Overview
- TickerAGQ on NYSE2
- IndustryCommodity Contracts Brokers & Dealers2
- HeadquartersBethesda, United States2
- Incorporated inDE3
- Business address7272 Wisconsin Avenue, 21St Floor, Bethesda, Md 208143
- Filer categoryLarge accelerated filer3
- Legal formFUND2
- Kind of organizationFund2
- LEI549300SM22FHGJRWS1542
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O WILMINGTON TRUST COMPANY, 19890 Wilmington, United States2
- Registered withSecurities and Exchange Commission, 00014153112
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ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of December 31, 2025, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares …4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest | $138.1M | $142.7M | $136.4M |
| Management fee | $37.3M | $30.6M | $35.1M |
| Brokerage commissions | $8.2M | $7.9M | $8.6M |
| Futures account fees | $1.2M | $738.9K | $1.5M |
| Total expenses | $46.7M | $39.2M | $45.2M |
| Net investment income (loss) | $91.4M | $103.4M | $91.2M |
| Net realized gain (loss) | $1.0B | -$134.4M | -$2.7B |
| Change in net unrealized appreciation (depreciation) | $584.4M | -$8.5M | $143.9M |
| Net realized and unrealized gain (loss) | $1.6B | -$142.8M | -$2.6B |
| Net income (loss) | $1.7B | -$39.4M | -$2.5B |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $2.0B | $1.8B | ||
| Receivable from capital shares sold | $141.6M | $14.4M | ||
| Interest receivable | $5.6M | $5.6M | ||
| Total assets | $6.1B | $3.2B | ||
| Payable for capital shares redeemed | $80.0M | $20.2M | ||
| Brokerage commissions and futures account fees payable | $87.8K | $59.3K | ||
| Payable to Sponsor | $4.2M | $2.5M | ||
| Total liabilities | $338.9M | $126.8M | ||
| Shareholders' equity | $5.7B | $3.0B | $3.3B | $3.9B |
| Total liabilities and shareholders' equity | $6.1B | $3.2B | ||
| Shares outstanding | 123.8M shares | 86.4M shares | ||
| Net asset value per share | $53.23 | $423.96 |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $2.0B | $1.8B | ||
| Receivable from capital shares sold | $141.6M | $14.4M | ||
| Interest receivable | $5.6M | $5.6M | ||
| Total assets | $6.1B | $3.2B | ||
| Payable for capital shares redeemed | $80.0M | $20.2M | ||
| Brokerage commissions and futures account fees payable | $87.8K | $59.3K | ||
| Payable to Sponsor | $4.2M | $2.5M | ||
| Total liabilities | $338.9M | $126.8M | ||
| Shareholders' equity | $5.7B | $3.0B | $3.3B | $3.9B |
| Total liabilities and shareholders' equity | $6.1B | $3.2B | ||
| Shares outstanding | 123.8M shares | 86.4M shares | ||
| Net asset value per share | $53.23 | $423.96 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $1.7B | -$39.4M | -$2.5B |
| Purchases of short-term U.S. government and agency obligations | -$13.7B | -$6.8B | -$29.3B |
| Proceeds from sales or maturities of short-term U.S. government and agency obligations | $12.0B | $7.1B | $30.2B |
| Net amortization and accretion on short-term U.S. government and agency obligations | -$67.3M | -$69.0M | -$63.0M |
| Net realized (gain) loss on investments | -$4.9K | -$73.1K | $159.6K |
| Change in unrealized (appreciation) depreciation on investments | -$338.8M | $30.4M | $97.7M |
| Decrease (Increase) in receivable on open futures contracts | -$26.6M | -$6.0M | $45.7M |
| Decrease (Increase) in interest receivable | $21.6K | $859.3K | -$1.6M |
| Increase (Decrease) in payable to Sponsor | $1.7M | -$128.2K | -$555.9K |
| Increase (Decrease) in brokerage commissions and futures account fees payable | $28.6K | -$72.2K | -$33.7K |
| Increase (Decrease) in payable on open futures contracts | $190.3M | $6.5M | $24.3M |
| Net cash provided by (used in) operating activities | -$246.3M | $208.8M | -$1.5B |
| Proceeds from addition of shares | $13.9B | $8.6B | $11.0B |
| Payment on shares redeemed | -$13.0B | -$8.8B | -$9.2B |
| Net cash provided by (used in) financing activities | $919.6M | -$229.1M | $1.9B |
| Net increase (decrease) in cash | $673.3M | -$20.3M | $321.6M |
No quarter-by-quarter statement was filed.
