UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08239 |
ProFunds
(Exact name of registrant as specified in charter)
7272 Wisconsin Avenue, 21st Floor | Bethesda, MD | 20814 |
(Address of principal executive offices) | (Zip code) |
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code:____(240) 497-6400________________________
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2022 |
Item 1. Reports to Stockholders.
Semiannual Report
JUNE 30, 2022
Government Money Market ProFund
Table of Contents
1 | Message from the Chairman | |
3 | Allocation of Portfolio Holdings and Expense Examples | |
5 | Financial Statements and Financial Highlights | |
9 | Notes to Financial Statements | |
15 | Government Cash Management Portfolio |
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Message from the Chairman
Dear Shareholder:
During times of geopolitical and economic uncertainty, I want to reaffirm ProFunds' commitment to providing you, our investors, with comprehensive and robust products and services to help you meet your investment objectives. ProFunds remains focused on ensuring the effective management of our funds for investors. Following is our Government Money Market ProFund semiannual report to shareholders for the six months ending June 30, 2022.
The Government Money Market ProFund invests substantially all of its assets in the Government Cash Management Portfolio, a separate investment company managed by DWS Investment Management Americas, Inc.
Money market rates moved in a range of 0.1% to 1.4% during the period, closely tracking the effective Federal Funds rate, which ended the period at 1.6%.
A Surge in Inflation and Rising Interest Rates Dominated Headlines
After expanding by 5.7% in 2021, the U.S. economy contracted at an estimated annual rate of 1.6% in the first quarter of 2022, with second quarter estimates showing 1.9% growth. Factors contributing to the decline included ongoing effects of the pandemic and its latest variants, Russia's invasion of Ukraine and its impact on the world economy, mounting inflationary pressures, and continued supply chain disruptions. Despite the general economic slowdown, the labor market remained strong throughout the period, with unemployment near a 50-year low. According to the U.S. Bureau of Labor Statistics, the economy added 372,000 jobs in June, and the unemployment rate held steady at 3.6% for the fourth month in a row. The largest job gains occurred in professional and business services, leisure and hospitality, and health care.
Inflation, however, remained worrisome throughout the six-month period, with the consumer price index rising by 9.1% in June, according to the U.S. Bureau of Labor Statistics, once again exceeding forecasts and surpassing the 8.6% rise in May. Shelter, gasoline, and food were the largest contributors. The Biden administration cited outsized demand and supply chain issues related to the pandemic and the war on Ukraine as the main factors for surging prices. To cool down the economy, the Fed raised interest rates by 25 basis points in March, 50 basis points in May, and 75 basis points in June, the most aggressive increase since 1994. In his semiannual report to Congress in June, Federal Reserve Chair Jerome Powell emphasized the Fed's strong commitment to returning inflation to the central bank's longer-run goal of 2% and noted that further rate hikes within the target range would be appropriate.
Government Money Market ProFund
During this period, which has been characterized by mounting inflation and rising interest rates, the Government Money Market ProFund continued to achieve its objective of maintaining a stable net asset value of $1.00 per share for investors. The fund potentially benefits investors by seeking a higher level of current income consistent with liquidity and capital preservation. It also serves investors as a vehicle for moving money between ProFunds products or for holding assets until they are ready to invest.
We thank you for the trust and confidence you have placed in us by using the Government Money Market ProFund, and we appreciate the opportunity to continue serving your investing needs.
Sincerely,
Michael L. Sapir
Chairman of the Board of Trustees
1
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Allocation of Portfolio Holdings and Expense Examples
4 :: Government Money Market ProFund :: Allocation of Portfolio Holdings and Expense Examples :: June 30, 2022 (unaudited)
Investment Objective: The Government Money Market ProFund seeks a high level of current income consistent with liquidity and preservation of capital.
An investment in this ProFund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the ProFund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the ProFund.
Allocation of Portfolio Holdings
Government Money Market ProFund Market Exposure
Investment Type | % of Net Assets | |||
Investment in Government Cash Management Portfolio(a) | 82 | % | ||
Total Exposure | 82 | % |
(a) | The Government Cash Management Portfolio holdings are included in the accompanying financial statements of the ProFund. |
Government Cash Management Portfolio Asset Allocation(a)
Investment Type | % of Net Assets | |||
Government & Agency Obligations | ||||
U.S. Government Sponsored Agencies | 47 | % | ||
U.S. Treasury Obligations | 33 | % | ||
Repurchase Agreements | 21 | % |
Expense Examples
As a ProFund shareholder, you may incur two types of costs: (1) transaction costs, including wire redemption fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other ProFund expenses (including expenses allocated from the Government Cash Management Portfolio). These examples are intended to help you understand your ongoing costs (in dollars) of investing in the ProFund and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher. Therefore, these examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds.
Actual Expenses
The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the entire period ended June 30, 2022.
The columns below under the heading entitled "Actual" provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Expenses for Comparison Purposes
The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the entire period ended June 30, 2022.
The columns below under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on the ProFund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the ProFund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the ProFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Actual | Hypothetical (5% return before expense) | |||||||||||||||||||||||
Annualized Expense Ratio During Period | Beginning Account Value 1/1/22 | Ending Account Value 6/30/22 | Expenses Paid During Period* | Ending Account Value 6/30/22 | Expenses Paid During Period* | |||||||||||||||||||
Government Money Market ProFund – Investor Class | 0.38 | % | $ | 1,000.00 | $ | 1,000.20 | $ | 1.88 | $ | 1,022.91 | $ | 1.91 | ||||||||||||
Government Money Market ProFund – Service Class | 0.38 | % | 1,000.00 | 1,000.20 | 1.88 | 1,022.91 | 1.91 |
* | Expenses are equal to the average account value over the period multiplied by the ProFund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
Financial Statements and Financial Highlights
6 :: Government Money Market ProFund :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Investment in Government Cash Management Portfolio, at value | $ | 204,524,592 | ||
Receivable for capital shares issued | 51,294,682 | |||
Prepaid expenses | 24,301 | |||
TOTAL ASSETS | 255,843,575 | |||
LIABILITIES: | ||||
Distributions payable | 880 | |||
Payable for capital shares redeemed | 5,157,324 | |||
Management services fees payable | 78,810 | |||
Administration fees payable | 6,212 | |||
Trustee fees payable | 72 | |||
Transfer agency fees payable | 48,003 | |||
Fund accounting fees payable | 5,000 | |||
Compliance services fees payable | 869 | |||
Service fees payable | 1,265 | |||
Other accrued expenses | 86,085 | |||
TOTAL LIABILITIES | 5,384,520 | |||
NET ASSETS | $ | 250,459,055 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 250,670,634 | ||
Total distributable earnings (loss) | (211,579 | ) | ||
NET ASSETS | $ | 250,459,055 | ||
INVESTOR CLASS: | ||||
Net Assets | $ | 240,145,037 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 240,344,221 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 | ||
SERVICE CLASS: | ||||
Net Assets | $ | 10,314,018 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 10,324,737 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 |
Statement of Operations (unaudited)
For the Period Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 462,546 | (a) | |
Expenses | (63,685 | )(a)(b) | ||
TOTAL INVESTMENT INCOME | 398,861 | |||
EXPENSES: | ||||
Management services fees | 387,756 | |||
Administration fees | 32,110 | |||
Transfer agency fees | 128,904 | |||
Administrative services fees | 74,195 | |||
Registration and filing fees | 25,302 | |||
Fund accounting fees | 5,000 | |||
Trustee fees | 3,167 | |||
Compliance services fees | 711 | |||
Service fees | 6,329 | |||
Audit fees | 62,365 | |||
Other fees | 23,500 | |||
Recoupment of prior expenses reimbursed by the Advisor | 3,447 | |||
Total Gross Expenses before reductions | 752,786 | |||
Less Expenses reduced by the Advisor | (396,926 | ) | ||
TOTAL NET EXPENSES | 355,860 | |||
NET INVESTMENT INCOME | 43,001 | |||
REALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (210,348 | )(a) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (167,347 | ) |
(a) | Allocated from Government Cash Management Portfolio. | |
(b) | For the period ended June 30, 2022, the Advisor to the Government Cash Management Portfolio waived fees, of which $91,717 was allocated to the Government Money Market ProFund on a pro-rated basis. |
See accompanying notes to the financial statements.
Financial Statements :: Government Money Market ProFund :: 7
Statements of Changes in Net Assets
Period Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 43,001 | $ | 47,873 | ||||
Net realized gains (losses) on investments | (210,348 | ) | 3,219 | |||||
Change in net assets resulting from operations | (167,347 | ) | 51,092 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total Distributions | ||||||||
Investor Class | (41,826 | ) | (44,300 | ) | ||||
Service Class | (2,311 | ) | (2,023 | ) | ||||
Change in net assets resulting from distributions | (44,137 | ) | (46,323 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | ||||||||
Investor Class | 1,563,104,847 | 3,633,566,774 | ||||||
Service Class | 37,896,916 | 61,280,585 | ||||||
Distributions reinvested | ||||||||
Investor Class | 40,442 | 39,632 | ||||||
Service Class | 2,311 | 1,876 | ||||||
Value of shares redeemed | ||||||||
Investor Class | (1,516,881,276 | ) | (3,663,943,541 | ) | ||||
Service Class | (36,722,420 | ) | (61,771,682 | ) | ||||
Change in net assets resulting from capital transactions | 47,440,820 | (30,826,356 | ) | |||||
Change in net assets | 47,229,336 | (30,821,587 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 203,229,719 | 234,051,306 | ||||||
End of period | $ | 250,459,055 | $ | 203,229,719 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | ||||||||
Investor Class | 1,563,104,847 | 3,633,566,774 | ||||||
Service Class | 37,896,916 | 61,280,585 | ||||||
Reinvested | ||||||||
Investor Class | 40,442 | 39,632 | ||||||
Service Class | 2,311 | 1,876 | ||||||
Redeemed | ||||||||
Investor Class | (1,516,881,276 | ) | (3,663,943,541 | ) | ||||
Service Class | (36,722,420 | ) | (61,771,682 | ) | ||||
Change in shares | 47,440,820 | (30,826,356 | ) |
See accompanying notes to the financial statements.
8 :: Government Money Market ProFund :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Investment Activities | Distributions to Shareholders From | Ratios to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income(a)(b) | Net Realized Gains (Losses) on Investments(b) | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | Net Asset Value, End of Period | Total Return(c) | Gross Expenses(b)(d)(e) | Net Expenses(b)(d) | Net Investment Income(b)(d) | Net Assets, End of Period (000's) | |||||||||||||||||||||||||||
Government Money Market ProFund | |||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||
Period Ended June 30, 2022 (unaudited) | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.74 | % | 0.38 | %(g) | 0.04 | % | $ | 240,145 | ||||||||||||||
Year Ended December 31, 2021 | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.70 | % | 0.04 | %(g) | 0.02 | % | $ | 194,082 | ||||||||||||||
Year Ended December 31, 2020 | $ | 1.000 | 0.001 | — | (f) | 0.001 | (0.001 | ) | — | (0.001 | ) | $ | 1.000 | 0.14 | % | 0.84 | % | 0.34 | %(g) | 0.14 | % | $ | 224,414 | ||||||||||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.013 | — | (f) | 0.013 | (0.013 | ) | — | (0.013 | ) | $ | 1.000 | 1.25 | % | 0.98 | % | 0.98 | % | 1.26 | % | $ | 277,733 | ||||||||||||||||
Year Ended December 31, 2018 | $ | 1.000 | 0.009 | — | (f) | 0.009 | (0.009 | ) | — | (f) | (0.009 | ) | $ | 1.000 | 0.86 | % | 1.01 | % | 1.01 | % | 0.87 | % | $ | 460,210 | |||||||||||||||
Year Ended December 31, 2017 | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 386,955 | ||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
Period Ended June 30, 2022 (unaudited) | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.74 | % | 0.38 | %(g) | 0.04 | % | $ | 10,314 | ||||||||||||||
Year Ended December 31, 2021 | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.70 | % | 0.04 | %(g) | 0.02 | % | $ | 9,148 | ||||||||||||||
Year Ended December 31, 2020 | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 1.24 | % | 0.41 | %(g) | 0.02 | % | $ | 9,637 | ||||||||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.003 | — | (f) | 0.003 | (0.003 | ) | — | (0.003 | ) | $ | 1.000 | 0.31 | % | 1.98 | % | 1.98 | % | 0.32 | % | $ | 8,436 | ||||||||||||||||
Year Ended December 31, 2018 | $ | 1.000 | 0.002 | — | (f) | 0.002 | (0.002 | ) | — | (f) | (0.002 | ) | $ | 1.000 | 0.20 | % | 1.64 | % | 1.64 | % | 0.20 | % | $ | 14,517 | |||||||||||||||
Year Ended December 31, 2017 | $ | 1.000 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | $ | 1.000 | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 13,037 |
(a) | Per share net investment income has been calculated using the average daily shares method. | |
(b) | Per share amounts and percentages include the applicable allocation from the Government Cash Management Portfolio. | |
(c) | Not annualized for periods less than one year. | |
(d) | Annualized for periods less than one year. | |
(e) | For the periods ended June 30, 2022, December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018, and December 31, 2017, the Advisor to the Government Cash Management Portfolio waived fees which were allocated to the Government Money Market ProFund on a pro-rata basis. If included, the corresponding impact to the gross expense ratio would be an increase of 0.08%, 0.11%, 0.06%, 0.07%, 0.04%, and 0.03%, respectively. | |
(f) | Amount is less than $0.0005. | |
(g) | The expense ratio for the period reflects the deduction of certain expenses to maintain a certain minimum net yield. |
See accompanying notes to the financial statements.
Notes to Financial Statements
10 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2022 (unaudited)
1. Organization
ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series. The accompanying financial statements relate to the Government Money Market ProFund, (the "ProFund"). The ProFund has two classes of shares: the Investor Class and Service Class. The ProFund is a feeder fund in a master-feeder fund structure and seeks to achieve its objective by investing all of its investable assets in the Government Cash Management Portfolio (the "Portfolio"), an open-end management investment company that is advised by DWS Investment Management Americas, Inc. ("DIMA") and has the same investment objective as the ProFund. As of June 30, 2022, the percentage of the Portfolio's interests owned by the ProFund was 1.7%. The financial statements of the Portfolio, including its schedule of portfolio investments, are included in this report and should be read in conjunction with the ProFund's financial statements.
Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the ProFund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFund records its investments in the Portfolio at fair value, which represents its proportionate ownership of the value of the Portfolio's net assets. The valuation techniques used to determine fair value are further described in Note 3. The Portfolio's Notes to Financial Statements included elsewhere in this report provide information about the Portfolio's valuation policy and its period-end security valuations.
Investment Transactions and Related Income
The ProFund records daily its proportionate share of the Portfolio's income, expenses, and realized gains and losses. In addition, the ProFund accrues its own expenses.
Allocations
Expenses directly attributable to the ProFund are charged to the ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
The investment income, expenses (other than class specific expenses charged to a class) and realized gains and losses on investments of the ProFund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized gains and losses are incurred.
Distributions to Shareholders
The ProFund declares distributions from net investment income daily and pays the dividends on a monthly basis. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Federal Income Taxes
The ProFund intends to continue to qualify each year as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFund intends to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFund has a calendar tax year end.
Management of the ProFund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
3. Investment Valuation Summary
The valuation techniques employed by the ProFund, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs
June 30, 2022 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 11
used for valuing the ProFund's investments are summarized in the three broad levels listed below:
· | Level 1 – quoted prices in active markets for identical assets |
· | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.) |
· | Level 3 – significant unobservable inputs (including the ProFund's own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
As of June 30, 2022, the ProFund's $204,524,592 investment in the Portfolio, which is a registered investment company, is based on Level 2 inputs due to the ProFund's master-feeder structure. There were no Level 1 or Level 3 investments held by the ProFund during the period ended June 30, 2022.
4. Fees and Transactions with Affiliates and Other Parties
ProFund Advisors LLC (the "Advisor") serves as the investment advisor of the ProFund for an annual fee equal to 0.35% of the average daily net assets of the ProFund, although no fee is payable under the agreement unless the master-feeder relationship with the Portfolio is terminated and the Advisor directly invests the assets of the ProFund. DIMA is the investment advisor to the Portfolio in which the ProFund invests its assets.
Citi Fund Services Ohio, Inc. ("Citi") acts as the Trust's administrator (the "Administrator"). For its services as Administrator, the Trust pays Citi an annual fee based on the Trust's aggregate average net assets at an annualized tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.
FIS Investor Services LLC ("FIS") acts as the Trust's transfer agent. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.
ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares.
The Distribution and Service Fees were suspended throughout the period ended June 30, 2022. If the ProFund had paid an amount equal to 1.00% of the average daily net assets attributable to Service Class shares for the entire period, the Distribution and Service Fees would have been $58,640 for the period ended June 30, 2022. All or a portion of the Distribution and Services Fees may be reinstated at any time.
The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFund. For these services, the ProFund pays the Advisor a fee at the annual rate of 0.35% of its average daily net assets for providing feeder fund management and administrative services to the ProFund.
The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statement of Operations as "Service fees".
The ProFund pays fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statement of Operations as "Administrative services fees".
Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFund for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for his services at the annual rate of $325,000 per Trustee, inclusive of all meetings. During the period ended June 30, 2022, actual Trustee compensation was $487,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFund reimburses the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees".
The Advisor has contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund for the periods below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, litigation, indemnification, and extraordinary expenses) as follows:
For the Period May 1, 2022 through April 30, 2023 | For the Period May 1, 2021 through April 30, 2022 | |||||||||||||||
Investor Class | Service Class | Investor Class | Service Class | |||||||||||||
Government Money Market ProFund | 0.98 | % | 1.98 | % | 0.98 | % | 1.98 | % | ||||||||
The Advisor has also contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund through April 30, 2023 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor. The Advisor has contractually undertaken to waive its fees and/or reimburse certain expenses to maintain the minimum yield floor limit at 0.02% through April 30, 2023.
12 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2022 (unaudited)
The Advisor may recoup the management services fees contractually waived or limited and other expenses reimbursed by it within three years from the expense limit period and minimum yield limit period in which they were taken. Such recoupment shall be made monthly, but only to the extent that such recoupment would not cause the net yield of each Class of the ProFund to fall below the highest previously determined minimum yield and such recoupment would not cause annualized operating expenses to exceed the expense limit in effect at the time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor". As of June 30, 2022, the recoupments that may potentially be made by the ProFund are as follows:
Expires 4/30/23 | Expires 4/30/24 | Expires 4/30/25 | Total | |||||||||||||
Government Money Market ProFund | $ | 201,335 | $ | 1,712,162 | $ | 1,234,557 | $ | 3,148,054 | ||||||||
5. Investment Risks
The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.
Natural Disaster/Epidemic Risk
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.
Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks
The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund's investments, even beyond any direct exposure the Fund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the Fund performance and the value of an investment in the Fund.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 13
6. Federal Income Tax Information
The tax character of dividends paid to shareholders during the applicable tax years ended, as noted below, were as follows:
Ordinary Income | Total Distributions Paid | |||||||
December 31, 2021 | ||||||||
Government Money Market ProFund | $ | 47,673 | $ | 47,673 | ||||
December 31, 2020 | ||||||||
Government Money Market ProFund | $ | 352,353 | $ | 352,353 |
As of the most recent tax year ended December 31, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributions Payable | Accumulated Capital and Other Losses | Total Unrealized Appreciation (Depreciation) | Accumulated Earnings (Deficit) | |||||||||||||||||||
Government Money Market ProFund | $ | 200 | $ | — | $ | — | $ | (295 | ) | $ | — | $ | (95 | ) |
As of the tax year ended December 31, 2021, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:
No Expiration Date | ||||
Government Money Market ProFund | $ | 295 | ||
Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The Board does not intend to authorize a distribution of any realized gain for the ProFund until any applicable CLCF has been offset or utilized.
7. Subsequent Events
The ProFund has evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Subsequent to the date of the report, on July 1, 2022, the Distribution and Services Fees were partially reinstated at a rate of 0.10% on an annualized basis, of the average daily net assets attributable to Service Class shares. On August 1, 2022, the amount reinstated was increased to 0.50%. There were no additional subsequent events to report that have a material impact on the ProFund's financial statements.
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Government Cash Management Portfolio
16 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2022 (unaudited)
Investment Portfolio
Government & Agency Obligations 79.4% | ||||||||
U.S. Government Sponsored Agencies 46.6% | ||||||||
Principal Amount | Value | |||||||
Federal Farm Credit Bank, | ||||||||
SOFR + 0.07%, 1.58%(a), 8/11/2022 | $ | 152,975,000 | $ | 152,975,871 | ||||
Federal Home Loan Bank: | ||||||||
Step-Up Coupon, 1.02% to 9/30/2022, 2.01% to 3/30/2023 | 447,000,000 | 447,000,000 | ||||||
Step-Up Coupon, 1.4% to 10/28/2022, 2.5% to 4/28/2023 | 445,000,000 | 445,000,000 | ||||||
SOFR + 0.005%, 1.515%(a), 8/22/2022 | 225,000,000 | 225,000,000 | ||||||
SOFR + 0.005%, 1.515%(a), 9/16/2022 | 34,000,000 | 34,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 7/13/2022 | 250,000,000 | 250,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 7/14/2022 | 150,000,000 | 150,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 7/19/2022 | 280,000,000 | 280,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 7/21/2022 | 105,000,000 | 105,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 8/1/2022 | 440,000,000 | 440,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 8/2/2022 | 350,000,000 | 350,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 8/5/2022 | 62,275,000 | 62,275,000 | ||||||
SOFR + 0.01%, 1.52%(a), 8/15/2022 | 175,000,000 | 175,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 9/8/2022 | 585,000,000 | 585,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 9/30/2022 | 310,000,000 | 310,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 10/7/2022 | 578,000,000 | 578,000,000 | ||||||
SOFR + 0.01%, 1.52%(a), 11/4/2022 | 221,500,000 | 221,500,000 | ||||||
SOFR + 0.015%, 1.525%(a), 3/3/2023 | 150,000,000 | 150,000,000 | ||||||
SOFR + 0.03%, 1.54%(a), 1/13/2023 | 360,000,000 | 360,000,000 | ||||||
Federal Home Loan Bank Discount Notes: | ||||||||
0.964%(b), 7/11/2022 | 8,235,000 | 8,232,827 | ||||||
1.016%(b), 7/29/2022 | 495,000 | 494,615 | ||||||
1.403%(b), 8/9/2022 | 15,000,000 | 14,977,250 | ||||||
Federal Home Loan Mortgage Corp.: | ||||||||
SOFR + 0.005%, 1.515%(a), 8/4/2022 | 76,250,000 | 76,250,000 | ||||||
SOFR + 0.095%, 1.605%(a), 8/19/2022 | 207,000,000 | 207,000,000 | ||||||
5,627,705,563 | ||||||||
U.S. Treasury Obligations 32.8% | ||||||||
U.S. Treasury Bills: | ||||||||
0.605%(b), 9/1/2022 | 540,000,000 | 539,436,420 | ||||||
0.835%(b), 9/15/2022 | 292,500,000 | 291,993,341 | ||||||
0.836%(b), 9/15/2022 | 585,000,000 | 583,986,065 | ||||||
0.837%(b), 9/15/2022 | 292,500,000 | 291,992,415 | ||||||
1.194%(b), 2/23/2023 | 150,000,000 | 148,846,600 | ||||||
1.197%(b), 2/23/2023 | 75,000,000 | 74,421,819 | ||||||
U.S. Treasury Floating Rate Notes: | ||||||||
3-month U.S. Treasury Bill Money Market Yield - 0.015%, 1.743%(a), 1/31/2024 | 478,000,000 | 478,497,309 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.034%, 1.792%(a), 4/30/2023 | 195,000,000 | 195,349,203 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.049%, 1.807%(a), 1/31/2023 | 950,000,000 | 950,638,503 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.055%, 1.813%(a), 7/31/2022 | 400,000,000 | 400,017,268 | ||||||
3,955,178,943 | ||||||||
Total Government & Agency Obligations (Cost $9,582,884,506) | 9,582,884,506 | |||||||
Repurchase Agreements 20.5% | ||||||||
Barclays Bank PLC, 1.55%, dated 6/30/2022, to be repurchased at $50,002,153 on 7/1/2022(c) | 50,000,000 | 50,000,000 | ||||||
BNP Paribas, 1.47%, dated 6/30/2022, to be repurchased at $250,010,208 on 7/1/2022(d) | 250,000,000 | 250,000,000 | ||||||
Citigroup Global Markets, Inc., 1.52%, dated 6/30/2022, to be repurchased at $164,106,929 on 7/1/2022(e) | 164,100,000 | 164,100,000 | ||||||
Federal Reserve Bank of New York, 1.55%, dated 6/30/2022, to be repurchased at $1,750,075,347 on 7/1/2022(f) | 1,750,000,000 | 1,750,000,000 | ||||||
Fixed Income Clearing Corp., 1.4%, dated 6/30/2022, to be repurchased at $95,903,729 on 7/1/2022(g) | 95,900,000 | 95,900,000 | ||||||
HSBC Securities, Inc., 1.5%, dated 6/30/2022, to be repurchased at $3,800,158 on 7/1/2022(h) | 3,800,000 | 3,800,000 | ||||||
JPMorgan Securities, Inc., 1.48%, dated 6/30/2022, to be repurchased at $$6,930,285 on 7/1/2022(i) | 6,930,000 | 6,930,000 | ||||||
Merrill Lynch & Co., Inc., 1.55%, dated 6/30/2022, to be repurchased at $150,006,458 on 7/1/2022(j) | 150,000,000 | 150,000,000 | ||||||
Total Repurchase Agreements (Cost $2,470,730,000) | 2,470,730,000 |
% of Net Assets | Value | |||||||
Total Investment Portfolio (Cost $12,053,614,506) | 99.9 | 12,053,614,506 | ||||||
Other Assets and Liabilities, Net | 0.1 | 13,113,380 | ||||||
Net Assets | 100.0 | $ | 12,066,727,886 |
(a) | Floating rate security. These securities are shown at their current rate as of June 30, 2022. |
(b) | Annualized yield at time of purchase; not a coupon rate. |
The accompanying notes are an integral part of the financial statements.
as of June 30, 2022 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 17
(c) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
53,435,800 | U.S. Treasury Notes | 0.75–2.25 | 11/15/2024–11/15/2027 | 51,000,068 |
(d) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
999,700 | U.S. Cash Management Bills | Zero Coupon | 9/20/2022 | 995,841 | |||||||
11,500 | U.S. Treasury Notes | 2.875–3.0 | 6/30/2024–6/15/2025 | 11,432 | |||||||
418,912,932 | U.S. Treasury STRIPS | Zero Coupon | 5/15/2031–11/15/2051 | 253,992,727 | |||||||
Total Collateral Value | 255,000,000 |
(e) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
86,400 | U.S. Treasury Bonds | 1.875–2.375 | 5/15/2051–11/15/2051 | 64,422 | |||||||
166,606,400 | U.S. Treasury Notes | 3.0–3.25 | 6/30/2024–6/30/2027 | 167,317,607 | |||||||
Total Collateral Value | 167,382,029 |
(f) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
1,787,681,800 | U.S. Treasury Notes | 0.125–2.5 | 11/15/2022–5/15/2031 | 1,750,075,446 |
(g) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
83,045,500 | U.S. Treasury Notes | 0.625–3.0 | 4/15/2023–6/30/2024 | 97,818,009 | |||||||
(h) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
5,000 | U.S. Treasury Bills | Zero Coupon | 7/21/2022 | 4,997 | |||||||
8,900 | U.S. Treasury Notes | 0.125–3.25 | 6/30/2023–5/15/2032 | 8,365 | |||||||
4,975,664 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2026–11/15/2051 | 3,862,645 | |||||||
Total Collateral Value | 3,876,007 |
(i) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
16,066,314 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2045 | 7,068,600 |
(j) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
172,081,797 | Federal National Mortgage Association | 2.5-3.0 | 10/1/2051–7/1/2052 | 154,500,000 |
SOFR: Secured Overnight Financing Rate
STRIPS: Separate Trading of Registered Interest and Principal Securities
Fair Value Measurements
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
The accompanying notes are an integral part of the financial statements.
