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ProShares Trust II
ProShares Trust II was established as a separate series trust under the laws of Delaware, distinct from ProShares Trust and ProShares Trust I, to hold...
ProShares Trust II
ProShares Trust II was established as a separate series trust under the laws of Delaware, distinct from ProShares Trust and ProShares Trust I, to hold leveraged and inverse ETFs targeted at short-term traders and institutional hedgers. It was created alongside the broader ProShares ETF platform, which began in 2006 under the management of ProShare Advisors LLC, a registered investment adviser based in Bethesda, Maryland. The wealth behind the trust comes from public investors who buy shares listed on NYSE Arca, rather than private family capital. The trust's strategy focuses on delivering daily investment results that correspond to a multiple or the inverse of a benchmark's daily performance, achieved primarily through swaps, futures, and other derivatives. Asset classes covered include US equities (via the S&P 500, Nasdaq-100, Dow Jones), international indices (such as the MSCI EAFE), fixed income, and commodities like crude oil and gold. Portfolio holdings shift daily as the trust rebalances to maintain target leverage factors, typically 2x or 3x long or short. Due to the trust's nature as a series of exchange-traded funds, it does not publicly disclose a team headcount, office locations, or philanthropic structures. No professionals are named in public filings beyond the trustee and the adviser, ProShare Advisors LLC. The trust's only operational presence is its registered office in Wilmington, Delaware, as per SEC filings. Recent activity is limited to the regular issuance and redemption of ETF shares on the secondary market, with no material non-routine events recorded in the last 24 months (public record). A structural differentiator is the trust's use of a series structure under Delaware law, where each series (representing a specific ETF) has separate assets and liabilities, shielding each from the debts of others. This legal architecture allows ProShares to launch new leveraged or inverse funds without cross-contamination of risk. The trust's governance is minimal, with the board of trustees overseeing adherence to the investment objective, but all day-to-day decisions are delegated to ProShare Advisors LLC, creating a clean separation between sponsor and fund.
General information
Firm type
other
Year founded
—
AUM
Undisclosed
Location
Region
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Country
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City
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Corporate office
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Frequently asked questions
Who makes investment decisions for ProShares Trust II?
ProShares Trust II does not have named individual portfolio managers publicly. Investment decisions are made by ProShare Advisors LLC, the trust's investment adviser, based on rules-based quantitative models that track daily index multiples. The adviser's team, led by Chief Investment Officer Soumya Battacharya, oversees the day-to-day trading and rebalancing operations (per ProShare Advisors, 2025).
What types of ETFs does ProShares Trust II issue?
The trust issues leveraged and inverse ETFs designed for daily trading, not long-term buy-and-hold. Common examples include ProShares Ultra S&P500 (SSO, 2x long), ProShares UltraPro QQQ (TQQQ, 3x long Nasdaq-100), and ProShares UltraShort S&P500 (SDS, 2x inverse). The trust also covers commodities like crude oil (UCO, 2x long) and natural gas (BOIL, 2x long).
Does ProShares Trust II pay dividends?
Some funds within ProShares Trust II may distribute dividends or short-term capital gains, but distributions are irregular and vary by fund. Because the trust uses derivatives to achieve leveraged returns, it may generate short-term capital gains pass-through to shareholders. Dividends are not a primary focus of the trust's investment objective (per Fund prospectuses).
How does ProShares Trust II differ from ProShares Trust and ProShares Trust I?
Each trust is a separate legal entity under Delaware law, allowing ProShares to launch multiple fund series with distinct asset class focus, risk profiles, and tax treatments. ProShares Trust II specifically holds leveraged and inverse ETFs, while ProShares Trust hosts primarily leveraged long and short equity funds. ProShares Trust I focuses on newer, thematic and alternative ETF offerings.
What risks are unique to ProShares Trust II funds?
Leveraged and inverse ETFs carry unique risks: they are designed for daily rebalancing, which can cause significant tracking error over longer periods due to volatility decay. Additionally, these funds may have higher expense ratios (often 0.75–1.10%) and are not suitable for all investors. Counterparty risk from derivatives is managed through careful selection and collateral requirements (per Fund prospectuses).
Does ProShares Trust II have any relationship to a family office or private wealth?
No. ProShares Trust II is a publicly registered series trust whose shares trade on an exchange. Its capital comes from public-market investors, not private family wealth. The trust's adviser, ProShare Advisors LLC, is owned by William H. Gurtin, Michael L. Sapir, and the Bank of New York Mellon Trust Company, N.A. (per SEC filings).
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