Corporate structure
ProShares Trust II sits at the top of its group. 21 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- ProShares Trust II Bethesda, Maryland, United States
- ProShares Short Bitcoin ETF Fund · Bethesda, Maryland, United States
- ProShares Short VIX Short-Term Futures ETF Fund · Bethesda, Maryland, United States
- ProShares Ultra Bloomberg Crude Oil Fund · Bethesda, Maryland, United States
- ProShares Ultra Bloomberg Natural Gas Fund · Bethesda, Maryland, United States
- ProShares Ultra Euro Fund · Bethesda, Maryland, United States
- ProShares Ultra Gold Fund · Bethesda, Maryland, United States
- ProShares Ultra Silver Fund · Bethesda, Maryland, United States
- ProShares Ultra VIX Short-Term Futures ETF Fund · Bethesda, Maryland, United States
- ProShares Ultra Yen Fund · Bethesda, Maryland, United States
- ProShares UltraPro 3x Crude Oil ETF Fund · Baltimore, Maryland, United States
- ProShares UltraPro Short Bloomberg Crude Oil Fund · Baltimore, Maryland, United States
- ProShares UltraShort Australian Dollar Fund · Bethesda, Maryland, United States
- ProShares UltraShort Bloomberg Crude Oil Fund · Bethesda, Maryland, United States
- ProShares UltraShort Bloomberg Natural Gas Fund · Bethesda, Maryland, United States
- ProShares UltraShort Euro Fund · Bethesda, Maryland, United States
- ProShares UltraShort Gold Fund · Bethesda, Maryland, United States
- ProShares UltraShort Silver Fund · Bethesda, Maryland, United States
- ProShares UltraShort Yen Fund · Bethesda, Maryland, United States
- ProShares VIX Mid-Term Futures ETF Fund · Bethesda, Maryland, United States
- ProShares VIX Short-Term Futures ETF Fund · Bethesda, Maryland, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0). Each entity in the chart links to its source.
Leadership
Who has led ProShares Trust II, and when. Pick a name to see everywhere that person has worked.
Board members and other officers (2)
- PFO of ProShares Trust IIEdward Karpowicz Nov 21, 2008 to Nov 21, 200813
- PEO of ProShares Trust IILouis Mayberg Nov 21, 2008 to Nov 21, 200814
Former names
- Commodities & Currencies TrustOct 18, 2007 to Oct 18, 20073
Timeline
- May 12, 20268-K Other events15
- Feb 12, 20268-K Other events16
- Nov 4, 20258-K Other events17
- Jun 6, 20258-K Financial statements and exhibits18
- May 29, 20258-K Other events19
- Nov 18, 20248-K Earlier financial statements no longer reliable20
- Oct 28, 20248-K Other events21
- Mar 20, 20248-K Other events22
- Jun 7, 20238-K Other events23
- Sep 7, 20228-K Other events24
- May 11, 20228-K Other events25
- Mar 11, 20228-K Listing notice or transfer26
- Oct 9, 2007Founded ProShares Trust II is founded2
Filings
172 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 16 major events, 133 other. The latest 20:
- Aug 7, 202610-Q EDGAR
- May 12, 20268-K EDGAR
- May 8, 202610-Q EDGAR
- Mar 31, 2026424I EDGAR
- Mar 31, 2026424I EDGAR
- Mar 31, 2026424I EDGAR
- Mar 26, 2026424B3 EDGAR
- Mar 26, 2026424B3 EDGAR
- Mar 26, 2026424B3 EDGAR
- Feb 26, 202610-K EDGAR
- Feb 19, 2026424B3 S-3 SUPPLEMENT EDGAR
- Feb 19, 2026424B3 S-3 SUPPLEMENT EDGAR
- Feb 18, 2026424B3 PSTII - S1 SUPPLEMENT EDGAR
- Feb 12, 20268-K EDGAR
- Nov 7, 202510-Q EDGAR
- Nov 4, 20258-K EDGAR
- Aug 8, 202510-Q EDGAR
- Jun 6, 20258-K/A EDGAR
- May 29, 20258-K EDGAR
- May 9, 202510-Q EDGAR