18 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2022 (unaudited)
The following is a summary of the inputs used as of June 30, 2022 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities(a) | $ | – | $ | 9,582,884,506 | $ | – | $ | 9,582,884,506 | ||||||||
Repurchase Agreements | $ | – | $ | 2,470,730,000 | $ | – | $ | 2,470,730,000 | ||||||||
Total | $ | – | $ | 12,053,614,506 | $ | – | $ | 12,053,614,506 |
(a) | See Investment Portfolio for additional detailed categorizations. |
The accompanying notes are an integral part of the financial statements.
Financial Statements :: Government Cash Management Portfolio :: 19
Statement of Assets and Liabilities (unaudited)
as of June 30, 2022
ASSETS: | ||||
Investments in non-affiliated securities, valued at amortized cost | $ | 9,582,884,506 | ||
Repurchase agreements, valued at amortized cost | 2,470,730,000 | |||
Cash | 1,189,083 | |||
Interest receivable | 12,324,730 | |||
Other assets | 311,864 | |||
TOTAL ASSETS | 12,067,440,183 | |||
LIABILITIES: | ||||
Accrued Trustees' fees | 283,053 | |||
Other accrued expenses and payables | 429,244 | |||
TOTAL LIABILITIES | 712,297 | |||
NET ASSETS, AT VALUE | $ | 12,066,727,886 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Income: | ||||
Interest | $ | 50,861,191 | ||
EXPENSES: | ||||
Management fee | 13,559,793 | |||
Administration fee | 4,278,185 | |||
Custodian fee | 117,213 | |||
Professional fees | 204,962 | |||
Reports to shareholders | 17,437 | |||
Trustees' fees and expenses | 866,671 | |||
Other | 610,410 | |||
Total expenses before expense reductions | 19,654,671 | |||
Expense reductions | (11,288,385 | ) | ||
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS | 8,366,286 | |||
NET INVESTMENT INCOME | 42,494,905 | |||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) from: | ||||
Investments | (13,477,908 | ) | ||
Payments by affiliates (see Note D) | 275,000 | |||
(13,202,908 | ) | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 29,291,997 |
The accompanying notes are an integral part of the financial statements.
20 :: Government Cash Management Portfolio :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 42,494,905 | $ | 8,898,329 | ||||
Net realized gain (loss) | (13,202,908 | ) | 217,749 | |||||
Net increase (decrease) in net assets resulting from operations | 29,291,997 | 9,116,078 | ||||||
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | ||||||||
Proceeds from capital invested | 37,855,041,921 | 93,706,698,612 | ||||||
Value of capital withdrawn | (59,466,471,339 | ) | (86,189,439,789 | ) | ||||
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | (21,611,429,418 | ) | 7,517,258,823 | |||||
INCREASE (DECREASE) IN NET ASSETS | (21,582,137,421 | ) | 7,526,374,901 | |||||
Net assets at beginning of period | 33,648,865,307 | 26,122,490,406 | ||||||
Net assets at end of period | $ | 12,066,727,886 | $ | 33,648,865,307 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights :: Government Cash Management Portfolio :: 21
Six Months Ended 6/30/22 (unaudited) | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||||||||
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period ($ millions) | 12,067 | 33,649 | 26,122 | 18,891 | 15,720 | 17,172 | ||||||||||||||||||
Ratio of expenses before expense reductions (%) | .14 | * | .13 | .13 | .14 | .14 | .14 | |||||||||||||||||
Ratio of expenses after expense reductions (%) | .06 | * | .03 | .07 | .07 | .10 | .11 | |||||||||||||||||
Ratio of net investment income (%) | .30 | * | .03 | .36 | 2.13 | 1.76 | .83 | |||||||||||||||||
Total Return (%)(a) | .18 | (b)** | .03 | (b) | .41 | (c) | 2.17 | (c) | 1.78 | (c) | .81 | (c) |
(a) | Total return would have been lower had certain expenses not been reduced. |
(b) | Total return for the Portfolio was derived from the performance of DWS Government Money Market Series. |
(c) | Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional. |
* | Annualized |
** | Not annualized |
The accompanying notes are an integral part of the financial statements.
22 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2022 (unaudited)
A. Organization and Significant Accounting Policies
Government Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.
The Portfolio is a master fund; A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds and unaffiliated feeder funds, with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2022, DWS Government Cash Management Fund and DWS Government Money Market Series owned approximately 1% and 97%, respectively, of the Portfolio.
The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.
Security Valuation.
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Repurchase Agreements.
The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.
As of June 30, 2022, the Portfolio held repurchase agreements with a gross value of $2,470,730,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.
Federal Income Taxes.
The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.
It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.
At June 30, 2022, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $12,053,614,506.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2021 and has determined that no provision for income tax and/or uncertain tax positions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Contingencies.
In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: Government Cash Management Portfolio :: 23
Other.
Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.
B. Fees and Transactions with Affiliates
Management Agreement.
Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.
Under the Investment Management Agreement with the Advisor, the Portfolio pays a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $3.0 billion of the Portfolio's average daily net assets | .1200 | % | ||
Next $4.5 billion of such net assets | .1025 | % | ||
Over $7.5 billion of such net assets | .0900 | % |
Accordingly, for the six months ended June 30, 2022, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.095% of the Portfolio's average daily net assets.
For the period from January 1, 2022 through March 16, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.10% of the Portfolio's average daily net assets.
For the period from March 17, 2022 through March 31, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.06% of the Portfolio's average daily net assets.
For the period from April 1, 2022 through May 12, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.08% of the Portfolio's average daily net assets.
For the period from May 13, 2022 through June 13, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.06% of the Portfolio's average daily net assets.
On June 14, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.04% of the Portfolio's average daily net assets.
For the period from June 15, 2022 through June 16, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.06% of the Portfolio's average daily net assets.
For the period from June 17, 2022 through June 30, 2022, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expense) at 0.01% of the Portfolio's average daily net assets.
In addition, the Advisor has agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Portfolio.
For the six months ended June 30, 2022, fees waived and/or expenses reimbursed are $11,288,385.
Administration Fee.
Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio paid the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2022, the Administration Fee was $4,278,185, of which $468,372 is unpaid.
Other Service Fees.
Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the six months ended June 30, 2022, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $435, of which $180 is unpaid.
Trustees' Fees and Expenses.
The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
24 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2022 (unaudited)
C. Line of Credit
The Portfolio and other affiliated funds (the "Participants") share in a $375 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2022.
D. Payments by Affiliates
During the six months ended June 30, 2022, the Advisor agreed to reimburse the Portfolio $275,000 for losses incurred on a trade executed in violation of the Portfolio's investment guidelines. The amount reimbursed was less than 0.01% of the Portfolio's average net assets, thus having no impact on the Portfolio's total return.
E. Money Market Fund Investments and Yield
Rising interest rates could cause the value of the Portfolio's investments — and therefore its share price as well — to decline. Although interest rates in the U.S. remain at low levels, they have been rising and are expected to continue to increase in the near future. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Portfolio. Increased redemptions from the Portfolio may force the Portfolio to sell investments at a time when it is not advantageous to do so, which could result in losses. Recently, there have been signs of inflationary price movements. As such, fixed-income and related markets may experience heightened levels of interest rate volatility and liquidity risk. A sharp rise in interest rates could cause the value of the Portfolio's investments to decline and impair the Portfolio's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Portfolio's yield to decline, and during periods of unusually low or negative interest rates, the Portfolio's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Portfolio from providing a positive yield or paying fund expenses out of current income and, at times, could impair the Portfolio's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Portfolio.
F. Other – COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Portfolio and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Portfolio and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Portfolio and reflect the consequences as appropriate in the Portfolio's accounting and financial reporting.
P.O. Box 182800
Columbus, OH 43218-2800
ProFunds®
Post Office Mailing Address for Investments
P.O. Box 182800
Columbus, OH 43218-2800
Phone Numbers
For Individual Investors Only: 888-776-3637 or 614-470-8122
Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552
Fax Number: (800) 782-4797
Website Address: ProFunds.com
This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.
A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds' website at ProFunds.com; and (iii) on the Commission's website at sec.gov.
The ProFund discloses on the Adviser's website that it invests substantially all of its assets in the Portfolio and includes a link to the latest available listing of holdings in the Portfolio. In addition, the ProFund will file with the SEC on Form N-MFP, within five business days after the end of each month, more detailed portfolio holdings information. The ProFund's Form N-MFP filings will be available on the SEC's website, and the Adviser's website will contain a link to such filings.
PRO0622
Semiannual Report
JUNE 30, 2022
ProFunds VP
Access VP High Yield |
Asia 30 |
Banks |
Basic Materials |
Bear |
Biotechnology |
Bull |
Consumer Goods |
Consumer Services |
Dow 30 |
Emerging Markets |
Europe 30 |
Falling U.S. Dollar |
Financials |
Government Money Market |
Health Care |
Industrials |
International |
Internet |
Japan |
Large-Cap Growth |
Large-Cap Value |
Mid-Cap |
Mid-Cap Growth |
Mid-Cap Value |
Nasdaq-100 |
Oil & Gas |
Pharmaceuticals |
Precious Metals |
Real Estate |
Rising Rates Opportunity |
Semiconductor |
Short Dow 30 |
Short Emerging Markets |
Short International |
Short Mid-Cap |
Short Nasdaq-100 |
Short Small-Cap |
Small-Cap |
Small-Cap Growth |
Small-Cap Value |
Technology |
Telecommunications |
UltraBull |
UltraMid-Cap |
UltraNasdaq-100 |
UltraShort Dow 30 |
UltraShort Nasdaq-100 |
UltraSmall-Cap |
U.S. Government Plus |
Utilities |
Table of Contents
1 | Message from the Chairman | |||
3 | Financial Statements and Financial Highlights | |||
4 | ProFund Access VP High Yield | |||
9 | ProFund VP Asia 30 | |||
14 | ProFund VP Banks | |||
19 | ProFund VP Basic Materials | |||
24 | ProFund VP Bear | |||
28 | ProFund VP Biotechnology | |||
33 | ProFund VP Bull | |||
44 | ProFund VP Consumer Goods | |||
50 | ProFund VP Consumer Services | |||
56 | ProFund VP Dow 30 | |||
60 | ProFund VP Emerging Markets | |||
66 | ProFund VP Europe 30 | |||
71 | ProFund VP Falling U.S. Dollar | |||
76 | ProFund VP Financials | |||
84 | ProFund VP Government Money Market | |||
88 | ProFund VP Health Care | |||
94 | ProFund VP Industrials | |||
101 | ProFund VP International | |||
105 | ProFund VP Internet | |||
110 | ProFund VP Japan | |||
114 | ProFund VP Large-Cap Growth | |||
122 | ProFund VP Large-Cap Value | |||
132 | ProFund VP Mid-Cap | |||
136 | ProFund VP Mid-Cap Growth | |||
144 | ProFund VP Mid-Cap Value | |||
152 | ProFund VP Nasdaq-100 | |||
158 | ProFund VP Oil & Gas | |||
163 | ProFund VP Pharmaceuticals | |||
168 | ProFund VP Precious Metals | |||
172 | ProFund VP Real Estate | |||
178 | ProFund VP Rising Rates Opportunity | |||
182 | ProFund VP Semiconductor | |||
187 | ProFund VP Short Dow 30 | |||
191 | ProFund VP Short Emerging Markets | |||
195 | ProFund VP Short International | |||
199 | ProFund VP Short Mid-Cap | |||
203 | ProFund VP Short Nasdaq-100 | |||
207 | ProFund VP Short Small-Cap | |||
211 | ProFund VP Small-Cap | |||
241 | ProFund VP Small-Cap Growth | |||
250 | ProFund VP Small-Cap Value | |||
260 | ProFund VP Technology | |||
267 | ProFund VP Telecommunications | |||
272 | ProFund VP UltraBull | |||
283 | ProFund VP UltraMid-Cap | |||
293 | ProFund VP UltraNasdaq-100 | |||
299 | ProFund VP UltraShort Dow 30 | |||
303 | ProFund VP UltraShort Nasdaq-100 | |||
307 | ProFund VP UltraSmall-Cap | |||
337 | ProFund VP U.S. Government Plus | |||
341 | ProFund VP Utilities | |||
347 | Notes to Financial Statements | |||
378 | Board Approval of Liquidity Risk Management Program | |||
379 | Expense Examples |
Message from the Chairman
Dear Shareholder:
During these times of geopolitical and economic uncertainty, I want to reaffirm ProFunds' commitment to providing you, our investors, with innovative products and services to help you meet your investment objectives. ProFunds remains focused on ensuring the effective management of our funds for investors, and below is our ProFunds VP semiannual report to shareholders for the six months ending June 30, 2022.
Volatility Returned to Equity Markets Amid Growing Pressures
After a strong performance in 2021, U.S. stocks reversed course in the first half of 2022. In June, the S&P 500 fell by 8.3%, bringing losses to more than 20% relative to its January peak and entering bear market territory for the first time since the World Health Organization's official declaration of a global pandemic in March 2020. With the notable exception of commodities like oil and gas, whose prices have surged following sanctions against Russia, nearly all asset classes experienced selloffs in the first half of the year. The technology sector, in particular, declined sharply, with the tech-heavy Nasdaq-100 sinking more than 20% in the second quarter.
The stock market's volatility can largely be attributed to growing inflationary pressures and rising interest rates. Inflation remained worrisome throughout the reporting period, with the consumer price index rising by 9.1% in June, according to the U.S. Bureau of Labor Statistics, once again exceeding forecasts and surpassing the 8.6% rise in May. Accordingly, investors kept a close watch on the U.S. Federal Reserve Bank, which raised interest rates by 25 basis points in March, 50 basis points in May, and 75 basis points in June, leading some investors to worry about an impending recession. In his semiannual report to Congress in June, Fed Chair Jerome Powell noted the Fed's strong commitment to bringing inflation down to the central bank's longer-run goal of 2%.
Russia's invasion of Ukraine further jolted the economy, leading to a market sell-off and adding to investors' ongoing uncertainty. The war has compounded pandemic-related supply chain challenges and inflationary pressures. In March, a United States ban on Russian oil imports sent gas prices soaring. And since Russia and Ukraine are both major producers of commodities like corn, fertilizers, and wheat, the conflict has also strained the global food supply and driven an increase in U.S. food prices.
Major indexes mirrored the performance of equities during the six-month period, U.S. large-cap stocks lost 20%, as measured by the S&P 500, and 14.4%, according to the Dow Jones Industrial Average®. The Dow's® top-performing sectors were oil and gas, which gained 30%, and telecommunications, which gained 7%. The worst performers were consumer services, technology, and
industrials, which fell 31.4%, 30.1%, and 21.9%, respectively. The small-cap Russell 2000® Index declined 23.4%, the S&P MidCap 400® lost 19.5%, and the tech-heavy Nasdaq-100 Index® retreated 29.2%.
International Equities Declined With Some Exceptions
Equity markets outside the U.S. also declined amid the geopolitical headwinds. Notable exceptions were countries like Brazil, Saudi Arabia, and South Africa, which benefited from rising commodity prices. The MSCI All Country World Index, which measures developed and emerging markets, declined 18.4% over the reporting period. Developed markets outside North America lost 19.6%, as measured by the MSCI EAFE Index, and the MSCI Europe Index shed 20.8%. In the developing world, the BNY Mellon Emerging Markets 50 ADR Index retreated 13.6%. Japanese stocks lost 21.5%, as measured by the Nikkei 225 Total Return Index.
ProFunds VP Trust's U.S. Equity Strategies Post Strong Results
ProFunds' index-based mutual funds offer many advantages, such as diverse market exposures, a transparent investment process, efficient fund management, and high daily correlation to their indexes. Reflecting the markets during the period, ProFunds VP investors primarily saw opportunities to gain from strategies designed to outperform in environments marked by inflationary pressures and rising interest rates. Short/inverse strategies focusing on technology, small- and mid-cap stocks, and international and emerging markets experienced the largest gains.
No matter what direction the market takes in these rapidly changing times, ProFunds VP mutual funds offer an extensive lineup of strategies designed to meet investor goals, help manage risk, and potentially enhance returns. We appreciate the trust and confidence you have placed in ProFunds, and we look forward to continuing to serve your investing needs.
Sincerely,
Michael L. Sapir
Chairman of the Board of Trustees
Financial Statements and Financial Highlights
4 :: ProFund Access VP High Yield :: Financial Statements
Investment Objective: The Access VP High Yield Fund seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity.
Allocation of Portfolio Holdings & Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligation | 52 | % | ||
Futures Contracts | 11 | % | ||
Credit Default Swap Agreements | 84 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund Access VP High Yield primarily invests in non-equity securities, which may include: credit default swap agreements, futures contracts, repurchase agreements, U.S. Government and money market securities.
Industry Exposure
% of Market Exposure (CDS) | ||||
Consumer, Cyclical | 28 | % | ||
Consumer, Non-cyclical | 16 | % | ||
Communications | 12 | % | ||
Financial | 11 | % | ||
Energy | 9 | % | ||
Industrials | 7 | % | ||
Basic Materials | 6 | % | ||
Utilities | 6 | % | ||
Technology | 5 | % |
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligation (52.4%)
Principal Amount | Value | |||||||
U.S. Treasury Notes, 2.63%, 5/31/27 | $ | 4,750,000 | $ | 4,660,752 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $4,689,098) | 4,660,752 | |||||||
Repurchase Agreements(a) (39.3%) | ||||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $3,493,133 | 3,493,000 | 3,493,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $3,493,000) | 3,493,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,182,098)—91.7% | 8,153,752 | |||||||
Net other assets (liabilities)—8.3% | 740,818 | |||||||
NET ASSETS—100.0% | $ | 8,894,570 |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
5-Year U.S. Treasury Note Futures Contracts | 9 | 10/3/22 | $ | 1,009,055 | $ | (11,546 | ) |
Centrally Cleared Swap Agreements
Credit Default Swap Agreements—Sell Protection(1)
Underlying Instrument | Payment Frequency | Fixed Deal Receive Rate | Maturity Date | Implied Credit Spread at June 30, 2022(2) | Notional Amount(3) | Value | Premiums Paid (Received) | Unrealized Appreciation/ (Depreciation) | Variation Margin | |||||||||||||||||||||||
CDX North America High Yield Index Swap Agreement; Series 38 | Daily | 5.00 | % | 6/20/27 | 5.82 | % | $ | 7,504,200 | $ | (216,001 | ) | $ | 355,932 | $ | (571,933 | ) | $ | (11,115 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund Access VP High Yield :: 5
(1) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
(2) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
(3) | The notional amount represents the maximum potential amount the Fund could be required pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
See accompanying notes to financial statements.
6 :: ProFund Access VP High Yield :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 8,182,098 | ||
Securities, at value | 4,660,752 | |||
Repurchase agreements, at value | 3,493,000 | |||
Total Investment Securities, at value | 8,153,752 | |||
Cash | 5,405 | |||
Segregated cash balances for futures contracts with brokers | 13,860 | |||
Segregated cash balances for credit default swap agreements with brokers | 755,094 | |||
Interest receivable | 10,694 | |||
Receivable for capital shares issued | 82 | |||
Variation margin on futures contracts | 5,133 | |||
Prepaid expenses | 136 | |||
TOTAL ASSETS | 8,944,156 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 2,977 | |||
Variation margin on credit default swap agreements | 11,115 | |||
Advisory fees payable | 9,230 | |||
Management services fees payable | 1,231 | |||
Administration fees payable | 1,313 | |||
Administrative services fees payable | 6,274 | |||
Distribution fees payable | 6,732 | |||
Transfer agency fees payable | 1,957 | |||
Fund accounting fees payable | 726 | |||
Compliance services fees payable | 87 | |||
Other accrued expenses | 7,944 | |||
TOTAL LIABILITIES | 49,586 | |||
NET ASSETS | $ | 8,894,570 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,188,865 | ||
Total distributable earnings (loss) | (4,294,295 | ) | ||
NET ASSETS | $ | 8,894,570 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 380,511 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.38 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 71,860 | ||
EXPENSES: | ||||
Advisory fees | 47,386 | |||
Management services fees | 6,318 | |||
Administration fees | 4,896 | |||
Transfer agency fees | 4,266 | |||
Administrative services fees | 15,654 | |||
Distribution fees | 15,795 | |||
Custody fees | 755 | |||
Fund accounting fees | 2,761 | |||
Trustee fees | 135 | |||
Compliance services fees | 29 | |||
Other fees | 3,887 | |||
Recoupment of prior expenses reduced by the Advisor | 4,500 | |||
Total Gross Expenses before reductions | 106,382 | |||
Expenses reduced and reimbursed by the Advisor | (239 | ) | ||
TOTAL NET EXPENSES | 106,143 | |||
NET INVESTMENT INCOME (LOSS) | (34,283 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (720,234 | ) | ||
Net realized gains (losses) on futures contracts | (218,298 | ) | ||
Net realized gains (losses) on swap agreements | (715,518 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (7,565 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (8,568 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (527,055 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,197,238 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,231,521 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund Access VP High Yield :: 7
Statements of Changes in Net Assets | ||||||||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (34,283 | ) | $ | (226,634 | ) | ||
Net realized gains (losses) on investments | (1,654,050 | ) | 982,399 | |||||
Change in net unrealized appreciation/depreciation on investments | (543,188 | ) | (798,682 | ) | ||||
Change in net assets resulting from operations | (2,231,521 | ) | (42,917 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (490,299 | ) | |||||
Change in net assets resulting from distributions | — | (490,299 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 21,370,973 | 30,924,436 | ||||||
Distributions reinvested | — | 490,299 | ||||||
Value of shares redeemed | (25,569,917 | ) | (35,479,084 | ) | ||||
Change in net assets resulting from capital transactions | (4,198,944 | ) | (4,064,349 | ) | ||||
Change in net assets | (6,430,465 | ) | (4,597,565 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 15,325,035 | 19,922,600 | ||||||
End of period | $ | 8,894,570 | $ | 15,325,035 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 865,549 | 1,157,931 | ||||||
Reinvested | — | 18,614 | ||||||
Redeemed | (1,063,113 | ) | (1,333,589 | ) | ||||
Change in shares | (197,564 | ) | (157,044 | ) |
See accompanying notes to financial statements.
