ProShares UltraShort Euro
EUONYSEArcaUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $32.69 Prior regular-session close from the quote source.
- $33.06–$33.13 Regular-session low and high so far today.
- 11.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $26.93–$33.13 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own EUO if ProShares Trust II creates value by packaging leveraged and inverse exchange-traded funds whose economics scale with assets under management; profitability and reported earnings are dominated by market mark-to-market on fund holdings, while large cash/equity.
EUO price history
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Investment thesis
What must happen next
The Trust's economic value and fee revenue will remain primarily a function of total assets under management (AUM) across its Funds, so changes in 'assets' will lead profits and cash generation.StrengtheningMateriality: High
assets increased from 3,151,924,172 (period_end 2024-12-31) to 6,062,940,882 (period_end 2025-12-31) — showing AUM sensitivity and potential to scale fees. If AUM holds or grows, fee income and operating cash flow can be positive and predictable; if AUM falls, fixed costs and fleeting MTM gains won't sustain the business economics.
Watch: Competitor ETF issuers roll out lower-fee or more tax-efficient leveraged/inverse products that capture flows away from the Trust.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
assets increased from 3,151,924,172 (period_end 2024-12-31) to 6,062,940,882 (period_end 2025-12-31) — showing AUM sensitivity and potential to scale fees.
Open source ↗Reported net income will remain highly volatile because it largely reflects mark-to-market gains and losses on Fund holdings rather than stable operating profit.StrengtheningMateriality: High
net_income swung from -2,481,411,020 (2023) to -39,371,749 (2024) to 1,711,915,524 (2025), demonstrating large, year-to-year MTM volatility. Net income volatility makes GAAP earnings a poor read on recurring economics; investors must look at AUM, fees, and cash flow instead.
Watch: Management shifts product mix toward higher recurring-fee, less market-sensitive strategies (e.g., nonleveraged, managed-fee funds) that increase predictable revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
net_income swung from -2,481,411,020 (2023) to -39,371,749 (2024) to 1,711,915,524 (2025), demonstrating large, year-to-year MTM volatility.
Open source ↗Large cash balances on the Trust balance sheet provide a material buffer to meet redemptions and smooth stressed periods, preserving the ability to operate and capture rebounds in flows.StrengtheningMateriality: Medium
cash rose from 2,577,444,038 (period_end 2024-12-31) to 3,250,748,973 (period_end 2025-12-31), indicating significant liquidity on the balance sheet. If cash reserves remain ample, the Trust can satisfy redemptions without fire-sales of assets; if cash erodes rapidly, redemptions could force realized losses and accelerate AUM decline.
Watch: Concentrated, rapid redemptions by large holders that exceed available cash and require distressed liquidation of underlying positions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash rose from 2,577,444,038 (period_end 2024-12-31) to 3,250,748,973 (period_end 2025-12-31), indicating significant liquidity on the balance sheet.
Open source ↗Operating cash flow (operating_cash_flow) is a leading indicator of redemption stress: large negative OCF signals the Trust met redemptions or paid out more cash, and recurring negative OCF would presage sustained AUM decline.StrengtheningMateriality: Medium
operating_cash_flow was -1,539,766,228 (2023), +208,799,265 (2024), and -246,299,551 (2025), demonstrating large swings tied to cash flows/redemptions. Monitoring OCF lets holders detect liquidity/flow problems earlier than waiting for AUM or NAV declines to show up in net income.
Watch: A shift to steadier inflows (e.g., from different product mix or distribution partnerships) that makes OCF persistently positive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow was -1,539,766,228 (2023), +208,799,265 (2024), and -246,299,551 (2025), demonstrating large swings tied to cash flows/redemptions.
Open source ↗
Full investment case & evidence
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Original research
The Trust's economic value and fee revenue will remain primarily a function of total assets under management (AUM) across its Funds, so changes in 'assets' will lead profits and cash generation. If AUM holds or grows, fee income and operating cash flow can be positive and predictable; if AUM falls, fixed costs and fleeting MTM gains won't sustain the business economics.
Reported net income will remain highly volatile because it largely reflects mark-to-market gains and losses on Fund holdings rather than stable operating profit. Net income volatility makes GAAP earnings a poor read on recurring economics; investors must look at AUM, fees, and cash flow instead.
Large cash balances on the Trust balance sheet provide a material buffer to meet redemptions and smooth stressed periods, preserving the ability to operate and capture rebounds in flows. If cash reserves remain ample, the Trust can satisfy redemptions without fire-sales of assets; if cash erodes rapidly, redemptions could force realized losses and accelerate AUM decline.
Operating cash flow (operating_cash_flow) is a leading indicator of redemption stress: large negative OCF signals the Trust met redemptions or paid out more cash, and recurring negative OCF would presage sustained AUM decline. Monitoring OCF lets holders detect liquidity/flow problems earlier than waiting for AUM or NAV declines to show up in net income.
All standing thesis claims
Original report summary
ProShares Trust II creates value by packaging leveraged and inverse exchange-traded funds whose economics scale with assets under management; profitability and reported earnings are dominated by market mark-to-market on fund holdings, while large cash/equity.
Bull case and bear case
Bull case and bear case for ProShares Trust II
Where the evidence on ProShares Trust II stands: Strengthening on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
The Trust's economic value and fee revenue will remain primarily a function of total assets under management (AUM) across its Funds, so changes in 'assets' will lead profits and cash generation.
Reported net income will remain highly volatile because it largely reflects mark-to-market gains and losses on Fund holdings rather than stable operating profit.
Large cash balances on the Trust balance sheet provide a material buffer to meet redemptions and smooth stressed periods, preserving the ability to operate and capture rebounds in flows.
Operating cash flow (operating_cash_flow) is a leading indicator of redemption stress: large negative OCF signals the Trust met redemptions or paid out more cash, and recurring negative OCF would presage sustained AUM decline.
Bear case: what would count against it
Competitor ETF issuers roll out lower-fee or more tax-efficient leveraged/inverse products that capture flows away from the Trust.
Management shifts product mix toward higher recurring-fee, less market-sensitive strategies (e.g., nonleveraged, managed-fee funds) that increase predictable revenue.
Concentrated, rapid redemptions by large holders that exceed available cash and require distressed liquidation of underlying positions.
Thesis-Break Engine
Thesis-break watch · ProShares Trust II
OptimistFi is watching ProShares Trust II. No break-condition checks are on record yet — they accumulate as new filings are checked.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedOther material event.
ProShares Trust II filed an SEC 8-K on 2026-11-03: Other material event. It is a dated development that tests the current thesis.
- MixedOther material event.
ProShares Trust II filed an SEC 8-K on 2026-05-12: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Competitor ETF issuers roll out lower-fee or more tax-efficient leveraged/inverse products that capture flows away from the Trust.
- Management shifts product mix toward higher recurring-fee, less market-sensitive strategies (e.g., nonleveraged, managed-fee funds) that increase predictable revenue.
- Concentrated, rapid redemptions by large holders that exceed available cash and require distressed liquidation of underlying positions.
- A shift to steadier inflows (e.g., from different product mix or distribution partnerships) that makes OCF persistently positive.
EUO news
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Financial statements
EUO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
EUO: quick answers
- What is EUO's short interest?
- As of October 30, 2026, 26,066 EUO shares were sold short, down 92.0% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. EUO short interest history
- Have members of Congress traded EUO?
- 1 trade in EUO has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed EUO trade