The 172 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 50. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How ProShares Trust II is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARProShares Trust II1
- CIK0001415311
- Employer ID (EIN)87-62848024
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
- SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
- Business address7272 Wisconsin Avenue, 21St Floor, Bethesda, MD 208141
- Phone240-497-64001
- Shares outstanding218,860,242 shares; 3,868,614 Proshares Short Vix Short Term Futures Etf shares; 17,193,096 Proshares Ultra Bloomberg Crude Oil shares; 19,523,047 Proshares Ultra Bloomberg Natural Gas shares; 500,000 Proshares Ultra Euro shares; 18,350,000 Proshares Ultra Gold shares; 16,296,526 Proshares Ultra Silver shares; 9,217,347 Proshares Ultra Vix Short Term Futures Etf shares; 2,499,970 Proshares Ultra Yen shares; 8,805,220 Proshares Ultra Short Bloomberg Crude Oil shares; 16,883,712 Proshares Ultra Short Bloomberg Natural Gas shares; 1,150,000 Proshares Ultra Short Euro shares; 5,236,631 Proshares Ultra Short Gold shares; 85,910,264 Proshares Ultra Short Silver shares; 497,160 Proshares Ultra Short Yen shares; 4,237,403 Proshares Vix Mid Term Futures Etf shares; 8,691,252 Proshares Vix Short Term Futures Etf shares as of Feb 23, 20264
- Public float$0 as of Feb 23, 20269
- AuditorPricewaterhouseCoopers LLP, Columbus, Ohio PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceOct 18, 20071
- Filings732 in all: 424B3 (141), EFFECT (65), 8-K (63), CORRESP (60), UPLOAD (56), 10-Q (53), POS AM (33), S-1 (31)1
All 40 form types
S-1/A (31), FWP (28), S-3 (24), S-3/A (22), 10-K (18), 424I (12), 424B2 (10), 424B5 (10), 8-A12B (9), 25-NSE (8), 10-K/A (6), 15-12B (6), 10-Q/A (5), RW (5), 25 (4), 424B4 (4), POSASR (4), 424B1 (3), CERTARCA (3), CERTNYS (3), 3 (2), AW (2), SC 13G (2), 15-12G (1), 8-K/A (1), CERT (1), CERTPAC (1), NT 10-Q (1), POS EX (1), S-3ASR (1), SC 13G/A (1), SEC STAFF ACTION (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 7, 2026
Latest 8-K (8-K) May 12, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| ProShares Short VIX Short-Term Futures ETF | SVXY | Cboe BZX Exchange |
| ProShares Ultra Bloomberg Crude Oil | UCO | NYSE Arca |
| ProShares Ultra Bloomberg Natural Gas | BOIL | NYSE Arca |
| ProShares Ultra Euro | ULE | NYSE Arca |
| ProShares Ultra Gold | UGL | NYSE Arca |
| ProShares Ultra Silver | AGQ | NYSE Arca |
| ProShares Ultra VIX Short-Term Futures ETF | UVXY | Cboe BZX Exchange |
| ProShares Ultra Yen | YCL | NYSE Arca |
| ProShares UltraShort Bloomberg Crude Oil | SCO | NYSE Arca |
| ProShares UltraShort Bloomberg Natural Gas | KOLD | NYSE Arca |
| ProShares UltraShort Euro | EUO | NYSE Arca |
| ProShares UltraShort Gold | GLL | NYSE Arca |
| ProShares UltraShort Silver | ZSL | NYSE Arca |
| ProShares UltraShort Yen | YCS | NYSE Arca |
| ProShares VIX Mid-Term Futures ETF | VIXM | Cboe BZX Exchange |
| ProShares VIX Short-Term Futures ETF | VIXY | Cboe BZX Exchange |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks ProShares Trust II names in Item 1A of its 10-K filed Feb 26, 2026: 68 risks under these headings, as written.4
- Risks Specific to the Geared Funds
- Risks Specific to the Currency Funds, Precious Metals Funds, Natural Gas Funds, and Oil Funds
- Risks Specific to the VIX Funds
- Risks Related to All Funds
- In addition to the risks described elsewhere in this “Risk Factors” section, the following risks apply to the Geared Funds.
