Table of Contents
P1DfalseQ10001415311--12-31222523625Rates 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.All or partial amount pledged as collateral for swap agreements. 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.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 three months ended March 31, 2022.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.See Note 1 of these Notes to Financial Statements.The positions and counterparties herein are as of March 31, 2022. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.Reflects the floating financing rate, as of March 31, 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.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.Percentages are not annualized for the period ended March 31, 2022.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded. Percentages are annualized.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded. The expense ratio would be 0.94%, 0.91%, 0.15%, 0.95%, 0.85% and 0.81%, respectively, if non-recurring fees and expenses, and brokerage commissions and futures account fees were excluded.Percentages are not annualized for the period ended March 31, 2021.The expense ratio would be 0.95%, 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.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.For swap agreements, a positive amount represents “long” exposure to the benchmark index. 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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 March 31, 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 Euro
  
EUFX
  
NYSE Arca
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 Australian Dollar
  
CROC
  
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 May 2, 2022, the registrant had
 222,523,625 shares of common stock, $0 par value per share, outstanding.
 
 
 


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:
        
     4  
     9  
     14  
     20  
     25  
     30  
     35  
     40  
     45  
     50  
     55  
     60  
     65  
     70  
     75  
     80  
     85  
     90  
     95  
     99  

PROSHARES SHORT EURO
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Cash
   $ 4,500,918      $ 2,219,932  
Segregated cash balances with brokers for futures contracts
     87,120        38,720  
Receivable on open futures contracts
     38,569        —    
Interest receivable
     —          93  
    
 
 
    
 
 
 
Total assets
     4,626,607        2,258,745  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable on open futures contracts
     —          11,500  
Payable to Sponsor
     3,207        1,824  
    
 
 
    
 
 
 
Total liabilities
     3,207        13,324  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     4,623,400        2,245,421  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 4,626,607      $ 2,258,745  
    
 
 
    
 
 
 
Shares outstanding
     100,000        50,000  
    
 
 
    
 
 
 
Net asset value per share
   $ 46.23      $ 44.91  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 46.18      $ 44.92  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
4

PROSHARES SHORT EURO
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
Futures Contracts Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized

Appreciation

(Depreciation)/Value
 
Euro Fx Currency Futures - CME, expires June 2022
     33      $ 4,578,338      $ 2,656  
See accompanying notes to financial statements.
 
5

PROSHARES SHORT EURO
STATEMENTS OF OPERATIONS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ (93   $ 596  
    
 
 
   
 
 
 
Expenses
                
Management fee
     6,672       9,053  
Brokerage commissions
     144       181  
    
 
 
   
 
 
 
Total expenses
     6,816       9,234  
    
 
 
   
 
 
 
Net investment income (loss)
     (6,909     (8,638
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Futures contracts
     59,419       69,393  
Short-term U.S. government and agency obligations
     4,452       —    
    
 
 
   
 
 
 
Net realized gain (loss)
     63,871       69,393  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Futures contracts
     8,056       78,554  
Short-term U.S. government and agency obligations
     —         88  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     8,056       78,642  
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     71,927       148,035  
    
 
 
   
 
 
 
Net income (loss)
   $ 65,018     $ 139,397  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
6

PROSHARES SHORT EURO
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 2,245,421     $ 4,191,955  
    
 
 
   
 
 
 
Addition of 50,000 and – shares, respectively
     2,312,961       —    
Redemption of – and 50,000 shares, respectively
     —         (2,146,812
    
 
 
   
 
 
 
Net addition (redemption) of 50,000 and (50,000) shares, respectively
     2,312,961       (2,146,812
    
 
 
   
 
 
 
Net investment income (loss)
     (6,909     (8,638
Net realized gain (loss)
     63,871       69,393  
Change in net unrealized appreciation (depreciation)
     8,056       78,642  
    
 
 
   
 
 
 
Net income (loss)
     65,018       139,397  
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 4,623,400     $ 2,184,540  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
7

