v3.21.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Cut-off Times and Times of Calculation of Funds' Final Net Asset Value for Creation and Redemption of Fund Shares
The
cut-off
times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2021 were typically as follows. All times are Eastern Standard Time:
 
Fund
   
Create/Redeem
Cut-off*
   
NAV Calculation
Time
   
NAV
Calculation Date
Ultra Silver and UltraShort Silver
    1:00 p.m.    1:25 p.m.    March 31, 2021
 
   
 
   
 
   
 
Ultra Gold and UltraShort Gold
    1:00 p.m.    1:30 p.m.    March 31, 2021
 
   
 
   
 
   
 
Ultra Bloomberg Crude Oil,
         
Ultra Bloomberg Natural Gas,
         
UltraShort Bloomberg Crude Oil and
         
UltraShort Bloomberg Natural Gas
    2:00 p.m.    2:30 p.m.    March 31, 2021
 
   
 
   
 
   
 
Short Euro,
         
Ultra Euro,
         
Ultra Yen,
         
UltraShort Australian Dollar,
         
UltraShort Euro and
         
UltraShort Yen
    3:00 p.m.    4:00 p.m.    March 31, 2021
 
   
 
   
 
   
 
Short VIX Short-Term Futures ETF**,
         
Ultra VIX Short-Term Futures ETF**,
         
VIX
Mid-Term
Futures ETF** and
         
VIX Short-Term Futures ETF**
    2:00 p.m.    4:00 p.m.    March 31, 2021
 
   
 
   
 
   
 
 
*
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, 2021.
**
On Monday, October 26, 2020 each Fund changed its NAV calculation time from 4:15 p.m. (Eastern Time) to 4:00 p.m. (Eastern Time). Please see Note 8 in these Notes to Financial Statements for more information.
Valuation of Investments using Fair Value Hierarchy
The following table
 
summarizes the valuation of investments at March 31, 2021 using the fair value hierarchy:
 
     
                          
      
                          
      
                          
      
                          
      
                          
  
    
Level I - Quoted Prices
    
Level II - Other Significant
Observable Inputs
        
Fund
   
    Short-Term U.S.

Government and
Agencies    
     
Futures
Contracts
*
    
Foreign
Currency
Forward
Contracts
    
Swap
Agreements
    
Total
  
ProShares Short Euro
   
$
999,973
 
   
$
33,928
 
  
$
—  
 
  
$
—  
 
  
$
1,033,901
 
ProShares Short VIX Short-Term Futures ETF
   
 
91,998,460
 
   
 
50,470,675
 
  
 
—  
 
  
 
—  
 
  
 
142,469,135
 
ProShares Ultra Bloomberg Crude Oil
   
 
689,976,589
 
   
 
238,548,911
 
  
 
—  
 
  
 
(40,748,594
) 
  
 
887,776,906
 
ProShares Ultra Bloomberg Natural Gas
   
 
33,999,110
 
   
 
(11,300,062
) 
  
 
—  
 
  
 
—  
 
  
 
22,699,048
 
ProShares Ultra Euro
   
 
999,973
 
   
 
—  
 
  
 
(222,404
) 
  
 
—  
 
  
 
777,569
 
ProShares Ultra Gold
   
 
86,998,893
 
   
 
393,125
 
  
 
—  
 
  
 
6,160,430
 
  
 
93,552,448
 
ProShares Ultra Silver
   
 
419,985,837
 
   
 
(15,401,821
) 
  
 
—  
 
  
 
(28,421,003
) 
  
 
376,163,013
 
ProShares Ultra VIX Short-Term Futures ETF
   
 
376,985,173
 
   
 
(332,928,249
) 
  
 
—  
 
  
 
—  
 
  
 
44,056,924
 
ProShares Ultra Yen
   
 
499,986
 
   
 
—  
 
  
 
(189,002
) 
  
 
—  
 
  
 
310,984
 
ProShares UltraShort Australian Dollar
   
 
—  
 
   
 
67,102
 
  
 
—  
 
  
 
—  
 
  
 
67,102
 
ProShares UltraShort Bloomberg Crude Oil
   
 
34,999,082
 
   
 
(9,000,179
) 
  
 
—  
 
  
 
—  
 
  
 
25,998,903
 
ProShares UltraShort Bloomberg Natural Gas
   
 
43,998,801
 
   
 
16,272,857
 
  
 
—  
 
  
 
—  
 
  
 
60,271,658
 
ProShares UltraShort Euro
   
 
17,999,536
 
   
 
—  
 
  
 
3,254,693
 
  
 
—  
 
  
 
21,254,229
 
ProShares UltraShort Gold
   
 
12,999,597
 
   
 
39,145
 
  
 
—  
 
  
 
(685,467
) 
  