- The performance of a Geared Fund for periods longer than a single day will likely differ from the Daily Target and investors holding shares for longer than a day should understand the impact of benchmark returns and volatility (how much the value of the benchmark moves up and down from day-to-day) on their holding period return.
- Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results For a single day, Before Fees and Expenses, that Correspond to One-Half the Inverse (-0.5x) of the Daily Performance of an Index.
- Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to Two Times the Inverse (-2x) of the Daily Performance of a Benchmark.
- Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results For a single day, Before Fees and Expenses, that Correspond to One and One-Half Times (1.5x) the Daily Performance of an Index.
- Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to Two Times (2x) the Daily Performance of a Benchmark.
- Correlation and Performance Risks Specific to the Geared Funds.
- Intraday Price Performance Risk.
The other 59 risks
- The use of leveraged, inverse and/or inverse leveraged positions could result in the total loss of an investor’s investment.
- A number of factors may have a negative impact on the price of commodities, such as oil, gold, silver and natural gas, and the price of Financial Instruments based on such commodities.
- Risks Specific to the Currency Funds.
- A number of factors may have a negative impact on the value of non-U.S. currencies and the value of Financial Instruments based on such currencies.
- The value of the Shares of the VIX Futures Fund relates directly to the value of, and realized gain or loss from the Financial Instruments and other assets held by the Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in Shares of the VIX Futures Fund.
- The Natural Gas Funds are linked to an index comprised of natural gas futures contracts, and are not directly linked to the “spot” price of natural gas. Natural Gas futures contracts may perform very differently from the spot price of natural gas.
- The Oil Funds are linked to an index comprised of crude oil futures contracts, and are not directly linked to the “spot” price of crude oil. Oil futures contracts may perform very differently from the spot price of crude oil.
- Risks Specific to ProShares Ultra Euro and ProShares UltraShort Euro
- In addition to the risks described elsewhere in this “Risk Factors” section, the following risks apply to the VIX Funds.
- The VIX Funds are benchmarked to a VIX Futures Index. They are not benchmarked to the VIX or actual realized volatility of the S&P 500.
- VIX futures contracts are not directly based on a tradable underlying asset.
- The level of the VIX has historically reverted to a long-term mean level and is subject to the risk associated with reversion to its mean. Accordingly, investors should not expect the VIX Funds to retain any appreciation in value over extended periods of time.
- The value of the Shares of a VIX Futures Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by that Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in such Fund’s Shares.
- Margin requirements for VIX futures contracts and position limits imposed by exchanges and/or FCMs may limit the VIX Futures Fund’s ability to achieve sufficient exposure and prevent the Fund from achieving its investment objective.
- Correlation Risks for all Funds.
- Each Geared Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of, or a multiple of, the inverse or an inverse multiple of the daily performance of a benchmark at all times, even during periods when the applicable benchmark is flat as well as when the benchmark is moving in a manner which causes the Fund’s NAV to decline, thereby causing losses to such Fund.
- The assets that the Funds invest in can be highly volatile and the Funds may experience large losses when buying, selling or holding such instruments.
- Potential negative impact from rolling futures positions.
- The Precious Metals Funds do not hold gold or silver bullion. Rather, the Precious Metals Funds use Financial Instruments to gain exposure to gold and silver bullion. Using Financial Instruments to obtain exposure to gold or silver bullion may cause tracking error and subject the Precious Metals Funds to the effects of contango and backwardation as described herein.