PROSHARES SHORT EURO
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 65,018     $ 139,397  
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
     —         (1,999,562
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     4,452       1,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     —         (323
Net realized (gain) loss on investments
     (4,452     —    
Change in unrealized (appreciation) depreciation on investments
     —         (88
Decrease (Increase) in receivable on open futures contracts
     (38,569     21,094  
Decrease (Increase) in interest receivable
     93       108  
Increase (Decrease) in payable to Sponsor
     1,383       (820
Increase (Decrease) in payable on open futures contracts
     (11,500     1,125  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     16,425       (839,069
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     2,312,961       —    
Payment on shares redeemed
     —         (2,146,812
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     2,312,961       (2,146,812
    
 
 
   
 
 
 
Net increase (decrease) in cash
     2,329,386       (2,985,881
Cash, beginning of period
     2,258,652       4,174,091  
    
 
 
   
 
 
 
Cash, end of period
   $ 4,588,038     $ 1,188,210  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
8

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $180,804,059 and $147,851,244, respectively)
   $ 180,357,257      $ 147,815,719  
Cash
     65,794,655        44,359,519  
Segregated cash balances with brokers for futures contracts
     165,590,124        138,651,465  
Receivable on open futures contracts
     96,824,449        99,544,338  
Interest receivable
     —          2,868  
    
 
 
    
 
 
 
Total assets
     508,566,485        430,373,909  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     —          6,125,130  
Payable on open futures contracts
     12,542,043        —    
Brokerage commissions and futures account fees payable
     70,274        104,312  
Payable to Sponsor
     365,319        331,873  
    
 
 
    
 
 
 
Total liabilities
     12,977,636        6,561,315  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     495,588,849        423,812,594  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 508,566,485      $ 430,373,909  
    
 
 
    
 
 
 
Shares outstanding
     9,084,307        6,884,307  
    
 
 
    
 
 
 
Net asset value per share
   $ 54.55      $ 61.56  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 54.56      $ 61.55  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
9

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(36% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.021% due 04/21/22
   $ 25,000,000      $ 24,997,917  
0.393% due 07/21/22
     79,000,000        78,828,270  
0.223% due 11/03/22
     77,000,000        76,531,070  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $180,804,059)
            $ 180,357,257  
             
 
 
 
Futures Contracts Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
VIX Futures - Cboe, expires April 2022
     4,910      $ 115,232,790      $ 31,922,101  
VIX Futures - Cboe, expires May 2022
     5,324        133,034,515        4,062,361  
                      
 
 
 
                       $ 35,984,462  
                      
 
 
 
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
10

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

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ 94,343     $ 33,890  
    
 
 
   
 
 
 
Expenses
                
Management fee
     986,537       1,042,569  
Brokerage commissions
     187,698       175,910  
Futures accounts fees
     217,030       257,777  
    
 
 
   
 
 
 
Total expenses
     1,391,265       1,476,256  
    
 
 
   
 
 
 
Net investment income (loss)
     (1,296,922     (1,442,366
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Futures contracts
     (41,100,614     24,209,417  
Short-term U.S. government and agency obligations
     (10,494     —    
    
 
 
   
 
 
 
Net realized gain (loss)
     (41,111,108     24,209,417  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Futures contracts
     4,709,184       42,121,892  
Short-term U.S. government and agency obligations
     (411,277     3,226  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     4,297,907       42,125,118  
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (36,813,201     66,334,535  
    
 
 
   
 
 
 
Net income (loss)
   $ (38,110,123   $ 64,892,169  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
11

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

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 423,812,594     $ 409,371,468  
    
 
 
   
 
 
 
Addition of 3,000,000 and 2,400,000 shares, respectively
     156,515,471       98,109,468  
Redemption of 800,000 and 1,100,000 shares, respectively
     (46,629,093     (45,242,254
    
 
 
   
 
 
 
Net addition (redemption) of 2,200,000 and 1,300,000 shares, respectively
     109,886,378       52,867,214  
    
 
 
   
 
 
 
Net investment income (loss)
     (1,296,922     (1,442,366
Net realized gain (loss)
     (41,111,108     24,209,417  
Change in net unrealized appreciation (depreciation)
     4,297,907       42,125,118  
    
 
 
   
 
 
 
