ProShares Trust II Files Amended 2023 10-K

Ticker: UCO · Form: 10-K/A · Filed: Nov 18, 2024 · CIK: 1415311

Sentiment: neutral

Topics: amended-filing, crypto-assets, sec-filing

TL;DR

ProShares Trust II amended its 2023 10-K, filed Nov 18, 2024. Check for crypto asset updates.

AI Summary

ProShares Trust II filed an amended 10-K for the fiscal year ending December 31, 2023, on November 18, 2024. The filing, identified by accession number 0001193125-24-260991, provides updated information for the company, which is involved in crypto assets. The company's principal executive offices are located in Bethesda, Maryland.

Why It Matters

This amended filing provides updated financial and operational information for ProShares Trust II, which is crucial for investors and stakeholders to assess the company's current standing and future prospects in the crypto asset market.

Risk Assessment

Risk Level: medium — Amendments to 10-K filings can indicate significant changes or corrections, requiring careful review by investors.

Key Numbers

Key Players & Entities

FAQ

What specific information was amended in this 10-K/A filing?

The provided text does not detail the specific amendments made in this 10-K/A filing, only that it is an amended report for the fiscal year ending December 31, 2023.

What is the primary business of ProShares Trust II?

ProShares Trust II is involved with '09 Crypto Assets', as indicated by its SIC code and company data.

Where is ProShares Trust II headquartered?

ProShares Trust II is headquartered in Bethesda, Maryland, with its business and mail address listed at 7501 Wisconsin Ave, Suite 1000.

What is the accession number for this filing?

The accession number for this 10-K/A filing is 0001193125-24-260991.

When was the original 10-K filed or when does this amendment relate to?

This is an amended 10-K (10-K/A) for the conformed period of report ending December 31, 2023, and was filed as of November 18, 2024.

Filing Stats: 4,586 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-11-18 16:57:49

Key Financial Figures

Filing Documents

, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations";

Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations";

, Item 8. "Financial Statements and Supplementary Data";

Part II, Item 8. "Financial Statements and Supplementary Data";

, Item 9A. "Controls and Procedures"; and

Part II, Item 9A. "Controls and Procedures"; and

, Item 15. "Exhibits and Financial Statement Schedules."

Part IV, Item 15. "Exhibits and Financial Statement Schedules." The Registrant is also including with this Annual Report on Form 10-K/A currently dated certifications of the Registrant's principal executive officer and principal financial officer (included in Part IV, Item 15. "Exhibits and Financial Statement Schedules" and attached as Exhibits 31.1, 31.2, 32.1 and 32.2). Additionally, as required and discussed in Note 8 to our audited financial statements, the Registrant presents the share amounts and per share calculations throughout this Annual Report on Form 10-K/A on a retrospective basis to reflect reverse stock splits and forward stock splits which have occurred subsequent to the filing of the Original Form 10-K. Table of Contents This Annual Report on Form 10-K/A is presented as of the date of the Original Form 10-K and does not reflect adjustments for events occurring after December 31, 2023, the date of the Original Form 10-K, except to the extent they are otherwise required to be included and discussed herein and does not substantively modify or update the disclosures herein other than as required to reflect the adjustments described above. Among other things, forward-looking statements made in the Original Form 10-K have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Form 10-K, other than the adjustments described above, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Form 10-K. Table of Contents PROSHARES TRUST II Table of Contents Page Part I.

Business

Item 1. Business . 1

Risk Factors

Item 1A. Risk Factors . 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments . 54

Cybersecurity

Item 1C. Cybersecurity . 54

Properties

Item 2. Properties . 54

Legal Proceedings

Item 3. Legal Proceedings . 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures . 54 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . 55

[Reserved]

Item 6. [Reserved] . 58

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations . 58

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk . 81

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data . 94

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure . 100

Controls and Procedures

Item 9A. Controls and Procedures . 100

Other Information

Item 9B. Other Information . 101

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 101 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance . 102

Executive Compensation

Item 11. Executive Compensation . 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence . 105

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services . 105 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules . 106

Form 10-K Summary

Item 16. Form 10-K Summary . 106 Exhibit Index 106

Signatures

Signatures 107 Table of Contents Part I. Item1. Business. Summary ProShares Trust II (the "Trust") is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a "Fund" and collectively, the "Funds"). As of December 31, 2023, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a "Matching VIX Fund" and collectively, the "Matching VIX Funds"); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a "Geared VIX Fund" and collectively, the "Geared VIX Funds"); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a "Leveraged Fund" and collectively, the "Leveraged Funds"); Each of the Funds listed above issues common units of beneficial interest ("Shares"), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. ("NYSE Arca"). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange ("Cboe BZX"). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the "Geared Funds". The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the "VIX Funds". On March 11, 2022, ProShares Capital Management LLC announced that it planned to close and liquidate ProShares UltraShort Australian Dollar ETF (ticker symbol: CROC) and ProShares Short Euro ETF (ticker symbol: EUFX). The last day the liquidated funds accep

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