8 :: ProFund Access VP High Yield :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.51 | $ | 27.10 | $ | 28.71 | $ | 26.74 | $ | 28.25 | $ | 29.12 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.07 | ) | (0.34 | ) | (0.31 | ) | 0.06 | 0.16 | (0.10 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.06 | ) | 0.41 | 0.16 | 3.21 | (0.33 | ) | 1.47 | ||||||||||||||||
Total income (loss) from investment activities | (3.13 | ) | 0.07 | (0.15 | ) | 3.27 | (0.17 | ) | 1.37 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | — | (0.06 | ) | (0.16 | ) | — | ||||||||||||||||
In excess of net investment income | — | (0.66 | ) | (1.46 | ) | (1.24 | ) | (0.37 | ) | (1.11 | ) | |||||||||||||
Net realized gains on investments | — | — | — | — | (0.60 | ) | (1.13 | ) | ||||||||||||||||
Return of capital | — | — | — | — | (0.21 | ) | — | |||||||||||||||||
Total distributions | — | (0.66 | ) | (1.46 | ) | (1.30 | ) | (1.34 | ) | (2.24 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 23.38 | $ | 26.51 | $ | 27.10 | $ | 28.71 | $ | 26.74 | $ | 28.25 | ||||||||||||
Total Return(b)(c) | (11.81 | )% | 0.27 | % | 0.06 | % | 12.43 | % | (0.61 | )%(d) | 4.79 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.69 | % | 1.72 | % | 1.87 | % | 1.73 | % | 1.72 | % | 1.71 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.70 | %(f) | 1.66 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (0.54 | )% | (1.28 | )% | (1.16 | )% | 0.23 | % | 0.58 | %(d) | (0.34 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 8,895 | $ | 15,325 | $ | 19,923 | $ | 32,038 | $ | 16,054 | $ | 25,713 | ||||||||||||
Portfolio turnover rate(b)(g) | 830 | % | 1,351 | % | 1,447 | % | 1,459 | % | 1,539 | % | 1,407 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.57%, respectively, and the total return would have been (0.62)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Asia 30 :: 9
Investment Objective: The ProFund VP Asia 30 seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Asia 30 Index®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 7.5 | % | ||
Daqo New Energy Corp. | 6.0 | % | ||
Alibaba Group Holding, Ltd. | 4.7 | % | ||
Beigene, Ltd. | 4.7 | % | ||
Pinduoduo, Inc. | 4.5 | % |
ProFunds Asia 30® Index – Composition
Industry Breakdown | % of Index | |||
Consumer Discretionary | 26 | % | ||
Information Technology | 24 | % | ||
Communication Services | 19 | % | ||
Financials | 17 | % | ||
Health Care | 6 | % | ||
Industrials | 3 | % | ||
Real Estate | 3 | % | ||
Consumer Staples | 2 | % |
Country Composition | ||||
China | 78 | % | ||
India | 10 | % | ||
Taiwan | 7 | % | ||
Singapore | 2 | % | ||
Hong Kong | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.4%)
Shares | Value | |||||||
360 DigiTech, Inc.ADR (Consumer Finance) | 24,774 | $ | 428,590 | |||||
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | 8,282 | 941,497 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 5,230 | 777,858 | ||||||
Beigene, Ltd.*ADR (Biotechnology) | 5,812 | 940,672 | ||||||
Bilibili, Inc.*ADR(a) (Entertainment) | 18,744 | 479,846 | ||||||
Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment) | 16,928 | 1,208,320 | ||||||
Futu Holdings, Ltd.*ADR (Capital Markets) | 12,641 | 659,986 | ||||||
GDS Holdings, Ltd.*ADR(a) (IT Services) | 12,787 | 426,958 | ||||||
HDFC Bank, Ltd.ADR (Banks) | 8,137 | 447,210 | ||||||
ICICI Bank, Ltd.ADR (Banks) | 42,574 | 755,263 | ||||||
Infosys, Ltd.ADR (IT Services) | 45,044 | 833,764 | ||||||
iQIYI, Inc.*ADR (Entertainment) | 128,885 | 541,317 | ||||||
JD.com, Inc.ADR (Internet & Direct Marketing Retail) | 10,753 | 690,558 | ||||||
JinkoSolar Holding Co., Ltd.*ADR (Semiconductors & Semiconductor Equipment) | 11,770 | 814,249 | ||||||
JOYY, Inc.ADR (Interactive Media & Services) | 10,829 | 323,354 | ||||||
KE Holdings, Inc.*ADR (Real Estate Management & Development) | 29,352 | 526,868 | ||||||
Li Auto, Inc.*ADR (Automobiles) | 23,321 | 893,428 | ||||||
Lufax Holding, Ltd.ADR (Consumer Finance) | 116,316 | 697,896 | ||||||
NetEase, Inc.ADR (Entertainment) | 8,864 | 827,544 | ||||||
NIO, Inc.*ADR (Automobiles) | 28,407 | 617,000 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 14,524 | 897,583 | ||||||
Rlx Technology, Inc.*ADR (Tobacco) | 144,796 | 308,415 | ||||||
Sea, Ltd.*ADR (Entertainment) | 6,394 | 427,503 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 18,454 | 1,508,615 | ||||||
TAL Education Group*ADR (Diversified Consumer Services) | 152,642 | 743,367 | ||||||
Tencent Music Entertainment Group*ADR (Entertainment) | 86,311 | 433,281 | ||||||
Up Fintech Holding, Ltd.*ADR(a) (Capital Markets) | 109,560 | 516,028 | ||||||
XPeng, Inc.*ADR (Automobiles) | 19,253 | 611,090 | ||||||
Zai Lab, Ltd.*ADR (Biotechnology) | 10,026 | 347,702 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 21,287 | 584,328 | ||||||
TOTAL COMMON STOCKS (Cost $14,287,158) | 20,210,090 |
Collateral for Securities Loaned(b) (7.1%) | ||||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(c) | 1,430,253 | 1,430,253 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,430,253) | 1,430,253 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,717,411)—107.5% | 21,640,343 | |||||||
Net other assets (liabilities)—(7.5)% | (1,501,003 | ) | ||||||
NET ASSETS—100.0% | $ | 20,139,340 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $1,394,145. |
(b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
10 :: ProFund VP Asia 30 :: Financial Statements
ProFund VP Asia 30 invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 584,328 | 2.9 | % | ||||
Automobiles | 2,121,518 | 10.5 | % | |||||
Banks | 1,202,473 | 6.0 | % | |||||
Biotechnology | 1,288,374 | 6.4 | % | |||||
Capital Markets | 1,176,014 | 5.8 | % | |||||
Consumer Finance | 1,126,486 | 5.6 | % | |||||
Diversified Consumer Services | 743,367 | 3.7 | % | |||||
Entertainment | 2,709,491 | 13.5 | % | |||||
Interactive Media & Services | 1,101,212 | 5.5 | % | |||||
Internet & Direct Marketing Retail | 2,529,638 | 12.7 | % | |||||
IT Services | 1,260,722 | 6.2 | % | |||||
Real Estate Management & Development | 526,868 | 2.6 | % | |||||
Semiconductors & Semiconductor Equipment | 3,531,184 | 17.5 | % | |||||
Tobacco | 308,415 | 1.5 | % | |||||
Other** | (70,750 | ) | (0.4 | )% | ||||
Total | $ | 20,139,340 | 100.0 | % |
ProFund VP Asia 30 invested in securities with exposure to the following countries as of June 30, 2022:
Value | % of Net Assets | |||||||
China | $ | 16,237,735 | 80.7 | % | ||||
India | 2,036,237 | 10.1 | % | |||||
Singapore | 427,503 | 2.1 | % | |||||
Taiwan | 1,508,615 | 7.5 | % | |||||
Other** | (70,750 | ) | (0.4 | )% | ||||
Total | $ | 20,139,340 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Asia 30 :: 11
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 15,717,411 | ||
Securities, at value(a) | 21,640,343 | |||
Total Investment Securities, at value | 21,640,343 | |||
Dividends receivable | 20,483 | |||
Receivable for capital shares issued | 123,885 | |||
Prepaid expenses | 236 | |||
TOTAL ASSETS | 21,784,947 | |||
LIABILITIES: | ||||
Cash overdraft | 47,380 | |||
Payable for collateral for securities loaned | 1,430,253 | |||
Payable for capital shares redeemed | 121,554 | |||
Advisory fees payable | 11,420 | |||
Management services fees payable | 1,523 | |||
Administration fees payable | 1,596 | |||
Administrative services fees payable | 5,821 | |||
Distribution fees payable | 8,967 | |||
Trustee fees payable | 6 | |||
Transfer agency fees payable | 2,521 | |||
Fund accounting fees payable | 892 | |||
Compliance services fees payable | 119 | |||
Other accrued expenses | 13,555 | |||
TOTAL LIABILITIES | 1,645,607 | |||
NET ASSETS | $ | 20,139,340 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 18,685,691 | ||
Total distributable earnings (loss) | 1,453,649 | |||
NET ASSETS | $ | 20,139,340 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 501,400 | |||
Net Asset Value (offering and redemption price per share) | $ | 40.17 |
(a) Includes securities on loan valued at: | $ | 1,394,145 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 107,100 | ||
Interest | 234 | |||
Foreign tax withholding | (3,470 | ) | ||
Net income from securities lending | 4,167 | |||
TOTAL INVESTMENT INCOME | 108,031 | |||
EXPENSES: | ||||
Advisory fees | 68,523 | |||
Management services fees | 9,136 | |||
Administration fees | 7,852 | |||
Transfer agency fees | 6,774 | |||
Administrative services fees | 17,334 | |||
Distribution fees | 22,841 | |||
Custody fees | 9,617 | |||
Fund accounting fees | 4,420 | |||
Trustee fees | 246 | |||
Compliance services fees | 49 | |||
Other fees | 6,751 | |||
TOTAL NET EXPENSES | 153,543 | |||
NET INVESTMENT INCOME (LOSS) | (45,512 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (2,690,469 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (646,021 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,336,490 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,382,002 | ) |
See accompanying notes to financial statements.
12 :: ProFund VP Asia 30 :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (45,512 | ) | $ | 105,179 | |||
Net realized gains (losses) on investments | (2,690,469 | ) | 1,586,187 | |||||
Change in net unrealized appreciation/depreciation on investments | (646,021 | ) | (7,229,921 | ) | ||||
Change in net assets resulting from operations | (3,382,002 | ) | (5,538,555 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,327,623 | ) | (4,388,382 | ) | ||||
Change in net assets resulting from distributions | (2,327,623 | ) | (4,388,382 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 16,214,009 | 45,782,302 | ||||||
Distributions reinvested | 2,327,623 | 4,388,382 | ||||||
Value of shares redeemed | (14,599,703 | ) | (47,830,246 | ) | ||||
Change in net assets resulting from capital transactions | 3,941,929 | 2,340,438 | ||||||
Change in net assets | (1,767,696 | ) | (7,586,499 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 21,907,036 | 29,493,535 | ||||||
End of period | $ | 20,139,340 | $ | 21,907,036 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 375,053 | 616,849 | ||||||
Reinvested | 60,083 | 65,294 | ||||||
Redeemed | (345,030 | ) | (659,603 | ) | ||||
Change in shares | 90,106 | 22,540 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Asia 30 :: 13
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 53.26 | $ | 75.87 | $ | 62.15 | $ | 49.34 | $ | 60.88 | $ | 47.26 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | �� | (0.11 | ) | 0.24 | (0.11 | ) | 0.39 | 0.11 | 0.21 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (7.75 | ) | (12.05 | ) | 21.13 | 12.56 | (11.37 | ) | 15.27 | |||||||||||||||
Total income (loss) from investment activities | (7.86 | ) | (11.81 | ) | 21.02 | 12.95 | (11.26 | ) | 15.48 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | — | (0.72 | ) | (0.14 | ) | (0.28 | ) | — | ||||||||||||||
Net realized gains on investments | (5.02 | ) | (10.80 | ) | (6.58 | ) | — | — | (1.86 | ) | ||||||||||||||
Total distributions | (5.23 | ) | (10.80 | ) | (7.30 | ) | (0.14 | ) | (0.28 | ) | (1.86 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 40.17 | $ | 53.26 | $ | 75.87 | $ | 62.15 | $ | 49.34 | $ | 60.88 | ||||||||||||
Total Return(b)(c) | (14.39 | )% | (18.52 | )%(d) | 35.55 | % | 26.31 | % | (18.59 | )% | 32.87 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.68 | % | 1.68 | % | 1.71 | % | 1.72 | % | 1.74 | % | 1.70 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (0.50 | )% | 0.33 | % | (0.18 | )% | 0.68 | % | 0.19 | % | 0.37 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 20,139 | $ | 21,907 | $ | 29,494 | $ | 29,057 | $ | 19,796 | $ | 34,695 | ||||||||||||
Portfolio turnover rate(b)(f) | 76 | % | 125 | % | 130 | % | 111 | % | 87 | % | 96 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.34%. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
14 :: ProFund VP Banks :: Financial Statements
Investment Objective: The ProFund VP Banks seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. BanksSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 79 | % | ||
Swap Agreements | 20 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
JPMorgan Chase & Co. | 20.0 | % | ||
Bank of America Corp. | 13.4 | % | ||
Wells Fargo & Co. | 9.0 | % | ||
Citigroup, Inc. | 5.4 | % | ||
The PNC Financial Services Group, Inc. | 4.0 | % |
Dow Jones U.S. BanksSM Index – Composition
% of Index | ||||
Diversified Banks | 65 | % | ||
Regional Banks | 35 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (79.3%)
Shares | Value | |||||||
Bank of America Corp. (Banks) | 20,029 | $ | 623,503 | |||||
Bank OZK (Banks) | 319 | 11,972 | ||||||
BOK Financial Corp. (Banks) | 85 | 6,424 | ||||||
Citigroup, Inc. (Banks) | 5,486 | 252,301 | ||||||
Citizens Financial Group, Inc. (Banks) | 1,386 | 49,466 | ||||||
Comerica, Inc. (Banks) | 369 | 27,077 | ||||||
Commerce Bancshares, Inc. (Banks) | 310 | 20,352 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 161 | 18,748 | ||||||
East West Bancorp, Inc. (Banks) | 401 | 25,985 | ||||||
F.N.B. Corp. (Banks) | 953 | 10,350 | ||||||
Fifth Third Bancorp (Banks) | 1,938 | 65,117 | ||||||
First Citizens BancShares, Inc.—Class A (Banks) | 38 | 24,844 | ||||||
First Financial Bankshares, Inc. (Banks) | 363 | 14,255 | ||||||
First Horizon Corp. (Banks) | 1,512 | 33,043 | ||||||
First Republic Bank (Banks) | 507 | 73,109 | ||||||
Glacier Bancorp, Inc. (Banks) | 307 | 14,558 | ||||||
Home BancShares, Inc. (Banks) | 534 | 11,091 | ||||||
Huntington Bancshares, Inc. (Banks) | 4,066 | 48,914 | ||||||
JPMorgan Chase & Co. (Banks) | 8,297 | 934,326 | ||||||
KeyCorp (Banks) | 2,634 | 45,384 | ||||||
M&T Bank Corp. (Banks) | 507 | 80,811 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,319 | 12,042 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 216 | 15,619 | ||||||
Popular, Inc. (Banks) | 216 | 16,617 | ||||||
Prosperity Bancshares, Inc. (Banks) | 260 | 17,750 | ||||||
Regions Financial Corp. (Banks) | 2,640 | 49,500 | ||||||
Signature Bank (Banks) | 178 | 31,899 | ||||||
SVB Financial Group* (Banks) | 166 | 65,568 | ||||||
Synovus Financial Corp. (Banks) | 411 | 14,817 | ||||||
TFS Financial Corp. (Thrifts & Mortgage Finance) | 135 | 1,854 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 1,168 | 184,275 | ||||||
Truist Financial Corp. (Banks) | 3,761 | 178,384 | ||||||
U.S. Bancorp (Banks) | 3,819 | 175,750 | ||||||
UMB Financial Corp. (Banks) | 122 | 10,504 | ||||||
Umpqua Holdings Corp. (Banks) | 613 | 10,280 | ||||||
United Bankshares, Inc. (Banks) | 383 | 13,432 | ||||||
Valley National Bancorp (Banks) | 1,187 | 12,357 | ||||||
Webster Financial Corp. (Banks) | 503 | 21,201 | ||||||
Wells Fargo & Co. (Banks) | 10,708 | 419,432 | ||||||
Western Alliance Bancorp (Banks) | 306 | 21,604 | ||||||
Wintrust Financial Corp. (Banks) | 170 | 13,626 | ||||||
Zions Bancorp (Banks) | 428 | 21,785 | ||||||
TOTAL COMMON STOCKS (Cost $997,608) | 3,699,926 |
Repurchase Agreements(a) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $17,001 | $ | 17,000 | $ | 17,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $17,000) | 17,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,014,608)—79.7% | 3,716,926 | |||||||
Net other assets (liabilities)—20.3% | 944,426 | |||||||
NET ASSETS—100.0% | $ | 4,661,352 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 15
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Banks Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 955,347 | $ | (924 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Banks invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Banks | $ | 3,686,030 | 79.0 | % | ||||
Thrifts & Mortgage Finance | 13,896 | 0.3 | % | |||||
Other** | 961,426 | 20.7 | % | |||||
Total | $ | 4,661,352 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
16 :: ProFund VP Banks :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,014,608 | ||
Securities, at value | 3,699,926 | |||
Repurchase agreements, at value | 17,000 | |||
Total Investment Securities, at value | 3,716,926 | |||
Cash | 31 | |||
Segregated cash balances for swap agreements with custodian | 60,000 | |||
Dividends and interest receivable | 5,955 | |||
Receivable for capital shares issued | 944 | |||
Receivable for investments sold | 903,536 | |||
Prepaid expenses | 247 | |||
TOTAL ASSETS | 4,687,639 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 14,439 | |||
Unrealized depreciation on swap agreements | 924 | |||
Advisory fees payable | 2,908 | |||
Management services fees payable | 388 | |||
Administration fees payable | 448 | |||
Administrative services fees payable | 1,819 | |||
Distribution fees payable | 2,001 | |||
Transfer agency fees payable | 783 | |||
Fund accounting fees payable | 261 | |||
Compliance services fees payable | 76 | |||
Other accrued expenses | 2,240 | |||
TOTAL LIABILITIES | 26,287 | |||
NET ASSETS | $ | 4,661,352 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,023,950 | ||
Total distributable earnings (loss) | (5,362,598 | ) | ||
NET ASSETS | $ | 4,661,352 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 196,577 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.71 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 141,781 | ||
Interest | 135 | |||
TOTAL INVESTMENT INCOME | 141,916 | |||
EXPENSES: | ||||
Advisory fees | 51,665 | |||
Management services fees | 6,889 | |||
Administration fees | 5,068 | |||
Transfer agency fees | 4,332 | |||
Administrative services fees | 16,455 | |||
Distribution fees | 17,221 | |||
Custody fees | 690 | |||
Fund accounting fees | 2,896 | |||
Trustee fees | 130 | |||
Compliance services fees | 40 | |||
Other fees | 7,044 | |||
Recoupment of prior expenses reduced by the Advisor | 3,733 | |||
Total Gross Expenses before reductions | 116,163 | |||
Expenses reduced and reimbursed by the Advisor | (434 | ) | ||
TOTAL NET EXPENSES | 115,729 | |||
NET INVESTMENT INCOME (LOSS) | 26,187 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (3,330,465 | ) | ||
Net realized gains (losses) on swap agreements | (11,199 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,484,226 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (1,534 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (4,827,424 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,801,237 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 17
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 26,187 | $ | 49,018 | ||||
Net realized gains (losses) on investments | (3,341,664 | ) | 291,776 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,485,760 | ) | 1,462,725 | |||||
Change in net assets resulting from operations | (4,801,237 | ) | 1,803,519 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (49,018 | ) | (82,428 | ) | ||||
Change in net assets resulting from distributions | (49,018 | ) | (82,428 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 46,679,442 | 42,197,240 | ||||||
Distributions reinvested | 49,018 | 82,428 | ||||||
Value of shares redeemed | (44,717,166 | ) | (41,323,046 | ) | ||||
Change in net assets resulting from capital transactions | 2,011,294 | 956,622 | ||||||
Change in net assets | (2,838,961 | ) | 2,677,713 | |||||
NET ASSETS: | ||||||||
Beginning of period | 7,500,313 | 4,822,600 | ||||||
End of period | $ | 4,661,352 | $ | 7,500,313 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,430,834 | 1,390,030 | ||||||
Reinvested | 1,896 | 2,662 | ||||||
Redeemed | (1,473,247 | ) | (1,358,451 | ) | ||||
Change in shares | (40,517 | ) | 34,241 |
See accompanying notes to financial statements.
18 :: ProFund VP Banks :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 31.63 | $ | 23.77 | $ | 28.74 | $ | 21.31 | $ | 26.03 | $ | 22.14 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.06 | 0.17 | 0.36 | 0.31 | 0.15 | 0.08 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (7.74 | ) | 7.93 | (4.85 | ) | 7.39 | (4.79 | ) | 3.87 | |||||||||||||||
Total income (loss) from investment activities | (7.68 | ) | 8.10 | (4.49 | ) | 7.70 | (4.64 | ) | 3.95 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.24 | ) | (0.48 | ) | (0.27 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 23.71 | $ | 31.63 | $ | 23.77 | $ | 28.74 | $ | 21.31 | $ | 26.03 | ||||||||||||
Total Return(b)(c) | (24.35 | )% | 34.09 | % | (15.21 | )% | 36.43 | % | (17.90 | )% | 17.92 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.69 | % | 1.68 | % | 1.74 | % | 1.70 | % | 1.71 | % | 1.69 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.38 | % | 0.57 | % | 1.74 | % | 1.24 | % | 0.57 | % | 0.36 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 4,661 | $ | 7,500 | $ | 4,823 | $ | 9,333 | $ | 6,539 | $ | 14,608 | ||||||||||||
Portfolio turnover rate(b)(e) | 397 | % | 551 | % | 478 | % | 293 | % | 324 | % | 319 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 19
Investment Objective: The ProFund VP Basic Materials seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Basic MaterialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 97 | % | ||
Swap Agreements | 3 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Linde PLC | 18.6 | % | ||
Air Products & Chemicals, Inc. | 6.8 | % | ||
Newmont Corp. | 6.1 | % | ||
Freeport-McMoRan, Inc. | 5.4 | % | ||
Corteva, Inc. | 5.0 | % |
Dow Jones U.S. Basic MaterialsSM Index – Composition
% of Index | ||||
Chemicals | 77 | % | ||
Metals & Mining | 23 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (96.6%)
Shares | Value | ||||||||
Air Products & Chemicals, Inc. (Chemicals) | 4,189 | $ | 1,007,370 | ||||||
Albemarle Corp. (Chemicals) | 2,212 | 462,264 | |||||||
Alcoa Corp. (Metals & Mining) | 3,484 | 158,801 | |||||||
Ashland Global Holdings, Inc. (Chemicals) | 958 | 98,722 | |||||||
Axalta Coating Systems, Ltd.* (Chemicals) | 3,932 | 86,937 | |||||||
Celanese Corp. (Chemicals) | 2,046 | 240,630 | |||||||
CF Industries Holdings, Inc. (Chemicals) | 3,940 | 337,776 | |||||||
Cleveland-Cliffs, Inc.* (Metals & Mining) | 9,019 | 138,622 | |||||||
Commercial Metals Co. (Metals & Mining) | 2,295 | 75,965 | |||||||
Corteva, Inc. (Chemicals) | 13,669 | 740,039 | |||||||
Dow, Inc. (Chemicals) | 13,752 | 709,741 | |||||||
DuPont de Nemours, Inc. (Chemicals) | 9,605 | 533,846 | |||||||
Eastman Chemical Co. (Chemicals) | 2,434 | 218,500 | |||||||
Ecolab, Inc. (Chemicals) | 4,694 | 721,749 | |||||||
Element Solutions, Inc. (Chemicals) | 4,117 | 73,283 | |||||||
FMC Corp. (Chemicals) | 2,379 | 254,577 | |||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 27,374 | 800,963 | |||||||
Ginkgo Bioworks Holdings, Inc.*(a) (Chemicals) | 18,159 | 43,218 | |||||||
Huntsman Corp. (Chemicals) | 3,765 | 106,738 | |||||||
Ingevity Corp.* (Chemicals) | 732 | 46,218 | |||||||
International Flavors & Fragrances, Inc. (Chemicals) | 4,813 | 573,325 | |||||||
Linde PLC (Chemicals) | 9,506 | 2,733,259 | |||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 4,889 | 427,592 | |||||||
MP Materials Corp.* (Metals & Mining) | 1,408 | 45,169 | |||||||
NewMarket Corp. (Chemicals) | 128 | 38,523 | |||||||
Newmont Corp. (Metals & Mining) | 14,990 | 894,453 | |||||||
Nucor Corp. (Metals & Mining) | 5,025 | 524,660 | |||||||
Olin Corp. (Chemicals) | 2,621 | 121,300 | |||||||
PPG Industries, Inc. (Chemicals) | 4,461 | 510,071 | |||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 1,170 | 198,736 | |||||||
Royal Gold, Inc. (Metals & Mining) | 1,240 | 132,407 | |||||||
RPM International, Inc. (Chemicals) | 2,446 | 192,549 | |||||||
Steel Dynamics, Inc. (Metals & Mining) | 3,386 | 223,984 | |||||||
Sylvamo Corp. (Paper & Forest Products) | 667 | 21,798 | |||||||
The Chemours Co. (Chemicals) | 2,936 | 94,011 | |||||||
The Mosaic Co. (Chemicals) | 6,837 | 322,912 | |||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 764 | 60,348 | |||||||
United States Steel Corp. (Metals & Mining) | 4,923 | 88,171 | |||||||
Valvoline, Inc. (Chemicals) | 3,366 | 97,042 | |||||||
Westlake Chemical Corp. (Chemicals) | 630 | 61,753 | |||||||
TOTAL COMMON STOCKS (Cost $6,547,445) | 14,218,022 | ||||||||
Collateral for Securities Loaned(b) (0.3%) | |||||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(c) | 51,425 | 51,425 | |||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $51,425) | 51,425 | ||||||||
TOTAL INVESTMENT SECURITIES (Cost $6,598,870)—96.9% | 14,269,447 | ||||||||
Net other assets (liabilities)—3.1% | 461,134 | ||||||||
NET ASSETS—100.0% | $ | 14,730,581 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $44,506. |
(b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
See accompanying notes to financial statements.
