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