- Credit and liquidity risks associated with collateralized repurchase agreements.
- Possible illiquid markets may exacerbate losses.
- It may not be possible to gain exposure to the benchmarks using exchange-traded Financial Instruments in the future.
- Fees are charged regardless of a Fund’s returns and may result in depletion of assets.
- For the Funds linked to a benchmark, changes implemented by the benchmark provider that affect the composition and valuation of the benchmark could adversely affect the value of Fund Shares and an investment in a Fund Shares.
- The particular benchmark used by a Fund may underperform other asset classes and may underperform other indices or benchmarks based upon the same underlying Reference Asset.
- The Funds may be subject to counterparty risks.
- Financial markets, including the Financial Instruments used by a Fund, may be subject to unusual trading activity, volatility, and potential fraud and/or manipulation by third parties.
- Historical correlation trends between Fund benchmarks and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning a Fund.
- Investors cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Funds.
- The lack of active trading markets for any of the Shares of the Funds may result in losses on investors’ investments at the time of disposition of such Shares.
- A Fund may change its investment objective, benchmark and investment strategies, and/or may terminate, at any time without shareholder approval.
- Investors may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances.
- The NAV per Share may not correspond to the market price per Share.
- The number of underlying components included in a Fund’s benchmark may impact volatility, which could adversely affect an investment in the Shares.
- Trading on exchanges outside the United States is generally not subject to U.S. regulation and may result in different or diminished investor protections.
- Competing claims of intellectual property rights may affect the Funds and an investment in the shares.
- Investors may be adversely affected by an overstatement or understatement of a Fund’s NAV due to the valuation method employed or errors in the NAV calculation.
- The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.
- Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares.
- The applicable Exchange may halt trading in the Shares of a Fund which would adversely impact investors’ ability to sell Shares.
- Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act.
- Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.
- The value of the Shares will be adversely affected if the Funds are required to indemnify Wilmington Trust Company (the “Trustee”) and/or the Sponsor.
- Although the Shares of the Funds are limited liability investments, certain circumstances such as bankruptcy of a Fund will increase a shareholder’s liability.
- Failure of the FCMs to segregate assets may increase losses in the Funds.
- A court could potentially conclude that the assets and liabilities of one Fund are not segregated from those of another Fund and may thereby potentially expose assets in a Fund to the liabilities of another Fund.
- There may be circumstances that could prevent a Fund from being operated in a manner consistent with its investment objective and principal investment strategies.
- Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
- Shareholders’ tax liability may exceed cash distributions on the Shares.
- The U.S. Internal Revenue Service (“IRS”) could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the Shares if the IRS does not accept the assumptions or conventions utilized by the Fund.
- Shareholders will receive partner information tax returns on Schedule K-1, which could increase the complexity of tax returns.
- Shareholders of each Fund may recognize significant amounts of ordinary income and short-term capital gain.
- A Fund could be treated as a corporation for federal income tax purposes, which may substantially reduce the value of Shares.
- Changes in U.S. federal income tax law could affect an investment in the Shares.
- Regulatory changes or actions, including the implementation of new legislation, may alter the operations and profitability of the Funds.
- Regulatory and exchange accountability levels may restrict the creation of Creation Units and the operation of the Trust.
- Margin for Non-cleared Swap and Forward Transactions
- Regulatory changes or actions may alter the operations and profitability of the Funds.
- A Fund’s performance could be adversely affected if the FCM reduces its internal risk limits for the Fund.
- The Funds and the Sponsor are subject to extensive legal and regulatory requirements.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGAROther events
- 16SEC EDGAROther events
- 17SEC EDGAROther events
- 18SEC EDGARFinancial statements and exhibits
- 19SEC EDGAROther events
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- 21SEC EDGAROther events
- 22SEC EDGAROther events
- 23SEC EDGAROther events
- 24SEC EDGAROther events
- 25SEC EDGAROther events
- 26SEC EDGARListing notice or transfer