Net income (loss)
     (38,110,123     64,892,169  
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 495,588,849     $ 527,130,851  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
12

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ (38,110,123   $ 64,892,169  
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
     (184,846,445     (166,972,737
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     151,980,347       145,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (97,211     (22,858
Net realized (gain) loss on investments
     10,494       —    
Change in unrealized (appreciation) depreciation on investments
     411,277       (3,226
Decrease (Increase) in receivable on open futures contracts
     2,719,889       (10,518,387
Decrease (Increase) in interest receivable
     2,868       (625
Increase (Decrease) in payable to Sponsor
     33,446       58,097  
Increase (Decrease) in brokerage commissions and futures account fees payable
     (34,038     7,205  
Increase (Decrease) in payable on open futures contracts
     12,542,043       (996,159
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (55,387,453     31,443,479  
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     156,515,471       98,109,468  
Payment on shares redeemed
     (52,754,223     (45,242,254
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     103,761,248       52,867,214  
    
 
 
   
 
 
 
Net increase (decrease) in cash
     48,373,795       84,310,693  
Cash, beginning of period
     183,010,984       266,579,220  
    
 
 
   
 
 
 
Cash, end of period
   $ 231,384,779     $ 350,889,913  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
13

PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31,
2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $1,016,679,454 and $848,800,309, respectively)
   $ 1,016,050,654      $ 848,757,567  
Cash
     122,491,540        86,582,912  
Segregated cash balances with brokers for futures contracts
     198,872,883        130,704,477  
Segregated cash balances with brokers for swap agreements
     181,812,000        —    
Unrealized appreciation on swap agreements
     —          63,928,293  
Receivable on open futures contracts
     187,616        —    
Interest receivable
     1        3,523  
    
 
 
    
 
 
 
Total assets
     1,519,414,694        1,129,976,772  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     15,183,510        —    
Payable on open futures contracts
     37,639,347        25,317,560  
Brokerage commissions and futures account fees payable
     99,348        24,677  
Payable to Sponsor
     1,226,530        850,965  
Unrealized depreciation on swap agreements
     128,285,274        —    
    
 
 
    
 
 
 
Total liabilities
     182,434,009        26,193,202  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     1,336,980,685        1,103,783,570  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 1,519,414,694      $ 1,129,976,772  
    
 
 
    
 
 
 
Shares outstanding
     8,810,774        12,810,774  
    
 
 
    
 
 
 
Net asset value per share
   $ 151.74      $ 86.16  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 153.30      $ 86.78  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
14

PROSHARES ULTRA BLOOMBERG CRUDE OIL
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
                 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(
76
% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.076
% due
04/21/22
   $
285,000,000
     $
284,976,259
 
0.232
% due
05/19/22
    
175,000,000
      
174,939,328
 
0.321
% due
06/16/22
    
180,000,000
      
179,834,706
 
0.393
% due
07/21/22
    
47,000,000
      
46,897,831
 
0.706
% due
08/18/22
    
150,000,000
      
149,504,820
 
0.637
% due
11/03/22
    
181,000,000
      
179,897,710
 
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $
1,016,679,454
)
            $
1,016,050,654
 
             
 
 
 
Futures Contracts Purchased
 
                         
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized

Appreciation

(Depreciation)/Value
 
WTI Crude Oil - NYMEX, expires June 2022
    
4,115
     $
405,409,800
     $
144,895,562
 
WTI Crude Oil - NYMEX, expires December 2022
    
4,724
      
423,270,400
      
91,533,153
 
WTI Crude Oil - NYMEX, expires June 2023
    
5,012
      
424,065,320
      
9,162,448
 
                      
 
 
 
                       $
245,591,163
 
                      
 
 
 
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
   
04/06/22
     $
202,256,578
     $
(18,119,250
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index
    
0.35
     
04/06/22
      
394,073,711
      
(36,248,743
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index
    
0.35
     
04/06/22
      
350,316,746
      
(31,383,289
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index
    
0.25
     
04/06/22
      
190,882,596
      
(17,086,634
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index
    
0.30
     
04/06/22
      
284,170,376
      
(25,447,358
                              
 
 
 
                       
Total Unrealized
Depreciation
 
 
   $
(128,285,274
                              
 
 
 
 
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of March 31, 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.
 
