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.
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ProShares Ultra VIX Short-Term Futures ETF
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Short-term U.S. government and agency obligations (Note 3) (cost $99,753,597 and $24,931,067, respectively) | $99,775,566 | $24,937,875 |
| Cash | 20,831,598 | 88,749,502 |
| Segregated cash balances with brokers for futures contracts | 272,061,021 | 161,872,327 |
| Receivable on open futures contracts | 17,868,535 | 9,002,751 |
| Interest receivable | 633,386 | 803,191 |
| Total assets | 411,170,106 | 285,365,646 |
| Liabilities and shareholders’ equity | ||
| Liabilities | ||
| Payable for capital shares redeemed | 3,584,487 | — |
| Payable on open futures contracts | 6,790,097 | 613,972 |
| Brokerage commissions and futures account fees payable | 39,021 | 24,616 |
| Payable to Sponsor | 350,365 | 274,998 |
| Total liabilities | 10,763,970 | 913,586 |
| Commitments and Contingencies (Note 2) | ||
| Shareholders’ equity | ||
| Shareholders’ equity | 400,406,136 | 284,452,060 |
| Total liabilities and shareholders’ equity | $411,170,106 | $285,365,646 |
| Shares outstanding (Note 1) | 11,167,347 | 2,738,729 |
| Net asset value per share (Note 1) | $35.86 | $103.86 |
| Market value per share (Note 1) (Note 2) | $35.93 | $103.60 |
| 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 | $15,000,000 | $14,994,199 |
| 3.913% due 01/13/26 | 35,000,000 | 34,962,249 |
| 3.699% due 02/03/26 | 25,000,000 | 24,921,333 |
| 3.868% due 02/12/26 | 25,000,000 | 24,897,785 |
| Total short-term U.S. government and agency obligations (cost $99,753,597) | $99,775,566 | |
| Number of Contracts | Notional Amount at Value | Unrealized Appreciation (Depreciation)/Value | |
|---|---|---|---|
| VIX Futures - Cboe, expires January 2026 | 18,780 | $310,480,350 | $(49,604,684) |
| VIX Futures - Cboe, expires February 2026 | 15,649 | 290,038,566 | (6,470,478) |
| $(56,075,162) | |||
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| 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 | 14,280 | $250,152,756 | $15,626,836 |
| VIX Futures - Cboe, expires February 2025 | 9,884 | 176,634,987 | (1,650,844) |
| $13,975,992 | |||
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment Income | |||
| Interest | $14,858,287 | $10,412,156 | $15,951,926 |
| Expenses | |||
| Management fee | 4,692,200 | 2,534,346 | 4,392,607 |
| Brokerage commissions | 3,369,419 | 2,159,377 | 2,596,882 |
| Futures account fees | 600,883 | 279,647 | 476,293 |
| Total expenses | 8,662,502 | 4,973,370 | 7,465,782 |
| Net investment income (loss) | 6,195,785 | 5,438,786 | 8,486,144 |
| Realized and unrealized gain (loss) on investment activity | |||
| Net realized gain (loss) on | |||
| Futures contracts | (366,312,175) | (136,430,513) | (940,116,773) |
| Short-term U.S. government and agency obligations | 5,183 | 14,511 | 13,721 |
| Net realized gain (loss) | (366,306,992) | (136,416,002) | (940,103,052) |
| Change in net unrealized appreciation (depreciation) on | |||
| Futures contracts | (70,051,154) | 45,159,903 | 5,371,542 |
| Short-term U.S. government and agency obligations | 15,161 | 6,808 | (3,383) |
| Change in net unrealized appreciation (depreciation) | (70,035,993) | 45,166,711 | 5,368,159 |
| Net realized and unrealized gain (loss) | (436,342,985) | (91,249,291) | (934,734,893) |
| Net income (loss) | $(430,147,200) | $(85,810,505) | $(926,248,749) |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Shareholders’ equity, beginning of period | $284,452,060 | $348,555,743 | $639,318,362 |
| Addition of 32,880,000, 10,800,000 and 2,512,400 shares, respectively (Note 1) | 2,837,270,589 | 1,359,968,222 | 1,481,923,040 |
| Redemption of 24,451,382, 9,714,250 and 1,231,735 shares, respectively (Note 1) | (2,291,169,313) | (1,338,261,400) | (846,436,910) |
| Net addition (redemption) of 8,428,618, 1,085,750 and 1,280,665 shares, respectively (Note 1) | 546,101,276 | 21,706,822 | 635,486,130 |
| Net investment income (loss) | 6,195,785 | 5,438,786 | 8,486,144 |
| Net realized gain (loss) | (366,306,992) | (136,416,002) | (940,103,052) |
| Change in net unrealized appreciation (depreciation) | (70,035,993) | 45,166,711 | 5,368,159 |
| Net income (loss) | (430,147,200) | (85,810,505) | (926,248,749) |
| Shareholders’ equity, end of period | $400,406,136 | $284,452,060 | $348,555,743 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flow from operating activities | |||
| Net income (loss) | $(430,147,200) | $(85,810,505) | $(926,248,749) |
| 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 | (919,669,172) | (358,565,760) | (1,592,777,850) |
| Proceeds from sales or maturities of short-term U.S. government and agency obligations | 848,850,699 | 336,137,249 | 1,630,711,623 |
| Net amortization and accretion on short-term U.S. government and agency obligations | (3,998,874) | (2,488,045) | (3,191,063) |
| Net realized (gain) loss on investments | (5,183) | (14,511) | (13,721) |
| Change in unrealized (appreciation) depreciation on investments | (15,161) | (6,808) | 3,383 |
| Decrease (Increase) in receivable on open futures contracts | (8,865,784) | 1,556,948 | 11,099,936 |
| Decrease (Increase) in interest receivable | 169,805 | 120,957 | 322,254 |
| Increase (Decrease) in payable to Sponsor | 75,367 | (28,635) | (266,796) |
| Increase (Decrease) in brokerage commissions and futures account fees payable | 14,405 | (11,472) | (22,684) |
| Increase (Decrease) in payable on open futures contracts | 6,176,125 | 613,972 | (904,685) |
| Net cash provided by (used in) operating activities | (507,414,973) | (108,496,610) | (881,288,352) |
| Cash flow from financing activities | |||
| Proceeds from addition of shares | 2,837,270,589 | 1,359,968,222 | 1,481,923,040 |
| Payment on shares redeemed | (2,287,584,826) | (1,338,261,400) | (846,436,910) |
| Net cash provided by (used in) financing activities | 549,685,763 | 21,706,822 | 635,486,130 |
| Net increase (decrease) in cash | 42,270,790 | (86,789,788) | (245,802,222) |
| Cash, beginning of period | 250,621,829 | 337,411,617 | 583,213,839 |
| Cash, end of period | $292,892,619 | $250,621,829 | $337,411,617 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.