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

ProShares UltraShort Silver

	December 31, 2025	December 31, 2024
Assets
Cash	$164,887,996	$10,846,306
Segregated cash balances with brokers for futures contracts	27,244,750	839,500
Segregated cash balances with brokers for swap agreements	37,550,350	9,082,795
Unrealized appreciation on swap agreements	—	2,954,018
Receivable from capital shares sold	2,129,315	—
Receivable on open futures contracts	19,170,259	8,500
Interest receivable	207,484	49,804
Total assets	251,190,154	23,780,923
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	49,772,735	—
Payable on open futures contracts	—	9,092
Payable to Sponsor	74,694	19,212
Unrealized depreciation on swap agreements	4,320,147	—
Total liabilities	54,167,576	28,304
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	197,022,578	23,752,619
Total liabilities and shareholders’ equity	$251,190,154	$23,780,923
Shares outstanding (Note 8)	3,701,026	56,026
Net asset value per share (Note 8)	$53.23	$423.96
Market value per share (Note 8) (Note 2)	$53.40	$420.00

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2026	797	$281,352,955	$(9,278,851)
Total Return Swap Agreements^

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	01/06/26	$(52,154,405)	$(1,454,002)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	01/06/26	(25,969,429)	(4,490,093)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	01/06/26	(3,582,209)	(619,454)
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	01/06/26	(30,813,610)	2,243,402
			Total Unrealized Depreciation	$(4,320,147)

^	The positions and counterparties herein are as of December 31, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of December 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2025	72	$10,527,120	$511,915
Total Return Swap Agreements^

	Rate Paid (Received)*	Termination Date	Notional Amount at Value**	Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex	0.25%	01/06/25	$(20,658,992)	$1,653,589
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex	0.25	01/06/25	(11,342,358)	907,867
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex	0.30	01/06/25	(1,564,559)	125,172
Swap agreement with UBS AG based on Bloomberg Silver Subindex	0.25	01/06/25	(3,340,644)	267,390
			Total Unrealized Appreciation	$2,954,018

^	The positions and counterparties herein are as of December 31, 2024. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of December 31, 2024, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$1,056,505	$1,836,045	$1,118,150
Expenses
Management fee	358,757	443,177	287,739
Brokerage commissions	21,879	38,489	39,452
Total expenses	380,636	481,666	327,191
Net investment income (loss)	675,869	1,354,379	790,959
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	(20,584,843)	(1,893,066)	13,011,200
Swap agreements	(22,025,186)	(6,393,268)	427,289
Short-term U.S. government and agency obligations	—	—	(906)
Net realized gain (loss)	(42,610,029)	(8,286,334)	13,437,583
Change in net unrealized appreciation (depreciation) on
Futures contracts	(9,790,766)	(1,177,131)	2,629,546
Swap agreements	(7,274,165)	3,768,192	908,449
Change in net unrealized appreciation (depreciation)	(17,064,931)	2,591,061	3,537,995
Net realized and unrealized gain (loss)	(59,674,960)	(5,695,273)	16,975,578
Net income (loss)	$(58,999,091)	$(4,340,894)	$17,766,537

F-

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$23,752,619	$65,149,686	$31,932,799
Addition of 6,375,000, 362,500 and 296,250 shares, respectively (Note 8)	488,176,799	167,612,161	209,998,518
Redemption of 2,730,000, 396,257 and 247,500 shares, respectively (Note 8)	(255,907,749)	(204,668,334)	(194,548,168)
Net addition (redemption) of 3,645,000, (33,757) and 48,750 shares, respectively (Note 8)	232,269,050	(37,056,173)	15,450,350
Net investment income (loss)	675,869	1,354,379	790,959
Net realized gain (loss)	(42,610,029)	(8,286,334)	13,437,583
Change in net unrealized appreciation (depreciation)	(17,064,931)	2,591,061	3,537,995
Net income (loss)	(58,999,091)	(4,340,894)	17,766,537
Shareholders’ equity, end of period	$197,022,578	$23,752,619	$65,149,686

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$(58,999,091)	$(4,340,894)	$17,766,537
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	—	—	(39,876,608)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	—	—	39,937,156
Net amortization and accretion on short-term U.S. government and agency obligations	—	—	(61,454)
Net realized (gain) loss on investments	—	—	906
Change in unrealized (appreciation) depreciation on investments	7,274,165	(3,768,192)	(908,449)
Decrease (Increase) in receivable on open futures contracts	(19,161,759)	321,129	(270,054)
Decrease (Increase) in interest receivable	(157,680)	123,995	(113,319)
Increase (Decrease) in payable to Sponsor	55,482	(24,252)	22,759
Increase (Decrease) in payable on open futures contracts	(9,092)	9,092	—
Net cash provided by (used in) operating activities	(70,997,975)	(7,679,122)	16,497,474
Cash flow from financing activities
Proceeds from addition of shares	486,047,484	168,519,186	210,064,282
Payment on shares redeemed	(206,135,014)	(204,668,334)	(194,548,168)
Net cash provided by (used in) financing activities	279,912,470	(36,149,148)	15,516,114
Net increase (decrease) in cash	208,914,495	(43,828,270)	32,013,588
Cash, beginning of period	20,768,601	64,596,871	32,583,283
Cash, end of period	$229,683,096	$20,768,601	$64,596,871

ContentsView on SEC.gov

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