15

*
Reflects the floating financing rate, as of March 31, 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.
 
16

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

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ 308,880     $ 168,075  
    
 
 
   
 
 
 
Expenses
                
Management fee
     3,084,812       2,535,085  
Brokerage commissions
     195,541       293,200  
Futures accounts fees
     252,687       98,937  
    
 
 
   
 
 
 
Total expenses
     3,533,040       2,927,222  
    
 
 
   
 
 
 
Net investment income (loss)
     (3,224,160     (2,759,147
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Futures contracts
     266,409,832       191,676,501  
Swap agreements
     533,013,238       142,674,727  
Short-term U.S. government and agency obligations
     (3,136     —    
    
 
 
   
 
 
 
Net realized gain (loss)
     799,419,934       334,351,228  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Futures contracts
     98,135,638       93,984,872  
Swap agreements
     (192,213,567     (58,990,789
Short-term U.S. government and agency obligations
     (586,058     41,573  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (94,663,987     35,035,656  
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     704,755,947       369,386,884  
    
 
 
   
 
 
 
Net income (loss)
   $ 701,531,787     $ 366,627,737  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
17

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

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 1,103,783,570     $ 902,739,250  
    
 
 
   
 
 
 
Addition of 2,150,000 and 2,350,000 shares, respectively
     330,317,033       117,044,190  
Redemption of 6,150,000 and 6,450,000 shares, respectively
     (798,651,705     (297,832,084
    
 
 
   
 
 
 
Net addition (redemption) of (4,000,000) and (4,100,000) shares, respectively
     (468,334,672     (180,787,894
    
 
 
   
 
 
 
Net investment income (loss)
     (3,224,160     (2,759,147
Net realized gain (loss)
     799,419,934       334,351,228  
Change in net unrealized appreciation (depreciation)
     (94,663,987     35,035,656  
    
 
 
   
 
 
 
Net income (loss)
     701,531,787       366,627,737  
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 1,336,980,685     $ 1,088,579,093  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
18

PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 701,531,787     $ 366,627,737  
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
     (1,394,562,680     (934,851,425
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     1,226,992,801       465,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (312,402     (85,197
Net realized (gain) loss on investments
     3,136       —    
Change in unrealized (appreciation) depreciation on investments
     192,799,625       58,949,216  
Decrease (Increase) in receivable on open futures contracts
     (187,616 )     1,611,608  
Decrease (Increase) in interest receivable
     3,522       (122,413
Increase (Decrease) in payable to Sponsor
     375,565       260,388  
Increase (Decrease) in brokerage commissions and futures account fees payable
     74,671       1,352  
Increase (Decrease) in payable on open futures contracts
     12,321,787       25,300,245  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     739,040,196       (17,308,489
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     330,317,033       117,044,190  
Payment on shares redeemed
     (783,468,195     (301,460,018
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     (453,151,162     (184,415,828
    
 
 
   
 
 
 
Net increase (decrease) in cash
     285,889,034       (201,724,317
Cash, beginning of period
     217,287,389       667,259,596  
    
 
 
   
 
 
 
Cash, end of period
   $ 503,176,423     $ 465,535,279  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
19

PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31,
2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $95,926,918 and $90,936,719, respectively)
   $ 95,749,617      $ 90,922,438  
Cash
     20,472,226        6,846,634  
Segregated cash balances with brokers for futures contracts
     24,424,860        47,289,091  
Receivable from capital shares sold
     —          20,448,741  
Receivable on open futures contracts
     13,001,650        33,998,620  
Interest receivable
     —          1,130  
    
 
 
    
 
 
 
Total assets
     153,648,353        199,506,654  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     8,420,202        —    
Payable on open futures contracts
     —          5,403,658  
Brokerage commissions and futures account fees payable
     23,412        63,628  
Payable to Sponsor
     135,253        147,190  
    
 
 
    
 
 
 
Total liabilities
     8,578,867        5,614,476  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     145,069,486        193,892,178  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 153,648,353      $ 199,506,654  
    
