Quarterly Report (10-q)

P1D0.0750.080falseQ20001415311--12-31Rates shown represent discount rate at the time of purchase.All or partial amount pledged as collateral for swap agreements.All or partial amount pledged as collateral for foreign currency forward contracts.The operations include the activity of ProShares Short Euro ETF and ProShares UltraShort Australian Dollar ETF through May 12, 2022, the date of liquidation.The positions and counterparties herein are as of June 30, 2022. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the six months ended June 30, 2022.Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.See Note 1 of these Notes to Financial Statements. Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period. Percentages are not annualized for the period ended June 30, 2022.Percentages are not annualized for the period ended June 30, 2021. Percentages are annualized. The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.85% and 0.85%, respectively, if non-recurring fees and expenses, and brokerage commissions and futures account fees were excluded.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if non-recurring fees and expenses, and brokerage commissions and futures account fees were excluded. 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q
 
 
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2022.
or
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from
                    
to
                    
.
Commission file number: 001-34200
 
 
PROSHARES TRUST II
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
87-6284802
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
c/o ProShare Capital Management LLC
7272 Wisconsin Avenue, 21
st
Floor
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip Code)
(240)
497
-
6400
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
ProShares Short VIX Short-Term Futures ETF
 
SVXY
 
Cboe BZX Exchange
ProShares Ultra Bloomberg Crude Oil
 
UCO
 
NYSE Arca
ProShares Ultra Bloomberg Natural Gas
 
BOIL
 
NYSE Arca
ProShares Ultra Euro
 
ULE
 
NYSE Arca
ProShares Ultra Gold
 
UGL
 
NYSE Arca
ProShares Ultra Silver
 
AGQ
 
NYSE Arca
ProShares Ultra VIX Short-Term Futures ETF
 
UVXY
 
Cboe BZX Exchange
ProShares Ultra Yen
 
YCL
 
NYSE Arca
ProShares UltraShort Bloomberg Crude Oil
 
SCO
 
NYSE Arca
ProShares UltraShort Bloomberg Natural Gas
 
KOLD
 
NYSE Arca
ProShares UltraShort Euro
 
EUO
 
NYSE Arca
ProShares UltraShort Gold
 
GLL
 
NYSE Arca
ProShares UltraShort Silver
 
ZSL
 
NYSE Arca
ProShares UltraShort Yen
 
YCS
 
NYSE Arca
ProShares VIX Mid-Term Futures ETF
 
VIXM
 
Cboe BZX Exchange
ProShares VIX Short-Term Futures ETF
 
VIXY
 
Cboe BZX Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer      Accelerated Filer  
       
Non-Accelerated Filer      Smaller Reporting Company  
       
         Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.).    ☐  Yes    ☒  No
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    
  Yes    ☐  No
As of August 2, 2022, the registrant had 260,819,037 shares of common stock, $0 par value per share, outstanding.
 
 
 

Table of Contents
PROSHARES TRUST II
Table of Contents
 
 
  
Page
 
  
  
 
1
 
  
 
125
 
  
 
173
 
  
 
187
 
  
  
 
189
 
  
 
189
 
  
 
191
 
  
 
193
 
  
 
193
 
  
 
193
 
  
 
194
 

Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Index
 
Documents
  
Page
 
Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes
  
in Shareholders’ Equity, and Statements of Cash Flows:
  
  
 
2
 
  
 
7
 
  
 
12
 
  
 
17
 
  
 
22
 
  
 
27
 
  
 
32
 
  
 
37
 
  
 
42
 
  
 
47
 
  
 
52
 
  
 
57
 
  
 
62
 
  
 
67
 
  
 
72
 
  
 
77
 
  
 
82
 
  
 
86
 
 
1

Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $151,906,089 and $147,851,244, respectively)
   $ 151,418,355      $ 147,815,719  
Cash
     34,531,284        44,359,519  
Segregated cash balances with brokers for futures contracts
     113,898,635        138,651,465  
Receivable on open futures contracts
     105,797,631        99,544,338  
Interest receivable
     76,049        2,868  
    
 
 
    
 
 
 
Total assets
     405,721,954        430,373,909  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     —          6,125,130  
Payable on open futures contracts
     1,735,890        —    
Brokerage commissions and futures account fees payable
     12,121        104,312  
Payable to Sponsor
     328,987        331,873  
    
 
 
    
 
 
 