20 :: ProFund VP Basic Materials :: Financial Statements
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Basic Materials Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 506,796 | $ | 2,640 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Basic Materials invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Chemicals | $ | 10,914,293 | 74.2 | % | ||||
Metals & Mining | 3,281,931 | 22.3 | % | |||||
Paper & Forest Products | 21,798 | 0.1 | % | |||||
Other** | 512,559 | 3.4 | % | |||||
Total | $ | 14,730,581 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 21
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,598,870 | ||
Securities, at value(a) | 14,269,447 | |||
Total Investment Securities, at value | 14,269,447 | |||
Segregated cash balances for swap agreements with custodian | 90,000 | |||
Dividends receivable | 22,798 | |||
Unrealized appreciation on swap agreements | 2,640 | |||
Receivable for capital shares issued | 2,135 | |||
Receivable for investments sold | 501,094 | |||
Prepaid expenses | 160 | |||
TOTAL ASSETS | 14,888,274 | |||
LIABILITIES: | ||||
Cash overdraft | 56,539 | |||
Payable for collateral for securities loaned | 51,425 | |||
Payable for capital shares redeemed | 4,252 | |||
Advisory fees payable | 10,494 | |||
Management services fees payable | 1,399 | |||
Administration fees payable | 1,482 | |||
Administrative services fees payable | 8,725 | |||
Distribution fees payable | 9,312 | |||
Transfer agency fees payable | 2,666 | |||
Fund accounting fees payable | 832 | |||
Compliance services fees payable | 103 | |||
Other accrued expenses | 10,464 | |||
TOTAL LIABILITIES | 157,693 | |||
NET ASSETS | $ | 14,730,581 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 9,919,107 | ||
Total distributable earnings (loss) | 4,811,474 | |||
NET ASSETS | $ | 14,730,581 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 209,695 | |||
Net Asset Value (offering and redemption price per share) | $ | 70.25 |
(a) Includes securities on loan valued at: | $ | 44,506 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 192,703 | ||
Interest | 443 | |||
TOTAL INVESTMENT INCOME | 193,146 | |||
EXPENSES: | ||||
Advisory fees | 66,702 | |||
Management services fees | 8,893 | |||
Administration fees | 7,764 | |||
Transfer agency fees | 6,869 | |||
Administrative services fees | 22,629 | |||
Distribution fees | 22,234 | |||
Custody fees | 1,061 | |||
Fund accounting fees | 4,511 | |||
Trustee fees | 237 | |||
Compliance services fees | 54 | |||
Other fees | 9,488 | |||
Total Gross Expenses before reductions | 150,442 | |||
Expenses reduced and reimbursed by the Advisor | (1,028 | ) | ||
TOTAL NET EXPENSES | 149,414 | |||
NET INVESTMENT INCOME (LOSS) | 43,732 | |||
REALIZED AND UNREALIZED GAINS (LOSSES)ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (724,591 | ) | ||
Net realized gains (losses) on swap agreements | (123,315 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,918,880 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (4,465 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,771,251 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,727,519 | ) |
See accompanying notes to financial statements.
22 :: ProFund VP Basic Materials :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 43,732 | $ | 31,759 | ||||
Net realized gains (losses) on investments | (847,906 | ) | 205,580 | |||||
Change in net unrealized appreciation/depreciation on investments | (2,923,345 | ) | 2,936,428 | |||||
Change in net assets resulting from operations | (3,727,519 | ) | 3,173,767 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (191,880 | ) | (550,093 | ) | ||||
Change in net assets resulting from distributions | (191,880 | ) | (550,093 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 15,676,508 | 31,694,090 | ||||||
Distributions reinvested | 191,880 | 550,093 | ||||||
Value of shares redeemed | (14,501,947 | ) | (34,000,418 | ) | ||||
Change in net assets resulting from capital transactions | 1,366,441 | (1,756,235 | ) | |||||
Change in net assets | (2,552,958 | ) | 867,439 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,283,539 | 16,416,100 | ||||||
End of period | $ | 14,730,581 | $ | 17,283,539 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 184,586 | 402,912 | ||||||
Reinvested | 2,370 | 6,830 | ||||||
Redeemed | (180,737 | ) | (442,935 | ) | ||||
Change in shares | 6,219 | (33,193 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Basic Materials :: 23
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 84.94 | $ | 69.36 | $ | 64.71 | $ | 56.94 | $ | 69.41 | $ | 56.66 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.20 | 0.14 | 0.32 | 0.37 | 0.14 | 0.17 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (14.06 | ) | 17.52 | 9.87 | 9.53 | (12.36 | ) | 12.84 | ||||||||||||||||
Total income (loss) from investment activities | (13.86 | ) | 17.66 | 10.19 | 9.90 | (12.22 | ) | 13.01 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.23 | ) | (0.42 | ) | (0.22 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||
Net realized gains on investments | (0.69 | ) | (1.85 | ) | (5.12 | ) | (1.91 | ) | — | — | ||||||||||||||
Total distributions | (0.83 | ) | (2.08 | ) | (5.54 | ) | (2.13 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 70.25 | $ | 84.94 | $ | 69.36 | $ | 64.71 | $ | 56.94 | $ | 69.41 | ||||||||||||
Total Return(b)(c) | (16.45 | )% | 25.63 | % | 16.49 | % | 17.72 | % | (17.66 | )% | 22.96 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.69 | % | 1.68 | % | 1.73 | % | 1.71 | % | 1.74 | % | 1.69 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.49 | % | 0.18 | % | 0.53 | % | 0.60 | % | 0.21 | % | 0.27 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 14,731 | $ | 17,284 | $ | 16,416 | $ | 11,884 | $ | 12,171 | $ | 33,707 | ||||||||||||
Portfolio turnover rate(b)(e) | 47 | % | 134 | % | 135 | % | 58 | % | 39 | % | 127 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
24 :: ProFund VP Bear :: Financial Statements
Investment Objective: The ProFund VP Bear seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the S&P 500® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Bear primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P 500® Index – Composition
% of Index | ||||
Information Technology | 26 | % | ||
Health Care | 15 | % | ||
Financials | 11 | % | ||
Consumer Discretionary | 11 | % | ||
Communication Services | 9 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Energy | 4 | % | ||
Utilities | 3 | % | ||
Real Estate | 3 | % | ||
Materials | 3 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (92.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $6,294,240 | $ | 6,294,000 | $ | 6,294,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $6,294,000) | 6,294,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,294,000)—92.5% | 6,294,000 | |||||||
Net other assets (liabilities)—7.5% | 511,408 | |||||||
NET ASSETS—100.0% | $ | 6,805,408 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,111,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
S&P 500 | Goldman Sachs International | 7/27/22 | (1.93 | )% | $ | (1,623,928 | ) | $ | 35,037 | ||||||||
S&P 500 | UBS AG | 7/27/22 | (1.73 | )% | (5,182,564 | ) | 137,059 | ||||||||||
$ | (6,806,492 | ) | $ | 172,096 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bear :: 25
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,294,000 | ||
Repurchase agreements, at value | 6,294,000 | |||
Total Investment Securities, at value | 6,294,000 | |||
Cash | 831 | |||
Segregated cash balances for swap agreements with custodian | 13 | |||
Interest receivable | 240 | |||
Unrealized appreciation on swap agreements | 172,096 | |||
Receivable for capital shares issued | 349,532 | |||
Prepaid expenses | 227 | |||
TOTAL ASSETS | 6,816,939 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 117 | |||
Advisory fees payable | 3,349 | |||
Management services fees payable | 446 | |||
Administration fees payable | 470 | |||
Administrative services fees payable | 1,651 | |||
Distribution fees payable | 1,906 | |||
Transfer agency fees payable | 735 | |||
Fund accounting fees payable | 260 | |||
Compliance services fees payable | 20 | |||
Other accrued expenses | 2,577 | |||
TOTAL LIABILITIES | 11,531 | |||
NET ASSETS | $ | 6,805,408 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 29,057,575 | ||
Total distributable earnings (loss) | (22,252,167 | ) | ||
NET ASSETS | $ | 6,805,408 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 387,848 | |||
Net Asset Value (offering and redemption price per share) | $ | 17.55 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 7,687 | ||
EXPENSES: | ||||
Advisory fees | 11,042 | |||
Management services fees | 1,472 | |||
Administration fees | 1,484 | |||
Transfer agency fees | 1,330 | |||
Administrative services fees | 3,756 | |||
Distribution fees | 3,681 | |||
Custody fees | 185 | |||
Fund accounting fees | 859 | |||
Trustee fees | 50 | |||
Compliance services fees | 11 | |||
Other fees | 1,566 | |||
Total Gross Expenses before reductions | 25,436 | |||
Expenses reduced and reimbursed by the Advisor | (702 | ) | ||
TOTAL NET EXPENSES | 24,734 | |||
NET INVESTMENT INCOME (LOSS) | (17,047 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 275,648 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 164,228 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 439,876 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 422,829 |
See accompanying notes to financial statements.
26 :: ProFund VP Bear :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (17,047 | ) | $ | (51,431 | ) | ||
Net realized gains (losses) on investments | 275,648 | (692,585 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 164,228 | 30,860 | ||||||
Change in net assets resulting from operations | 422,829 | (713,156 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (21,696 | ) | |||||
Change in net assets resulting from distributions | — | (21,696 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 16,708,170 | 24,842,719 | ||||||
Distributions reinvested | — | 21,696 | ||||||
Value of shares redeemed | (11,882,412 | ) | (24,924,990 | ) | ||||
Change in net assets resulting from capital transactions | 4,825,758 | (60,575 | ) | |||||
Change in net assets | 5,248,587 | (795,427 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 1,556,821 | 2,352,248 | ||||||
End of period | $ | 6,805,408 | $ | 1,556,821 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,014,295 | 1,499,798 | ||||||
Reinvested | — | 1,237 | ||||||
Redeemed | (733,359 | ) | (1,514,177 | ) | ||||
Change in shares | 280,936 | (13,142 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bear :: 27
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 14.56 | $ | 19.59 | $ | 26.47 | $ | 34.40 | $ | 33.06 | $ | 40.30 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.09 | ) | (0.28 | ) | (0.35 | ) | 0.13 | 0.03 | (0.32 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 3.08 | (4.49 | ) | (6.41 | ) | (8.03 | ) | 1.31 | (6.92 | ) | ||||||||||||||
Total income (loss) from investment activities | 2.99 | (4.77 | ) | (6.76 | ) | (7.90 | ) | 1.34 | (7.24 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.12 | ) | (0.03 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (0.26 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (0.26 | ) | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||||
Net Asset Value, End of Period | $ | 17.55 | $ | 14.56 | $ | 19.59 | $ | 26.47 | $ | 34.40 | $ | 33.06 | ||||||||||||
Total Return(b)(c) | 20.54 | % | (24.57 | )% | (25.61 | )% | (22.95 | )% | 4.05 | % | (17.97 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.73 | % | 1.69 | % | 1.79 | % | 1.74 | % | 1.65 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.71 | %(e) | 1.65 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (1.16 | )% | (1.68 | )% | (1.40 | )% | 0.43 | % | 0.08 | % | (0.88 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 6,805 | $ | 1,557 | $ | 2,352 | $ | 3,207 | $ | 4,135 | $ | 4,157 | ||||||||||||
Portfolio turnover rate(f) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
28 :: ProFund VP Biotechnology :: Financial Statements
Investment Objective: The ProFund VP Biotechnology seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. BiotechnologySM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 89 | % | ||
Swap Agreements | 11 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
AbbVie, Inc. | 18.7 | % | ||
Danaher Corp. | 11.3 | % | ||
Amgen, Inc. | 9.0 | % | ||
Gilead Sciences, Inc. | 5.4 | % | ||
Vertex Pharmaceuticals, Inc. | 5.0 | % |
Dow Jones U.S. BiotechnologySM Index – Composition
% of Index | ||||
Biotechnology | 69 | % | ||
Life Sciences Tools & Services | 31 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (89.4%)
Shares | Value | |||||||
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | 3,122 | $ | 141,271 | |||||
AbbVie, Inc. (Biotechnology) | 58,741 | 8,996,771 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 3,917 | 55,191 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 9,976 | 1,184,849 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 1,821 | 40,372 | ||||||
Alkermes PLC* (Biotechnology) | 5,433 | 161,849 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 2,482 | 28,295 | ||||||
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | 4,016 | 585,734 | ||||||
Amgen, Inc. (Biotechnology) | 17,757 | 4,320,277 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 3,515 | 123,763 | ||||||
Avantor, Inc.* (Life Sciences Tools & Services) | 20,288 | 630,957 | ||||||
Azenta, Inc. (Semiconductors & Semiconductor Equipment) | 2,493 | 179,745 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 1,542 | 59,691 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 1,398 | 6,948 | ||||||
Biogen, Inc.* (Biotechnology) | 4,868 | 992,780 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 2,102 | 306,282 | ||||||
BioMarin Pharmaceutical, Inc.* (Biotechnology) | 6,149 | 509,568 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 1,304 | 452,019 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 1,980 | 100,010 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 3,584 | 32,543 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 1,689 | 361,395 | ||||||
CRISPR Therapeutics AG* (Biotechnology) | 2,369 | 143,964 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 21,510 | 5,453,215 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 3,106 | 91,410 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 1,486 | 46,125 | ||||||
Exact Sciences Corp.* (Biotechnology) | 5,849 | 230,392 | ||||||
Exelixis, Inc.* (Biotechnology) | 10,662 | 221,983 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 2,730 | 67,649 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 41,695 | 2,577,167 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 4,586 | 201,784 | ||||||
Horizon Therapeutics PLC* (Pharmaceuticals) | 7,642 | 609,526 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 5,222 | 962,727 | ||||||
Incyte Corp.* (Biotechnology) | 6,259 | 475,496 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 2,345 | 121,377 | ||||||
Ionis Pharmaceuticals, Inc.* (Biotechnology) | 4,714 | 174,512 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 6,292 | 1,365,300 | ||||||
Maravai LifeSciences Holdings, Inc.*—Class A (Life Sciences Tools & Services) | 3,629 | 103,100 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 895 | 133,955 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 754 | 866,173 | ||||||
Mirati Therapeutics, Inc.* (Biotechnology) | 1,661 | 111,503 | ||||||
Moderna, Inc.* (Biotechnology) | 11,503 | 1,643,204 | ||||||
Natera, Inc.* (Biotechnology) | 2,977 | 105,505 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 6,192 | 23,530 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 3,177 | 309,694 | ||||||
Novavax, Inc.* (Biotechnology) | 2,597 | 133,564 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 7,459 | 32,969 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 3,591 | 2,122,748 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 1,714 | 278,354 | ||||||
Sarepta Therapeutics, Inc.* (Biotechnology) | 2,909 | 218,059 | ||||||
Seagen, Inc.* (Biotechnology) | 4,467 | 790,391 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 3,290 | 64,451 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 3,410 | 244,429 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 1,870 | 65,375 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 2,325 | 138,710 | ||||||
United Therapeutics Corp.* (Biotechnology) | 1,506 | 354,874 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 8,502 | 2,395,779 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 2,464 | 62,758 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 2,462 | 744,435 | ||||||
TOTAL COMMON STOCKS (Cost $20,554,174) | 42,956,497 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 29
Repurchase Agreements(a) (1.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $858,033 | $ | 858,000 | $ | 858,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $858,000) | 858,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $21,412,174)—91.2% | 43,814,497 | |||||||
Net other assets (liabilities)—8.8% | 4,242,449 | |||||||
NET ASSETS—100.0% | $ | 48,056,946 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Biotechnology Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 5,049,615 | $ | (2,155 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Biotechnology invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Biotechnology | $ | 29,117,149 | 60.6 | % | ||||
Health Care Equipment & Supplies | 6,197,650 | 12.9 | % | |||||
Life Sciences Tools & Services | 6,828,897 | 14.2 | % | |||||
Pharmaceuticals | 633,056 | 1.3 | % | |||||
Semiconductors & Semiconductor Equipment | 179,745 | 0.4 | % | |||||
Other** | 5,100,449 | 10.6 | % | |||||
Total | $ | 48,056,946 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
30 :: ProFund VP Biotechnology :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 21,412,174 | ||
Securities, at value | 42,956,497 | |||
Repurchase agreements, at value | 858,000 | |||
Total Investment Securities, at value | 43,814,497 | |||
Cash | 14,228 | |||
Segregated cash balances for swap agreements with custodian | 195,000 | |||
Dividends and interest receivable | 5,912 | |||
Receivable for capital shares issued | 149,354 | |||
Receivable for investments sold | 4,005,133 | |||
Prepaid expenses | 536 | |||
TOTAL ASSETS | 48,184,660 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 2,698 | |||
Unrealized depreciation on swap agreements | 2,155 | |||
Advisory fees payable | 28,722 | |||
Management services fees payable | 3,830 | |||
Administration fees payable | 3,991 | |||
Administrative services fees payable | 18,251 | |||
Distribution fees payable | 28,220 | |||
Trustee fees payable | 15 | |||
Transfer agency fees payable | 6,925 | |||
Fund accounting fees payable | 2,226 | |||
Compliance services fees payable | 323 | |||
Other accrued expenses | 30,358 | |||
TOTAL LIABILITIES | 127,714 | |||
NET ASSETS | $ | 48,056,946 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 24,025,479 | ||
Total distributable earnings (loss) | 24,031,467 | |||
NET ASSETS | $ | 48,056,946 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 742,331 | |||
Net Asset Value (offering and redemption price per share) | $ | 64.74 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 362,923 | ||
Interest | 546 | |||
TOTAL INVESTMENT INCOME | 363,469 | |||
EXPENSES: | ||||
Advisory fees | 192,656 | |||
Management services fees | 25,687 | |||
Administration fees | 21,476 | |||
Transfer agency fees | 18,701 | |||
Administrative services fees | 45,145 | |||
Distribution fees | 64,219 | |||
Custody fees | 2,896 | |||
Fund accounting fees | 12,180 | |||
Trustee fees | 663 | |||
Compliance services fees | 132 | |||
Other fees | 24,576 | |||
TOTAL NET EXPENSES | 408,331 | |||
NET INVESTMENT INCOME (LOSS) | (44,862 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,088,426 | |||
Net realized gains (losses) on swap agreements | (78,751 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (13,274,465 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (2,978 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (9,267,768 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,312,630 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 31
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (44,862 | ) | $ | (98,109 | ) | ||
Net realized gains (losses) on investments | 4,009,675 | 10,795,186 | ||||||
Change in net unrealized appreciation/depreciation on investments | (13,277,443 | ) | (1,563,132 | ) | ||||
Change in net assets resulting from operations | (9,312,630 | ) | 9,133,945 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (8,817,118 | ) | (384,376 | ) | ||||
Change in net assets resulting from distributions | (8,817,118 | ) | (384,376 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 5,328,785 | 21,315,729 | ||||||
Distributions reinvested | 8,817,118 | 384,376 | ||||||
Value of shares redeemed | (9,757,610 | ) | (29,619,878 | ) | ||||
Change in net assets resulting from capital transactions | 4,388,293 | (7,919,773 | ) | |||||
Change in net assets | (13,741,455 | ) | 829,796 | |||||
NET ASSETS: | ||||||||
Beginning of period | 61,798,401 | 60,968,605 | ||||||
End of period | $ | 48,056,946 | $ | 61,798,401 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 68,384 | 233,740 | ||||||
Reinvested | 138,329 | 4,479 | ||||||
Redeemed | (118,586 | ) | (326,324 | ) | ||||
Change in shares | 88,127 | (88,105 | ) |
See accompanying notes to financial statements.
32 :: ProFund VP Biotechnology :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 94.46 | $ | 82.13 | $ | 76.13 | $ | 65.65 | $ | 70.40 | $ | 57.44 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.07 | ) | (0.14 | ) | (0.05 | ) | 0.01 | (0.07 | ) | (0.14 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (14.80 | ) | 13.01 | 11.57 | 10.75 | (4.68 | ) | 13.10 | ||||||||||||||||
Total income (loss) from investment activities | (14.87 | ) | 12.87 | 11.52 | 10.76 | (4.75 | ) | 12.96 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.01 | ) | — | — | — | |||||||||||||||||
Net realized gains on investments | (14.85 | ) | (0.54 | ) | (5.51 | ) | (0.28 | ) | — | — | ||||||||||||||
Total distributions | (14.85 | ) | (0.54 | ) | (5.52 | ) | (0.28 | ) | — | — | ||||||||||||||
Net Asset Value, End of Period | $ | 64.74 | $ | 94.46 | $ | 82.13 | $ | 76.13 | $ | 65.65 | $ | 70.40 | ||||||||||||
Total Return(b)(c) | (15.49 | )% | 15.73 | % | 15.38 | % | 16.46 | % | (6.75 | )% | 22.54 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.59 | % | 1.58 | % | 1.67 | % | 1.63 | % | 1.58 | % | 1.59 | % | ||||||||||||
Net expenses(c)(d) | 1.59 | % | 1.58 | % | 1.67 | % | 1.63 | % | 1.58 | % | 1.59 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.17 | )% | (0.15 | )% | (0.06 | )% | 0.02 | % | (0.10 | )% | (0.22 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 48,057 | $ | 61,798 | $ | 60,969 | $ | 57,767 | $ | 55,520 | $ | 68,165 | ||||||||||||
Portfolio turnover rate(b)(e) | 2 | % | 43 | % | 70 | % | 81 | % | 114 | % | 157 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 33
Investment Objective: The ProFund VP Bull seeks investment results that, before fees and expenses, correspond to the performance of the S&P 500®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 86 | % | ||
Swap Agreements | 12 | % | ||
Total Exposure | 98 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 5.7 | % | ||
Microsoft Corp. | 5.2 | % | ||
Alphabet, Inc. | 3.4 | % | ||
Amazon.com, Inc. | 2.5 | % | ||
Tesla, Inc. | 1.5 | % |
S&P 500® Index – Composition
% of Index | ||||
Information Technology | 26 | % | ||
Health Care | 15 | % | ||
Financials | 11 | % | ||
Consumer Discretionary | 11 | % | ||
Communication Services | 9 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Energy | 4 | % | ||
Utilities | 3 | % | ||
Real Estate | 3 | % | ||
Materials | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (85.8%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 557 | $ | 72,081 | |||||
A.O. Smith Corp. (Building Products) | 127 | 6,944 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 1,716 | 186,443 | ||||||
AbbVie, Inc. (Biotechnology) | 1,731 | 265,121 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 45 | 11,138 | ||||||
Accenture PLC—Class A (IT Services) | 620 | 172,143 | ||||||
Activision Blizzard, Inc. (Entertainment) | 766 | 59,641 | ||||||
Adobe, Inc.* (Software) | 463 | 169,485 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 60 | 10,385 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 1,588 | 121,434 | ||||||
Aflac, Inc. (Insurance) | 580 | 32,091 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 294 | 34,918 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 217 | 52,184 | ||||||
Akamai Technologies, Inc.* (IT Services) | 157 | 14,339 | ||||||
Alaska Air Group, Inc.* (Airlines) | 123 | 4,926 | ||||||
Albemarle Corp. (Chemicals) | 115 | 24,033 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 146 | 21,174 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 72 | 17,040 | ||||||
Allegion PLC (Building Products) | 86 | 8,419 | ||||||
Alliant Energy Corp. (Electric Utilities) | 246 | 14,418 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 295 | 642,881 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 270 | 590,612 | ||||||
Altria Group, Inc. (Tobacco) | 1,774 | 74,100 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 8,570 | 910,219 | ||||||
Amcor PLC (Containers & Packaging) | 1,473 | 18,309 | ||||||
Ameren Corp. (Multi-Utilities) | 253 | 22,861 | ||||||
American Airlines Group, Inc.* (Airlines) | 636 | 8,064 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 503 | 48,258 | ||||||
American Express Co. (Consumer Finance) | 597 | 82,756 | ||||||
American International Group, Inc. (Insurance) | 776 | 39,677 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 455 | 116,294 | ||||||
American Water Works Co., Inc. (Water Utilities) | 178 | 26,481 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 108 | 25,669 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 148 | 20,939 | ||||||
AMETEK, Inc. (Electrical Equipment) | 226 | 24,835 | ||||||
Amgen, Inc. (Biotechnology) | 524 | 127,489 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 586 | 37,728 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 513 | 74,944 | ||||||
ANSYS, Inc.* (Software) | 85 | 20,340 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 236 | 113,889 | ||||||
Aon PLC (Insurance) | 208 | 56,093 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 332 | 11,587 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 15,060 | 2,059,004 | ||||||
Applied Materials, Inc. (Semiconductors &Semiconductor Equipment) | 866 | 78,789 | ||||||
Aptiv PLC* (Auto Components) | 265 | 23,604 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 551 | 42,758 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 221 | 20,717 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 206 | 33,586 | ||||||
Assurant, Inc. (Insurance) | 53 | 9,161 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 7,019 | 147,118 | ||||||
Atmos Energy Corp. (Gas Utilities) | 136 | 15,246 | ||||||
Autodesk, Inc.* (Software) | 213 | 36,627 | ||||||
Automatic Data Processing, Inc. (IT Services) | 409 | 85,906 |
See accompanying notes to financial statements.