 
 
    
 
 
 
Shares outstanding
     2,587,527        7,587,527  
    
 
 
    
 
 
 
Net asset value per share
   $ 56.06      $ 25.55  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 56.31      $ 26.09  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
20

PROSHARES ULTRA BLOOMBERG NATURAL GAS
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(66% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.106% due 04/21/22
   $ 40,000,000      $ 39,996,668  
0.393% due 07/21/22
     24,000,000        23,947,829  
0.223% due 11/03/22
     32,000,000        31,805,120  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $95,926,918)
            $ 95,749,617  
             
 
 
 
Futures Contracts Purchased
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
Natural Gas - NYMEX, expires May 2022
     5,149      $ 290,506,580      $ 76,824,603  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
21

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

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ 39,581     $ 13,815  
    
 
 
   
 
 
 
Expenses
                
Management fee
     396,610       254,815  
Brokerage commissions
     88,452       92,297  
Futures accounts fees
     71,117       81,848  
    
 
 
   
 
 
 
Total expenses
     556,179       428,960  
    
 
 
   
 
 
 
Net investment income (loss)
     (516,598     (415,145
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Futures contracts
     76,220,688       41,582,385  
Short-term U.S. government and agency obligations
     (3,452     551  
    
 
 
   
 
 
 
Net realized gain (loss)
     76,217,236       41,582,936  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Futures contracts
     85,030,764       (17,800,783
Short-term U.S. government and agency obligations
     (163,020     1,915  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     84,867,744       (17,798,868
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     161,084,980       23,784,068  
    
 
 
   
 
 
 
Net income (loss)
   $ 160,568,382     $ 23,368,923  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
22

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

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 193,892,178     $ 169,800,371  
    
 
 
   
 
 
 
Addition of 2,600,000 and 3,400,000 shares, respectively
     87,880,355       76,480,823  
Redemption of 7,600,000 and 8,000,000 shares, respectively
     (297,271,429     (195,343,047
    
 
 
   
 
 
 
Net addition (redemption) of (5,000,000) and (4,600,000) shares, respectively
     (209,391,074     (118,862,224
    
 
 
   
 
 
 
Net investment income (loss)
     (516,598     (415,145
Net realized gain (loss)
     76,217,236       41,582,936  
Change in net unrealized appreciation (depreciation)
     84,867,744       (17,798,868
    
 
 
   
 
 
 
Net income (loss)
     160,568,382       23,368,923  
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 145,069,486     $ 74,307,070  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
23

PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 160,568,382     $ 23,368,923  
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
     (135,944,242     (88,986,855
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     130,991,301       84,999,676  
Net amortization and accretion on short-term U.S. government and agency obligations
     (40,710     (9,576
Net realized (gain) loss on investments
     3,452       (551
Change in unrealized (appreciation) depreciation on investments
     163,020       (1,915
Decrease (Increase) in receivable on open futures contracts
     20,996,970       13,775,851  
Decrease (Increase) in interest receivable
     1,130       3,558  
Increase (Decrease) in payable to Sponsor
     (11,937     (76,137
Increase (Decrease) in brokerage commissions and futures account fees payable
     (40,216     13,490  
Increase (Decrease) in payable on open futures contracts
     (5,403,658     798,217  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     171,283,492       33,884,681  
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     108,329,096       76,480,823  
Payment on shares redeemed
     (288,851,227     (203,242,570
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     (180,522,131     (126,761,747
    
 
 
   
 
 
 
Net increase (decrease) in cash
     (9,238,639 )     (92,877,066
Cash, beginning of period
     54,135,725       137,292,722  
    
 
 
   
 
 
 
Cash, end of period
   $ 44,897,086     $ 44,415,656  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
24

PROSHARES ULTRA EURO
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $4,690,961 and $998,130, respectively)
   $ 4,685,054      $ 997,678  
Cash
     1,608,252        6,891,458  
Segregated cash balances with brokers for foreign currency forward contracts
     —          691,000  
Unrealized appreciation on foreign currency forward contracts
     —          84,150  
Interest receivable
     —          153  
    
 
 
    
 
 
 
