ProShares Trust II

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

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FY2025 · Filed Feb 26, 2026

SCO$19.74+5.2%Stored close · as of Nov 9, 2026

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Contents

ProShares VIX Mid-Term Futures ETF

	December 31, 2025	December 31, 2024
Assets
Cash	$38,019,261	$24,122,440
Segregated cash balances with brokers for futures contracts	6,491,709	3,959,399
Receivable from capital shares sold	1,143,390	—
Receivable on open futures contracts	169,802	557
Interest receivable	117,024	99,278
Total assets	45,941,186	28,181,674
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts	—	50,382
Brokerage commissions and futures account fees payable	2,156	1,656
Payable to Sponsor	27,972	18,426
Total liabilities	30,128	70,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	45,911,058	28,111,210
Total liabilities and shareholders’ equity	$45,941,186	$28,181,674
Shares outstanding	3,012,403	1,937,403
Net asset value per share	$15.24	$14.51
Market value per share (Note 2)	$15.27	$14.46

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2026	399	$8,160,866	$(469,978)
VIX Futures - Cboe, expires May 2026	731	15,241,131	(928,074)
VIX Futures - Cboe, expires June 2026	731	15,369,275	(670,594)
VIX Futures - Cboe, expires July 2026	333	7,134,525	33,097
			$(2,035,549)

F-

	Number of Contracts	Notional Amount at Value	Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires April 2025	298	$5,453,400	$(178,347)
VIX Futures - Cboe, expires May 2025	505	9,346,590	(1,124)
VIX Futures - Cboe, expires June 2025	505	9,405,625	240,639
VIX Futures - Cboe, expires July 2025	206	3,897,850	(38,902)
			$22,266

	Year Ended December 31,
	2025	2024	2023
Investment Income
Interest	$1,197,467	$2,348,655	$2,412,485
Expenses
Management fee	284,981	428,613	499,363
Brokerage commissions	34,343	99,142	40,128
Futures account fees	15,257	25,768	40,387
Total expenses	334,581	553,523	579,878
Net investment income (loss)	862,886	1,795,132	1,832,607
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts	2,901,041	(13,696,430)	(38,709,532)
Short-term U.S. government and agency obligations	84	3,549	—
Net realized gain (loss)	2,901,125	(13,692,881)	(38,709,532)
Change in net unrealized appreciation (depreciation) on
Futures contracts	(2,057,815)	3,767,942	1,045,547
Short-term U.S. government and agency obligations	—	—	(5,651)
Change in net unrealized appreciation (depreciation)	(2,057,815)	3,767,942	1,039,896
Net realized and unrealized gain (loss)	843,310	(9,924,939)	(37,669,636)
Net income (loss)	$1,706,196	$(8,129,807)	$(35,837,029)

	Year Ended December 31,
	2025	2024	2023
Shareholders’ equity, beginning of period	$28,111,210	$37,866,143	$84,014,959
Addition of 3,425,000, 9,475,000 and 1,950,000 shares, respectively	55,129,989	147,773,279	43,215,317
Redemption of 2,350,000, 9,800,000 and 2,450,000 shares, respectively	(39,036,337)	(149,398,405)	(53,527,104)
Net addition (redemption) of 1,075,000, (325,000) and (500,000) shares, respectively	16,093,652	(1,625,126)	(10,311,787)
Net investment income (loss)	862,886	1,795,132	1,832,607
Net realized gain (loss)	2,901,125	(13,692,881)	(38,709,532)
Change in net unrealized appreciation (depreciation)	(2,057,815)	3,767,942	1,039,896
Net income (loss)	1,706,196	(8,129,807)	(35,837,029)
Shareholders’ equity, end of period	$45,911,058	$28,111,210	$37,866,143

	Year Ended December 31,
	2025	2024	2023
Cash flow from operating activities
Net income (loss)	$1,706,196	$(8,129,807)	$(35,837,029)
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	—	(49,330,764)	(294,811,992)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	84	49,719,851	345,000,000
Net amortization and accretion on short-term U.S. government and agency obligations	—	(385,538)	(311,311)
Net realized (gain) loss on investments	(84)	(3,549)	—
Change in unrealized (appreciation) depreciation on investments	—	—	5,651
Decrease (Increase) in receivable on open futures contracts	(169,245)	137,388	4,849
Decrease (Increase) in interest receivable	(17,746)	42,540	(53,638)
Increase (Decrease) in payable to Sponsor	9,546	(4,507)	(31,731)
Increase (Decrease) in brokerage commissions and futures account fees payable	500	(220)	(1,812)
Increase (Decrease) in payable on open futures contracts	(50,382)	50,382	—
Net cash provided by (used in) operating activities	1,478,869	(7,904,224)	13,962,987
Cash flow from financing activities
Proceeds from addition of shares	53,986,599	147,773,279	43,215,317
Payment on shares redeemed	(39,036,337)	(149,398,405)	(53,527,104)
Net cash provided by (used in) financing activities	14,950,262	(1,625,126)	(10,311,787)
Net increase (decrease) in cash	16,429,131	(9,529,350)	3,651,200
Cash, beginning of period	28,081,839	37,611,189	33,959,989
Cash, end of period	$44,510,970	$28,081,839	$37,611,189

ContentsView on SEC.gov

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