After consecutive years of substantial net losses, ProShares Trust II posted a dramatic net income turnaround to $1.71 billion in 2025. This shift is tightly linked to the performance of its ProShares Ultra Silver Fund (AGQ), which employs daily reset leveraging strategies involving COMEX silver futures and swap agreements with major financial counterparties. While operating cash flow turned negative in 2025, aggressive capital allocation via buybacks continued robustly, underpinning an approximate 30% return on equity. The fund’s future growth remains subject to volatile commodity prices, leverage effects over extended periods, and regulatory scrutiny on complex ETF products.