Total liabilities
     2,076,998        6,561,315  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     403,644,956        423,812,594  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 405,721,954      $ 430,373,909  
    
 
 
    
 
 
 
Shares outstanding
     8,384,307        6,884,307  
    
 
 
    
 
 
 
Net asset value per share
   $ 48.14      $ 61.56  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 48.21      $ 61.55  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
2

Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(unaudited)
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(38% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.967% due 07/14/22
   $ 25,000,000      $ 24,989,618  
1.014% due 07/21/22
     50,000,000        49,970,140  
0.223% due 11/03/22
     77,000,000        76,458,597  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $151,906,089)
            $ 151,418,355  
             
 
 
 
Futures Contracts Sold
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
VIX Futures - Cboe, expires July 2022
     3,652      $ 104,309,520      $ 809,209  
VIX Futures - Cboe, expires August 2022
     3,346        97,627,580        708,405  
                      
 
 
 
                       $ 1,517,614  
                      
 
 
 
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
3

Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
    
2022
   
2021
   
2022
   
2021
 
Investment Income
                                
Interest
   $ 225,134     $ 33,687     $ 319,477     $ 67,577  
    
 
 
   
 
 
   
 
 
   
 
 
 
Expenses
                                
Management fee
     1,034,361       1,317,153       2,020,898       2,359,722  
Brokerage commissions
     177,552       253,949       365,250       429,859  
Futures account fees
     107,221       328,342       324,251       586,119  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
     1,319,134       1,899,444       2,710,399       3,375,700  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (1,094,000     (1,865,757     (2,390,922     (3,308,123
    
 
 
   
 
 
   
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                                
Net realized gain (loss) on
                                
Futures contracts
     (13,029,194     109,337,017       (54,129,808     133,546,434  
Short-term U.S. government and agency obligations
     (76,018     —         (86,512     —    
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gain (loss)
     (13,105,212     109,337,017       (54,216,320     133,546,434  
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                                
Futures contracts
     (34,466,848     (13,290,409     (29,757,664     28,831,483  
Short-term U.S. government and agency obligations
     (40,932     (17,721     (452,209     (14,495
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (34,507,780     (13,308,130     (30,209,873     28,816,988  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (47,612,992     96,028,887       (84,426,193     162,363,422  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
   $ (48,706,992   $ 94,163,130     $ (86,817,115   $ 159,055,299  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
4

Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
    
2022
   
2021
   
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 495,588,849     $ 527,130,851     $ 423,812,594     $ 409,371,468  
    
 
 
   
 
 
   
 
 
   
 
 
 
Addition of 1,600,000, 450,000, 4,600,000 and 2,850,000 shares, respectively
     75,921,860       21,503,474       232,437,331       119,612,942  
Redemption of 2,300,000, 1,050,000, 3,100,000 and 2,150,000 shares, respectively
     (119,158,761     (54,181,509     (165,787,854     (99,423,763
    
 
 
   
 
 
   
 
 
   
 
 
 
Net addition (redemption) of (700,000), (600,000), 1,500,000 and 700,000 shares, respectively
     (43,236,901     (32,678,035     66,649,477       20,189,179  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (1,094,000     (1,865,757     (2,390,922     (3,308,123
Net realized gain (loss)
     (13,105,212     109,337,017       (54,216,320     133,546,434  
Change in net unrealized appreciation (depreciation)
     (34,507,780     (13,308,130     (30,209,873     28,816,988  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
     (48,706,992     94,163,130       (86,817,115     159,055,299  
    
 
 
   
 
 
   
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 403,644,956     $ 588,615,946     $ 403,644,956     $ 588,615,946  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
5

Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Six Months Ended

June 30,
 
    
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ (86,817,115   $ 159,055,299  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Purchases of short-term U.S. government and agency obligations
     (569,767,938     (371,956,927
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     565,832,801       237,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (206,220     (32,691
Net realized (gain) loss on investments
     86,512       —    
Change in unrealized (appreciation) depreciation on investments
     452,209       14,495  
Decrease (Increase) in receivable on open futures contracts
     (6,253,293     (11,016,780
Decrease (Increase) in interest receivable
     (73,181     1,167  
Increase (Decrease) in payable to Sponsor
     (2,886     124,617  
Increase (Decrease) in brokerage commissions and futures account fees payable
     (92,191     20,038  
Increase (Decrease) in payable on open futures contracts
     1,735,890       4,589,992  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (95,105,412     17,799,210  
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     232,437,331       119,612,942  
Payment on shares redeemed
     (171,912,984     (99,423,763
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     60,524,347       20,189,179  
    
