v3.24.3

Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

NOTE 1 - ORGANIZATION

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 June 30, 2024, 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 Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in several different ways. References to “Short Funds,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation.

The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly.

Share Splits and Reverse Share Splits

The table below includes forward and reverse Share splits for the Funds during the six months June 30, 2024, and during the year ended December 31, 2023. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable.

Fund		Execution Date (Prior to Opening of Trading)		Type of Split		Date Trading Resumed at Post-Split Price
ProShares VIX Short-Term Futures		June 22, 2023		1-for-5 reverse Share split		June 23, 2023
ProShares Ultra VIX Short-Term Futures		June 22, 2023		1-for-10 reverse Share split		June 23, 2023
ProShares Ultra Bloomberg Natural Gas		June 22, 2023		1-for-20 reverse Share split		June 23, 2023
ProShares Short VIX Short-Term Futures		April 10, 2024		2-for-1 forward Share split		April 11, 2024
ProShares UltraShort Bloomberg Natural Gas		April 10, 2024		2-for-1 forward Share split		April 11, 2024
ProShares Ultra VIX Short-Term Futures		April 10, 2024		1-for-5 reverse Share split		April 11, 2024

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.

The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split.

Restatement of Previously Issued Form 10-Q and Form 10-K Filings

ProShares Trust II (the “Trust”) identified an error related to the classification of amounts on the Statements of Financial Condition between “Segregated cash balances with brokers for futures contracts” and “Receivable (Payable) on open futures contracts” for Trust filings for each quarterly Form 10-Q and annual Form 10-K filing for the period December 31, 2021, through June 30, 2024, for five Funds. The Statement of Cash Flows was the only other statement affected by these misclassifications. No other financial statement or financial statement disclosure in the Forms 10-Q or Form 10-K filings were affected by these errors. The misclassifications did not change the Shareholder Equity, net asset value per share, or total return of any Fund. The Funds impacted were: ProShares Short VIX Short-Term Futures ETF, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra VIX Short-Term Futures ETF, ProShares UltraShort Bloomberg Natural Gas, and ProShares VIX Short-Term Futures ETF (the “Affected Funds”).

These misclassifications were caused by a misinterpretation of amounts on a futures commission merchant statement and resulted in reclassifications between accounts. There is no impact on the Affected Funds’ performance, investment results, net asset values or income. The impact of these adjustments is shown in the table below.

Statements of Financial Condition

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			90,095,318				4,125,000				94,220,318								88,647,616				19,191,436				107,839,052
Receivable on open futures contracts			7,748,578				(4,125,000	)			3,623,578								30,330,665				(19,116,505	)			11,214,160
Total Assets			NR				NR				NR								283,337,788				74,931				283,412,719
Liabilities and shareholders’ equity
Payble on open futures contracts			NR				NR				NR								372,680				74,931				447,611
Total Liabilities			NR				NR				NR								16,153,429				74,931				16,228,360
Total liabilities and shareholders’ equity			NR				NR				NR								283,337,788				74,931				283,412,719
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			22,582,087				(14,991,505	)			7,590,582								48,261,408				(15,737,458	)			32,523,950
Increase (Decrease) in payable on futures contracts			1,758,361				(74,931	)			1,683,430								NR				NR				NR
Net Cash provided by (used in) operating activities			16,072,852				(15,066,436	)			1,006,416								213,489,153				(15,737,458	)			197,751,695
Net Increase (decrease) in cash			(19,357,352	)			(15,066,436	)			(34,423,788	)							39,640,617				(15,737,458	)			23,903,159
Cash, beginninng of period			143,139,851				19,191,436				162,331,287								133,946,941				26,960,318				160,907,259
Cash, End of period			123,782,499				4,125,000				127,907,499								173,587,558				11,222,860				184,810,418

