net income (loss)	$(374,363,233)	$155,765,044	$(106,952,882)	$(1,949,440)	$(327,500,511)
Net increase (decrease) in net asset value per share	$(77.06)	$12.30	$(19.27)	$(3.86)	$(87.89)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$33,660	$50,493	$53,812	$37,318	$175,283
Net realized and unrealized gain (loss)	$355,394	$1,032,404	$(213,488)	$(92,176)	$1,082,134
Net income (loss)	$389,054	$1,082,897	$(159,676)	$(54,858)	$1,257,417
Net increase (decrease) in net asset value per share	$0.90	$2.04	$(0.18)	$(0.05)	$2.71

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$62,551	$56,873	$48,936	$45,628	$213,988
Net realized and unrealized gain (loss)	$(364,940)	$(157,183)	$369,686	$(898,401)	$(1,050,838)
Net income (loss)	$(302,389)	$(100,310)	$418,622	$(852,773)	$(836,850)
Net increase (decrease) in net asset value per share	$(0.52)	$(0.15)	$0.90	$(1.63)	$(1.40)

PROSHARES ULTRA GOLD*

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$2,855,659	$3,895,862	$4,397,620	$6,336,509	$17,485,650
Net realized and unrealized gain (loss)	$114,453,304	$24,703,814	$183,238,903	$166,159,925	$488,555,946
Net income (loss)	$117,308,963	$28,599,676	$187,636,523	$172,496,434	$506,041,596
Net increase (decrease) in net asset value per share	$8.68	$2.36	$11.32	$10.19	$32.55

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$1,567,439	$2,264,848	$2,677,335	$2,799,601	$9,309,223
Net realized and unrealized gain (loss)	$21,195,474	$14,341,132	$54,000,215	$(14,132,688)	$75,404,133
Net income (loss)	$22,762,913	$16,605,980	$56,677,550	$(11,333,087)	$84,713,356
Net increase (decrease) in net asset value per share	$2.04	$1.33	$4.77	$(0.74)	$7.40

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$4,456,894	$4,551,855	$4,938,126	$8,601,171	$22,548,046
Net realized and unrealized gain (loss)	$193,988,258	$25,701,646	$401,600,415	$1,064,171,897	$1,685,462,216
Net income (loss)	$198,445,152	$30,253,501	$406,538,541	$1,072,773,068	$1,708,010,262
Net increase (decrease) in net asset value per share	$12.18	$1.33	$28.59	$80.29	$122.39

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$2,732,914	$4,944,726	$6,019,174	$5,926,071	$19,622,885
Net realized and unrealized gain (loss)	$17,142,684	$133,401,184	$53,434,770	$(118,329,411)	$85,649,227
Net income (loss)	$19,875,598	$138,345,910	$59,453,944	$(112,403,340)	$105,272,112
Net increase (decrease) in net asset value per share	$1.24	$8.91	$3.10	$(6.98)	$6.27

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF*

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$1,076,597	$1,151,011	$2,399,298	$1,568,879	$6,195,785
Net realized and unrealized gain (loss)	$119,554,748	$(32,949,407)	$(390,946,076)	$(132,002,250)	$(436,342,985)
Net income (loss)	$120,631,345	$(31,798,396)	$(388,546,778)	$(130,433,371)	$(430,147,200)
Net increase (decrease) in net asset value per share	$13.36	$(23.75)	$(41.28)	$(16.33)	$(68.00)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$1,517,995	$1,263,439	$1,321,242	$1,336,110	$5,438,786
Net realized and unrealized gain (loss)	$(77,712,023)	$(45,714,246)	$(22,041,465)	$54,218,443	$(91,249,291)
Net income (loss)	$(76,194,028)	$(44,450,807)	$(20,720,223)	$55,554,553	$(85,810,505)
Net increase (decrease) in net asset value per share	$(53.58)	$(39.38)	$6.77	$(20.82)	$(107.01)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$391,107	$426,548	$402,393	$277,055	$1,497,103
Net realized and unrealized gain (loss)	$4,310,581	$3,711,933	$(4,694,297)	$(6,751,508)	$(3,423,291)
Net income (loss)	$4,701,688	$4,138,481	$(4,291,904)	$(6,474,453)	$(1,926,188)
Net increase (decrease) in net asset value per share	$1.67	$1.42	$(1.56)	$(2.68)	$(1.15)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$293,018	$384,185	$422,494	$348,951	$1,448,648
Net realized and unrealized gain (loss)	$(5,610,506)	$(6,208,035)	$9,452,623	$(9,930,668)	$(12,296,586)
Net income (loss)	$(5,317,488)	$(5,823,850)	$9,875,117	$(9,581,717)	$(10,847,938)
Net increase (decrease) in net asset value per share	$(4.13)	$(3.10)	$4.53	$(4.53)	$(7.23)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$1,392,723	$819,688	$900,999	$562,364	$3,675,774
Net realized and unrealized gain (loss)	$12,418,449	$46,236,460	$903,561	$13,640,675	$73,199,145
Net income (loss)	$13,811,172	$47,056,148	$1,804,560	$14,203,039	$76,874,919
Net increase (decrease) in net asset value per share	$(0.19)	$1.28	$(0.52)	$2.14	$2.71