34 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
AutoZone, Inc.* (Specialty Retail) | 19 | $ | 40,833 | |||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 137 | 26,612 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 80 | 12,950 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 916 | 26,445 | ||||||
Ball Corp. (Containers & Packaging) | 314 | 21,594 | ||||||
Bank of America Corp. (Banks) | 6,944 | 216,167 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 234 | 6,299 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 494 | 31,730 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 279 | 68,782 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 1,772 | 483,791 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 199 | 12,973 | ||||||
Biogen, Inc.* (Biotechnology) | 144 | 29,367 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 21 | 10,395 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 39 | 13,519 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 139 | 84,657 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 40 | 69,960 | ||||||
BorgWarner, Inc. (Auto Components) | 235 | 7,842 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 140 | 12,457 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 1,401 | 52,215 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 2,086 | 160,622 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 400 | 194,324 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 115 | 16,393 | ||||||
Brown & Brown, Inc. (Insurance) | 229 | 13,360 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 179 | 12,559 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 125 | 12,671 | ||||||
Cadence Design Systems, Inc.* (Software) | 271 | 40,658 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 210 | 8,043 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 104 | 13,986 | ||||||
Campbell Soup Co. (Food Products) | 198 | 9,514 | ||||||
Capital One Financial Corp. (Consumer Finance) | 385 | 40,113 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 267 | 13,956 | ||||||
CarMax, Inc.* (Specialty Retail) | 157 | 14,205 | ||||||
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | 797 | 6,894 | ||||||
Carrier Global Corp. (Building Products) | 831 | 29,633 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 176 | 18,883 | ||||||
Caterpillar, Inc. (Machinery) | 523 | 93,491 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 104 | 11,772 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 320 | 23,555 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 132 | 20,798 | ||||||
Celanese Corp. (Chemicals) | 106 | 12,467 | ||||||
Centene Corp.* (Health Care Providers & Services) | 574 | 48,566 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 617 | 18,251 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 135 | 6,356 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 204 | 17,489 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 50 | 10,699 | ||||||
Charter Communications, Inc.*—Class A (Media) | 113 | 52,944 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 1,925 | 278,701 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 27 | 35,296 | ||||||
Chubb, Ltd. (Insurance) | 415 | 81,580 | ||||||
Church & Dwight Co., Inc. (Household Products) | 238 | 22,053 | ||||||
Cigna Corp. (Health Care Providers & Services) | 311 | 81,955 | ||||||
Cincinnati Financial Corp. (Insurance) | 146 | 17,371 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 85 | 31,750 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 4,069 | 173,502 | ||||||
Citigroup, Inc. (Banks) | 1,904 | 87,565 | ||||||
Citizens Financial Group, Inc. (Banks) | 480 | 17,131 | ||||||
Citrix Systems, Inc. (Software) | 122 | 11,855 | ||||||
CME Group, Inc. (Capital Markets) | 352 | 72,054 | ||||||
CMS Energy Corp. (Multi-Utilities) | 284 | 19,170 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 511 | 34,487 | ||||||
Colgate-Palmolive Co. (Household Products) | 821 | 65,795 | ||||||
Comcast Corp.—Class A (Media) | 4,379 | 171,832 | ||||||
Comerica, Inc. (Banks) | 128 | 9,393 | ||||||
Conagra Brands, Inc. (Food Products) | 470 | 16,093 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,267 | 113,789 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 347 | 33,000 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 159 | 37,057 | ||||||
Constellation Energy Corp. (Electric Utilities) | 320 | 18,323 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 209 | 22,710 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 745 | 23,475 | ||||||
Corteva, Inc. (Chemicals) | 709 | 38,385 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 434 | 208,007 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 789 | 20,348 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 424 | 71,393 | ||||||
CSX Corp. (Road & Rail) | 2,134 | 62,014 | ||||||
Cummins, Inc. (Machinery) | 138 | 26,707 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,285 | 119,067 | ||||||
D.R. Horton, Inc. (Household Durables) | 314 | 20,784 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 635 | 160,985 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 122 | 13,801 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 59 | 4,718 | ||||||
Deere & Co. (Machinery) | 273 | 81,755 | ||||||
Delta Air Lines, Inc.* (Airlines) | 628 | 18,193 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 35
Common Stocks, continued
Shares | Value | |||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 211 | $ | 7,539 | |||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 601 | 33,121 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 385 | 28,694 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 163 | 19,747 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 279 | 36,223 | ||||||
Discover Financial Services (Consumer Finance) | 275 | 26,010 | ||||||
DISH Network Corp.*—Class A (Media) | 246 | 4,411 | ||||||
Dollar General Corp. (Multiline Retail) | 224 | 54,979 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 220 | 34,287 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 795 | 63,448 | ||||||
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 35 | 13,640 | ||||||
Dover Corp. (Machinery) | 141 | 17,106 | ||||||
Dow, Inc. (Chemicals) | 714 | 36,850 | ||||||
DTE Energy Co. (Multi-Utilities) | 190 | 24,083 | ||||||
Duke Energy Corp. (Electric Utilities) | 754 | 80,836 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 377 | 20,716 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 498 | 27,679 | ||||||
DXC Technology Co.* (IT Services) | 240 | 7,274 | ||||||
Eastman Chemical Co. (Chemicals) | 126 | 11,311 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 391 | 49,262 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 549 | 22,877 | ||||||
Ecolab, Inc. (Chemicals) | 243 | 37,364 | ||||||
Edison International (Electric Utilities) | 374 | 23,652 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 610 | 58,005 | ||||||
Electronic Arts, Inc. (Entertainment) | 275 | 33,454 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 772 | 250,306 | ||||||
Emerson Electric Co. (Electrical Equipment) | 583 | 46,372 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 132 | 25,772 | ||||||
Entergy Corp. (Electric Utilities) | 199 | 22,415 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 574 | 63,393 | ||||||
EPAM Systems, Inc.* (IT Services) | 56 | 16,508 | ||||||
Equifax, Inc. (Professional Services) | 120 | 21,934 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 89 | 58,475 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 336 | 24,266 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 64 | 16,737 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 125 | 9,151 | ||||||
Everest Re Group, Ltd. (Insurance) | 39 | 10,931 | ||||||
Evergy, Inc. (Electric Utilities) | 225 | 14,681 | ||||||
Eversource Energy (Electric Utilities) | 338 | 28,551 | ||||||
Exelon Corp. (Electric Utilities) | 961 | 43,553 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 149 | 14,130 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 165 | 16,081 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 132 | 22,456 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4,129 | 353,607 | ||||||
F5, Inc.* (Communications Equipment) | 59 | 9,029 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 37 | 14,229 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 564 | 28,155 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 70 | 6,702 | ||||||
FedEx Corp. (Air Freight & Logistics) | 233 | 52,823 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 598 | 54,819 | ||||||
Fifth Third Bancorp (Banks) | 673 | 22,613 | ||||||
First Horizon Corp. (Banks) | 1 | 12 | ||||||
First Republic Bank (Banks) | 176 | 25,379 | ||||||
FirstEnergy Corp. (Electric Utilities) | 560 | 21,498 | ||||||
Fiserv, Inc.* (IT Services) | 570 | 50,713 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 76 | 15,968 | ||||||
FMC Corp. (Chemicals) | 123 | 13,162 | ||||||
Ford Motor Co. (Automobiles) | 3,873 | 43,106 | ||||||
Fortinet, Inc.* (Software) | 655 | 37,060 | ||||||
Fortive Corp. (Machinery) | 352 | 19,142 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 128 | 7,665 | ||||||
Fox Corp.—Class A (Media) | 305 | 9,809 | ||||||
Fox Corp.—Class B (Media) | 142 | 4,217 | ||||||
Franklin Resources, Inc. (Capital Markets) | 275 | 6,410 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 1,422 | 41,608 | ||||||
Garmin, Ltd. (Household Durables) | 149 | 14,639 | ||||||
Gartner, Inc.* (IT Services) | 79 | 19,105 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 63 | 13,267 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 226 | 50,003 | ||||||
General Electric Co. (Industrial Conglomerates) | 1,078 | 68,636 | ||||||
General Mills, Inc. (Food Products) | 590 | 44,516 | ||||||
General Motors Co.* (Automobiles) | 1,429 | 45,385 | ||||||
Genuine Parts Co. (Distributors) | 139 | 18,487 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,229 | 75,964 | ||||||
Global Payments, Inc. (IT Services) | 276 | 30,537 | ||||||
Globe Life, Inc. (Insurance) | 89 | 8,675 | ||||||
Halliburton Co. (Energy Equipment & Services) | 883 | 27,691 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 322 | 21,068 | ||||||
Hasbro, Inc. (Leisure Products) | 128 | 10,481 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 223 | 37,477 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 529 | 13,706 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 135 | 10,360 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 272 | 28,816 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 1,274 | 16,893 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 273 | 30,423 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 244 | 16,909 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 668 | 116,105 |
See accompanying notes to financial statements.
36 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Hormel Foods Corp. (Food Products) | 278 | $ | 13,166 | |||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 700 | 10,976 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 370 | 11,637 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 1,032 | 33,829 | ||||||
Humana, Inc. (Health Care Providers & Services) | 124 | 58,041 | ||||||
Huntington Bancshares, Inc. (Banks) | 1,411 | 16,974 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 39 | 8,495 | ||||||
IDEX Corp. (Machinery) | 74 | 13,441 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 82 | 28,760 | ||||||
Illinois Tool Works, Inc. (Machinery) | 278 | 50,666 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 154 | 28,391 | ||||||
Incyte Corp.* (Biotechnology) | 184 | 13,978 | ||||||
Ingersoll Rand, Inc. (Machinery) | 398 | 16,748 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 4,011 | 150,052 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 547 | 51,440 | ||||||
International Business Machines Corp. (IT Services) | 882 | 124,530 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 250 | 29,780 | ||||||
International Paper Co. (Containers & Packaging) | 363 | 15,184 | ||||||
Intuit, Inc. (Software) | 277 | 106,767 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 352 | 70,650 | ||||||
Invesco, Ltd. (Capital Markets) | 330 | 5,323 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 185 | 40,143 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 285 | 13,877 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 82 | 12,913 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 71 | 12,781 | ||||||
Jacobs Engineering Group, Inc. (Professional Services) | 126 | 16,018 | ||||||
Johnson & Johnson (Pharmaceuticals) | 2,580 | 457,976 | ||||||
Johnson Controls International PLC (Building Products) | 682 | 32,655 | ||||||
JPMorgan Chase & Co. (Banks) | 2,878 | 324,092 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 317 | 9,035 | ||||||
Kellogg Co. (Food Products) | 248 | 17,692 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 722 | 25,552 | ||||||
KeyCorp (Banks) | 914 | 15,748 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 178 | 24,537 | ||||||
Kimberly-Clark Corp. (Household Products) | 330 | 44,600 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 605 | 11,961 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 1,910 | 32,012 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 146 | 46,586 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 189 | 45,681 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 91 | 21,327 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 136 | 57,956 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 141 | 10,076 | ||||||
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | 337 | 11,320 | ||||||
Leidos Holdings, Inc. (Professional Services) | 134 | 13,495 | ||||||
Lennar Corp.—Class A (Household Durables) | 254 | 17,925 | ||||||
Lincoln National Corp. (Insurance) | 158 | 7,390 | ||||||
Linde PLC (Chemicals) | 493 | 141,751 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 134 | 11,066 | ||||||
LKQ Corp. (Distributors) | 255 | 12,518 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 232 | 99,751 | ||||||
Loews Corp. (Insurance) | 191 | 11,319 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 648 | 113,186 | ||||||
Lumen Technologies, Inc. (Diversified Telecommunication Services) | 912 | 9,950 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 254 | 22,215 | ||||||
M&T Bank Corp. (Banks) | 176 | 28,053 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 694 | 15,601 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 531 | 43,654 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 37 | 9,472 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 271 | 36,837 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 492 | 76,383 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 61 | 18,254 | ||||||
Masco Corp. (Building Products) | 231 | 11,689 | ||||||
Mastercard, Inc.—Class A (IT Services) | 841 | 265,319 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 280 | 19,513 | ||||||
McCormick & Co., Inc. (Food Products) | 245 | 20,396 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 724 | 178,740 | ||||||
McKesson Corp. (Health Care Providers & Services) | 142 | 46,322 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,314 | 117,932 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 2,479 | 226,010 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 2,250 | 362,813 | ||||||
MetLife, Inc. (Insurance) | 678 | 42,572 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 22 | 25,273 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 346 | 10,017 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 546 | 31,712 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,094 | 60,476 | ||||||
Microsoft Corp. (Software) | 7,333 | 1,883,333 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 37
Common Stocks, continued
Shares | Value | |||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 113 | $ | 19,738 | |||||
Moderna, Inc.* (Biotechnology) | 339 | 48,426 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 50 | 6,205 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 57 | 15,938 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 185 | 10,084 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 1,355 | 84,132 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 43 | 16,514 | ||||||
Monster Beverage Corp.* (Beverages) | 369 | 34,206 | ||||||
Moody's Corp. (Capital Markets) | 157 | 42,699 | ||||||
Morgan Stanley (Capital Markets) | 1,372 | 104,354 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 164 | 34,374 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 79 | 32,560 | ||||||
Nasdaq, Inc. (Capital Markets) | 113 | 17,237 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 218 | 14,222 | ||||||
Netflix, Inc.* (Entertainment) | 435 | 76,068 | ||||||
Newell Brands, Inc. (Household Durables) | 361 | 6,873 | ||||||
Newmont Corp. (Metals & Mining) | 778 | 46,423 | ||||||
News Corp.—Class A (Media) | 381 | 5,936 | ||||||
News Corp.—Class B (Media) | 118 | 1,875 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 1,924 | 149,033 | ||||||
Nielsen Holdings PLC (Professional Services) | 352 | 8,173 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 1,243 | 127,036 | ||||||
NiSource, Inc. (Multi-Utilities) | 398 | 11,737 | ||||||
Nordson Corp. (Machinery) | 53 | 10,729 | ||||||
Norfolk Southern Corp. (Road & Rail) | 233 | 52,959 | ||||||
Northern Trust Corp. (Capital Markets) | 204 | 19,682 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 143 | 68,436 | ||||||
NortonLifelock, Inc. (Software) | 570 | 12,517 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 410 | 4,559 | ||||||
NRG Energy, Inc. (Electric Utilities) | 232 | 8,855 | ||||||
Nucor Corp. (Metals & Mining) | 261 | 27,251 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 2,455 | 372,152 | ||||||
NVR, Inc.* (Household Durables) | 3 | 12,012 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 258 | 38,192 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 873 | 51,402 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 90 | 23,065 | ||||||
Omnicom Group, Inc. (Media) | 202 | 12,849 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 426 | 21,432 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 438 | 24,309 | ||||||
Oracle Corp. (Software) | 1,542 | 107,740 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 64 | 40,433 | ||||||
Organon & Co. (Pharmaceuticals) | 248 | 8,370 | ||||||
Otis Worldwide Corp. (Machinery) | 414 | 29,257 | ||||||
PACCAR, Inc. (Machinery) | 341 | 28,078 | ||||||
Packaging Corp. of America (Containers & Packaging) | 92 | 12,650 | ||||||
Paramount Global—Class B (Media) | 596 | 14,709 | ||||||
Parker-Hannifin Corp. (Machinery) | 126 | 31,002 | ||||||
Paychex, Inc. (IT Services) | 315 | 35,869 | ||||||
Paycom Software, Inc.* (Software) | 47 | 13,166 | ||||||
PayPal Holdings, Inc.* (IT Services) | 1,135 | 79,268 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 160 | 4,867 | ||||||
Pentair PLC (Machinery) | 162 | 7,415 | ||||||
PepsiCo, Inc. (Beverages) | 1,356 | 225,991 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 124 | 17,635 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 5,496 | 288,155 | ||||||
Philip Morris International, Inc. (Tobacco) | 1,520 | 150,085 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 471 | 38,617 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 111 | 8,116 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 220 | 49,078 | ||||||
Pool Corp. (Distributors) | 39 | 13,698 | ||||||
PPG Industries, Inc. (Chemicals) | 231 | 26,413 | ||||||
PPL Corp. (Electric Utilities) | 721 | 19,561 | ||||||
Principal Financial Group, Inc. (Insurance) | 230 | 15,362 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 725 | 85,296 | ||||||
Prudential Financial, Inc. (Insurance) | 367 | 35,115 | ||||||
PTC, Inc.* (Software) | 103 | 10,953 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 489 | 30,944 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 150 | 46,901 | ||||||
PulteGroup, Inc. (Household Durables) | 233 | 9,234 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 66 | 3,755 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 106 | 9,998 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 1,097 | 140,131 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 141 | 17,673 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 115 | 15,293 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 45 | 4,034 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 191 | 17,077 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 1,457 | 140,031 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 590 | 40,273 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 152 | 9,015 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 106 | 62,660 | ||||||
Regions Financial Corp. (Banks) | 915 | 17,156 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 204 | 26,697 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 143 | 29,977 | ||||||
Robert Half International, Inc.(Professional Services) | 108 | 8,088 |
See accompanying notes to financial statements.