Statements of Financial Condition

PROSHARES ULTRA BLOOMBERG NATURAL GAS

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			131,374,481				39,267,011				170,641,492								256,589,331				118,272,358				374,861,689
Receivable on open futures contracts			34,615,849				(34,615,849	)			—								117,168,017				(117,168,017	)			—
Total Assets			580,670,995				4,651,162				585,322,157								770,676,725				1,104,341				771,781,066
Liabilities and shareholders’ equity
Payble on open futures contracts			39,579,590				4,651,162				44,230,752								20,739,542				1,104,341				21,843,883
Total Liabilities			40,027,174				4,651,162				44,678,336								40,783,917				1,104,341				41,888,258
Total liabilities and shareholders’ equity			580,670,995				4,651,162				585,322,157								770,676,725				1,104,341				771,781,066
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			82,552,168				(82,552,168	)			—								32,093,445				(83,600,796	)			(51,507,351	)
Increase (Decrease) in payable on futures contracts			18,840,048				3,546,821				22,386,869								(1,835,443	)			10,300,096				8,464,653
Net Cash provided by (used in) operating activities			(51,888,404	)			(79,005,347	)			(130,893,751	)							(1,115,027,371	)			(73,300,700	)			(1,188,328,071	)
Net Increase (decrease) in cash			(116,366,216	)			(79,005,347	)			(195,371,563	)							504,553,914				(73,300,700	)			431,253,214
Cash, beginninng of period			582,842,023				118,272,358				701,114,381								176,734,664				150,981,820				327,716,484
Cash, End of period			466,475,807				39,267,011				505,742,818								681,288,578				77,681,120				758,969,698

Statements of Financial Condition

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			120,823,595				16,580,044				137,403,639								210,845,154				39,950,507				250,795,661
Receivable on open futures contracts			26,176,118				(16,580,044	)			9,596,074								50,510,206				(39,950,507	)			10,559,699
Total Assets			NR				NR				NR								NR				NR				NR
Liabilities and shareholders’ equity
Payble on open futures contracts			NR				NR				NR								NR				NR				NR
Total Liabilities			NR				NR				NR								NR				NR				NR
Total liabilities and shareholders’ equity			NR				NR				NR								NR				NR				NR
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			24,334,088				(23,370,463	)			963,625								159,024,755				(138,417,492	)			20,607,263
Increase (Decrease) in payable on futures contracts			NR				NR				NR								1,707,397				578,252				2,285,649
Net Cash provided by (used in) operating activities			(145,921,103	)			(23,370,463	)			(169,291,566	)							(451,561,189	)			(137,839,240	)			(589,400,429	)
Net Increase (decrease) in cash			(141,696,813	)			(23,370,463	)			(165,067,276	)							(56,019,105	)			(137,839,240	)			(193,858,345	)
Cash, beginninng of period			297,461,110				39,950,507				337,411,617								394,847,507				188,366,332				583,213,839
Cash, End of period			155,764,297				16,580,044				172,344,341								338,828,402				50,527,092				389,355,494

Statements of Financial Condition

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			27,590,142				17,647,619				45,237,761								35,326,076				27,563,925				62,890,001
Receivable on open futures contracts			25,789,178				(17,647,619	)			8,141,559								22,414,082				(17,967,880	)			4,446,202
Total Assets			NR				NR				NR								141,081,961				9,596,045				150,678,006
Liabilities and shareholders’ equity
Payble on open futures contracts			NR				NR				NR								—				9,596,045				9,596,045
Total Liabilities			NR				NR				NR								118,869				9,596,045				9,714,914
Total liabilities and shareholders’ equity			NR				NR				NR								141,081,961				9,596,045				150,678,006
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			(3,375,096	)			(320,261	)			(3,695,357	)							7,788,147				(12,585,320	)			(4,797,173	)
Increase (Decrease) in payable on futures contracts			26,716				(9,596,045	)			(9,569,329	)							6,151,798				—				6,151,798
Net Cash provided by (used in) operating activities			(46,492,042	)			(9,916,306	)			(56,408,348	)							167,968,674				(12,585,320	)			155,383,354
Net Increase (decrease) in cash			(71,839,472	)			(9,916,306	)			(81,755,778	)							54,186,781				(12,585,320	)			41,601,461
Cash, beginninng of period			108,608,640				27,563,925				136,172,565								44,482,540				32,958,640				77,441,180
Cash, End of period			36,769,168				17,647,619				54,416,787								98,669,321				20,373,320				119,042,641