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$1,737,221	$1,805,686	$1,451,008	$865,870	$5,859,785
Net realized and unrealized gain (loss)	$(46,957,955)	$(1,695,519)	$40,796,054	$(11,807,683)	$(19,665,103)
Net income (loss)	$(45,220,734)	$110,167	$42,247,062	$(10,941,813)	$(13,805,318)
Net increase (decrease) in net asset value per share	$(4.83)	$(0.35)	$3.95	$(2.59)	$(3.82)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$2,805,691	$2,395,490	$1,269,108	$870,661	$7,340,950
Net realized and unrealized gain (loss)	$(236,425,749)	$205,548,141	$89,676,348	$62,737,376	$121,536,116
Net income (loss)	$(233,620,058)	$207,943,631	$90,945,456	$63,608,037	$128,877,066
Net increase (decrease) in net asset value per share	$(23.91)	$5.74	$9.92	$0.43	$(7.82)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$807,347	$951,460	$762,495	$723,340	$3,244,642
Net realized and unrealized gain (loss)	$68,479,102	$(24,012,733)	$34,239,705	$(4,796,673)	$73,909,401
Net income (loss)	$69,286,449	$(23,061,273)	$35,002,200	$(4,073,333)	$77,154,043
Net increase (decrease) in net asset value per share	$28.42	$(27.10)	$5.15	$(10.91)	$(4.44)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$258,107	$224,338	$229,237	$208,922	$920,604
Net realized and unrealized gain (loss)	$(2,975,671)	$(5,475,505)	$237,577	$228,244	$(7,985,355)
Net income (loss)	$(2,717,564)	$(5,251,167)	$466,814	$437,166	$(7,064,751)
Net increase (decrease) in net asset value per share	$(2.61)	$(4.85)	$0.57	$0.38	$(6.51)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$363,067	$338,894	$315,526	$272,961	$1,290,448
Net realized and unrealized gain (loss)	$2,028,513	$701,755	$(2,565,439)	$5,355,606	$5,520,435
Net income (loss)	$2,391,580	$1,040,649	$(2,249,913)	$5,628,567	$6,810,883
Net increase (decrease) in net asset value per share	$1.81	$0.89	$(1.94)	$4.99	$5.75

PROSHARES ULTRASHORT GOLD*

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$152,848	$504,356	$385,326	$493,339	$1,535,869
Net realized and unrealized gain (loss)	$(7,768,320)	$11,779,627	$(17,191,488)	$(14,544,642)	$(27,724,823)
Net income (loss)	$(7,615,472)	$12,283,983	$(16,806,162)	$(14,051,303)	$(26,188,954)
Net increase (decrease) in net asset value per share	$(19.33)	$(6.00)	$(11.40)	$(7.51)	$(44.24)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$109,867	$136,135	$113,799	$147,781	$507,582
Net realized and unrealized gain (loss)	$(1,742,392)	$(1,252,038)	$(3,172,512)	$527,247	$(5,639,695)
Net income (loss)	$(1,632,525)	$(1,115,903)	$(3,058,713)	$675,028	$(5,132,113)
Net increase (decrease) in net asset value per share	$(11.77)	$(7.41)	$(17.39)	$1.23	$(35.34)