Total assets
     6,293,306        8,664,439  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable to Sponsor
     6,006        3,846  
Unrealized depreciation on foreign currency forward contracts
     50,318        1,498  
    
 
 
    
 
 
 
Total liabilities
     56,324        5,344  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     6,236,982        8,659,095  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 6,293,306      $ 8,664,439  
    
 
 
    
 
 
 
Shares outstanding
     500,000        650,000  
    
 
 
    
 
 
 
Net asset value per share
   $ 12.47      $ 13.32  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 12.46      $ 13.33  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
25

PROSHARES ULTRA EURO
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(75% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.393% due 07/21/22
   $ 4,000,000      $ 3,991,305  
0.554% due 11/03/22
     698,000        693,749  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $4,690,961)
            $ 4,685,054  
             
 
 
 
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
     04/08/22        4,422,921     $ 4,893,608     $ (7,961
Euro with UBS AG
     04/08/22        11,991,502       13,267,638       (31,928
                             
 
 
 
                        Total Unrealized
Depreciation
 
 
  $ (39,889
                             
 
 
 
Contracts to Sell
                                 
Euro with UBS AG
     04/08/22        (5,127,000   $ (5,672,615   $ (10,429
                             
 
 
 
                       
Total Unrealized
Depreciation
 
 
  $ (10,429
                             
 
 
 
 
All or partial amount pledged as collateral for foreign currency forward contracts.
^
The positions and counterparties herein are as of March 31, 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.
 
26

PROSHARES ULTRA EURO
STATEMENTS OF OPERATIONS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ 4,587     $ 584  
    
 
 
   
 
 
 
Expenses
                
Management fee
     20,278       10,078  
    
 
 
   
 
 
 
Total expenses
     20,278       10,078  
    
 
 
   
 
 
 
Net investment income (loss)
     (15,691     (9,494
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Foreign currency forward contracts
     (441,030     (27,342
Short-term U.S. government and agency obligations
     (5,949     —    
    
 
 
   
 
 
 
Net realized gain (loss)
     (446,979     (27,342
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Foreign currency forward contracts
     (132,970     (311,140
Short-term U.S. government and agency obligations
     (5,455     88  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (138,425     (311,052
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     (585,404     (338,394
    
 
 
   
 
 
 
Net income (loss)
   $ (601,095   $ (347,888
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
27

PROSHARES ULTRA EURO
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 8,659,095     $ 4,737,350  
    
 
 
   
 
 
 
Addition of 100,000 and – shares, respectively
     1,316,267       —    
Redemption of 250,000 and 50,000 shares, respectively
     (3,137,285     (777,738
    
 
 
   
 
 
 
Net addition (redemption) of (150,000) and (50,000) shares, respectively
     (1,821,018     (777,738
    
 
 
   
 
 
 
Net investment income (loss)
     (15,691     (9,494
Net realized gain (loss)
     (446,979     (27,342
Change in net unrealized appreciation (depreciation)
     (138,425     (311,052
    
 
 
   
 
 
 
Net income (loss)
     (601,095     (347,888
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 6,236,982     $ 3,611,724  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
28

PROSHARES ULTRA EURO
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ (601,095   $ (347,888
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     (1,999,562
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     2,290,249       1,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (4,740     (323
Net realized (gain) loss on investments
     5,949       —    
Change in unrealized (appreciation) depreciation on investments
     138,425       311,052  
Decrease (Increase) in interest receivable
     153       92  
Increase (Decrease) in payable to Sponsor
     2,160       (614
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (4,153,188     (1,037,243
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     1,316,267       —    
Payment on shares redeemed
     (3,137,285     (777,738
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     (1,821,018     (777,738
    
 
 
   
 
 
 
Net increase (decrease) in cash
     (5,974,206     (1,814,981
Cash, beginning of period
     7,582,458       4,652,092  
    
 
 
   
 
 
 
Cash, end of period
   $ 1,608,252     $ 2,837,111  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
29

