10-Q 1 d817945d10q.htm 10-Q 10-Q
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See Note 8 of these Notes to Financial Statements.Percentages are not annualized for the period ended March 31, 2024.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 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 and Note 8 of these Notes to Financial Statements.The positions and counterparties herein are as of March 31, 2024. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.Reflects the floating financing rate, as of March 31, 2024, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2024.Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. 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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, 2024.
or
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from
     
to
 
.
Commission file number:
001-34200
 
 
PROSHARES TRUST II
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
87-6284802
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
c/o ProShare Capital Management LLC
7272 Wisconsin Avenue, 21
st
Floor
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip Code)
(240)
497-6400
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
ProShares Short VIX Short-Term Futures ETF   SVXY   Cboe BZX Exchange
ProShares Ultra Bloomberg Crude Oil   UCO   NYSE Arca
ProShares Ultra Bloomberg Natural Gas   BOIL   NYSE Arca
ProShares Ultra Euro   ULE   NYSE Arca
ProShares Ultra Gold   UGL   NYSE Arca
ProShares Ultra Silver   AGQ   NYSE Arca
ProShares Ultra VIX Short-Term Futures ETF   UVXY   Cboe BZX Exchange
ProShares Ultra Yen   YCL   NYSE Arca
ProShares UltraShort Bloomberg Crude Oil   SCO   NYSE Arca
ProShares UltraShort Bloomberg Natural Gas   KOLD   NYSE Arca
ProShares UltraShort Euro   EUO   NYSE Arca
ProShares UltraShort Gold   GLL   NYSE Arca
ProShares UltraShort Silver   ZSL   NYSE Arca
ProShares UltraShort Yen   YCS   NYSE Arca
ProShares VIX
Mid-Term
Futures ETF
  VIXM   Cboe BZX Exchange
ProShares VIX Short-Term Futures ETF   VIXY   Cboe BZX Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large Accelerated Filer      Accelerated Filer  
Non-Accelerated Filer
     Smaller Reporting Company  
Emerging Growth Company       
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act.). ☐ Yes  No
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No
As of May 2, 2024, the registrant had
126,184,561 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:
  
     2  
     7  
     12  
     17  
     22  
     27  
     32  
     37  
     42  
     47  
     52  
     57  
     62  
     67  
     72  
     77  
     82  
     86  

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
March 31, 2024
(unaudited)
    
December 31,
2023
 
Assets
     
Short-term U.S. government and agency obligations (Note 3) (cost $148,766,040 and $109,391,681, respectively)
   $ 148,757,467      $ 109,410,342  
Cash
     35,336,557        54,492,235  
Segregated cash balances with brokers for futures contracts
     92,929,810        88,647,616  
Receivable on open futures contracts
     38,527,249        30,330,665  
Interest receivable
     403,104        456,930  
  
 
 
    
 
 
 
Total assets
     315,954,187        283,337,788  
  
 
 
    
 
 
 
Liabilities and shareholders’ equity
     
Liabilities
     
Payable for capital shares redeemed
            15,522,316  
Payable on open futures contracts
     1,713,926        372,680  
Brokerage commissions and futures account fees payable
     7,440        9,571  
Payable to Sponsor
     254,022        248,862  
  
 
 
    
 
 
 
Total liabilities
     1,975,388        16,153,429  
  
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
     
Shareholders’ equity
     
Shareholders’ equity
     313,978,799        267,184,359  
  
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 315,954,187      $ 283,337,788  
  
 
 
    
 
 
 
Shares outstanding (Note 8)
     5,568,614        5,168,614  
  
 
 
    
 
 
 
Net asset value per share (Note 8)
   $ 56.38      $ 51.69  
  
 
 
    
 
 
 
Market value per share (Note 8) (Note 2)
   $ 56.37      $ 51.70  
  
 
 
    
 
 
 
See accompanying notes to financial statements.
 
2

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2024
(unaudited)
 
    
Principal
Amount
    
Value
 
Short-term U.S. government and agency obligations
     
(47% of shareholders’ equity)
     
U.S. Treasury Bills
^^
:
     
5.365% due 04/18/24
   $ 50,000,000      $ 49,875,215  
5.269% due 06/06/24
     50,000,000        49,521,960  
5.352% due 06/18/24
     25,000,000        24,717,792  
5.349% due 07/09/24
     25,000,000        24,642,500  
     
 
 
 
Total short-term U.S. government and agency obligations
(cost $148,766,040)
      $ 148,757,467  
     
 
 
 
Futures Contracts Sold
 
    
Number of
Contracts
    
Notional
Amount
at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
VIX Futures - Cboe, expires April 2024
     6,720      $ 96,557,664      $ 7,932,302  
VIX Futures - Cboe, expires May 2024
     3,920        60,440,520        80,735  
        