 
 
   
 
 
 
Net increase (decrease) in cash
     (34,581,065     37,988,389  
Cash, beginning of period
     183,010,984       266,579,220  
    
 
 
   
 
 
 
Cash, end of period
   $ 148,429,919     $ 304,567,609  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
6

Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $527,457,948 and $848,800,309, respectively)
   $ 526,423,284      $ 848,757,567  
Cash
     395,184,001        86,582,912  
Segregated cash balances with brokers for futures contracts
     99,271,727        130,704,477  
Segregated cash balances with brokers for swap agreements
     234,394,000        —    
Unrealized appreciation on swap agreements
     —          63,928,293  
Interest receivable
     213,841        3,523  
    
 
 
    
 
 
 
Total assets
     1,255,486,853        1,129,976,772  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     20,080,952        —    
Payable on open futures contracts
     21,213,241        25,317,560  
Brokerage commissions and futures account fees payable
     12,600        24,677  
Payable to Sponsor
     1,025,667        850,965  
Unrealized depreciation on swap agreements
     152,287,155        —    
    
 
 
    
 
 
 
Total liabilities
     194,619,615        26,193,202  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     1,060,867,238        1,103,783,570  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 1,255,486,853      $ 1,129,976,772  
    
 
 
    
 
 
 
Shares outstanding (Note 1
)

     25,493,096        51,243,096  
    
 
 
    
 
 
 
Net asset value per share (Note 1
)

   $ 41.61      $ 21.54  
    
 
 
    
 
 
 
Market value per share (Note 1) (Note 2
)

   $ 41.86      $ 21.70  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
7

Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(unaudited)
 
    
Principal
Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(50% of shareholders’ equity)
                 
Federal Home Loan Discount Notes
^^
:
                 
1.000% due 07/01/22
   $ 150,000,000      $ 150,000,000  
U.S. Treasury Bills
^^
:
                 
0.393% due 07/21/22
     47,000,000        46,971,932  
0.706% due 08/18/22
     150,000,000        149,724,000  
0.637% due 11/03/22
     181,000,000        179,727,352  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $527,457,948)
            $ 526,423,284  
             
 
 
 
Futures Contracts Purchased
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
WTI Crude Oil - NYMEX, expires September 2022
     2,204      $ 227,232,400      $ (17,930,940
WTI Crude Oil - NYMEX, expires December 2022
     2,535        242,244,600        64,744,247  
WTI Crude Oil - NYMEX, expires June 2023
     2,688        235,522,560        11,641,492  
                      
 
 
 
                       $ 58,454,799  
                      
 
 
 
Total Return Swap Agreements
^
 
    
Rate Paid

(Received)
*
   
Termination

Date
    
Notional Amount

at Value
**
    
Unrealized

Appreciation

(Depreciation)/Value
 
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.35     07/06/22      $ 215,921,141      $ (21,668,621
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.35       07/06/22        321,089,755        (42,218,820
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.35       07/06/22        373,984,332        (37,530,948
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.25       07/06/22        203,778,726        (20,435,337
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.30       07/06/22        303,369,078        (30,433,429
                              
 
 
 
                       
Total Unrealized
Depreciation
 
 
   $ (152,287,155
                              
 
 
 
 
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of June 30, 2022. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
*
Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
8

Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
    
2022
   
2021
   
2022
   
2021
 
Investment Income
                                
Interest
   $ 1,264,011     $ 111,333     $ 1,572,891     $ 279,408  
    
 
 
   
 
 
   
 
 
   
 
 
 
Expenses
                                
Management fee
     3,098,904       2,794,292       6,183,716       5,329,377  
Brokerage commissions
     140,210       210,012       335,751       503,212  
Futures account fees
     109,601       317,748       362,288       416,685  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
     3,348,715       3,322,052       6,881,755       6,249,274  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (2,084,704     (3,210,719     (5,308,864     (5,969,866
    
 
 
   
 
 
   
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                                
Net realized gain (loss) on
                                