38 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Rockwell Automation, Inc. (Electrical Equipment) | 114 | $ | 22,721 | |||||
Rollins, Inc. (Commercial Services & Supplies) | 222 | 7,752 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 104 | 41,044 | ||||||
Ross Stores, Inc. (Specialty Retail) | 344 | 24,159 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 220 | 7,680 | ||||||
S&P Global, Inc. (Capital Markets) | 340 | 114,601 | ||||||
Salesforce, Inc.* (Software) | 974 | 160,749 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 106 | 33,925 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 1,384 | 49,492 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 194 | 13,859 | ||||||
Sealed Air Corp. (Containers & Packaging) | 143 | 8,254 | ||||||
Sempra Energy (Multi-Utilities) | 308 | 46,283 | ||||||
ServiceNow, Inc.* (Software) | 196 | 93,202 | ||||||
Signature Bank (Banks) | 62 | 11,111 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 322 | 30,564 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 158 | 14,637 | ||||||
Snap-on, Inc. (Machinery) | 52 | 10,246 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 54 | 14,779 | ||||||
Southwest Airlines Co.* (Airlines) | 581 | 20,987 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 148 | 15,519 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 1,123 | 85,786 | ||||||
State Street Corp. (Capital Markets) | 360 | 22,194 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 98 | 20,203 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 330 | �� | 65,647 | |||||
SVB Financial Group* (Banks) | 58 | 22,909 | ||||||
Synchrony Financial (Consumer Finance) | 491 | 13,561 | ||||||
Synopsys, Inc.* (Software) | 150 | 45,555 | ||||||
Sysco Corp. (Food & Staples Retailing) | 500 | 42,355 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 223 | 25,335 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 155 | 18,992 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 247 | 7,538 | ||||||
Target Corp. (Multiline Retail) | 453 | 63,977 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 316 | 35,755 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 46 | 17,255 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 46 | 11,309 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 157 | 14,059 | ||||||
Tesla, Inc.* (Automobiles) | 823 | 554,225 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 903 | 138,746 | ||||||
Textron, Inc. (Aerospace & Defense) | 211 | 12,886 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 654 | 13,741 | ||||||
The Allstate Corp. (Insurance) | 269 | 34,090 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 728 | 30,365 | ||||||
The Boeing Co.* (Aerospace & Defense) | 545 | 74,512 | ||||||
The Charles Schwab Corp. (Capital Markets) | 1,477 | 93,317 | ||||||
The Clorox Co. (Household Products) | 121 | 17,059 | ||||||
The Coca-Cola Co. (Beverages) | 3,825 | 240,630 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 48 | 15,030 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 227 | 57,810 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 336 | 99,799 | ||||||
The Hershey Co. (Food Products) | 143 | 30,768 | ||||||
The Home Depot, Inc. (Specialty Retail) | 1,012 | 277,561 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 386 | 10,627 | ||||||
The JM Smucker Co.—Class A (Food Products) | 106 | 13,569 | ||||||
The Kraft Heinz Co. (Food Products) | 696 | 26,545 | ||||||
The Kroger Co. (Food & Staples Retailing) | 643 | 30,433 | ||||||
The Mosaic Co. (Chemicals) | 355 | 16,767 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 405 | 63,897 | ||||||
The Procter & Gamble Co. (Household Products) | 2,350 | 337,906 | ||||||
The Progressive Corp. (Insurance) | 573 | 66,623 | ||||||
The Sherwin-Williams Co. (Chemicals) | 235 | 52,618 | ||||||
The Southern Co. (Electric Utilities) | 1,041 | 74,234 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 1,150 | 64,228 | ||||||
The Travelers Cos., Inc. (Insurance) | 235 | 39,746 | ||||||
The Walt Disney Co.* (Entertainment) | 1,786 | 168,598 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 1,195 | 37,296 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 383 | 208,077 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 578 | 77,764 | ||||||
Tractor Supply Co. (Specialty Retail) | 110 | 21,324 | ||||||
Trane Technologies PLC (Building Products) | 229 | 29,740 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 51 | 27,370 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 245 | 14,266 | ||||||
Truist Financial Corp. (Banks) | 1,304 | 61,849 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 747 | 27,930 | ||||||
Tyler Technologies, Inc.* (Software) | 41 | 13,632 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 286 | 24,613 | ||||||
U.S. Bancorp (Banks) | 1,325 | 60,977 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 293 | 13,490 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 51 | 19,659 | ||||||
Union Pacific Corp. (Road & Rail) | 615 | 131,167 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 320 | 11,334 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 720 | 131,429 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 70 | 17,004 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 920 | 472,539 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 39
Common Stocks, continued
Shares | Value | |||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 66 | $ | 6,647 | |||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 400 | 42,512 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 391 | 20,109 | ||||||
VeriSign, Inc.* (IT Services) | 94 | 15,729 | ||||||
Verisk Analytics, Inc. (Professional Services) | 155 | 26,830 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 4,113 | 208,735 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 250 | 70,448 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 317 | 14,002 | ||||||
Viatris, Inc. (Pharmaceuticals) | 1,190 | 12,459 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 944 | 28,122 | ||||||
Visa, Inc.—Class A (IT Services) | 1,612 | 317,387 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 156 | 4,460 | ||||||
Vulcan Materials Co. (Construction Materials) | 130 | 18,473 | ||||||
W.R. Berkley Corp. (Insurance) | 205 | 13,993 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 42 | 19,086 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 703 | 26,644 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 1,376 | 167,294 | ||||||
Warner Bros Discovery, Inc.* (Entertainment) | 2,166 | 29,068 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 375 | 57,368 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 59 | 19,528 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 309 | 31,098 | ||||||
Wells Fargo & Co. (Banks) | 3,717 | 145,595 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 445 | 36,646 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 73 | 22,073 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 307 | 13,763 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 179 | 14,692 | ||||||
WestRock Co. (Containers & Packaging) | 250 | 9,960 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 729 | 24,144 | ||||||
Whirlpool Corp. (Household Durables) | 55 | 8,518 | ||||||
Willis Towers Watson PLC (Insurance) | 109 | 21,516 | ||||||
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | 103 | 5,869 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 534 | 37,786 | ||||||
Xylem, Inc. (Machinery) | 176 | 13,760 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 280 | 31,783 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 51 | 14,991 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 205 | 21,537 | ||||||
Zions Bancorp (Banks) | 148 | 7,533 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 462 | 79,413 | ||||||
TOTAL COMMON STOCKS (Cost $7,570,044) | 31,258,669 |
Repurchase Agreements(a)(b) (13.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $4,882,186 | $ | 4,882,000 | $ | 4,882,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,882,000) | 4,882,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,452,044)—99.2% | 36,140,669 | |||||||
Net other assets (liabilities)—0.8% | 294,487 | |||||||
NET ASSETS—100.0% | $ | 36,435,156 |
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $785,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P 500 | Goldman Sachs International | 7/27/22 | 2.18 | % | $ | 1,393,020 | $ | (46,229 | ) | |||||||
S&P 500 | UBS AG | 7/27/22 | 2.08 | % | 3,122,939 | (121,596 | ) | |||||||||
$ | 4,515,959 | $ | (167,825 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
40 :: ProFund VP Bull :: Financial Statements
ProFund VP Bull invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 538,802 | 1.5 | % | ||||
Air Freight & Logistics | 213,004 | 0.6 | % | |||||
Airlines | 63,504 | 0.2 | % | |||||
Auto Components | 31,446 | 0.1 | % | |||||
Automobiles | 642,716 | 1.8 | % | |||||
Banks | 1,154,154 | 3.2 | % | |||||
Beverages | 586,079 | 1.6 | % | |||||
Biotechnology | 693,453 | 1.9 | % | |||||
Building Products | 126,745 | 0.3 | % | |||||
Capital Markets | 900,246 | 2.5 | % | |||||
Chemicals | 560,468 | 1.5 | % | |||||
Commercial Services & Supplies | 146,277 | 0.4 | % | |||||
Communications Equipment | 246,657 | 0.7 | % | |||||
Construction & Engineering | 17,673 | NM | ||||||
Construction Materials | 36,727 | 0.1 | % | |||||
Consumer Finance | 162,440 | 0.4 | % | |||||
Containers & Packaging | 98,901 | 0.3 | % | |||||
Distributors | 44,703 | 0.1 | % | |||||
Diversified Financial Services | 483,791 | 1.3 | % | |||||
Diversified Telecommunication Services | 365,803 | 1.0 | % | |||||
Electric Utilities | 613,770 | 1.8 | % | |||||
Electrical Equipment | 156,457 | 0.4 | % | |||||
Electronic Equipment, Instruments &Components | 188,805 | 0.5 | % | |||||
Energy Equipment & Services | 103,628 | 0.3 | % | |||||
Entertainment | 396,887 | 1.1 | % | |||||
Equity Real Estate Investment Trusts | 890,694 | 2.4 | % | |||||
Food & Staples Retailing | 474,733 | 1.3 | % | |||||
Food Products | 353,838 | 1.0 | % | |||||
Gas Utilities | 15,246 | NM | ||||||
Health Care Equipment & Supplies | 1,042,598 | 2.9 | % | |||||
Health Care Providers & Services | 1,087,034 | 3.0 | % | |||||
Hotels, Restaurants & Leisure | 569,645 | 1.6 | % | |||||
Household Durables | 96,190 | 0.3 | % | |||||
Household Products | 487,413 | 1.3 | % | |||||
Independent Power and Renewable Electricity Producers | 13,741 | NM | ||||||
Industrial Conglomerates | 297,866 | 0.8 | % | |||||
Insurance | 687,702 | 1.9 | % | |||||
Interactive Media & Services | 1,643,749 | 4.5 | % | |||||
Internet & Direct Marketing Retail | 942,247 | 2.5 | % | |||||
IT Services | 1,369,075 | 3.8 | % | |||||
Leisure Products | 10,481 | NM | ||||||
Life Sciences Tools & Services | 408,578 | 1.1 | % | |||||
Machinery | 479,754 | 1.3 | % | |||||
Media | 289,209 | 0.8 | % | |||||
Metals & Mining | 115,282 | 0.3 | % | |||||
Multiline Retail | 153,243 | 0.4 | % | |||||
Multi-Utilities | 300,875 | 0.8 | % | |||||
Oil, Gas & Consumable Fuels | 1,257,590 | 3.4 | % | |||||
Personal Products | 57,810 | 0.2 | % | |||||
Pharmaceuticals | 1,502,194 | 4.1 | % | |||||
Professional Services | 94,538 | 0.3 | % | |||||
Real Estate Management & Development | 23,555 | 0.1 | % | |||||
Road & Rail | 282,118 | 0.8 | % | |||||
Semiconductors & Semiconductor Equipment | 1,622,685 | 4.5 | % | |||||
Software | 2,769,995 | 7.6 | % | |||||
Specialty Retail | 645,245 | 1.8 | % | |||||
Technology Hardware, Storage & Peripherals | 2,151,570 | 5.9 | % | |||||
Textiles, Apparel & Luxury Goods | 156,365 | 0.4 | % | |||||
Tobacco | 224,185 | 0.6 | % | |||||
Trading Companies & Distributors | 64,245 | 0.2 | % | |||||
Water Utilities | 26,481 | 0.1 | % | |||||
Wireless Telecommunication Services | 77,764 | 0.2 | % | |||||
Other** | 5,176,487 | 14.2 | % | |||||
Total | $ | 36,435,156 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 41
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 12,452,044 | ||
Securities, at value | 31,258,669 | |||
Repurchase agreements, at value | 4,882,000 | |||
Total Investment Securities, at value | 36,140,669 | |||
Cash | 577 | |||
Segregated cash balances for swap agreements with custodian | 5 | |||
Dividends and interest receivable | 24,846 | |||
Receivable for capital shares issued | 637,624 | |||
Prepaid expenses | 2,231 | |||
TOTAL ASSETS | 36,805,952 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 104,081 | |||
Unrealized depreciation on swap agreements | 167,825 | |||
Advisory fees payable | 23,294 | |||
Management services fees payable | 3,106 | |||
Administration fees payable | 3,237 | |||
Administrative services fees payable | 17,854 | |||
Distribution fees payable | 20,263 | |||
Trustee fees payable | 12 | |||
Transfer agency fees payable | 5,543 | |||
Fund accounting fees payable | 1,942 | |||
Compliance services fees payable | 310 | |||
Other accrued expenses | 23,329 | |||
TOTAL LIABILITIES | 370,796 | |||
NET ASSETS | $ | 36,435,156 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 9,092,627 | ||
Total distributable earnings (loss) | 27,342,529 | |||
NET ASSETS | $ | 36,435,156 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 758,887 | |||
Net Asset Value (offering and redemption price per share) | $ | 48.01 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 284,990 | ||
Interest | 12,338 | |||
Foreign tax withholding | (62 | ) | ||
Net income from securities lending | 3 | |||
TOTAL INVESTMENT INCOME | 297,269 | |||
EXPENSES: | ||||
Advisory fees | 182,124 | |||
Management services fees | 24,283 | |||
Administration fees | 21,237 | |||
Transfer agency fees | 18,112 | |||
Administrative services fees | 59,290 | |||
Distribution fees | 60,708 | |||
Custody fees | 3,302 | |||
Fund accounting fees | 12,627 | |||
Trustee fees | 630 | |||
Compliance services fees | 90 | |||
Other fees | 25,540 | |||
Total Gross Expenses before reductions | 407,943 | |||
Expenses reduced and reimbursed by the Advisor | (30 | ) | ||
TOTAL NET EXPENSES | 407,913 | |||
NET INVESTMENT INCOME (LOSS) | (110,644 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES)ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 10,809,719 | |||
Net realized gains (losses) on futures contracts | (41,595 | ) | ||
Net realized gains (losses) on swap agreements | (3,155,342 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (20,021,796 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (39,069 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (89,935 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (12,538,018 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (12,648,662 | ) |
See accompanying notes to financial statements.
42 :: ProFund VP Bull :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (110,644 | ) | $ | (483,975 | ) | ||
Net realized gains (losses) on investments | 7,612,782 | 6,139,270 | ||||||
Change in net unrealized appreciation/depreciation on investments | (20,150,800 | ) | 10,803,948 | |||||
Change in net assets resulting from operations | (12,648,662 | ) | 16,459,243 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (5,485,715 | ) | (4,701,790 | ) | ||||
Change in net assets resulting from distributions | (5,485,715 | ) | (4,701,790 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 112,788,476 | 283,899,315 | ||||||
Distributions reinvested | 5,485,715 | 4,701,790 | ||||||
Value of shares redeemed | (129,244,472 | ) | (300,862,764 | ) | ||||
Change in net assets resulting from capital transactions | (10,970,281 | ) | (12,261,659 | ) | ||||
Change in net assets | (29,104,658 | ) | (504,206 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 65,539,814 | 66,044,020 | ||||||
End of period | $ | 36,435,156 | $ | 65,539,814 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,787,882 | 4,348,636 | ||||||
Reinvested | 107,563 | 78,246 | ||||||
Redeemed | (2,068,965 | ) | (4,606,790 | ) | ||||
Change in shares | (173,520 | ) | (179,908 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bull :: 43
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 70.29 | $ | 59.38 | $ | 53.62 | $ | 42.46 | $ | 50.65 | $ | 43.55 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.42 | ) | (0.23 | ) | 0.16 | 0.11 | (0.13 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (14.03 | ) | 15.37 | 8.70 | 11.98 | (2.71 | ) | 8.48 | ||||||||||||||||
Total income (loss) from investment activities | (14.17 | ) | 14.95 | 8.47 | 12.14 | (2.60 | ) | 8.35 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.05 | ) | (0.13 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (8.11 | ) | (4.04 | ) | (2.66 | ) | (0.85 | ) | (5.59 | ) | (1.25 | ) | ||||||||||||
Total distributions | (8.11 | ) | (4.04 | ) | (2.71 | ) | (0.98 | ) | (5.59 | ) | (1.25 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 48.01 | $ | 70.29 | $ | 59.38 | $ | 53.62 | $ | 42.46 | $ | 50.65 | ||||||||||||
Total Return(b)(c) | (20.84 | )% | 26.33 | % | 16.03 | % | 28.88 | % | (6.15 | )%(d) | 19.34 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.68 | % | 1.65 | % | 1.72 | % | 1.70 | % | 1.69 | % | 1.68 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.65 | % | 1.69 | %(f) | 1.70 | %(f) | 1.62 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (0.46 | )% | (0.66 | )% | (0.44 | )% | 0.32 | % | 0.23 | %(d) | (0.28 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 36,435 | $ | 65,540 | $ | 66,044 | $ | 65,972 | $ | 58,926 | $ | 92,541 | ||||||||||||
Portfolio turnover rate(b)(g) | 3 | % | 49 | % | 4 | % | 56 | % | 8 | % | 3 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.17%, respectively, and the total return would have been (6.22)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
44 :: ProFund VP Consumer Goods :: Financial Statements
Investment Objective: The ProFund VP Consumer Goods seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Consumer GoodsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Tesla, Inc. | 17.8 | % | ||
The Procter & Gamble Co. | 10.9 | % | ||
The Coca-Cola Co. | 7.7 | % | ||
PepsiCo, Inc. | 7.3 | % | ||
Philip Morris International, Inc. | 4.8 | % |
Dow Jones U.S. Consumer GoodsSM Index – Composition
% of Index | ||||
Food, Beverage & Tobacco | 40 | % | ||
Automobiles & Components | 24 | % | ||
Household & Personal Products | 18 | % | ||
Consumer Durables & Apparel | 12 | % | ||
Media & Entertainment | 4 | % | ||
Retailing | 1 | % | ||
Capital Goods | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.5%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 3,233 | $ | 251,721 | |||||
Altria Group, Inc. (Tobacco) | 7,488 | 312,774 | ||||||
Aptiv PLC* (Auto Components) | 1,120 | 99,759 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 2,327 | 180,575 | ||||||
Autoliv, Inc. (Auto Components) | 326 | 23,332 | ||||||
Beyond Meat, Inc.*(a) (Food Products) | 251 | 6,009 | ||||||
BorgWarner, Inc. (Auto Components) | 992 | 33,103 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 756 | 53,041 | ||||||
Brunswick Corp. (Leisure Products) | 313 | 20,464 | ||||||
Bunge, Ltd. (Food Products) | 628 | 56,953 | ||||||
Callaway Golf Co.* (Leisure Products) | 483 | 9,853 | ||||||
Campbell Soup Co. (Food Products) | 837 | 40,218 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 611 | 25,057 | ||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 167 | 11,770 | ||||||
Church & Dwight Co., Inc. (Household Products) | 1,004 | 93,031 | ||||||
Colgate-Palmolive Co. (Household Products) | 3,465 | 277,685 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 137 | 9,806 | ||||||
Conagra Brands, Inc. (Food Products) | 1,985 | 67,966 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 674 | 157,082 | ||||||
Coty, Inc.*—Class A (Personal Products) | 1,423 | 11,398 | ||||||
Cricut, Inc.*—Class A (Household Durables) | 183 | 1,124 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 255 | 12,411 | ||||||
D.R. Horton, Inc. (Household Durables) | 1,325 | 87,701 | ||||||
Darling Ingredients, Inc.* (Food Products) | 667 | 39,887 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 113 | 28,855 | ||||||
Electronic Arts, Inc. (Entertainment) | 1,163 | 141,479 | ||||||
Energizer Holdings, Inc. (Household Products) | 272 | 7,711 | ||||||
Flowers Foods, Inc. (Food Products) | 825 | 21,714 | ||||||
Ford Motor Co. (Automobiles) | 16,330 | 181,753 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 173 | 13,933 | ||||||
Freshpet, Inc.* (Food Products) | 198 | 10,274 | ||||||
General Mills, Inc. (Food Products) | 2,491 | 187,946 | ||||||
General Motors Co.* (Automobiles) | 6,029 | 191,481 | ||||||
Gentex Corp. (Auto Components) | 970 | 27,131 | ||||||
Genuine Parts Co. (Distributors) | 587 | 78,071 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 1,444 | 14,859 | ||||||
Harley-Davidson, Inc. (Automobiles) | 609 | 19,281 | ||||||
Hasbro, Inc. (Leisure Products) | 542 | 44,379 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 98 | 15,916 | ||||||
Herbalife Nutrition, Ltd.* (Personal Products) | 396 | 8,098 | ||||||
Hormel Foods Corp. (Food Products) | 1,172 | 55,506 | ||||||
Ingredion, Inc. (Food Products) | 274 | 24,156 | ||||||
Kellogg Co. (Food Products) | 1,048 | 74,764 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 3,050 | 107,940 | ||||||
Kimberly-Clark Corp. (Household Products) | 1,393 | 188,264 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 597 | 42,662 | ||||||
Lancaster Colony Corp. (Food Products) | 83 | 10,689 | ||||||
Lear Corp. (Auto Components) | 248 | 31,221 | ||||||
Leggett & Platt, Inc. (Household Durables) | 553 | 19,123 | ||||||
Lennar Corp.—Class A (Household Durables) | 1,069 | 75,439 | ||||||
Lennar Corp.—Class B (Household Durables) | 62 | 3,640 | ||||||
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods) | 402 | 6,561 | ||||||
Lucid Group, Inc.*(a) (Automobiles) | 2,345 | 40,240 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 483 | 131,671 | ||||||
Luminar Technologies, Inc.* (Auto Components) | 908 | 5,384 | ||||||
Mattel, Inc.* (Leisure Products) | 1,458 | 32,557 | ||||||
McCormick & Co., Inc. (Food Products) | 1,035 | 86,164 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 213 | 26,431 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 780 | 42,518 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 5,724 | 355,404 | ||||||
Monster Beverage Corp.* (Beverages) | 1,556 | 144,241 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 45
Common Stocks, continued
Shares | Value | |||||||
National Beverage Corp. (Beverages) | 97 | $ | 4,747 | |||||
Newell Brands, Inc. (Household Durables) | 1,524 | 29,017 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 5,246 | 536,141 | ||||||
NVR, Inc.* (Household Durables) | 13 | 52,054 | ||||||
Olaplex Holdings, Inc.* (Personal Products) | 295 | 4,157 | ||||||
Peloton Interactive, Inc.*—Class A (Leisure Products) | 1,271 | 11,668 | ||||||
PepsiCo, Inc. (Beverages) | 5,718 | 952,962 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 641 | 29,473 | ||||||
Philip Morris International, Inc. (Tobacco) | 6,409 | 632,824 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 199 | 6,215 | ||||||
Playtika Holding Corp.* (Entertainment) | 427 | 5,653 | ||||||
Polaris, Inc. (Leisure Products) | 231 | 22,934 | ||||||
Pool Corp. (Distributors) | 166 | 58,304 | ||||||
Post Holdings, Inc.* (Food Products) | 231 | 19,023 | ||||||
PulteGroup, Inc. (Household Durables) | 984 | 38,996 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 279 | 15,875 | ||||||
QuantumScape Corp.* (Auto Components) | 1,064 | 9,140 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 191 | 17,123 | ||||||
Reynolds Consumer Products, Inc. (Household Products) | 226 | 6,163 | ||||||
Rivian Automotive, Inc.*—Class A (Automobiles) | 665 | 17,117 | ||||||
ROBLOX Corp.*—Class A (Entertainment) | 179 | 5,882 | ||||||
Seaboard Corp. (Food Products) | 1 | 3,883 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 559 | 19,889 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 625 | 65,538 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 654 | 80,135 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 1,042 | 31,802 | ||||||
Tempur Sealy International, Inc. (Household Durables) | 725 | 15,493 | ||||||
Tesla, Inc.* (Automobiles) | 3,470 | 2,336,768 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 38 | 11,513 | ||||||
The Clorox Co. (Household Products) | 509 | 71,759 | ||||||
The Coca-Cola Co. (Beverages) | 16,135 | 1,015,052 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 958 | 243,974 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 372 | 8,831 | ||||||
The Hershey Co. (Food Products) | 603 | 129,741 | ||||||
The JM Smucker Co.—Class A (Food Products) | 449 | 57,476 | ||||||
The Kraft Heinz Co. (Food Products) | 2,935 | 111,941 | ||||||
The Procter & Gamble Co. (Household Products) | 9,922 | 1,426,684 | ||||||
Thor Industries, Inc. (Automobiles) | 228 | 17,038 | ||||||
Toll Brothers, Inc. (Household Durables) | 457 | 20,382 | ||||||
TopBuild Corp.* (Household Durables) | 135 | 22,567 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 1,206 | 103,788 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 781 | 6,506 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 840 | 6,367 | ||||||
US Foods Holding Corp.* (Food & Staples Retailing) | 928 | 28,471 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 1,336 | 59,011 | ||||||
Whirlpool Corp. (Household Durables) | 232 | 35,930 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 356 | 15,404 | ||||||
TOTAL COMMON STOCKS (Cost $3,294,680) | 12,801,587 |
Repurchase Agreements(b) (1.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $219,008 | $ | 219,000 | $ | 219,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $219,000) | 219,000 |
Collateral for Securities Loaned(c) (0.4%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(d) | 47,707 | $ | 47,707 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $47,707) | 47,707 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,561,387)—99.6% | 13,068,294 | |||||||
Net other assets (liabilities)—0.4% | 50,366 | |||||||
NET ASSETS—100.0% | $ | 13,118,660 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $46,075. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
See accompanying notes to financial statements.
46 :: ProFund VP Consumer Goods :: Financial Statements
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Consumer Goods Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 312,817 | $ | (2,961 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Consumer Goods invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Auto Components | $ | 243,003 | 1.9 | % | ||||
Automobiles | 2,803,678 | 21.4 | % | |||||
Beverages | 2,489,096 | 18.9 | % | |||||
Distributors | 136,375 | 1.0 | % | |||||
Entertainment | 484,870 | 3.7 | % | |||||
Food & Staples Retailing | 57,944 | 0.4 | % | |||||
Food Products | 1,701,785 | 13.0 | % | |||||
Household Durables | 443,813 | 3.4 | % | |||||
Household Products | 2,071,297 | 15.8 | % | |||||
Leisure Products | 157,259 | 1.2 | % | |||||
Machinery | 65,538 | 0.5 | % | |||||
Personal Products | 267,627 | 2.0 | % | |||||
Textiles, Apparel & Luxury Goods | 933,704 | 7.1 | % | |||||
Tobacco | 945,598 | 7.2 | % | |||||
Other** | 317,073 | 2.5 | % | |||||
Total | $ | 13,118,660 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 47
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 3,561,387 | ||
Securities, at value(a) | 12,849,294 | |||
Repurchase agreements, at value | 219,000 | |||
Total Investment Securities, at value | 13,068,294 | |||
Cash | 979 | |||
Dividends and interest receivable | 29,616 | |||
Receivable for capital shares issued | 4,872 | |||
Receivable for investments sold | 330,711 | |||
Prepaid expenses | 173 | |||
TOTAL ASSETS | 13,434,645 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 47,707 | |||
Payable for capital shares redeemed | 231,615 | |||
Unrealized depreciation on swap agreements | 2,961 | |||
Advisory fees payable | 8,123 | |||
Management services fees payable | 1,083 | |||
Administration fees payable | 1,149 | |||
Administrative services fees payable | 5,129 | |||
Distribution fees payable | 5,784 | |||
Transfer agency fees payable | 2,050 | |||
Fund accounting fees payable | 668 | |||
Compliance services fees payable | 113 | |||
Other accrued expenses | 9,603 | |||
TOTAL LIABILITIES | 315,985 | |||
NET ASSETS | $ | 13,118,660 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 3,685,718 | ||
Total distributable earnings (loss) | 9,432,942 | |||
NET ASSETS | $ | 13,118,660 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 247,290 | |||
Net Asset Value (offering and redemption price per share) | $ | 53.05 |
(a) Includes securities on loan valued at: | $ | 46,075 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 147,017 | ||
Interest | 452 | |||
Net income from securities lending | 408 | |||
TOTAL INVESTMENT INCOME | 147,877 | |||
EXPENSES: | ||||
Advisory fees | 65,936 | |||
Management services fees | 8,791 | |||
Administration fees | 7,952 | |||
Transfer agency fees | 6,840 | |||
Administrative services fees | 23,120 | |||
Distribution fees | 21,979 | |||
Custody fees | 1,290 | |||
Fund accounting fees | 4,627 | |||
Trustee fees | 237 | |||
Compliance services fees | 45 | |||
Other fees | 10,317 | |||
Total Gross Expenses before reductions | 151,134 | |||
Expenses reduced and reimbursed by the Advisor | (3,438 | ) | ||
TOTAL NET EXPENSES | 147,696 | |||
NET INVESTMENT INCOME (LOSS) | 181 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,324,694 | |||
Net realized gains (losses) on swap agreements | (69,184 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (5,367,182 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (7,165 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (4,118,837 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,118,656 | ) |
See accompanying notes to financial statements.
