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 VIX Short-Term Futures ETF
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Short-term U.S. government and agency obligations (Note 3) (cost $84,730,287 and $24,931,067, respectively) | $84,751,266 | $24,937,875 |
| Cash | 40,959,182 | 54,919,200 |
| Segregated cash balances with brokers for futures contracts | 100,111,309 | 50,955,604 |
| Receivable on open futures contracts | 5,340,338 | 2,613,474 |
| Interest receivable | 301,483 | 310,926 |
| Total assets | 231,463,578 | 133,737,079 |
| Liabilities and shareholders’ equity | ||
| Liabilities | ||
| Payable for capital shares redeemed | 3,857,756 | — |
| Brokerage commissions and futures account fees payable | 19,394 | 9,271 |
| Payable to Sponsor | 121,692 | 86,193 |
| Total liabilities | 3,998,842 | 95,464 |
| Commitments and Contingencies (Note 2) | ||
| Shareholders’ equity | ||
| Shareholders’ equity | 227,464,736 | 133,641,615 |
| Total liabilities and shareholders’ equity | $231,463,578 | $133,737,079 |
| Shares outstanding | 8,841,252 | 2,966,252 |
| Net asset value per share | $25.73 | $45.05 |
| Market value per share (Note 2) | $25.64 | $45.02 |
| Principal Amount | Value | |
|---|---|---|
| Short-term U.S. government and agency obligations | ||
| (37% of shareholders’ equity) | ||
| U.S. Treasury Bills^^: | ||
| 3.913% due 01/13/26 | $25,000,000 | $24,973,035 |
| 3.699% due 02/03/26 | 25,000,000 | 24,921,332 |
| 3.868% due 02/12/26 | 35,000,000 | 34,856,899 |
| Total short-term U.S. government and agency obligations (cost $84,730,287) | $84,751,266 | |
| Number of Contracts | Notional Amount at Value | Unrealized Appreciation (Depreciation)/Value | |
|---|---|---|---|
| VIX Futures - Cboe, expires January 2026 | 7,112 | $117,579,140 | $(19,085,478) |
| VIX Futures - Cboe, expires February 2026 | 5,928 | 109,869,552 | (2,482,785) |
| $(21,568,263) | |||
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| Principal Amount | Value | |
|---|---|---|
| Short-term U.S. government and agency obligations | ||
| (19% 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 | 4,473 | $78,356,672 | $5,943,933 |
| VIX Futures - Cboe, expires February 2025 | 3,096 | 55,327,997 | (1,550,606) |
| $4,393,327 | |||
| ^^ | Rates shown represent discount rate at the time of purchase. |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Investment Income | |||
| Interest | $7,592,591 | $6,578,786 | $8,917,672 |
| Expenses | |||
| Management fee | 1,871,012 | 1,296,599 | 1,893,306 |
| Brokerage commissions | 549,797 | 244,821 | 318,288 |
| Futures account fees | 207,038 | 120,701 | 182,747 |
| Total expenses | 2,627,847 | 1,662,121 | 2,394,341 |
| Net investment income (loss) | 4,964,744 | 4,916,665 | 6,523,331 |
| Realized and unrealized gain (loss) on investment activity | |||
| Net realized gain (loss) on | |||
| Futures contracts | (66,467,112) | (23,820,030) | (275,353,500) |
| Short-term U.S. government and agency obligations | 728 | 3,607 | (9,659) |
| Net realized gain (loss) | (66,466,384) | (23,816,423) | (275,363,159) |
| Change in net unrealized appreciation (depreciation) on | |||
| Futures contracts | (25,961,590) | 14,057,421 | 132,729 |
| Short-term U.S. government and agency obligations | 14,171 | (4,789) | (6,303) |
| Change in net unrealized appreciation (depreciation) | (25,947,419) | 14,052,632 | 126,426 |
| Net realized and unrealized gain (loss) | (92,413,803) | (9,763,791) | (275,236,733) |
| Net income (loss) | $(87,449,059) | $(4,847,126) | $(268,713,402) |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Shareholders’ equity, beginning of period | $133,641,615 | $157,321,746 | $266,580,320 |
| Addition of 17,050,000, 5,612,500 and 3,315,000 shares, respectively | 703,468,794 | 265,134,179 | 402,345,393 |
| Redemption of 11,175,000, 5,183,985 and 1,946,404 shares, respectively | (522,196,614) | (283,967,184) | (242,890,565) |
| Net addition (redemption) of 5,875,000, 428,515 and 1,368,596 shares, respectively | 181,272,180 | (18,833,005) | 159,454,828 |
| Net investment income (loss) | 4,964,744 | 4,916,665 | 6,523,331 |
| Net realized gain (loss) | (66,466,384) | (23,816,423) | (275,363,159) |
| Change in net unrealized appreciation (depreciation) | (25,947,419) | 14,052,632 | 126,426 |
| Net income (loss) | (87,449,059) | (4,847,126) | (268,713,402) |
| Shareholders’ equity, end of period | $227,464,736 | $133,641,615 | $157,321,746 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flow from operating activities | |||
| Net income (loss) | $(87,449,059) | $(4,847,126) | $(268,713,402) |
| 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 | (551,692,749) | (306,861,269) | (712,835,220) |
| Proceeds from sales or maturities of short-term U.S. government and agency obligations | 494,724,927 | 344,782,389 | 746,625,222 |
| Net amortization and accretion on short-term U.S. government and agency obligations | (2,830,670) | (3,199,804) | (4,118,623) |
| Net realized (gain) loss on investments | (728) | (3,607) | 9,659 |
| Change in unrealized (appreciation) depreciation on investments | (14,171) | 4,789 | 6,303 |
| Decrease (Increase) in receivable on open futures contracts | (2,726,864) | (250,637) | 308,946 |
| Decrease (Increase) in interest receivable | 9,443 | (56,255) | 148,996 |
| Increase (Decrease) in payable to Sponsor | 35,499 | 15,624 | (84,561) |
| Increase (Decrease) in brokerage commissions and futures account fees payable | 10,123 | (2,690) | (15,141) |
| Increase (Decrease) in payable on open futures contracts | — | (580) | (369,415) |
| Net cash provided by (used in) operating activities | (149,934,249) | 29,580,834 | (239,037,236) |
| Cash flow from financing activities | |||
| Proceeds from addition of shares | 703,468,794 | 265,134,179 | 402,345,393 |
| Payment on shares redeemed | (518,338,858) | (283,967,184) | (243,461,038) |
| Net cash provided by (used in) financing activities | 185,129,936 | (18,833,005) | 158,884,355 |
| Net increase (decrease) in cash | 35,195,687 | 10,747,829 | (80,152,881) |
| Cash, beginning of period | 105,874,804 | 95,126,975 | 175,279,856 |
| Cash, end of period | $141,070,491 | $105,874,804 | $95,126,975 |
F-
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