Futures contracts
     244,497,710       255,445,062       510,907,542       447,121,563  
Swap agreements
     118,798,382       65,060,597       651,811,620       207,735,324  
Short-term U.S. government and agency obligations
     (4,653     —         (7,789     —    
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gain (loss)
     363,291,439       320,505,659       1,162,711,373       654,856,887  
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                                
Futures contracts
     (187,136,364     77,503,699       (89,000,726     171,488,571  
Swap agreements
     (24,001,881     80,496,098       (216,215,448     21,505,309  
Short-term U.S. government and agency obligations
     (405,864     (80,658     (991,922     (39,085
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (211,544,109     157,919,139       (306,208,096     192,954,795  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     151,747,330       478,424,798       856,503,277       847,811,682  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
   $ 149,662,626     $ 475,214,079     $ 851,194,413     $ 841,841,816  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
9

Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
    
2022
   
2021
   
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 1,336,980,685     $ 1,088,579,093     $ 1,103,783,570     $ 902,739,250  
    
 
 
   
 
 
   
 
 
   
 
 
 
Addition of 1,700,000, 4,200,000, 10,300,000 and 13,600,000 shares,
respectively (Note 1)
     72,419,653       60,208,663       402,736,686       177,252,853  
Redemption of 11,450,000, 20,400,000, 36,050,000 and 46,200,000 shares,
respectively (Note 1)
     (498,195,726     (320,470,933     (1,296,847,431     (618,303,017
    
 
 
   
 
 
   
 
 
   
 
 
 
Net addition (redemption) of (9,750,000), (16,200,000), (25,750,000) and (32,600,000) shares,
respectively (Note 1)
     (425,776,073     (260,262,270     (894,110,745     (441,050,164
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (2,084,704     (3,210,719     (5,308,864     (5,969,866
Net realized gain (loss)
     363,291,439       320,505,659       1,162,711,373       654,856,887  
Change in net unrealized appreciation (depreciation)
     (211,544,109     157,919,139       (306,208,096     192,954,795  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
     149,662,626       475,214,079       851,194,413       841,841,816  
    
 
 
   
 
 
   
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 1,060,867,238     $ 1,303,530,902     $ 1,060,867,238     $ 1,303,530,902  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
10

Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Six Months Ended

June 30,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 851,194,413     $ 841,841,816  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Purchases of short-term U.S. government and agency obligations
     (4,782,347,856     (1,692,766,532
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     5,104,987,142       980,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (1,304,714     (158,785
Net realized (gain) loss on investments
     7,789       —    
Change in unrealized (appreciation) depreciation on investments
     217,207,370       (21,466,224
Decrease (Increase) in receivable on open futures contracts
     —         (4,050,185
Decrease (Increase) in interest receivable
     (210,318     (38,568
Increase (Decrease) in payable to Sponsor
     174,702       246,994  
Increase (Decrease) in brokerage commissions and futures account fees payable
     (12,077     22,929  
Increase (Decrease) in payable on open futures contracts
     (4,104,319     —    
Increase (Decrease) in securities purchased payable
           149,968,500  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     1,385,592,132       253,599,945  
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     402,736,686       177,252,853  
Payment on shares redeemed
     (1,276,766,479     (621,930,951
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     (874,029,793     (444,678,098
    
 
 
   
 
 
 
Net increase (decrease) in cash
     511,562,339       (191,078,153
Cash, beginning of period
     217,287,389       667,259,596  
    
 
 
   
 
 
 
Cash, end of period
   $ 728,849,728     $ 476,181,443  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
1
1

Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $105,954,114 and $90,936,719, respectively)
   $ 105,739,904      $ 90,922,438  
Cash
     33,945,129        6,846,634  
Segregated cash balances with brokers for futures contracts
     52,657,500        47,289,091  
Receivable from capital shares sold
     19,786,612        20,448,741  
Receivable on open futures contracts
     13,543,290        33,998,620  
Interest receivable
     39,868        1,130  
    
 
 
    
 
 
 
Total assets
     225,712,303        199,506,654  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     5,988,252        —    
Payable on open futures contracts
     32,204,426        5,403,658  
Brokerage commissions and futures account fees payable
     6,507        63,628  
Payable to Sponsor
     215,276        147,190  
    
 
 
    
 
 
 
Total liabilities
     38,414,461        5,614,476  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     187,297,842        193,892,178  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 225,712,303      $ 199,506,654  
    
 
 
    
 
 
 
Shares outstanding
     4,737,527        7,587,527  
    
 
 
    
 
 
 
