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

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Contents

ProShares Short VIX Short-Term Futures ETF

	December 31, 2025	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $59,898,070 and $24,931,067, respectively)	$59,907,798	$24,937,875
Cash	87,603,058	160,200,226
Segregated cash balances with brokers for futures contracts	93,632,448	80,953,814
Receivable on open futures contracts	1,909,294	806,556
Interest receivable	340,241	438,452
Total assets	243,392,839	267,336,923
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	851,049	1,011,830
Brokerage commissions and futures account fees payable	6,400	6,902
Payable to Sponsor	184,353	227,958
Total liabilities	1,041,802	1,246,690
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	242,351,037	266,090,233
Total liabilities and shareholders’ equity	$243,392,839	$267,336,923
Shares outstanding	4,368,614	5,318,614
Net asset value per share	$55.48	$50.03
Market value per share (Note 2)	$55.38	$50.06

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	Principal Amount	Value
Short-term U.S. government and agency obligations
(25% of shareholders’ equity)
U.S. Treasury Bills^^:
3.986% due 01/06/26	$35,000,000	$34,986,465
3.699% due 02/03/26	25,000,000	24,921,333
Total short-term U.S. government and agency obligations(cost $59,898,070)		$59,907,798

	Number ofContracts	Notional Amountat Value	UnrealizedAppreciation(Depreciation)/Value
VIX Futures - Cboe, expires January 2026	3,791	$62,674,708	$14,546,344
VIX Futures - Cboe, expires February 2026	3,153	58,437,702	1,153,253
			$15,699,597

^^	Rates shown represent discount rate at the time of purchase.

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	Principal Amount	Value
Short-term U.S. government and agency obligations
(9% of shareholders’ equity)
U.S. Treasury Bills^^:
4.562% due 01/23/25	$25,000,000	$24,937,875
Total short-term U.S. government and agency obligations (cost $24,931,067)		$24,937,875

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires January 2025	4,447	$77,901,212	$(3,491,718)
VIX Futures - Cboe, expires February 2025	3,080	55,042,064	482,967
			$(3,008,751)

^^	Rates shown represent discount rate at the time of purchase.

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	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$9,893,892	$15,966,194	$10,251,068
Expenses
Management fee	2,660,501	3,421,991	2,500,560
Brokerage commissions	571,296	899,331	543,461
Futures account fees	84,599	44,627	—
Total expenses	3,316,396	4,365,949	3,044,021
Net investment income (loss)	6,577,496	11,600,245	7,207,047
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	36,988,593	42,037,096	160,516,553
Short-term U.S. government and agency obligations	605	17,669	(21,847)
Net realized gain (loss)	36,989,198	42,054,765	160,494,706
Change in net unrealized appreciation (depreciation) on
Futures contracts	18,708,348	(15,649,375)	1,548,243
Short-term U.S. government and agency obligations	2,920	(11,853)	(5,434)
Change in net unrealized appreciation (depreciation)	18,711,268	(15,661,228)	1,542,809
Net realized and unrealized gain (loss)	55,700,466	26,393,537	162,037,515
Net income (loss)	$62,277,962	$37,993,782	$169,244,562

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	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$266,090,233	$267,184,359	$339,591,638
Addition of 19,000,000, 19,900,000 and 8,200,000 shares, respectively	731,347,948	961,069,086	282,356,336
Redemption of 19,950,000, 19,750,000 and 14,600,000 shares, respectively	(817,365,106)	(1,000,156,994)	(524,008,177)
Net addition (redemption) of (950,000), 150,000 and (6,400,000) shares, respectively	(86,017,158)	(39,087,908)	(241,651,841)
Net investment income (loss)	6,577,496	11,600,245	7,207,047
Net realized gain (loss)	36,989,198	42,054,765	160,494,706
Change in net unrealized appreciation (depreciation)	18,711,268	(15,661,228)	1,542,809
Net income (loss)	62,277,962	37,993,782	169,244,562
Shareholders’ equity, end of period	$242,351,037	$266,090,233	$267,184,359

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	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$62,277,962	$37,993,782	$169,244,562
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	(686,322,457)	(713,284,705)	(756,847,632)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	654,645,038	805,017,669	796,473,442
Net amortization and accretion on short-term U.S. government and agency obligations	(3,288,979)	(7,254,681)	(4,755,757)
Net realized (gain) loss on investments	(605)	(17,669)	21,847
Change in unrealized (appreciation) depreciation on investments	(2,920)	11,853	5,434
Decrease (Increase) in receivable on open futures contracts	(1,102,738)	10,407,604	28,912,469
Decrease (Increase) in interest receivable	98,211	18,478	19,000
Increase (Decrease) in payable to Sponsor	(43,605)	(20,904)	(93,604)
Increase (Decrease) in brokerage commissions and futures account fees payable	(502)	(2,669)	(12,005)
Increase (Decrease) in payable on open futures contracts	(160,781)	564,219	447,611
Net cash provided by (used in) operating activities	26,098,624	133,432,977	233,415,367
Cash flow from financing activities
Proceeds from addition of shares	731,347,948	961,069,086	282,356,336
Payment on shares redeemed	(817,365,106)	(1,015,679,310)	(514,347,675)
Net cash provided by (used in) financing activities	(86,017,158)	(54,610,224)	(231,991,339)
Net increase (decrease) in cash	(59,918,534)	78,822,753	1,424,028
Cash, beginning of period	241,154,040	162,331,287	160,907,259
Cash, end of period	$181,235,506	$241,154,040	$162,331,287

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