ProShares Trust II

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

About this filing

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FY2025 · Filed Feb 26, 2026

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

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Contents

ProShares UltraShort Bloomberg Natural Gas

	December 31, 2025	December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $69,807,867 and $—, respectively)	$69,821,093	$—
Cash	24,344,867	177,262,462
Segregated cash balances with brokers for futures contracts	49,604,357	81,628,795
Receivable on open futures contracts	15,938,672	19,205,533
Interest receivable	201,070	405,754
Total assets	159,910,059	278,502,544
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	14,316,465	17,443,727
Payable on open futures contracts	1,060,496	—
Brokerage commissions and futures account fees payable	6,012	3,166
Payable to Sponsor	149,995	115,508
Total liabilities	15,532,968	17,562,401
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	144,377,091	260,940,143
Total liabilities and shareholders’ equity	$159,910,059	$278,502,544
Shares outstanding	4,033,712	5,983,712
Net asset value per share	$35.79	$43.61
Market value per share (Note 2)	$35.27	$42.74

	Principal Amount	Value
Short-term U.S. government and agency obligations
(48% of shareholders’ equity)
U.S. Treasury Bills^^:
3.913% due 01/13/26	$20,000,000	$19,978,428
3.699% due 02/03/26	50,000,000	49,842,665
Total short-term U.S. government and agency obligations (cost $69,807,867)		$69,821,093

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires March 2026	9,225	$288,742,500	$53,943,537

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

F-

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires March 2025	16,846	$521,889,080	$(26,130,504)

	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$11,784,270	$5,342,982	$5,542,278
Expenses
Management fee	2,956,356	1,092,378	1,226,758
Brokerage commissions	1,390,324	965,275	817,632
Futures account fees	96,640	40,687	104,966
Total expenses	4,443,320	2,098,340	2,149,356
Net investment income (loss)	7,340,950	3,244,642	3,392,922
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	41,451,537	96,490,359	306,791,742
Short-term U.S. government and agency obligations	(2,688)	(3,961)	3,839
Net realized gain (loss)	41,448,849	96,486,398	306,795,581
Change in net unrealized appreciation (depreciation) on
Futures contracts	80,074,041	(22,576,997)	(89,442,905)
Short-term U.S. government and agency obligations	13,226	—	(12,800)
Change in net unrealized appreciation (depreciation)	80,087,267	(22,576,997)	(89,455,705)
Net realized and unrealized gain (loss)	121,536,116	73,909,401	217,339,876
Net income (loss)	$128,877,066	$77,154,043	$220,732,798

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$260,940,143	$140,963,092	$134,109,520
Addition of 89,850,000, 25,950,000 and 52,600,000 shares, respectively	2,239,944,880	1,356,966,632	1,538,415,045
Redemption of 91,800,000, 22,900,000 and 59,600,000 shares, respectively	(2,485,384,998)	(1,314,143,624)	(1,752,294,271)
Net addition (redemption) of (1,950,000), 3,050,000 and (7,000,000) shares, respectively	(245,440,118)	42,823,008	(213,879,226)
Net investment income (loss)	7,340,950	3,244,642	3,392,922
Net realized gain (loss)	41,448,849	96,486,398	306,795,581
Change in net unrealized appreciation (depreciation)	80,087,267	(22,576,997)	(89,455,705)
Net income (loss)	128,877,066	77,154,043	220,732,798
Shareholders’ equity, end of period	$144,377,091	$260,940,143	$140,963,092

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$128,877,066	$77,154,043	$220,732,798
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	(1,163,298,393)	(262,384,408)	(297,847,108)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	1,099,301,945	264,472,679	360,999,575
Net amortization and accretion on short-term U.S. government and agency obligations	(5,814,107)	(2,092,232)	(1,678,902)
Net realized (gain) loss on investments	2,688	3,961	(3,839)
Change in unrealized (appreciation) depreciation on investments	(13,226)	—	12,800
Decrease (Increase) in receivable on open futures contracts	3,266,861	(14,759,331)	(3,766,954)
Decrease (Increase) in interest receivable	204,684	42,107	(154,043)
Increase (Decrease) in payable to Sponsor	34,487	7,100	(23,789)
Increase (Decrease) in brokerage commissions and futures account fees payable	2,846	(7,295)	2,964
Increase (Decrease) in payable on open futures contracts	1,060,496	(9,596,045)	9,313,683
Net cash provided by (used in) operating activities	63,625,347	52,840,579	287,587,185
Cash flow from financing activities
Proceeds from addition of shares	2,239,944,880	1,366,578,010	1,528,803,667
Payment on shares redeemed	(2,488,512,260)	(1,296,699,897)	(1,757,659,467)
Net cash provided by (used in) financing activities	(248,567,380)	69,878,113	(228,855,800)
Net increase (decrease) in cash	(184,942,033)	122,718,692	58,731,385
Cash, beginning of period	258,891,257	136,172,565	77,441,180
Cash, end of period	$73,949,224	$258,891,257	$136,172,565

ContentsView on SEC.gov

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