Net asset value per share
   $ 39.53      $ 25.55  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 42.10      $ 26.09  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
1
2

Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(unaudited)
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(56% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.967% due 07/14/22
   $ 50,000,000      $ 49,979,235  
0.393% due 07/21/22
     24,000,000        23,985,667  
0.223% due 11/03/22
     32,000,000        31,775,002  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $105,954,114)
            $ 105,739,904  
             
 
 
 
Futures Contracts Purchased
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
Natural Gas - NYMEX, expires September 2022
     6,954      $ 374,959,680      $ (194,426,957
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
1
3

Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Investment Income
                                
Interest
   $ 146,470     $ 11,544     $ 186,051     $ 25,359  
    
 
 
   
 
 
   
 
 
   
 
 
 
Expenses
                                
Management fee
     534,624       152,958       931,234       407,773  
Brokerage commissions
     114,706       63,062       203,158       155,359  
Futures account fees
     63,213       12,887       134,330       94,735  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
     712,543       228,907       1,268,722       657,867  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (566,073     (217,363     (1,082,671     (632,508
    
 
 
   
 
 
   
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                                
Net realized gain (loss) on
                                
Futures contracts
     164,990,694       4,901,288       241,211,382       46,483,673  
Short-term U.S. government and agency obligations
     —         —         (3,452     551  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gain (loss)
     164,990,694       4,901,288       241,207,930       46,484,224  
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                                
Futures contracts
     (271,251,560     28,350,804       (186,220,796     10,550,021  
Short-term U.S. government and agency obligations
     (36,909     (2,887     (199,929     (972
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (271,288,469     28,347,917       (186,420,725     10,549,049  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (106,297,775     33,249,205       54,787,205       57,033,273  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
   $ (106,863,848   $ 33,031,842     $ 53,704,534     $ 56,400,765  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
1
4

Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 145,069,486     $ 74,307,070     $ 193,892,178     $ 169,800,371  
    
 
 
   
 
 
   
 
 
   
 
 
 
Addition of 6,500,000, 650,000, 9,100,000 and 4,050,000 shares, respectively
     549,486,344       13,706,591       637,366,699       90,187,414  
Redemption of 4,350,000, 2,150,000, 11,950,000 and 10,150,000 shares, respectively
     (400,394,140     (50,832,276     (697,665,569     (246,175,323
    
 
 
   
 
 
   
 
 
   
 
 
 
Net addition (redemption) of 2,150,000, (1,500,000), (2,850,000) and (6,100,000) shares, respectively
     149,092,204       (37,125,685     (60,298,870     (155,987,909
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (566,073     (217,363     (1,082,671     (632,508
Net realized gain (loss)
     164,990,694       4,901,288       241,207,930       46,484,224  
Change in net unrealized appreciation (depreciation)
     (271,288,469     28,347,917       (186,420,725     10,549,049  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
     (106,863,848     33,031,842       53,704,534       56,400,765  
    
 
 
   
 
 
   
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 187,297,842     $ 70,213,227     $ 187,297,842     $ 70,213,227  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
1
5

Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Six Months Ended

June 30,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 53,704,534     $ 56,400,765  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Purchases of short-term U.S. government and agency obligations
     (520,892,453     (118,983,722
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     505,991,302       118,999,676  
Net amortization and accretion on short-term U.S. government and agency obligations
     (119,696     (13,040
Net realized (gain) loss on investments
     3,452       (551
Change in unrealized (appreciation) depreciation on investments
     199,929       972  
Decrease (Increase) in receivable on open futures contracts
     20,455,330       13,775,851  
Decrease (Increase) in interest receivable
     (38,738     2,763  
Increase (Decrease) in payable to Sponsor
     68,086       (91,354
Increase (Decrease) in brokerage commissions and futures account fees payable
     (57,121     296  
Increase (Decrease) in payable on open futures contracts
     26,800,768       210,440  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     86,115,393       70,302,096  
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     638,028,828       90,187,414  
Payment on shares redeemed
     (691,677,317     (257,307,869
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     (53,648,489     (167,120,455
    
 
 
   
 
 
 
Net increase (decrease) in cash
     32,466,904       (96,818,359
Cash, beginning of period
     54,135,725       137,292,722  
    
 
 
   
 
 
 
Cash, end of period
   $ 86,602,629     $ 40,474,363  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
1
6

Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31,
2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $4,695,823 and $998,130, respectively)
   $ 4,690,703      $ 997,678  
Cash
     5,061,750        6,891,458  
Segregated cash balances with brokers for foreign currency forward contracts
     —          691,000  
Unrealized appreciation on foreign currency forward contracts
     17,639        84,150  
Interest receivable
     1,535        153  
    
 
 
    
 
 
 
Total assets
     9,771,627        8,664,439  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable to Sponsor
     5,967        3,846  
Unrealized depreciation on foreign currency forward contracts
     350,034        1,498  
    
 
 
    
 
 
 
Total liabilities
     356,001        5,344  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     9,415,626        8,659,095  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 9,771,627      $ 8,664,439  
    
 
 
    
 
 
 
Shares outstanding
     850,000        650,000  
    
 
 
    
 
 
 
Net asset value per share
   $ 11.08      $ 13.32  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 11.11      $ 13.33  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA EURO
SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(unaudited)
 
    
Principal
Amount
    
Value
 
Short-term U.S. government and agency obligations

(50% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.393% due 07/21/22
   $ 4,000,000      $ 3,997,611  
0.554% due 11/03/22
     698,000        693,092  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $4,695,823)
            $ 4,690,703  
             
 
 
 
Foreign Currency Forward Contracts
^
 
    
Settlement Date
    
Contract Amount

in Local Currency
   
Contract Amount

in U.S. Dollars
   
Unrealized

Appreciation

(Depreciation)/

Value
 
Contracts to Purchase
                                 
Euro with Goldman Sachs International
     07/08/22        4,532,921     $ 4,750,259     $ (123,538
Euro with UBS AG
     07/08/22        14,836,502       15,547,860       (226,496
                             
 
 
 
                        Total Unrealized
Depreciation
 
 
  $ (350,034
                             
 
 
 
Contracts to Sell
                                 
Euro with UBS AG
     07/08/22        (1,446,000   $ (1,515,331   $ 17,639  
                             
 
 
 
                       
Total Unrealized
Appreciation
 
 
  $ 17,639  
                             
 
 
 

All or partial amount pledged as collateral for foreign currency forward contracts.
^
The positions and counterparties herein are as of June 30, 2022. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Investment Income
                                
Interest
   $ 6,522     $ 438     $ 11,109     $ 1,022  
    
 
 
   
 
 
   
 
 
   
 
 
 
Expenses
                                
Management fee
     15,037       9,416       35,315       19,494  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
     15,037       9,416       35,315       19,494  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (8,515     (8,978     (24,206     (18,472
    
 
 
   
 
 
   
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                                
Net realized gain (loss) on
                                
Foreign currency forward contracts
     (446,365     95,412       (887,395     68,070  
Short-term U.S. government and agency obligations
     —         —         (5,949     —    
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gain (loss)
     (446,365     95,412       (893,344     68,070  
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                                
Foreign currency forward contracts
     (282,077     (13,092     (415,047     (324,232
Short-term U.S. government and agency obligations
     787       (127     (4,668     (39
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (281,290     (13,219     (419,715     (324,271
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (727,655     82,193       (1,313,059     (256,201
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
   $ (736,170   $ 73,215     $ (1,337,265   $ (274,673
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 6,236,982     $ 3,611,724     $ 8,659,095     $ 4,737,350  
    
 
 
   
 
 
   
 
 
   
 
 
 
Addition of 450,000, 100,000, 550,000 and 100,000 shares, respectively
     5,052,555       1,488,793       6,368,822       1,488,793  
Redemption of 100,000, 100,000, 350,000 and 150,000 shares, respectively
     (1,137,741     (1,504,991     (4,275,026     (2,282,729
    
 
 
   
 
 
   
 
 
   
 
 
 
Net addition (redemption) of 350,000, –, 200,000 and (50,000) shares, respectively
     3,914,814       (16,198     2,093,796       (793,936
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (8,515     (8,978     (24,206     (18,472
Net realized gain (loss)
     (446,365     95,412       (893,344     68,070  
Change in net unrealized appreciation (depreciation)
     (281,290     (13,219     (419,715     (324,271
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
     (736,170     73,215       (1,337,265     (274,673
    
 
 
   
 
 
   
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 9,415,626     $ 3,668,741     $ 9,415,626     $ 3,668,741  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Six Months Ended