PROSHARES ULTRA GOLD
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31,
2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $298,652,557 and $207,964,168, respectively)
   $ 298,473,849      $ 207,956,320  
Cash
     37,818,466        9,328,332  
Segregated cash balances with brokers for futures contracts
     13,525,200        6,093,750  
Segregated cash balances with brokers for swap agreements
     11,048,000        —    
Unrealized appreciation on swap agreements
     —          8,639,188  
Receivable on open futures contracts
     2,562,814        944,644  
Interest receivable
     —          690  
    
 
 
    
 
 
 
Total assets
     363,428,329        232,962,924  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Brokerage commissions and futures account fees payable
     10,530        4,034  
Payable to Sponsor
     277,421        178,356  
Unrealized depreciation on swap agreements
     8,110,556        —    
    
 
 
    
 
 
 
Total liabilities
     8,398,507        182,390  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     355,029,822        232,780,534  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 363,428,329      $ 232,962,924  
    
 
 
    
 
 
 
Shares outstanding
     5,300,000        3,900,000  
    
 
 
    
 
 
 
Net asset value per share
   $ 66.99      $ 59.69  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 66.14      $ 59.81  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
30
PROSHARES ULTRA GOLD
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(84% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.021% due 04/21/22
   $ 50,000,000      $ 49,995,835  
0.209% due 05/19/22
     25,000,000        24,991,332  
0.363% due 06/16/22
     90,000,000        89,917,353  
0.393% due 07/21/22
     45,000,000        44,902,179  
0.706% due 08/18/22
     75,000,000        74,752,410  
0.223% due 11/03/22
     14,000,000        13,914,740  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $298,652,557)
            $ 298,473,849  
             
 
 
 
Futures Contracts Purchased
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Number of

Contracts
    
Notional Amount

at Value
    
Unrealized

Appreciation

(Depreciation)/Value
 
Gold Futures - COMEX, expires June 2022
     1,871      $ 365,593,400      $ (7,245,013
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     04/06/22      $ 118,728,333      $ (2,792,482
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex
     0.25       04/06/22        102,600,526        (2,413,156
Swap agreement with UBS AG based on Bloomberg Gold Subindex
     0.25       04/06/22        123,508,801        (2,904,918
                              
 
 
 
                       
Total Unrealized
Depreciation
 
 
   $ (8,110,556
                              
 
 
 
 
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of March 31, 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 March 31, 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.
 
31

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

March 31,
 
  
2022
   
2021
 
Investment Income
                
Interest
   $ 95,113     $ 35,827  
    
 
 
   
 
 
 
Expenses
                
Management fee
     671,415       568,207  
Brokerage commissions
     21,659       14,888  
Futures accounts fees
     19,505       32,402  
    
 
 
   
 
 
 
Total expenses
     712,579       615,497  
    
 
 
   
 
 
 
Net investment income (loss)
     (617,466     (579,670
    
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
                
Net realized gain (loss) on
                
Futures contracts
     20,190,020       (16,805,897
Swap agreements
     37,628,576       (34,442,235
Short-term U.S. government and agency obligations
     —         245  
    
 
 
   
 
 
 
Net realized gain (loss)
     57,818,596       (51,247,887
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
                
Futures contracts
     (7,899,907     (2,253,749
Swap agreements
     (16,749,744     1,019,450  
Short-term U.S. government and agency obligations
     (170,860     1,796  
    
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (24,820,511     (1,232,503
    
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     32,998,085       (52,480,390
    
 
 
   
 
 
 
Net income (loss)
   $ 32,380,619     $ (53,060,060
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
32

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

March 31,
 
  
2022
   
2021
 
Shareholders’ equity, beginning of period
   $ 232,780,534     $ 263,540,473  
    
 
 
   
 
 
 
Addition of 1,500,000 and 600,000 shares, respectively
     95,684,676       37,062,261  
Redemption of 100,000 and 550,000 shares, respectively
     (5,816,007     (32,994,618
    
 
 
   
 
 
 
Net addition (redemption) of 1,400,000 and 50,000 shares, respectively
     89,868,669       4,067,643  
    
 
 
   
 
 
 
Net investment income (loss)
     (617,466     (579,670
Net realized gain (loss)
     57,818,596       (51,247,887
Change in net unrealized appreciation (depreciation)
     (24,820,511     (1,232,503
    