Statements of Financial Condition

PROSHARES VIX SHORT-TERM FUTURES ETF

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			47,977,287				9,471,520				57,448,807								59,164,337				13,685,056				72,849,393
Receivable on open futures contracts			14,144,463				(9,471,520	)			4,672,943								16,047,893				(13,685,056	)			2,362,837
Total Assets			NR				NR				NR								NR				NR				NR
Liabilities and shareholders’ equity
Payble on open futures contracts			NR				NR				NR								NR				NR				NR
Total Liabilities			NR				NR				NR								NR				NR				NR
Total liabilities and shareholders’ equity			NR				NR				NR								NR				NR				NR
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			1,903,430				(4,213,536	)			(2,310,106	)							34,137,415				(31,753,227	)			2,384,188
Increase (Decrease) in payable on futures contracts			(580	)			—				(580	)							1,907,775				271,992				2,179,767
Net Cash provided by (used in) operating activities			(52,899,431	)			(4,213,536	)			(57,112,967	)							(139,705,423	)			(31,481,235	)			(171,186,658	)
Net Increase (decrease) in cash			(12,113,595	)			(4,213,536	)			(16,327,131	)							13,660,188				(31,481,235	)			(17,821,047	)
Cash, beginninng of period			81,441,919				13,685,056				95,126,975								125,161,810				50,118,046				175,279,856
Cash, End of period			69,328,324				9,471,520				78,799,844								138,821,998				18,636,811				157,458,809

Statements of Financial Condition

PROSHARES TRUST II

		June 30, 2024 (unaudited)																December 31, 2023
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Assets
Segregated cash balances withbrokers for futures contracts			545,612,450				87,091,194				632,703,644								810,718,438				218,663,282				1,029,381,720
Receivable on open futures contracts			124,302,758				(82,440,032	)			41,862,726								237,610,648				(207,887,965	)			29,722,683
Total Assets			3,303,805,645				4,651,162				3,308,456,807								3,359,443,290				10,775,317				3,370,218,607
Liabilities and shareholders’ equity
Payble on open futures contracts			43,140,520				4,651,162				47,791,682								27,280,746				10,775,317				38,056,063
Total Liabilities			182,650,305				4,651,162				187,301,467								76,611,164				10,775,317				87,386,481
Total liabilities and shareholders’ equity			3,303,805,645				4,651,162				3,308,456,807								3,359,443,290				10,775,317				3,370,218,607
Statements of Cash Flows		June 30, 2024 (unaudited)																June 30, 2023 (unaudited)
		As Previously Reported				Adjustment				As Restated								As Previously Reported				Adjustment				As Restated
Decrease (Increase) in receivable on open futures contracts			113,307,890				(125,447,933	)			(12,140,043	)							286,323,344				(282,094,293	)			4,229,051
Increase (Decrease) in payable on futures contracts			15,859,774				(6,124,155	)			9,735,619								2,690,636				11,150,340				13,840,976
Net Cash provided by (used in) operating activities			(726,075,923	)			(131,572,088	)			(857,648,011	)							(1,237,446,626	)			(270,943,953	)			(1,508,390,579	)
Net Increase (decrease) in cash			(917,450,161	)			(131,572,088	)			(1,049,022,249	)							359,110,719				(270,943,953	)			88,166,766
Cash, beginninng of period			2,379,042,825				218,663,282				2,597,706,107								1,826,767,616				449,385,156				2,276,152,772
Cash, End of period			1,461,592,664				87,091,194				1,548,683,858								2,185,878,335				178,441,203				2,364,319,538

NR - Not Restated.

X

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- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-Section 50
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-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Topic 205
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