ProShares Trust II
ProShares Trust II is a Delaware statutory trust that sponsors a family of exchange-traded funds organized as separate series. Its funds provide leveraged, inverse, and volatility-linked exposure through futures, swaps, forward contracts, and related financial instruments, with shares listed on U.S. exchanges.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueETFs designed to deliver amplified daily exposure to commodity and currency benchmarks.
Funds providing short or leveraged exposure to short-term VIX futures.
ETFs seeking exposure linked to VIX futures index performance.
Funds tied to commodity benchmarks such as crude oil, natural gas, gold, and silver.
Customers
The funds are bought by investors seeking tactical exposure to commodities, currencies, or volatility rather than direct ownership of the underlying assets. The shareholder base includes retail traders, financial advisors, and institutional users that use the ETFs for hedging, speculation, or short-term portfolio positioning.
Buy listed shares for short-term directional exposure to commodities, currencies, or VIX.
Use the funds as portfolio tools for hedging or tactical allocation.
Use the funds for volatility management, trading, or risk transfer.
Create and redeem fund shares in large blocks to support ETF liquidity.
Strategy
The trust’s core strategy is to offer exchange-traded vehicles that deliver daily leveraged, inverse, or volatility-linked exposure to specific benchmarks. Its structure relies on futures, swaps, and forward contracts, with creation and redemption mechanisms intended to keep market prices close to NAV.
Keeps share prices aligned with NAV and supports liquidity.
The funds are designed to deliver specific daily exposure profiles.
Performance and operational continuity depend on futures, swap, and forward counterparties.
Geography
ProShares Trust II is organized in the United States and its shares trade on U.S. exchanges, including NYSE Arca and Cboe BZX. The funds reference global commodity and currency markets, so performance is tied to U.S. trading venues as well as international futures and foreign exchange markets.
Risks
The funds are exposed to market volatility, derivative pricing risk, and the possibility that leveraged or inverse daily returns diverge from longer-term expectations. They also face regulatory, exchange, and counterparty risks because their portfolios depend on futures exchanges, clearing organizations, and approved swap counterparties.
- Leveraged and inverse exposure decayImpact: HighLikelihood: Medium
Daily reset mechanics can cause performance to differ from the underlying benchmark over time.
Exposure - Commodity and volatility market swingsImpact: HighLikelihood: Medium
Fund values depend on futures prices that can move sharply and unpredictably.
Exposure - Counterparty and clearing riskImpact: HighLikelihood: Low
Swaps and forwards depend on banks and clearing organizations honoring obligations.
Exposure: Swap and forward contracts
- Regulatory and exchange restrictionsImpact: MediumLikelihood: Low
CFTC, CEA, and exchange rules can limit positions, trading, or creation activity.
Exposure: Futures-based funds
- Cybersecurity and service-provider disruptionImpact: MediumLikelihood: Low
Operational failures at the sponsor, administrator, or vendors could interrupt fund services.
Exposure
Accounting
Judgemental itemsFutures, swaps, and forwards are marked to market and directly affect net income.
Impact: Large period-to-period volatility in reported results
Fees vary with fund assets, so expense levels move with market performance and flows.
Impact: Operating expenses fluctuate with fund size
Positions are recorded when trades occur, affecting timing of reported holdings and gains.
Impact: Can influence quarter-end comparability
Closed and open positions are recognized through realized and unrealized changes.
Impact: Reported income is highly sensitive to market direction
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Last updated: 24/09/2026