ProShares Trust II

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

SCO$20.19+2.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

ProShares Ultra Yen

	December 31, 2023	December 31, 2022
Assets
Cash	$27,001,312	$11,444,958
Segregated cash balances with brokers for foreign currency forward contracts	2,976,399	1,357,000
Unrealized appreciation on foreign currency forward contracts	1,534,924	1,152,834
Interest receivable	104,541	39,204
Total assets	31,617,176	13,993,996
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed	1,373,167	—
Payable to Sponsor	22,600	10,915
Unrealized depreciation on foreign currency forward contracts	15,639	168,285
Total liabilities	1,411,406	179,200
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity	30,205,770	13,814,796
Total liabilities and shareholders’ equity	$31,617,176	$13,993,996
Shares outstanding	1,099,970	399,970
Net asset value per share	$27.46	$34.54
Market value per share (Note 2)	$27.49	$34.56

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International	01/19/24	4,094,365,056	$29,127,726	$647,731
Yen with UBS AG	01/19/24	4,865,329,856	34,612,448	887,193
			Total Unrealized Appreciation	$1,534,924
Contracts to Sell
Yen with Goldman Sachs International	01/19/24	(17,917,000)	$(127,463)	$(870)
Yen with UBS AG	01/19/24	(446,432,000)	(3,175,962)	(14,769)
			Total Unrealized Depreciation	$(15,639)

^	The positions and counterparties herein are as of December 31, 2023. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

	Settlement Date	Contract Amount in Local Currency	Contract Amount in U.S. Dollars	Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International	01/13/23	2,416,807,517	$18,448,587	$687,999
Yen with UBS AG	01/13/23	1,820,713,856	13,898,334	464,835
			Total Unrealized Appreciation	$1,152,834
Contracts to Sell
Yen with Goldman Sachs International	01/13/23	(26,985,000)	$(205,989)	$(4,879)
Yen with UBS AG	01/13/23	(585,973,000)	(4,472,998)	(163,406)
			Total Unrealized Depreciation	$(168,285)

^	The positions and counterparties herein are as of December 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.

	Year Ended December 31,
	2023	2022	2021
Investment Income
Interest	$667,026	$120,631	$1,187
Expenses
Management fee	145,536	65,070	24,974
Non-recurring fees and expenses	—	508	—
Total expenses	145,536	65,578	24,974
Net investment income (loss)	521,490	55,053	(23,787)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts	(2,637,502)	(1,141,826)	(442,767)
Short-term U.S. government and agency obligations	—	1,548	103
Net realized gain (loss)	(2,637,502)	(1,140,278)	(442,664)
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts	534,736	1,077,661	(160,199)
Change in net unrealized appreciation (depreciation)	534,736	1,077,661	(160,199)
Net realized and unrealized gain (loss)	(2,102,766)	(62,617)	(602,863)
Net income (loss)	$(1,581,276)	$(7,564)	$(626,650)

	Year Ended December 31,
	2023	2022	2021
Shareholders’ equity, beginning of period	$13,814,796	$2,362,849	$2,989,499
Addition of 1,000,000, 500,000 and – shares, respectively	27,033,889	15,919,421	—
Redemption of 300,000, 150,000 and – shares, respectively	(9,061,639)	(4,459,910)	—
Net addition (redemption) of 700,000, 350,000 and – shares, respectively	17,972,250	11,459,511	—
Net investment income (loss)	521,490	55,053	(23,787)
Net realized gain (loss)	(2,637,502)	(1,140,278)	(442,664)
Change in net unrealized appreciation (depreciation)	534,736	1,077,661	(160,199)
Net income (loss)	(1,581,276)	(7,564)	(626,650)
Shareholders’ equity, end of period	$30,205,770	$13,814,796	$2,362,849

F-

	Year Ended December 31,
	2023	2022	2021
Cash flow from operating activities
Net income (loss)	$(1,581,276)	$(7,564)	$(626,650)
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	—	(995,769)	(1,499,740)
Proceeds from sales or maturities of short-term U.S. government and agency obligations	—	1,001,548	1,500,103
Net amortization and accretion on short-term U.S. government and agency obligations	—	(4,231)	(260)
Net realized (gain) loss on investments	—	(1,548)	(103)
Change in unrealized (appreciation) depreciation on investments	(534,736)	(1,077,661)	160,199
Decrease (Increase) in interest receivable	(65,337)	(39,109)	16
Increase (Decrease) in payable to Sponsor	11,685	8,961	(430)
Increase (Decrease) in non-recurring fees and expenses payable	—	—	(11)
Net cash provided by (used in) operating activities	(2,169,664)	(1,115,373)	(466,876)
Cash flow from financing activities
Proceeds from addition of shares	27,033,889	15,919,421	—
Payment on shares redeemed	(7,688,472)	(4,459,910)	—
Net cash provided by (used in) financing activities	19,345,417	11,459,511	—
Net increase (decrease) in cash	17,175,753	10,344,138	(466,876)
Cash, beginning of period	12,801,958	2,457,820	2,924,696
Cash, end of period	$29,977,711	$12,801,958	$2,457,820

F-

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