PROSHARES ULTRASHORT SILVER

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$112,155	$148,415	$131,582	$283,717	$675,869
Net realized and unrealized gain (loss)	$(8,161,034)	$(835,785)	$(13,120,542)	$(37,557,599)	$(59,674,960)
Net income (loss)	$(8,048,879)	$(687,370)	$(12,988,960)	$(37,273,882)	$(58,999,091)
Net increase (decrease) in net asset value per share	$(127.93)	$(35.71)	$(105.49)	$(101.60)	$(370.73)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$284,271	$444,517	$507,144	$118,447	$1,354,379
Net realized and unrealized gain (loss)	$4,361,418	$(11,167,314)	$(3,527,024)	$4,637,647	$(5,695,273)
Net income (loss)	$4,645,689	$(10,722,797)	$(3,019,880)	$4,756,094	$(4,340,894)
Net increase (decrease) in net asset value per share	$(52.78)	$(224.05)	$(68.74)	$43.90	$(301.67)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$155,036	$155,622	$187,018	$209,404	$707,080
Net realized and unrealized gain (loss)	$(1,963,345)	$(1,848,942)	$1,460,248	$4,752,198	$2,400,159
Net income (loss)	$(1,808,309)	$(1,693,320)	$1,647,266	$4,961,602	$3,107,239
Net increase (decrease) in net asset value per share	$(3.37)	$(2.94)	$3.17	$6.42	$3.28

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$249,284	$359,294	$356,054	$204,134	$1,168,766
Net realized and unrealized gain (loss)	$4,646,964	$5,947,436	$(8,379,969)	$6,079,090	$8,293,521
Net income (loss)	$4,896,248	$6,306,730	$(8,023,915)	$6,283,224	$9,462,287
Net increase (decrease) in net asset value per share	$6.53	$6.66	$(8.72)	$8.75	$13.22

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$201,460	$159,534	$232,853	$269,039	$862,886
Net realized and unrealized gain (loss)	$2,331,676	$2,891,657	$(2,721,773)	$(1,658,250)	$843,310
Net income (loss)	$2,533,136	$3,051,191	$(2,488,920)	$(1,389,211)	$1,706,196
Net increase (decrease) in net asset value per share	$1.33	$0.89	$(0.90)	$(0.59)	$0.73

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$392,110	$838,943	$290,687	$273,392	$1,795,132
Net realized and unrealized gain (loss)	$(3,315,400)	$(7,854,039)	$3,168,967	$(1,924,467)	$(9,924,939)
Net income (loss)	$(2,923,290)	$(7,015,096)	$3,459,654	$(1,651,075)	$(8,129,807)
Net increase (decrease) in net asset value per share	$(0.89)	$(1.56)	$0.78	$(0.56)	$(2.23)

Three Months Ended (unaudited) · Year Ended December 31, 2025
March 31, 2025 · June 30, 2025 · September 30, 2025 · December 31, 2025
Net investment income (loss)	$958,678	$763,347	$1,746,868	$1,495,851	$4,964,744
Net realized and unrealized gain (loss)	$39,190,744	$23,041,641	$(111,433,289)	$(43,212,899)	$(92,413,803)
Net income (loss)	$40,149,422	$23,804,988	$(109,686,421)	$(41,717,048)	$(87,449,059)
Net increase (decrease) in net asset value per share	$5.24	$(3.50)	$(14.61)	$(6.45)	$(19.32)

Three Months Ended (unaudited) · Year Ended December 31, 2024
March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024
Net investment income (loss)	$1,348,356	$1,239,189	$1,120,410	$1,208,710	$4,916,665
Net realized and unrealized gain (loss)	$(28,784,954)	$(23,490,145)	$52,645,089	$(10,133,781)	$(9,763,791)
Net income (loss)	$(27,436,598)	$(22,250,956)	$53,765,499	$(8,925,071)	$(4,847,126)
Net increase (decrease) in net asset value per share	$(10.27)	$(8.39)	$5.62	$(3.90)	$(16.94)

See the Index to Financial Statements on Page 105 for a list of the financial statements being filed as part of this Annual Report on Form 10-K. Those Financial Statements, and the notes and schedules related thereto, are incorporated by reference into this Item 8.

**	See Note 8 of these Notes to Financial Statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.