48 :: ProFund VP Consumer Goods :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 181 | $ | 6,726 | ||||
Net realized gains (losses) on investments | 1,255,510 | 478,722 | ||||||
Change in net unrealized appreciation/depreciation on investments | (5,374,347 | ) | 3,449,771 | |||||
Change in net assets resulting from operations | (4,118,656 | ) | 3,935,219 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (536,211 | ) | (1,063,035 | ) | ||||
Change in net assets resulting from distributions | (536,211 | ) | (1,063,035 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 12,866,809 | 28,285,552 | ||||||
Distributions reinvested | 536,211 | 1,063,035 | ||||||
Value of shares redeemed | (22,005,884 | ) | (24,217,241 | ) | ||||
Change in net assets resulting from capital transactions | (8,602,864 | ) | 5,131,346 | |||||
Change in net assets | (13,257,731 | ) | 8,003,530 | |||||
NET ASSETS: | ||||||||
Beginning of period | 26,376,391 | 18,372,861 | ||||||
End of period | $ | 13,118,660 | $ | 26,376,391 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 205,041 | 443,795 | ||||||
Reinvested | 9,728 | 18,134 | ||||||
Redeemed | (347,273 | ) | (377,573 | ) | ||||
Change in shares | (132,504 | ) | 84,356 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Goods :: 49
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 69.45 | $ | 62.19 | $ | 48.21 | $ | 46.16 | $ | 66.23 | $ | 59.18 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | — | (b) | 0.02 | 0.25 | 0.49 | 0.70 | 0.49 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (14.12 | ) | 11.42 | 14.61 | 10.83 | (9.43 | ) | 8.33 | ||||||||||||||||
Total income (loss) from investment activities | (14.12 | ) | 11.44 | 14.86 | 11.32 | (8.73 | ) | 8.82 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.03 | ) | (0.27 | ) | (0.38 | ) | (0.80 | ) | (0.74 | ) | (0.82 | ) | ||||||||||||
Net realized gains on investments | (2.25 | ) | (3.91 | ) | (0.50 | ) | (8.47 | ) | (10.60 | ) | (0.95 | ) | ||||||||||||
Total distributions | (2.28 | ) | (4.18 | ) | (0.88 | ) | (9.27 | ) | (11.34 | ) | (1.77 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 53.05 | $ | 69.45 | $ | 62.19 | $ | 48.21 | $ | 46.16 | $ | 66.23 | ||||||||||||
Total Return(c)(d) | (20.45 | )% | 19.65 | % | 31.05 | % | 26.56 | % | (14.80 | )% | 15.05 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.72 | % | 1.69 | % | 1.75 | % | 1.73 | % | 1.72 | % | 1.68 | % | ||||||||||||
Net expenses(d)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(e) | — | (f) | 0.03 | % | 0.50 | % | 1.01 | % | 1.23 | % | 0.76 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 13,119 | $ | 26,376 | $ | 18,373 | $ | 12,137 | $ | 8,989 | $ | 18,827 | ||||||||||||
Portfolio turnover rate(c)(g) | 37 | % | 65 | % | 141 | % | 71 | % | 41 | % | 107 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Amount is less than 0.05%. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
50 :: ProFund VP Consumer Services :: Financial Statements
Investment Objective: The ProFund VP Consumer Services seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Consumer ServicesSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Amazon.com, Inc. | 23.0 | % | ||
The Home Depot, Inc. | 7.0 | % | ||
Costco Wholesale Corp. | 5.3 | % | ||
McDonald's Corp. | 4.5 | % | ||
Comcast Corp. | 4.3 | % |
Dow Jones U.S. Consumer ServicesSM Index – Composition
% of Index | ||||
Retailing | 46 | % | ||
Consumer Services | 18 | % | ||
Media & Entertainment | 18 | % | ||
Food & Staples Retailing | 13 | % | ||
Transportation | 3 | % | ||
Health Care Equipment & Services | 1 | % | ||
Commercial & Professional Services | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.2%)
Shares | Value | |||||||
ADT, Inc. (Commercial Services & Supplies) | 934 | $ | 5,744 | |||||
Advance Auto Parts, Inc. (Specialty Retail) | 248 | 42,926 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 1,552 | 138,252 | ||||||
Alaska Air Group, Inc.* (Airlines) | 512 | 20,506 | ||||||
Albertsons Cos., Inc.—Class A (Food & Staples Retailing) | 433 | 11,570 | ||||||
Altice USA, Inc.* (Media) | 922 | 8,529 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 35,527 | 3,773,322 | ||||||
AMC Entertainment Holdings, Inc.*(a) (Entertainment) | 2,098 | 28,428 | ||||||
AMERCO (Road & Rail) | 40 | 19,129 | ||||||
American Airlines Group, Inc.* (Airlines) | 2,637 | 33,437 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 625 | 6,988 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 612 | 86,585 | ||||||
Aramark (Hotels, Restaurants & Leisure) | 1,045 | 32,008 | ||||||
AutoNation, Inc.* (Specialty Retail) | 144 | 16,093 | ||||||
AutoZone, Inc.* (Specialty Retail) | 81 | 174,079 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 968 | 26,059 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 822 | 53,586 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 548 | 34,151 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 165 | 288,583 | ||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 325 | 16,169 | ||||||
Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services) | 241 | 20,369 | ||||||
Burlington Stores, Inc.* (Specialty Retail) | 268 | 36,510 | ||||||
Cable One, Inc. (Media) | 20 | 25,786 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 870 | 33,321 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 1,106 | 57,811 | ||||||
CarMax, Inc.* (Specialty Retail) | 652 | 58,993 | ||||||
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | 3,295 | 28,502 | ||||||
Carvana Co.* (Specialty Retail) | 404 | 9,122 | ||||||
Casey's General Stores, Inc. (Food & Staples Retailing) | 151 | 27,932 | ||||||
Charter Communications, Inc.*—Class A (Media) | 470 | 220,209 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 511 | 9,597 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 114 | 149,028 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 134 | 14,958 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 139 | 26,623 | ||||||
Comcast Corp.—Class A (Media) | 18,152 | 712,283 | ||||||
ContextLogic, Inc.*—Class A (Internet & Direct Marketing Retail) | 1,411 | 2,258 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 868 | 94,317 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 1,800 | 862,705 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 94 | 7,848 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 506 | 57,239 | ||||||
Delta Air Lines, Inc.* (Airlines) | 2,603 | 75,409 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 236 | 17,787 | ||||||
DISH Network Corp.*—Class A (Media) | 1,018 | 18,253 | ||||||
Dollar General Corp. (Multiline Retail) | 929 | 228,014 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 914 | 142,447 | ||||||
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 146 | 56,898 | ||||||
DraftKings, Inc.* (Hotels, Restaurants & Leisure) | 1,456 | 16,992 | ||||||
Dutch Bros, Inc.*(a)—Class A (Hotels, Restaurants & Leisure) | 111 | 3,513 | ||||||
Endeavor Group Holdings, Inc.*—Class A (Entertainment) | 161 | 3,310 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 51
Common Stocks, continued
Shares | Value | |||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 615 | $ | 58,320 | |||||
Five Below, Inc.* (Specialty Retail) | 225 | 25,522 | ||||||
Floor & Decor Holdings, Inc.* (Specialty Retail) | 430 | 27,073 | ||||||
Foot Locker, Inc. (Specialty Retail) | 339 | 8,560 | ||||||
Fox Corp.—Class A (Media) | 1,266 | 40,715 | ||||||
Fox Corp.—Class B (Media) | 587 | 17,434 | ||||||
Frontdoor, Inc.*—Class A (Diversified Consumer Services) | 334 | 8,043 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 251 | 30,697 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 131 | 12,339 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 648 | 22,887 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 1,130 | 125,927 | ||||||
Hyatt Hotels Corp.*—Class A (Hotels, Restaurants & Leisure) | 208 | 15,373 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 544 | 17,827 | ||||||
JetBlue Airways Corp.* (Airlines) | 1,302 | 10,898 | ||||||
Joby Aviation, Inc.*(a) (Airlines) | 1,083 | 5,318 | ||||||
Kohl's Corp. (Multiline Retail) | 522 | 18,630 | ||||||
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | 1,396 | 46,892 | ||||||
Liberty Broadband Corp.*—Class A (Media) | 85 | 9,652 | ||||||
Liberty Broadband Corp.*—Class C (Media) | 531 | 61,405 | ||||||
Liberty Media Corp-Liberty Formula One*—Class A (Entertainment) | 89 | 5,159 | ||||||
Liberty Media Corp-Liberty Formula One*—Class C (Entertainment) | 834 | 52,934 | ||||||
Liberty Media Corp-Liberty SiriusXM*—Class A (Media) | 325 | 11,713 | ||||||
Liberty Media Corp-Liberty SiriusXM*—Class C (Media) | 640 | 23,072 | ||||||
Lithia Motors, Inc. (Specialty Retail) | 117 | 32,153 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 556 | 45,914 | ||||||
LKQ Corp. (Distributors) | 1,057 | 51,888 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 2,684 | 468,814 | ||||||
Lyft, Inc.* (Road & Rail) | 1,226 | 16,281 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 1,117 | 151,905 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 168 | 19,522 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 3,003 | 741,382 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 1,436 | 41,572 | ||||||
Murphy USA, Inc. (Specialty Retail) | 90 | 20,958 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 331 | 9,103 | ||||||
Netflix, Inc.* (Entertainment) | 1,804 | 315,466 | ||||||
News Corp.—Class A (Media) | 1,577 | 24,570 | ||||||
News Corp.—Class B (Media) | 489 | 7,770 | ||||||
Nexstar Media Group, Inc.—Class A (Media) | 164 | 26,712 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 1,702 | 18,926 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | 237 | 13,924 | ||||||
Omnicom Group, Inc. (Media) | 835 | 53,114 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 267 | 168,680 | ||||||
Paramount Global—Class A (Media) | 36 | 981 | ||||||
Paramount Global—Class B (Media) | 2,470 | 60,960 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 664 | 20,199 | ||||||
Penske Automotive Group, Inc. (Specialty Retail) | 120 | 12,563 | ||||||
Petco Health & Wellness Co., Inc.* (Specialty Retail) | 332 | 4,894 | ||||||
Pinterest, Inc.*—Class A (Interactive Media & Services) | 2,333 | 42,367 | ||||||
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure) | 345 | 23,463 | ||||||
Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail) | 1,396 | 4,007 | ||||||
RH* (Specialty Retail) | 71 | 15,070 | ||||||
Roku, Inc.* (Entertainment) | 487 | 40,002 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 920 | 32,126 | ||||||
Ross Stores, Inc. (Specialty Retail) | 1,427 | 100,218 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 911 | 31,803 | ||||||
Scientific Games Corp. A* (Hotels, Restaurants & Leisure) | 388 | 18,232 | ||||||
Service Corp. International (Diversified Consumer Services) | 645 | 44,583 | ||||||
Sirius XM Holdings, Inc.(a) (Media) | 3,676 | 22,534 | ||||||
Southwest Airlines Co.* (Airlines) | 2,408 | 86,976 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 445 | 11,267 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 4,657 | 355,749 | ||||||
Stitch Fix, Inc.*—Class A (Internet & Direct Marketing Retail) | 337 | 1,665 | ||||||
Sysco Corp. (Food & Staples Retailing) | 2,069 | 175,265 | ||||||
Target Corp. (Multiline Retail) | 1,878 | 265,230 | ||||||
TEGNA, Inc. (Media) | 898 | 18,831 | ||||||
Terminix Global Holdings, Inc.* (Diversified Consumer Services) | 493 | 20,040 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 277 | 20,276 | ||||||
The Gap, Inc. (Specialty Retail) | 856 | 7,053 | ||||||
The Home Depot, Inc. (Specialty Retail) | 4,196 | 1,150,836 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 1,598 | 43,993 | ||||||
The Kroger Co. (Food & Staples Retailing) | 2,664 | 126,087 | ||||||
The Madison Square Garden Co.*—Class A (Entertainment) | 70 | 10,570 | ||||||
The New York Times Co.—Class A (Media) | 677 | 18,888 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 4,769 | 266,349 | ||||||
The Walt Disney Co.* (Entertainment) | 7,396 | 698,183 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 696 | 13,140 | ||||||
Tractor Supply Co. (Specialty Retail) | 454 | 88,008 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 407 | 7,245 | ||||||
Uber Technologies, Inc.* (Road & Rail) | 6,857 | 140,295 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 212 | 81,722 | ||||||
United Airlines Holdings, Inc.* (Airlines) | 1,327 | 47,002 | ||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 165 | 35,978 | ||||||
Victoria's Secret & Co.* (Specialty Retail) | 276 | 7,720 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 2,911 | 110,327 |
See accompanying notes to financial statements.
52 :: ProFund VP Consumer Services :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Walmart, Inc. (Food & Staples Retailing) | 5,700 | $ | 693,006 | |||||
Warner Bros Discovery, Inc.* (Entertainment) | 8,967 | 120,338 | ||||||
Warner Music Group Corp.—Class A (Entertainment) | 468 | 11,400 | ||||||
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | 323 | 14,069 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 284 | 31,510 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 176 | 10,998 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 374 | 24,579 | ||||||
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | 428 | 24,387 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 1,158 | 131,445 | ||||||
ZoomInfo Technologies, Inc.*—Class A (Interactive Media & Services) | 1,228 | 40,819 | ||||||
TOTAL COMMON STOCKS (Cost $9,676,671) | 16,104,470 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $36,001 | $ | 36,000 | $ | 36,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $36,000) | 36,000 |
Collateral for Securities Loaned(c) (0.6%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(d) | 91,703 | $ | 91,703 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $91,703) | 91,703 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,804,374)—99.0% | 16,232,173 | |||||||
Net other assets (liabilities)—1.0% | 169,998 | |||||||
NET ASSETS—100.0% | $ | 16,402,171 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $89,128. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Consumer Services Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 313,080 | $ | (5,757 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Consumer Services invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Airlines | $ | 279,546 | 1.7 | % | ||||
Commercial Services & Supplies | 150,014 | 0.9 | % | |||||
Distributors | 51,888 | 0.3 | % | |||||
Diversified Consumer Services | 137,858 | 0.8 | % | |||||
Entertainment | 1,342,702 | 8.2 | % | |||||
Food & Staples Retailing | 2,052,310 | 12.5 | % | |||||
Health Care Providers & Services | 144,396 | 0.9 | % | |||||
Hotels, Restaurants & Leisure | 2,789,004 | 17.0 | % | |||||
Interactive Media & Services | 90,431 | 0.6 | % | |||||
Internet & Direct Marketing Retail | 3,795,321 | 23.2 | % | |||||
Media | 1,427,404 | 8.6 | % | |||||
Multiline Retail | 668,245 | 4.1 | % | |||||
Road & Rail | 175,705 | 1.1 | % | |||||
Specialty Retail | 2,999,646 | 18.3 | % | |||||
Other** | 297,701 | 1.8 | % | |||||
Total | $ | 16,402,171 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 53
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,804,374 | ||
Securities, at value(a) | 16,196,173 | |||
Repurchase agreements, at value | 36,000 | |||
Total Investment Securities, at value | 16,232,173 | |||
Cash | 237 | |||
Segregated cash balances for swap agreements with custodian | 270,000 | |||
Dividends and interest receivable | 4,640 | |||
Receivable for capital shares issued | 53,675 | |||
Prepaid expenses | 263 | |||
TOTAL ASSETS | 16,560,988 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 91,703 | |||
Payable for capital shares redeemed | 9,751 | |||
Unrealized depreciation on swap agreements | 5,757 | |||
Advisory fees payable | 10,713 | |||
Management services fees payable | 1,429 | |||
Administration fees payable | 1,494 | |||
Administrative services fees payable | 9,539 | |||
Distribution fees payable | 9,861 | |||
Trustee fees payable | 6 | |||
Transfer agency fees payable | 2,668 | |||
Fund accounting fees payable | 869 | |||
Compliance services fees payable | 146 | |||
Other accrued expenses | 14,881 | |||
TOTAL LIABILITIES | 158,817 | |||
NET ASSETS | $ | 16,402,171 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,392,743 | ||
Total distributable earnings (loss) | 6,009,428 | |||
NET ASSETS | $ | 16,402,171 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 315,255 | |||
Net Asset Value (offering and redemption price per share) | $ | 52.03 |
(a) Includes securities on loan valued at: | $ | 89,128 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 101,244 | ||
Interest | 167 | |||
Net income from securities lending | 75 | |||
TOTAL INVESTMENT INCOME | 101,486 | |||
EXPENSES: | ||||
Advisory fees | 87,126 | |||
Management services fees | 11,617 | |||
Administration fees | 10,745 | |||
Transfer agency fees | 9,233 | |||
Administrative services fees | 30,680 | |||
Distribution fees | 29,042 | |||
Custody fees | 1,500 | |||
Fund accounting fees | 6,256 | |||
Trustee fees | 317 | |||
Compliance services fees | 56 | |||
Other fees | 12,965 | |||
Total Gross Expenses before reductions | 199,537 | |||
Expenses reduced and reimbursed by the Advisor | (4,374 | ) | ||
TOTAL NET EXPENSES | 195,163 | |||
NET INVESTMENT INCOME (LOSS) | (93,677 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,002,784 | |||
Net realized gains (losses) on swap agreements | (105,239 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (9,578,039 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (7,788 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (8,688,282 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (8,781,959 | ) |
See accompanying notes to financial statements.
54 :: ProFund VP Consumer Services :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (93,677 | ) | $ | (312,451 | ) | ||
Net realized gains (losses) on investments | 897,545 | 593,562 | ||||||
Change in net unrealized appreciation/depreciation on investments | (9,585,827 | ) | 2,796,562 | |||||
Change in net assets resulting from operations | (8,781,959 | ) | 3,077,673 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (200,611 | ) | (2,445,589 | ) | ||||
Change in net assets resulting from distributions | (200,611 | ) | (2,445,589 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 5,611,995 | 16,484,139 | ||||||
Distributions reinvested | 200,611 | 2,445,589 | ||||||
Value of shares redeemed | (11,312,314 | ) | (20,612,082 | ) | ||||
Change in net assets resulting from capital transactions | (5,499,708 | ) | (1,682,354 | ) | ||||
Change in net assets | (14,482,278 | ) | (1,050,270 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 30,884,449 | 31,934,719 | ||||||
End of period | $ | 16,402,171 | $ | 30,884,449 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 87,006 | 211,808 | ||||||
Reinvested | 3,559 | 33,835 | ||||||
Redeemed | (174,515 | ) | (265,804 | ) | ||||
Change in shares | (83,950 | ) | (20,161 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Services :: 55
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 77.36 | $ | 76.15 | $ | 82.97 | $ | 69.55 | $ | 72.88 | $ | 61.58 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.26 | ) | (0.76 | ) | (0.56 | ) | (0.40 | ) | (0.29 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (24.44 | ) | 8.12 | 22.85 | 17.30 | 1.12 | 11.42 | |||||||||||||||||
Total income (loss) from investment activities | (24.70 | ) | 7.36 | 22.29 | 16.90 | 0.83 | 11.30 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (0.63 | ) | (6.15 | ) | (29.11 | ) | (3.48 | ) | (4.16 | ) | — | |||||||||||||
Net Asset Value, End of Period | $ | 52.03 | $ | 77.36 | $ | 76.15 | $ | 82.97 | $ | 69.55 | $ | 72.88 | ||||||||||||
Total Return(b)(c) | (31.99 | )% | 10.23 | % | 28.34 | % | 24.64 | % | 0.62 | %(d) | 18.37 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.72 | % | 1.68 | % | 1.75 | % | 1.72 | % | 1.73 | % | 1.72 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.71 | %(f) | 1.65 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (0.81 | )% | (0.99 | )% | (0.72 | )% | (0.50 | )% | (0.38 | )%(d) | (0.18 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 16,402 | $ | 30,884 | $ | 31,935 | $ | 26,846 | $ | 25,222 | $ | 32,762 | ||||||||||||
Portfolio turnover rate(b)(g) | 7 | % | 39 | % | 116 | % | 182 | % | 82 | % | 81 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and (0.40)%, respectively, and the total return would have been 0.60%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
56 :: ProFund VP Dow 30 :: Financial Statements
Investment Objective: The ProFund VP Dow 30 seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Industrial Average®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average® Index – Composition
% of Index | ||||
Health Care | 23 | % | ||
Information Technology | 21 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Industrials | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 3 | % | ||
Energy | 3 | % | ||
Materials | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (102.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $260,010 | $ | 260,000 | $ | 260,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $260,000) | 260,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $260,000)—102.3% | 260,000 | |||||||
Net other assets (liabilities)—(2.3)% | (5,740 | ) | ||||||
NET ASSETS—100.0% | $ | 254,260 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $192,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones Industrial Average | Goldman Sachs International | 7/27/22 | 2.18 | % | $ | 199,927 | $ | (4,345 | ) | |||||||
Dow Jones Industrial Average | UBS AG | 7/27/22 | 2.08 | % | 53,226 | (1,150 | ) | |||||||||
$ | 253,153 | $ | (5,495 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Dow 30 :: 57
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 260,000 | ||
Repurchase agreements, at value | 260,000 | |||
Total Investment Securities, at value | 260,000 | |||
Cash | 347 | |||
Segregated cash balances for swap agreements with custodian | 3 | |||
Interest receivable | 10 | |||
Prepaid expenses | 2 | |||
TOTAL ASSETS | 260,362 | |||
LIABILITIES: | ||||
Unrealized depreciation on swap agreements | 5,495 | |||
Advisory fees payable | 161 | |||
Management services fees payable | 21 | |||
Administration fees payable | 20 | |||
Administrative services fees payable | 96 | |||
Distribution fees payable | 108 | |||
Transfer agency fees payable | 39 | |||
Fund accounting fees payable | 12 | |||
Compliance services fees payable | 1 | |||
Other accrued expenses | 149 | |||
TOTAL LIABILITIES | 6,102 | |||
NET ASSETS | $ | 254,260 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 1,948,374 | ||
Total distributable earnings (loss) | (1,694,114 | ) | ||
NET ASSETS | $ | 254,260 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 15,069 | |||
Net Asset Value (offering and redemption price per share) | $ | 16.87 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 446 | ||
EXPENSES: | ||||
Advisory fees | 925 | |||
Management services fees | 123 | |||
Administration fees | 95 | |||
Transfer agency fees | 89 | |||
Administrative services fees | 150 | |||
Distribution fees | 309 | |||
Custody fees | 16 | |||
Fund accounting fees | 58 | |||
Trustee fees | 3 | |||
Other fees | 115 | |||
TOTAL NET EXPENSES | 1,883 | |||
NET INVESTMENT INCOME (LOSS) | (1,437 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (41,430 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (5,695 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (47,125 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (48,562 | ) |
See accompanying notes to financial statements.
58 :: ProFund VP Dow 30 :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (1,437 | ) | $ | (6,679 | ) | ||
Net realized gains (losses) on investments | (41,430 | ) | 36,870 | |||||
Change in net unrealized appreciation/depreciation on investments | (5,695 | ) | (6,186 | ) | ||||
Change in net assets resulting from operations | (48,562 | ) | 24,005 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (44,674 | ) | (55,117 | ) | ||||
Change in net assets resulting from distributions | (44,674 | ) | (55,117 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 528,590 | 24,536,278 | ||||||
Distributions reinvested | 44,674 | 26,861 | ||||||
Value of shares redeemed | (444,258 | ) | (24,698,466 | ) | ||||
Change in net assets resulting from capital transactions | 129,006 | (135,327 | ) | |||||
Change in net assets | 35,770 | (166,439 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 218,490 | 384,929 | ||||||
End of period | $ | 254,260 | $ | 218,490 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 22,284 | 1,048,587 | ||||||
Reinvested | 2,524 | 1,208 | ||||||
Redeemed | (18,881 | ) | (1,057,199 | ) | ||||
Change in shares | 5,927 | (7,404 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Dow 30 :: 59
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 23.90 | $ | 23.26 | $ | 28.16 | $ | 23.07 | $ | 31.90 | $ | 36.39 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.12 | ) | (0.34 | ) | (0.31 | ) | 0.15 | 0.05 | (0.24 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.37 | ) | 4.18 | 2.05 | 4.97 | (1.18 | ) | 7.74 | ||||||||||||||||
Total income (loss) from investment activities | (3.49 | ) | 3.84 | 1.74 | 5.12 | (1.13 | ) | 7.50 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.13 | ) | (0.03 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (3.54 | ) | (3.20 | ) | (6.51 | ) | — | (7.70 | ) | (11.99 | ) | |||||||||||||
Total distributions | (3.54 | ) | (3.20 | ) | (6.64 | ) | (0.03 | ) | (7.70 | ) | (11.99 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 16.87 | $ | 23.90 | $ | 23.26 | $ | 28.16 | $ | 23.07 | $ | 31.90 | ||||||||||||
Total Return(b)(c) | (15.28 | )% | 17.51 | % | 7.41 | % | 22.18 | % | (6.03 | )% | 23.63 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.53 | % | 1.47 | % | 1.58 | % | 1.47 | % | 1.49 | % | 1.44 | % | ||||||||||||
Net expenses(c)(d) | 1.53 | % | 1.47 | % | 1.58 | % | 1.47 | % | 1.49 | % | 1.44 | % | ||||||||||||
Net investment income (loss)(c)(d) | (1.17 | )% | (1.47 | )% | (1.31 | )% | 0.56 | % | 0.16 | % | (0.68 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 254 | $ | 218 | $ | 385 | $ | 316 | $ | 307 | $ | 349 | ||||||||||||
Portfolio turnover rate(e) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
60 :: ProFund VP Emerging Markets :: Financial Statements
Investment Objective: The ProFund VP Emerging Markets seeks investment results that, before fees and expenses, correspond to the performance of the S&P Emerging 50 ADR Index (USD).