 
 
   
 
 
 
Net income (loss)
     32,380,619       (53,060,060
    
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 355,029,822     $ 214,548,056  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
33

PROSHARES ULTRA GOLD
STATEMENTS OF CASH FLOWS
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Three Months Ended

March 31,
 
  
2022
   
2021
 
Cash flow from operating activities
                
Net income (loss)
   $ 32,380,619     $ (53,060,060
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
     (439,592,586     (206,969,781
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     349,000,000       194,999,771  
Net amortization and accretion on short-term U.S. government and agency obligations
     (95,803     (27,375
Net realized (gain) loss on investments
     —         (245
Change in unrealized (appreciation) depreciation on investments
     16,920,604       (1,021,246
Decrease (Increase) in receivable on open futures contracts
     (1,618,170     (1,456,440
Decrease (Increase) in interest receivable
     690       4,186  
Increase (Decrease) in payable to Sponsor
     99,065       (30,328
Increase (Decrease) in brokerage commissions and futures account fees payable
     6,496       9,172  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (42,899,085     (67,552,346
    
 
 
   
 
 
 
Cash flow from financing activities
                
Proceeds from addition of shares
     95,684,676       37,062,261  
Payment on shares redeemed
     (5,816,007     (32,994,618
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     89,868,669       4,067,643  
    
 
 
   
 
 
 
Net increase (decrease) in cash
     46,969,584       (63,484,703
Cash, beginning of period
     15,422,082       183,452,109  
    
 
 
   
 
 
 
Cash, end of period
   $ 62,391,666     $ 119,967,406  
    
 
 
   
 
 
 
See accompanying notes to financial statements.
 
34

PROSHARES ULTRA SILVER
STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
 
 
    
March 31, 2022

(unaudited)
    
December 31, 2021
 
Assets
                 
Short-term U.S. government and agency obligations (Note 3) (cost $465,593,363 and $451,896,236, respectively)
   $ 465,290,460      $ 451,872,982  
Cash
     22,418,785        10,985,565  
Segregated cash balances with brokers for futures contracts
     13,190,750        14,502,938  
Segregated cash balances with brokers for swap agreements
     81,624,040        —    
Unrealized appreciation on swap agreements
     —          40,591,699  
Receivable on open futures contracts
     174,600        1,384,919  
Interest receivable
     —          1,582  
    
 
 
    
 
 
 
Total assets
     582,698,635        519,339,685  
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
                 
Liabilities
                 
Payable for capital shares redeemed
     —          3,483,770  
Brokerage commissions and futures account fees payable
     9,893        9,833  
Payable to Sponsor
     462,171        392,488  
Unrealized depreciation on swap agreements
     23,850,730        —    
    
 
 
    
 
 
 
Total liabilities
     24,322,794        3,886,091  
    
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
                 
Shareholders’ equity
                 
Shareholders’ equity
     558,375,841        515,453,594  
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 582,698,635      $ 519,339,685  
    
 
 
    
 
 
 
Shares outstanding
     14,296,526        14,796,526  
    
 
 
    
 
 
 
Net asset value per share
   $ 39.06      $ 34.84  
    
 
 
    
 
 
 
Market value per share (Note 2)
   $ 38.53      $ 34.74  
    
 
 
    
 
 
 
See accompanying notes to financial statements.
 
35

PROSHARES ULTRA SILVER
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(unaudited)
 
 
 
 
 
 
 
 
 
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
                 
(83% of shareholders’ equity)
                 
U.S. Treasury Bills
^^
:
                 
0.135% due 04/21/22†
   $ 75,000,000      $ 74,993,752  
0.209% due 05/19/22†
     150,000,000        149,947,995  
0.351% due 06/16/22†
     100,000,000        99,908,170  
0.393% due 07/21/22†
     23,000,000        22,950,003  
0.706% due 08/18/22†
     75,000,000        74,752,410  
0.223% due 11/03/22†
     43,000,000        42,738,130  
             
 
 
 
Total short-term U.S. government and agency obligations
(cost $465,593,363)
            $ 465,290,460