 
12,353,275
 
ProShares UltraShort Silver
   
 
14,999,620
 
   
 
3,276,894
 
  
 
—  
 
  
 
771,233
 
  
 
19,047,747
 
ProShares UltraShort Yen
   
 
14,499,635
 
   
 
—  
 
  
 
2,335,922
 
  
 
—  
 
  
 
16,835,557
 
ProShares VIX
Mid-Term
Futures ETF
   
 
31,999,153
 
   
 
(9,410,288
) 
  
 
—  
 
  
 
—  
 
  
 
22,588,865
 
ProShares VIX Short-Term Futures ETF
   
 
152,996,232
 
   
 
(59,803,004
) 
  
 
—  
 
  
 
—  
 
  
 
93,193,228
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total Trust
   
$
2,026,935,650
 
   
$
(128,740,966
) 
  
$
5,179,209
 
  
$
(62,923,401
) 
  
$
1,840,450,492
 
 
*
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.
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the valuation of investments at December 31, 2020 using the fair value hierarchy:
 
     
                          
      
                          
      
                          
      
                          
      
                          
  
    
Level I - Quoted Prices
    
Level II - Other Significant
Observable Inputs
        
Fund
   
Short-Term U.S.

Government and
Agencies
     
Futures
Contracts
*
    
Foreign
Currency
Forward
Contracts
    
Swap
Agreements
    
Total
  
ProShares Short Euro
   
$
—  
 
   
$
(44,626
) 
  
$
—  
 
  
$
—  
 
  
$
(44,626
) 
ProShares Short VIX Short-Term Futures ETF
   
 
69,999,639
 
   
 
8,348,783
 
  
 
—  
 
  
 
—  
 
  
 
78,348,422
 
ProShares Ultra Bloomberg Crude Oil
   
 
219,998,394
 
   
 
144,564,039
 
  
 
—  
 
  
 
18,242,195
 
  
 
382,804,628
 
ProShares Ultra Bloomberg Natural Gas
   
 
29,999,889
 
   
 
6,500,721
 
  
 
—  
 
  
 
—  
 
  
 
36,500,610
 
ProShares Ultra Euro
   
 
—  
 
   
 
—  
 
  
 
88,736
 
  
 
—  
 
  
 
88,736
 
ProShares Ultra Gold
   
 
74,999,467
 
   
 
2,646,874
 
  
 
—  
 
  
 
5,140,980
 
  
 
82,787,321
 
ProShares Ultra Silver
   
 
244,993,989
 
   
 
37,190,212
 
  
 
—  
 
  
 
56,752,666
 
  
 
338,936,867
 
ProShares Ultra VIX Short-Term Futures ETF
   
 
244,995,969
 
   
 
(48,524,666
) 
  
 
—  
 
  
 
(24,807
) 
  
 
196,446,496
 
ProShares Ultra Yen
   
 
—  
 
   
 
—  
 
  
 
67,087
 
  
 
—  
 
  
 
67,087
 
ProShares UltraShort Australian Dollar
   
 
—  
 
   
 
(138,950
) 
  
 
—  
 
  
 
—  
 
  
 
(138,950
) 
ProShares UltraShort Bloomberg Crude Oil
   
 
—  
 
   
 
(14,636,813
) 
  
 
—  
 
  
 
—  
 
  
 
(14,636,813
) 
ProShares UltraShort Bloomberg Natural Gas
   
 
9,999,861
 
   
 
379,310
 
  
 
—  
 
  
 
—  
 
  
 
10,379,171
 
ProShares UltraShort Euro
   
 
9,999,861
 
   
 
—  
 
  
 
(1,136,704
) 
  
 
—  
 
  
 
8,863,157
 
ProShares UltraShort Gold
   
 
—  
 
   
 
(196,930
) 
  
 
—  
 
  
 
(268,728
) 
  
 
(465,658
) 
ProShares UltraShort Silver
   
 
—  
 
   
 
(220,076
) 
  
 
—  
 
  
 
(3,197,561
) 
  
 
(3,417,637
) 
ProShares UltraShort Yen
   
 
—  
 
   
 
—  
 
  
 
(564,966
) 
  
 
—  
 
  
 
(564,966
) 
ProShares VIX
Mid-Term
Futures ETF
   
 
44,999,732
 
   
 
(1,133,616
) 
  
 
—  
 
  
 
—  
 
  
 
43,866,116
 
ProShares VIX Short-Term Futures ETF
   
 
84,999,583
 
   
 
(6,364,090
) 
  
 
—  
 
  
 
—  
 
  
 
78,635,493
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total Trust
   
$
1,034,986,384
 
   
$
128,370,172
 
  
$
(1,545,847
) 
  
$
76,644,745
 
  
$
1,238,455,454
 
*
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.