ProShares Trust II
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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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 exhibitsContents
ProShares Ultra Bloomberg Natural Gas
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Short-term U.S. government and agency obligations (Note 3) (cost $234,217,281 and $99,724,267, respectively) | $234,273,034 | $99,751,500 |
| Cash | 141,320,716 | 205,241,492 |
| Segregated cash balances with brokers for futures contracts | 199,013,298 | 117,769,697 |
| Receivable from capital shares sold | 28,186,350 | 10,966,643 |
| Interest receivable | 581,253 | 825,264 |
| Total assets | 603,374,651 | 434,554,596 |
| Liabilities and shareholders’ equity | ||
| Liabilities | ||
| Payable on open futures contracts | 67,963,288 | 38,058,122 |
| Brokerage commissions and futures account fees payable | 14,860 | 13,669 |
| Payable to Sponsor | 417,836 | 401,306 |
| Total liabilities | 68,395,984 | 38,473,097 |
| Commitments and Contingencies (Note 2) | ||
| Shareholders’ equity | ||
| Shareholders’ equity | 534,978,667 | 396,081,499 |
| Total liabilities and shareholders’ equity | $603,374,651 | $434,554,596 |
| Shares outstanding | 23,723,047 | 7,223,047 |
| Net asset value per share | $22.55 | $54.84 |
| Market value per share (Note 2) | $22.90 | $55.82 |
| Principal Amount | Value | |
|---|---|---|
| Short-term U.S. government and agency obligations | ||
| (44% of shareholders’ equity) | ||
| U.S. Treasury Bills^^: | ||
| 3.986% due 01/06/26 | $25,000,000 | $24,990,332 |
| 3.913% due 01/13/26 | 35,000,000 | 34,962,249 |
| 3.699% due 02/03/26 | 25,000,000 | 24,921,333 |
| 3.666% due 02/10/26 | 50,000,000 | 49,807,980 |
| 3.868% due 02/12/26 | 100,000,000 | 99,591,140 |
| Total short-term U.S. government and agency obligations (cost $234,217,281) | $234,273,034 | |
| Number of Contracts | Notional Amount at Value | Unrealized Appreciation (Depreciation)/Value | |
|---|---|---|---|
| Natural Gas - NYMEX, expires March 2026 | 34,181 | $1,069,865,300 | $(132,096,872) |
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| Principal Amount | Value | |
|---|---|---|
| Short-term U.S. government and agency obligations | ||
| (25% of shareholders’ equity) | ||
| U.S. Treasury Bills^^: | ||
| 4.562% due 01/23/25 | $100,000,000 | $99,751,500 |
| Total short-term U.S. government and agency obligations (cost $99,724,267) | $99,751,500 | |
| Number of Contracts | Notional Amount at Value | Unrealized Appreciation (Depreciation)/Value | |
|---|---|---|---|
| Natural Gas - NYMEX, expires March 2025 | 25,569 | $792,127,620 | $97,239,201 |
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment Income | |||
| Interest | $13,541,816 | $25,765,554 | $34,926,670 |
| Expenses | |||
| Management fee | 3,588,538 | 5,578,019 | 9,157,296 |
| Brokerage commissions | 1,459,746 | 2,815,764 | 3,527,713 |
| Futures account fees | 205,749 | 227,465 | 662,807 |
| Total expenses | 5,254,033 | 8,621,248 | 13,347,816 |
| Net investment income (loss) | 8,287,783 | 17,144,306 | 21,578,854 |
| Realized and unrealized gain (loss) on investment activity | |||
| Net realized gain (loss) on | |||
| Futures contracts | 140,707,545 | (398,292,227) | (2,054,254,551) |
| Swap agreements | — | — | (26,402,152) |
| Short-term U.S. government and agency obligations | (38) | 1,653 | 892 |
| Net realized gain (loss) | 140,707,507 | (398,290,574) | (2,080,655,811) |
| Change in net unrealized appreciation (depreciation) on | |||
| Futures contracts | (229,336,073) | 53,632,131 | 354,221,039 |
| Short-term U.S. government and agency obligations | 28,520 | 13,626 | (37,252) |
| Change in net unrealized appreciation (depreciation) | (229,307,553) | 53,645,757 | 354,183,787 |
| Net realized and unrealized gain (loss) | (88,600,046) | (344,644,817) | (1,726,472,024) |
| Net income (loss) | $(80,312,263) | $(327,500,511) | $(1,704,893,170) |
F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Shareholders’ equity, beginning of period | $396,081,499 | $729,892,808 | $586,151,113 |
| Addition of 78,950,000, 35,420,000 and 13,723,000 shares, respectively | 2,847,823,876 | 2,177,844,801 | 4,896,232,861 |
| Redemption of 62,450,000, 33,310,662 and 8,932,166 shares, respectively | (2,628,614,445) | (2,184,155,599) | (3,047,597,996) |
| Net addition (redemption) of 16,500,000, 2,109,338 and 4,790,834 shares, respectively | 219,209,431 | (6,310,798) | 1,848,634,865 |
| Net investment income (loss) | 8,287,783 | 17,144,306 | 21,578,854 |
| Net realized gain (loss) | 140,707,507 | (398,290,574) | (2,080,655,811) |
| Change in net unrealized appreciation (depreciation) | (229,307,553) | 53,645,757 | 354,183,787 |
| Net income (loss) | (80,312,263) | (327,500,511) | (1,704,893,170) |
| Shareholders’ equity, end of period | $534,978,667 | $396,081,499 | $729,892,808 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flow from operating activities | |||
| Net income (loss) | $(80,312,263) | $(327,500,511) | $(1,704,893,170) |
| 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 | (1,301,909,040) | (738,233,545) | (11,178,803,468) |
| Proceeds from sales or maturities of short-term U.S. government and agency obligations | 1,174,473,294 | 709,956,736 | 11,391,373,123 |
| Net amortization and accretion on short-term U.S. government and agency obligations | (7,057,306) | (7,000,295) | (13,804,974) |
| Net realized (gain) loss on investments | 38 | (1,653) | (892) |
| Change in unrealized (appreciation) depreciation on investments | (28,520) | (13,626) | 37,252 |
| Decrease (Increase) in interest receivable | 244,011 | 1,100,379 | (1,271,721) |
| Increase (Decrease) in payable to Sponsor | 16,530 | (224,359) | 175,151 |
| Increase (Decrease) in brokerage commissions and futures account fees payable | 1,191 | (38,680) | 17,107 |
| Increase (Decrease) in payable on open futures contracts | 29,905,166 | 16,214,239 | 18,676,841 |
| Net cash provided by (used in) operating activities | (184,666,899) | (345,741,315) | (1,488,494,751) |
| Cash flow from financing activities | |||
| Proceeds from addition of shares | 2,830,604,169 | 2,171,160,083 | 4,891,950,936 |
| Payment on shares redeemed | (2,628,614,445) | (2,203,521,960) | (3,030,058,288) |
| Net cash provided by (used in) financing activities | 201,989,724 | (32,361,877) | 1,861,892,648 |
| Net increase (decrease) in cash | 17,322,825 | (378,103,192) | 373,397,897 |
| Cash, beginning of period | 323,011,189 | 701,114,381 | 327,716,484 |
| Cash, end of period | $340,334,014 | $323,011,189 | $701,114,381 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.