June 30,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ (1,337,265   $ (274,673
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Purchases of short-term U.S. government and agency obligations
     (5,984,289     (2,999,505
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     2,290,249       2,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (9,602     (473
Net realized (gain) loss on investments
     5,949       —    
Change in unrealized (appreciation) depreciation on investments
     419,715       324,271  
Decrease (Increase) in interest receivable
     (1,382     40  
Increase (Decrease) in payable to Sponsor
     2,121       (586
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (4,614,504     (950,926
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     6,368,822       1,488,793  
Payment on shares redeemed
     (4,275,026     (1,548,903
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     2,093,796       (60,110
    
 
 
   
 
 
 
Net increase (decrease) in cash
     (2,520,708     (1,011,036
Cash, beginning of period
     7,582,458       4,652,092  
    
 
 
   
 
 
 
Cash, end of period
   $ 5,061,750     $ 3,641,056  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31,
2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $208,875,314 and $207,964,168, respectively)
   $ 208,696,447      $ 207,956,320  
Cash
     32,582,080        9,328,332  
Segregated cash balances with brokers for futures contracts
     6,922,800        6,093,750  
Segregated cash balances with brokers for swap agreements
     2,207,000        —    
Unrealized appreciation on swap agreements
     —          8,639,188  
Receivable on open futures contracts
     —          944,644  
Interest receivable
     32,405        690  
    
 
 
    
 
 
 
Total assets
     250,440,732        232,962,924  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     2,824,550        —    
Payable on open futures contracts
     1,022,544        —    
Brokerage commissions and futures account fees payable
     —          4,034  
Payable to Sponsor
     202,927        178,356  
Unrealized depreciation on swap agreements
     6,451,858        —    
    
 
 
    
 
 
 
Total liabilities
     10,501,879        182,390  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     239,938,853        232,780,534  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 250,440,732      $ 232,962,924  
    
 
 
    
 
 
 
Shares outstanding
     4,250,000        3,900,000  
    
 
 
    
 
 
 
Net asset value per share
   $ 56.46      $ 59.69  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 56.50      $ 59.81  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
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Table of Contents
PROSHARES ULTRA GOLD
SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(unaudited)
 
    
Principal
Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(87% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.967% due 07/14/22
   $ 25,000,000      $ 24,989,618  
0.393% due 07/21/22
     95,000,000        94,943,266  
0.706% due 08/18/22
     75,000,000        74,862,000  
0.223% due 11/03/22
     14,000,000        13,901,563  
             
 
 
 
Total short-term U.S. government and agency obligations (cost $208,875,314)
            $ 208,696,447  
             
 
 
 
Futures Contracts Purchased
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
Gold Futures - COMEX, expires August 2022
     954      $ 172,416,420      $ (3,932,509
Total Return Swap Agreements
^
 
    
Rate Paid

(Received)
*
   
Termination

Date
    
Notional Amount

at Value
**
    
Unrealized

Appreciation

(Depreciation)/Value
 
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex
     0.25     07/06/22      $ 109,384,670      $ (2,221,389
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex
     0.25       07/06/22        84,543,271        (1,919,639
Swap agreement with UBS AG based on Bloomberg Gold Subindex
     0.25       07/06/22        113,788,925        (2,310,830
                              
 
 
 
                       
Total Unrealized
Depreciation
 
 
   $ (6,451,858
                              
 
 
 
 
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of June 30, 2022. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
*
Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
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3

Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Investment Income
                                
Interest
   $ 319,154     $ 20,094     $ 414,267     $ 55,921  
    
 
 
   
 
 
   
 
 
   
 
 
 
Expenses
                                
Management fee
     716,148       568,040       1,387,563       1,136,247  
Brokerage commissions
     14,064       8,665       35,723       23,553  
Futures account fees
     8,664       13,354       28,169       45,756  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
     738,876       590,059       1,451,455       1,205,556  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (419,722     (569,965     (1,037,188     (1,149,635
    
 
 
   
 
 
   
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                                
Net realized gain (loss) on
                                
Futures contracts
     (28,896,339     7,294,570       (8,706,319     (9,511,327
Swap agreements
     (29,004,744     38,211,797       8,623,832       3,769,562  
Short-term U.S. government and agency obligations
     —         —         —         245  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized gain (loss)
     (57,901,083     45,506,367       (82,487     (5,741,520
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                                
Futures contracts
     3,312,504       (4,648,838     (4,587,403     (6,902,587
Swap agreements
     1,658,698       (28,812,307     (15,091,046     (27,792,857
Short-term U.S. government and agency obligations
     (159     (17,158     (171,019     (15,362
    