 
 
 
         $ 8,013,037  
        
 
 
 
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
3

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
March 31,
 
    
2024
   
2023
 
Investment Income
    
Interest
   $ 3,309,285     $ 2,109,122  
  
 
 
   
 
 
 
Expenses
    
Management fee
     740,396       565,777  
Brokerage commissions
     171,599       126,503  
  
 
 
   
 
 
 
Total expenses
     911,995       692,280  
  
 
 
   
 
 
 
Net investment income (loss)
     2,397,290       1,416,842  
  
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
    
Net realized gain (loss) on
    
Futures contracts
     28,496,948       29,604,148  
Short-term U.S. government and agency obligations
     17,669        
  
 
 
   
 
 
 
Net realized gain (loss)
     28,514,617       29,604,148  
  
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
    
Futures contracts
     (4,627,587     3,178,807  
Short-term U.S. government and agency obligations
     (27,234     (23,630
  
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     (4,654,821     3,155,177  
  
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     23,859,796       32,759,325  
  
 
 
   
 
 
 
Net income (loss)
   $ 26,257,086     $ 34,176,167  
  
 
 
   
 
 
 
See accompanying notes to financial statements.
 
4
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
March 31,
 
    
2024
   
2023
 
Shareholders’ equity, beginning of period
   $ 267,184,359     $ 339,591,638  
  
 
 
   
 
 
 
Addition of 2,400,000 and 4,900,000 shares, respectively (Note 8)
     128,429,751       147,299,334  
Redemption of 2,000,000 and 7,200,000 shares, respectively (Note 8)
     (107,892,397     (225,726,746
  
 
 
   
 
 
 
Net addition (redemption) of 400,000 and (2,300,000) shares, respectively (Note 8)
     20,537,354       (78,427,412
  
 
 
   
 
 
 
Net investment income (loss)
     2,397,290       1,416,842  
Net realized gain (loss)
     28,514,617       29,604,148  
Change in net unrealized appreciation (depreciation)
     (4,654,821     3,155,177  
  
 
 
   
 
 
 
Net income (loss)
     26,257,086       34,176,167  
  
 
 
   
 
 
 
Shareholders’ equity, end of period
   $ 313,978,799     $ 295,340,393  
  
 
 
   
 
 
 
See accompanying notes to financial statements.
 
5

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Three Months Ended
March 31,
 
    
2024
   
2023
 
Cash flow from operating activities
    
Net income (loss)
   $ 26,257,086     $ 34,176,167  
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
     (172,768,544     (99,763,542
Proceeds from sales or maturities of short-term U.S. government and agency obligations
     135,017,669       150,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
     (1,605,815     (813,036
Net realized (gain) loss on investments
     (17,669      
Change in unrealized (appreciation) depreciation on investments
     27,234       23,630  
Decrease (Increase) in receivable on open futures contracts
     (8,196,584     23,629,273  
Decrease (Increase) in interest receivable
     53,826       3,869  
Increase (Decrease) in payable to Sponsor
     5,160       (150,813
Increase (Decrease) in brokerage commissions and futures account fees payable
     (2,131     (16,391
Increase (Decrease) in payable on open futures contracts
     1,341,246        
  
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     (19,888,522     107,089,157  
  
 
 
   
 
 
 
Cash flow from financing activities
    
Proceeds from addition of shares
     128,429,751       147,299,334  
Payment on shares redeemed
     (123,414,713     (222,035,742
  
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     5,015,038       (74,736,408
  
 
 
   
 
 
 
Net increase (decrease) in cash
     (14,873,484     32,352,749  
Cash, beginning of period
     143,139,851       133,946,941  
  
 
 
   
 
 
 
Cash, end of period
   $ 128,266,367     $ 166,299,690  
  
 
 
   
 
 
 
See accompanying notes to financial statements.
 
6

PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF FINANCIAL CONDITION
 
    
March 31, 2024
(unaudited)
    
December 31,
2023
 
Assets
     
Short-term U.S. government and agency obligations (Note 3) (cost $301,987,549 and $233,435,026, respectively)
   $ 301,974,899      $ 233,476,941  
Cash
     9,434,959        123,662,313  
Segregated cash balances with brokers for futures contracts
     33,977,462        70,781,753  
Segregated cash balances with brokers for swap agreements
     202,937,760        203,734,760  
Unrealized appreciation on swap agreements
     47,666,365        17,954,935  
Receivable from capital shares sold
            5,255,022  
Receivable on open futures contracts
     2,343,342         
Interest receivable
     217,730        568,017  
  
 
 
    
 
 
 
Total assets
     598,552,517        655,433,741  
  
 
 
    
 
 
 
Liabilities and shareholders’ equity
     
Liabilities
     
Payable on open futures contracts
     899,964        2,099,944  
Brokerage commissions and futures account fees payable
     3,652        5,682  
Payable to Sponsor
     472,006        534,678  
  
 
 
    
 
 
 
Total liabilities
     1,375,622        2,640,304  
  
 
 
    
 
 
 
Commitments and Contingencies (Note 2)
     
Shareholders’ equity
     
Shareholders’ equity
     597,176,895        652,793,437  
  
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 598,552,517      $ 655,433,741  
  
 
 
    
 
 
 
Shares outstanding
     17,993,096        24,843,096  
  
 
 
    
 
 
 
Net asset value per share
   $ 33.19      $ 26.28  
  
 
 
    
 
 
 
Market value per share (Note 2)
   $ 33.00      $ 26.10  
  
 
 
    
 
 
 
See accompanying notes to financial statements.
 
7

PROSHARES ULTRA BLOOMBERG CRUDE OIL
SCHEDULE OF INVESTMENTS
MARCH 31, 2024
(unaudited)
 
    
Principal Amount
    
Value
 
Short-term U.S. government and agency obligations
     
(51% of shareholders’ equity)
     
U.S. Treasury Bills
^^
:
     
5.365% due 04/18/24
   $ 50,000,000      $ 49,875,215  
5.273% due 05/14/24
     30,000,000        29,811,159  
5.269% due 06/06/24
     75,000,000        74,282,940  
5.352% due 06/18/24
     50,000,000        49,435,585  
5.349% due 07/09/24
     100,000,000        98,570,000  
     
 
 
 
Total short-term U.S. government and agency obligations
(cost $301,987,549)
      $ 301,974,899  
     
 
 
 
 
Futures Contracts Purchased
        
    
Number of
Contracts
    
Notional Amount
at Value
    
Unrealized
Appreciation
(Depreciation)/Value
 
WTI Crude Oil - NYMEX, expires June 2024
     1,009      $ 83,161,780      $ 12,762,625  
WTI Crude Oil - NYMEX, expires December 2024
     1,066        82,977,440        5,557,088  
WTI Crude Oil - NYMEX, expires June 2025
     1,108        82,723,280        3,592,032  
        
 
 
 
         $ 21,911,745  
        
 
 
 
 
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     04/08/24      $ 207,504,255      $ 10,459,881  
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.35     04/08/24        257,994,386        13,004,988  
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.35     04/08/24        129,073,877        6,506,359  
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.25     04/08/24        195,835,168        9,882,872  
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index
     0.30     04/08/24        154,892,648        7,812,265  
          
 
 
 
          Total Unrealized
Appreciation

 
   $ 47,666,365  
          
 
 
 
 
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of March 31, 2024. 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, 2024, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
8

PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
March 31,
 
    
2024
   
2023
 
Investment Income
    
Interest
   $ 5,010,450     $ 6,007,908  
  
 
 
   
 
 
 
Expenses
    
Management fee
     1,477,017       1,874,618  
Brokerage commissions
     61,804       94,344  
  
 
 
   
 
 
 
Total expenses
     1,538,821       1,968,962  
  
 
 
   
 
 
 
Net investment income (loss)
     3,471,629       4,038,946  
  
 
 
   
 
 
 
Realized and unrealized gain (loss) on investment activity
    
Net realized gain (loss) on
    
Futures contracts
     16,466,837       10,834,024  
Swap agreements
     76,651,763       74,946,403  
Short-term U.S. government and agency obligations
     12,505        
  
 
 
   
 
 
 
Net realized gain (loss)
     93,131,105       85,780,427  
  
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation) on
    
Futures contracts
     25,426,977       3,202,447  
Swap agreements
     29,711,430       (141,361,963
Short-term U.S. government and agency obligations
     (54,565     (50,926
  
 
 
   
 
 
 
Change in net unrealized appreciation (depreciation)
     55,083,842       (138,210,442
  
 
 
   
 
 
 
Net realized and unrealized gain (loss)
     148,214,947       (52,430,015
  
 
 
   
 
 
 
Net income (loss)
   $ 151,686,576     $ (48,391,069
  
 
 
   
 
 
 
See accompanying notes to financial statements.
 
9
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
March 31,
 
    
2024
   
2023
 
Shareholders’ equity, beginning of period
   $ 652,793,437     $ 859,094,274  
  
 
 
   
 
 
 
Addition of 4,050,000 and 19,100,000 shares, respectively
     109,039,827       459,350,575  
Redemption of 10,900,000 and 16,900,000 shares, respectively
     (316,342,945     (458,385,324
  
 
 
   
 
 
 
Net addition (redemption) of (6,850,000) and 2,200,000 shares, respectively
     (207,303,118     965,251  
  
 
 
   
 
 
 <