 
 
   
 
 
   
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     4,971,043       (33,478,303     (19,849,468     (34,710,806
    
 
 
   
 
 
   
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (52,930,040     12,028,064       (19,931,955     (40,452,326
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
   $ (53,349,762   $ 11,458,099     $ (20,969,143   $ (41,601,961
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
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4

Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended

June 30,
   
Six Months Ended

June 30,
 
  
2022
   
2021
   
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 355,029,822     $ 214,548,056     $ 232,780,534     $ 263,540,473  
    
 
 
   
 
 
   
 
 
   
 
 
 
Addition of 100,000, 400,000, 1,600,000 and 1,000,000 shares, respectively
     6,573,039       23,214,269       102,257,715       60,276,530  
Redemption of 1,150,000, 100,000, 1,250,000 and 650,000 shares, respectively
     (68,314,246     (5,763,721     (74,130,253     (38,758,339
    
 
 
   
 
 
   
 
 
   
 
 
 
Net addition (redemption) of (1,050,000), 300,000, 350,000 and 350,000 shares, respectively
     (61,741,207     17,450,548       28,127,462       21,518,191  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
     (419,722     (569,965     (1,037,188     (1,149,635
Net realized gain (loss)
     (57,901,083     45,506,367       (82,487     (5,741,520
Change in net unrealized appreciation (depreciation)
     4,971,043       (33,478,303     (19,849,468     (34,710,806
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss)
     (53,349,762     11,458,099       (20,969,143     (41,601,961
    
 
 
   
 
 
   
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 239,938,853     $ 243,456,703     $ 239,938,853     $ 243,456,703  
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to financial statements.
 
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5

Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Six Months Ended

June 30,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ (20,969,143   $ (41,601,961
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                
Purchases of short-term U.S. government and agency obligations
     (704,533,509     (422,955,514
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     704,000,000       281,999,771  
Net amortization and accretion on short-term U.S. government and agency obligations
     (377,637     (35,590
Net realized (gain) loss on investments
     —         (245
Change in unrealized (appreciation) depreciation on investments
     15,262,065       27,808,219  
Decrease (Increase) in receivable on open futures contracts
     944,644       (520,982
Decrease (Increase) in interest receivable
     (31,715     4,321  
Increase (Decrease) in payable to Sponsor
     24,571       (13,610
Increase (Decrease) in brokerage commissions and futures account fees payable
     (4,034     4,167  
Increase (Decrease) in payable on open futures contracts
     1,022,544       —    
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (4,662,214     (155,311,424
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     102,257,715       40,405,473  
Payment on shares redeemed
     (71,305,703     (38,758,339
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     30,952,012       1,647,134  
    
 
 
   
 
 
 
Net increase (decrease) in cash
     26,289,798       (153,664,290
Cash, beginning of period
     15,422,082       183,452,109  
    
 
 
   
 
 
 
Cash, end of period
   $ 41,711,880     $ 29,787,819  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
2
6

Table of Contents
PROSHARES ULTRA SILVER
STATEMENTS OF FINANCIAL CONDITION
 
    
June 30, 2022

(unaudited)
    
December 31,
2021
 
Assets
             
Short-term U.S. government and agency obligations (Note 3) (cost $290,825,356 and $451,896,236, respectively)
   $ 290,458,173      $ 451,872,982  
Cash
     38,062,175        10,985,565  
Segregated cash balances with brokers for futures contracts
     6,634,250        14,502,938  
Segregated cash balances with brokers for swap agreements
     82,100,000        —    
Unrealized appreciation on swap agreements
     —          40,591,699  
Receivable from capital shares sold
     1,240,339        —    
Receivable on open futures contracts
     —          1,384,919  
Interest receivable
     57,161        1,582  
    
 
 
    
 
 
 
Total assets
     418,552,098        519,339,685  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     —          3,483,770  
Payable on open futures contracts
     2,248,743        —    
Brokerage commissions and futures account fees payable
     —          9,833  
Payable to Sponsor
     313,910        392,488  
Unrealized depreciation on swap agreements
     60,411,930        —    
    
 
 
    
 
 
 
Total liabilities
     62,974,583        3,886,091  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
&#