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 90 | % | ||
Swap Agreements | 10 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 17.0 | % | ||
Alibaba Group Holding, Ltd. | 10.3 | % | ||
HDFC Bank, Ltd. | 8.6 | % | ||
Infosys, Ltd. | 4.2 | % | ||
Vale S.A. | 4.0 | % |
S&P Emerging 50 ADR Index (USD) – Composition
Industry Breakdown | % of Index | |||
Information Technology | 28 | % | ||
Consumer Discretionary | 21 | % | ||
Financials | 20 | % | ||
Materials | 10 | % | ||
Communication Services | 10 | % | ||
Energy | 6 | % | ||
Industrials | 2 | % | ||
Consumer Staples | 2 | % | ||
Health Care | 1 | % |
Country Composition | ||||
China | 32 | % | ||
Taiwan | 23 | % | ||
India | 20 | % | ||
Brazil | 12 | % | ||
Other | 13 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (88.9%)
Shares | Value | |||||||
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | 17,222 | $ | 1,957,798 | |||||
Ambev S.A.ADR (Beverages) | 58,615 | 147,124 | ||||||
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services) | 13,066 | 266,938 | ||||||
AngloGold Ashanti, Ltd.ADR (Metals & Mining) | 5,499 | 81,330 | ||||||
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 20,251 | 104,698 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 2,739 | 407,371 | ||||||
Banco Bradesco S.A.ADR(a) (Banks) | 70,318 | 229,237 | ||||||
Beigene, Ltd.*ADR(a) (Biotechnology) | 566 | 91,607 | ||||||
Bilibili, Inc.*ADR(a) (Entertainment) | 2,531 | 64,794 | ||||||
Cemex S.A.B. de C.V.*ADR (Construction Materials) | 23,979 | 93,998 | ||||||
China Life Insurance Co., Ltd.ADR(a) (Insurance) | 19,222 | 166,078 | ||||||
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels) | 5,975 | 267,620 | ||||||
Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services) | 4,420 | 182,325 | ||||||
Dr. Reddy's Laboratories, Ltd.ADR (Pharmaceuticals) | 2,719 | 150,605 | ||||||
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages) | 2,316 | 156,307 | ||||||
Gerdau S.A.ADR (Metals & Mining) | 15,508 | 66,529 | ||||||
Gold Fields, Ltd.ADR(a) (Metals & Mining) | 10,833 | 98,797 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V.ADR (Transportation Infrastructure) | 432 | 60,299 | ||||||
Grupo Televisa S.A.B.ADR (Media) | 7,728 | 63,215 | ||||||
HDFC Bank, Ltd.ADR (Banks) | 29,793 | 1,637,424 | ||||||
Huazhu Group, Ltd.ADR (Hotels, Restaurants & Leisure) | 1,361 | 51,854 | ||||||
ICICI Bank, Ltd.ADR (Banks) | 33,889 | 601,191 | ||||||
Infosys, Ltd.ADR (IT Services) | 43,010 | 796,115 | ||||||
Itau Unibanco Holding S.A.ADR (Banks) | 64,345 | 275,396 | ||||||
JD.com, Inc.ADR (Internet & Direct Marketing Retail) | 11,497 | 738,337 | ||||||
KB Financial Group, Inc.ADR (Banks) | 8,729 | 324,719 | ||||||
KE Holdings, Inc.*ADR (Real Estate Management & Development) | 4,601 | 82,588 | ||||||
Korea Electric Power Corp.*ADR (Electric Utilities) | 6,407 | 56,253 | ||||||
NetEase, Inc.ADR (Entertainment) | 4,945 | 461,665 | ||||||
NIO, Inc.*ADR (Automobiles) | 15,622 | 339,310 | ||||||
PetroChina Co., Ltd.ADR (Oil, Gas & Consumable Fuels) | 2,697 | 125,788 | ||||||
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 25,169 | 293,974 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 4,526 | 279,707 | ||||||
POSCOADR (Metals & Mining) | 4,255 | 189,433 | ||||||
PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services) | 6,202 | 167,702 | ||||||
Sasol, Ltd.*ADR (Chemicals) | 6,589 | 151,942 | ||||||
Shinhan Financial Group Co., Ltd.ADR (Banks) | 6,137 | 175,273 | ||||||
Sibanye Stillwater, Ltd.ADR(a) (Metals & Mining) | 8,345 | 83,200 | ||||||
SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services) | 4,321 | 96,445 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 61
Common Stocks, continued
Shares | Value | |||||||
Sociedad Quimica y Minera de Chile S.A.ADR (Chemicals) | 1,740 | $ | 145,342 | |||||
Suzano Papel e Celulose S.A.ADR (Paper & Forest Products) | 10,850 | 102,858 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 39,550 | 3,233,212 | ||||||
Tata Motors, Ltd.*ADR(a) (Automobiles) | 4,914 | 127,125 | ||||||
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | 5,808 | 159,430 | ||||||
United Microelectronics Corp.ADR(a) (Semiconductors & Semiconductor Equipment) | 50,373 | 341,025 | ||||||
Vale S.A.ADR (Metals & Mining) | 51,720 | 756,664 | ||||||
Wipro, Ltd.ADR (IT Services) | 12,169 | 64,617 | ||||||
Woori Financial Group, Inc.ADR (Banks) | 2,601 | 73,556 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 11,009 | 302,197 | ||||||
TOTAL COMMON STOCKS (Cost $10,728,733) | 16,891,012 |
Preferred Stock (1.3%)
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 24,053 | 255,683 | ||||||
TOTAL PREFERRED STOCK (Cost $16,344) | 255,683 |
Repurchase Agreements(b)(c) (10.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $2,030,077 | $ | 2,030,000 | $ | 2,030,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,030,000) | 2,030,000 |
Collateral for Securities Loaned(d) (5.9%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(e) | 1,119,359 | $ | 1,119,359 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,119,359) | 1,119,359 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $13,894,436)—106.8% | 20,296,054 | |||||||
Net other assets (liabilities)—(6.8)% | (1,286,892 | ) | ||||||
NET ASSETS—100.0% | $ | 19,009,162 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $1,056,848. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $267,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(d) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
ADR | American Depositary Receipt |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 7/27/22 | 2.18 | % | $ | 901,021 | $ | (31,765 | ) | |||||||
S&P Emerging 50 ADR Index (USD) | UBS AG | 7/27/22 | 2.08 | % | 1,051,806 | (32,312 | ) | |||||||||
$ | 1,952,827 | $ | (64,077 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
62 :: ProFund VP Emerging Markets :: Financial Statements
ProFund VP Emerging Markets invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 302,197 | 1.6 | % | ||||
Automobiles | 466,435 | 2.5 | % | |||||
Banks | 3,316,796 | 17.5 | % | |||||
Beverages | 303,431 | 1.6 | % | |||||
Biotechnology | 91,607 | 0.5 | % | |||||
Chemicals | 297,284 | 1.6 | % | |||||
Construction Materials | 93,998 | 0.5 | % | |||||
Diversified Telecommunication Services | 350,027 | 1.9 | % | |||||
Electric Utilities | 56,253 | 0.3 | % | |||||
Entertainment | 526,459 | 2.8 | % | |||||
Hotels, Restaurants & Leisure | 51,854 | 0.3 | % | |||||
Insurance | 166,078 | 0.9 | % | |||||
Interactive Media & Services | 407,371 | 2.1 | % | |||||
Internet & Direct Marketing Retail | 3,135,272 | 16.4 | % | |||||
IT Services | 860,732 | 4.5 | % | |||||
Media | 63,215 | 0.3 | % | |||||
Metals & Mining | 1,275,953 | 6.7 | % | |||||
Oil, Gas & Consumable Fuels | 943,065 | 4.9 | % | |||||
Paper & Forest Products | 102,858 | 0.5 | % | |||||
Pharmaceuticals | 150,605 | 0.8 | % | |||||
Real Estate Management & Development | 82,588 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 3,678,935 | 19.3 | % | |||||
Transportation Infrastructure | 60,299 | 0.3 | % | |||||
Wireless Telecommunication Services | 363,383 | 2.0 | % | |||||
Other** | 1,862,467 | 9.8 | % | |||||
Total | $ | 19,009,162 | 100.0 | % |
ProFund VP Emerging Markets invested in securities with exposure to the following countries as of June 30, 2022:
Value | % of Net Assets | |||||||
Brazil | $ | 2,127,465 | 11.1 | % | ||||
Chile | 145,342 | 0.8 | % | |||||
China | 5,592,589 | 29.4 | % | |||||
India | 3,377,077 | 17.8 | % | |||||
Indonesia | 167,702 | 0.9 | % | |||||
Mexico | 640,757 | 3.4 | % | |||||
South Africa | 415,269 | 2.2 | % | |||||
South Korea | 819,234 | 4.3 | % | |||||
Taiwan | 3,861,260 | 20.3 | % | |||||
Other** | 1,862,467 | 9.8 | % | |||||
Total | $ | 19,009,162 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 63
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 13,894,436 | ||
Securities, at value(a) | 18,266,054 | |||
Repurchase agreements, at value | 2,030,000 | |||
Total Investment Securities, at value | 20,296,054 | |||
Cash | 796 | |||
Segregated cash balances for swap agreements with custodian | 3 | |||
Dividends and interest receivable | 105,591 | |||
Receivable for capital shares issued | 6,967 | |||
Prepaid expenses | 1,137 | |||
TOTAL ASSETS | 20,410,548 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 1,119,359 | |||
Payable for capital shares redeemed | 174,604 | |||
Unrealized depreciation on swap agreements | 64,077 | |||
Advisory fees payable | 9,804 | |||
Management services fees payable | 1,307 | |||
Administration fees payable | 1,554 | |||
Administrative services fees payable | 10,388 | |||
Distribution fees payable | 10,850 | |||
Trustee fees payable | 6 | |||
Transfer agency fees payable | 2,544 | |||
Fund accounting fees payable | 875 | |||
Compliance services fees payable | 114 | |||
Other accrued expenses | 5,904 | |||
TOTAL LIABILITIES | 1,401,386 | |||
NET ASSETS | $ | 19,009,162 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 22,427,026 | ||
Total distributable earnings (loss) | (3,417,864 | ) | ||
NET ASSETS | $ | 19,009,162 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 743,073 | |||
Net Asset Value (offering and redemption price per share) | $ | 25.58 |
(a) Includes securities on loan valued at: | $ | 1,056,848 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 342,738 | ||
Interest | 2,074 | |||
Foreign tax withholding | (21,225 | ) | ||
Net income from securities lending | 677 | |||
TOTAL INVESTMENT INCOME | 324,264 | |||
EXPENSES: | ||||
Advisory fees | 69,474 | |||
Management services fees | 9,263 | |||
Administration fees | 6,964 | |||
Transfer agency fees | 6,060 | |||
Administrative services fees | 22,058 | |||
Distribution fees | 23,158 | |||
Custody fees | 4,410 | |||
Fund accounting fees | 3,983 | |||
Trustee fees | 218 | |||
Compliance services fees | 47 | |||
Other fees | 7,559 | |||
Recoupment of prior expenses reduced by the Advisor | 4,513 | |||
Total Gross Expenses before reductions | 157,707 | |||
Expenses reduced and reimbursed by the Advisor | (2,086 | ) | ||
TOTAL NET EXPENSES | 155,621 | |||
NET INVESTMENT INCOME (LOSS) | 168,643 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (1,398,959 | ) | ||
Net realized gains (losses) on swap agreements | (155,544 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,662,034 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (68,472 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,285,009 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,116,366 | ) |
See accompanying notes to financial statements.
64 :: ProFund VP Emerging Markets :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 168,643 | $ | 110,840 | ||||
Net realized gains (losses) on investments | (1,554,503 | ) | (612,983 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (1,730,506 | ) | (4,826,450 | ) | ||||
Change in net assets resulting from operations | (3,116,366 | ) | (5,328,593 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (110,840 | ) | — | |||||
Change in net assets resulting from distributions | (110,840 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 11,233,143 | 31,922,131 | ||||||
Distributions reinvested | 110,840 | — | ||||||
Value of shares redeemed | (8,809,820 | ) | (33,400,828 | ) | ||||
Change in net assets resulting from capital transactions | 2,534,163 | (1,478,697 | ) | |||||
Change in net assets | (693,043 | ) | (6,807,290 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 19,702,205 | 26,509,495 | ||||||
End of period | $ | 19,009,162 | $ | 19,702,205 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 396,735 | 863,608 | ||||||
Reinvested | 4,104 | — | ||||||
Redeemed | (313,622 | ) | (931,355 | ) | ||||
Change in shares | 87,217 | (67,747 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Emerging Markets :: 65
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 30.04 | $ | 36.64 | $ | 29.08 | $ | 23.54 | $ | 27.85 | $ | 20.91 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.25 | 0.15 | (0.08 | ) | 0.15 | 0.09 | 0.06 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (4.54 | ) | (6.75 | ) | 7.82 | 5.53 | (4.33 | ) | 6.89 | |||||||||||||||
Total income (loss) from investment activities | (4.29 | ) | (6.60 | ) | 7.74 | 5.68 | (4.24 | ) | 6.95 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | — | (0.18 | ) | (0.14 | ) | (0.07 | ) | (0.01 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 25.58 | $ | 30.04 | $ | 36.64 | $ | 29.08 | $ | 23.54 | $ | 27.85 | ||||||||||||
Total Return(b)(c) | (14.32 | )% | (18.01 | )% | 26.72 | %(d) | 24.23 | %(e) | (15.27 | )% | 33.26 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(f) | 1.70 | % | 1.69 | % | 1.74 | % | 1.74 | % | 1.74 | % | 1.70 | % | ||||||||||||
Net expenses(c)(f) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(f) | 1.82 | % | 0.43 | % | (0.29 | )% | 0.58 | % | 0.34 | % | 0.21 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 19,009 | $ | 19,702 | $ | 26,509 | $ | 25,952 | $ | 17,065 | $ | 34,450 | ||||||||||||
Portfolio turnover rate(b)(g) | 25 | % | 60 | % | 108 | % | 83 | % | 21 | % | 54 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During the year ended December 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.20%. |
(e) | During the year ended December 31, 2019, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.69%. |
(f) | Annualized for periods less than one year. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
66 :: ProFund VP Europe 30 :: Financial Statements
Investment Objective: The ProFund VP Europe 30 seeks investment results that, before fees and expenses, correspond to the performance of the ProFunds Europe 30 Index®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Total Exposure | 98 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Argenx SE | 5.0 | % | ||
TotalEnergies SE | 4.9 | % | ||
HSBC Holdings PLC | 4.7 | % | ||
NOVO Nordisk A/S | 4.7 | % | ||
GlaxoSmithKline PLC | 4.7 | % |
ProFunds Europe 30® Index – Composition
Industry Breakdown | % of Index | |||
Health Care | 22 | % | ||
Energy | 21 | % | ||
Consumer Staples | 14 | % | ||
Information Technology | 11 | % | ||
Financials | 10 | % | ||
Materials | 8 | % | ||
Industrials | 5 | % | ||
Consumer Discretionary | 3 | % | ||
Communication Services | 3 | % | ||
Utilities | 3 | % |
Country Composition | ||||
United Kingdom | 48 | % | ||
Netherlands | 9 | % | ||
France | 9 | % | ||
Germany | 7 | % | ||
Other | 27 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.8%)
Shares | Value | |||||||
Anheuser-Busch InBev N.V.ADR (Beverages) | 11,128 | $ | 600,356 | |||||
ArcelorMittal S.A.NYS—Class A (Metals & Mining) | 12,364 | 279,426 | ||||||
Argenx SE*ADR (Biotechnology) | 1,943 | 736,163 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 353 | 167,986 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 9,008 | 595,159 | ||||||
Barclays PLCADR (Banks) | 50,693 | 385,267 | ||||||
BP PLCADR (Oil, Gas & Consumable Fuels) | 22,962 | 650,973 | ||||||
British American Tobacco PLCADR (Tobacco) | 14,129 | 606,275 | ||||||
Diageo PLCADR (Beverages) | 3,179 | 553,527 | ||||||
Endava PLC*ADR (IT Services) | 2,473 | 218,292 | ||||||
Equinor ASAADR(a) (Oil, Gas & Consumable Fuels) | 17,840 | 620,118 | ||||||
GlaxoSmithKline PLCADR (Pharmaceuticals) | 15,717 | 684,161 | ||||||
HSBC Holdings PLCADR (Banks) | 21,196 | 692,473 | ||||||
ING Groep N.V.ADR(a) (Banks) | 40,448 | 401,244 | ||||||
Jumia Technologies AG*ADR(a) (Internet & Direct Marketing Retail) | 77,238 | 468,062 | ||||||
National Grid PLCADR (Multi-Utilities) | 6,182 | 399,914 | ||||||
Nokia Corp.ADR (Communications Equipment) | 73,478 | 338,734 | ||||||
NOVO Nordisk A/SADR (Pharmaceuticals) | 6,182 | 688,860 | ||||||
Oatly Group AB*ADR(a) (Food Products) | 63,587 | 220,011 | ||||||
RELX PLCADR (Professional Services) | 15,720 | 423,497 | ||||||
Rio Tinto PLCADR (Metals & Mining) | 9,004 | 549,244 | ||||||
Ryanair Holdings PLC*ADR (Airlines) | 4,416 | 296,976 | ||||||
SanofiADR (Pharmaceuticals) | 10,240 | 512,307 | ||||||
SAP SEADR (Software) | 6,182 | 560,831 | ||||||
Shell PLCADR (Oil, Gas & Consumable Fuels) | 12,364 | 646,514 | ||||||
Telefonaktiebolaget LM EricssonADR (Communications Equipment) | 43,451 | 321,537 | ||||||
Tenaris S.A.ADR (Energy Equipment & Services) | 12,011 | 308,563 | ||||||
Ternium S.A.ADR (Metals & Mining) | 7,418 | 267,716 | ||||||
TotalEnergies SEADR (Oil, Gas & Consumable Fuels) | 13,777 | 725,221 | ||||||
Vodafone Group PLCADR (Wireless Telecommunication Services) | 26,839 | 418,152 | ||||||
TOTAL COMMON STOCKS (Cost $9,988,724) | 14,337,559 |
Collateral for Securities Loaned(b) (12.5%)
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(c) | 1,838,666 | 1,838,666 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,838,666) | 1,838,666 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,827,390)—110.3% | 16,176,225 | |||||||
Net other assets (liabilities)—(10.3)% | (1,515,405 | ) | ||||||
NET ASSETS—100.0% | $ | 14,660,820 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $1,743,105. |
(b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
ADR | American Depositary Receipt |
NYS | New York Shares |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 67
ProFund VP Europe 30 invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Airlines | $ | 296,976 | 2.0 | % | ||||
Banks | 1,478,984 | 10.1 | % | |||||
Beverages | 1,153,883 | 7.9 | % | |||||
Biotechnology | 736,163 | 5.1 | % | |||||
Communications Equipment | 660,271 | 4.5 | % | |||||
Energy Equipment & Services | 308,563 | 2.1 | % | |||||
Food Products | 220,011 | 1.5 | % | |||||
Internet & Direct Marketing Retail | 468,062 | 3.2 | % | |||||
IT Services | 218,292 | 1.5 | % | |||||
Metals & Mining | 1,096,386 | 7.4 | % | |||||
Multi-Utilities | 399,914 | 2.7 | % | |||||
Oil, Gas & Consumable Fuels | 2,642,826 | 18.0 | % | |||||
Pharmaceuticals | 2,480,487 | 17.0 | % | |||||
Professional Services | 423,497 | 2.9 | % | |||||
Semiconductors & Semiconductor Equipment | 167,986 | 1.1 | % | |||||
Software | 560,831 | 3.8 | % | |||||
Tobacco | 606,275 | 4.1 | % | |||||
Wireless Telecommunication Services | 418,152 | 2.9 | % | |||||
Other** | 323,261 | 2.2 | % | |||||
Total | $ | 14,660,820 | 100.0 | % |
ProFund VP Europe 30 invested in securities with exposure to the following countries as of June 30, 2022:
Value | % of Net Assets | |||||||
Belgium | $ | 600,356 | 4.1 | % | ||||
Denmark | 688,860 | 4.7 | % | |||||
Finland | 338,734 | 2.3 | % | |||||
France | 1,237,528 | 8.4 | % | |||||
Germany | 1,028,893 | 7.0 | % | |||||
Ireland | 296,976 | 2.0 | % | |||||
Luxembourg | 855,705 | 5.8 | % | |||||
Netherlands | 1,951,907 | 13.4 | % | |||||
Norway | 620,118 | 4.2 | % | |||||
Sweden | 541,548 | 3.7 | % | |||||
United Kingdom | 6,176,934 | 42.2 | % | |||||
Other** | 323,261 | 2.2 | % | |||||
Total | $ | 14,660,820 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
68 :: ProFund VP Europe 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 11,827,390 | ||
Securities, at value(a) | 16,176,225 | |||
Total Investment Securities, at value | 16,176,225 | |||
Dividends receivable | 44,380 | |||
Receivable for capital shares issued | 298,203 | |||
Receivable for tax reclaims | 21,382 | |||
Receivable for investments sold | 471,394 | |||
Prepaid expenses | 166 | |||
TOTAL ASSETS | 17,011,750 | |||
LIABILITIES: | ||||
Cash overdraft | 311,847 | |||
Payable for collateral for securities loaned | 1,838,666 | |||
Payable for capital shares redeemed | 163,415 | |||
Advisory fees payable | 8,242 | |||
Management services fees payable | 1,099 | |||
Administration fees payable | 1,452 | |||
Administrative services fees payable | 5,561 | |||
Distribution fees payable | 8,188 | |||
Trustee fees payable | 6 | |||
Transfer agency fees payable | 2,439 | |||
Fund accounting fees payable | 812 | |||
Compliance services fees payable | 103 | |||
Other accrued expenses | 9,100 | |||
TOTAL LIABILITIES | 2,350,930 | |||
NET ASSETS | $ | 14,660,820 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 15,017,946 | ||
Total distributable earnings (loss) | (357,126 | ) | ||
NET ASSETS | $ | 14,660,820 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 666,457 | |||
Net Asset Value (offering and redemption price per share) | $ | 22.00 |
(a) Includes securities on loan valued at: | $ | 1,743,105 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 358,503 | ||
Interest | 201 | |||
Foreign tax withholding | (30,090 | ) | ||
Net income from securities lending | 444 | |||
TOTAL INVESTMENT INCOME | 329,058 | |||
EXPENSES: | ||||
Advisory fees | 65,329 | |||
Management services fees | 8,711 | |||
Administration fees | 7,065 | |||
Transfer agency fees | 6,179 | |||
Administrative services fees | 18,601 | |||
Distribution fees | 21,776 | |||
Custody fees | 9,390 | |||
Fund accounting fees | 4,039 | |||
Trustee fees | 216 | |||
Compliance services fees | 44 | |||
Other fees | 7,837 | |||
Total Gross Expenses before reductions | 149,187 | |||
Expenses reduced and reimbursed by the Advisor | (2,848 | ) | ||
TOTAL NET EXPENSES | 146,339 | |||
NET INVESTMENT INCOME (LOSS) | 182,719 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (467,217 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,759,150 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,226,367 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,043,648 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 69
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 182,719 | $ | 242,469 | ||||
Net realized gains (losses) on investments | (467,217 | ) | 1,582,954 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,759,150 | ) | 1,803,942 | |||||
Change in net assets resulting from operations | (2,043,648 | ) | 3,629,365 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (955,024 | ) | (163,002 | ) | ||||
Change in net assets resulting from distributions | (955,024 | ) | (163,002 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 14,311,015 | 30,171,919 | ||||||
Distributions reinvested | 955,024 | 163,002 | ||||||
Value of shares redeemed | (15,095,420 | ) | (31,041,897 | ) | ||||
Change in net assets resulting from capital transactions | 170,619 | (706,976 | ) | |||||
Change in net assets | (2,828,053 | ) | 2,759,387 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,488,873 | 14,729,486 | ||||||
End of period | $ | 14,660,820 | $ | 17,488,873 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 569,934 | 1,231,380 | ||||||
Reinvested | 40,605 | 6,733 | ||||||
Redeemed | (626,651 | ) | (1,265,056 | ) | ||||
Change in shares | (16,112 | ) | (26,943 | ) |
See accompanying notes to financial statements.
70 :: ProFund VP Europe 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 25.62 | $ | 20.76 | $ | 23.50 | $ | 20.55 | $ | 24.53 | $ | 20.84 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.26 | 0.32 | 0.22 | 0.45 | 0.48 | 0.50 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.72 | ) | 4.76 | (2.43 | ) | 3.15 | (3.86 | ) | 3.60 | |||||||||||||||
Total income (loss) from investment activities | (2.46 | ) | 5.08 | (2.21 | ) | 3.60 | (3.38 | ) | 4.10 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.22 | ) | (0.53 | ) | (0.65 | ) | (0.60 | ) | (0.41 | ) | ||||||||||||
Net realized gains on investments | (0.87 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions | (1.16 | ) | (0.22 | ) | (0.53 | ) | (0.65 | ) | (0.60 | ) | (0.41 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 22.00 | $ | 25.62 | $ | 20.76 | $ | 23.50 | $ | 20.55 | $ | 24.53 | ||||||||||||
Total Return(b)(c) | (9.89 | )% | 24.53 | % | (9.23 | )% | 17.79 | % | (14.13 | )% | 19.71 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.71 | % | 1.69 | % | 1.77 | % | 1.79 | % | 1.75 | % | 1.74 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 2.10 | % | 1.30 | % | 1.10 | % | 1.97 | % | 1.99 | % | 2.14 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 14,660 | $ | 17,489 | $ | 14,729 | $ | 19,526 | $ | 18,331 | $ | 32,199 | ||||||||||||
Portfolio turnover rate(b)(e) | 74 | % | 138 | % | 63 | % | 85 | % | 228 | % | 181 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 71
Investment Objective: The ProFund VP Falling U.S. Dollar seeks daily investment results, before fees and expenses, that correspond to the return of the basket of non-U.S. currencies included in the U.S. Dollar Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Forward Currency Contracts | (100 | )% | ||
Total Exposure | (100 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Falling U.S. Dollar primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
U.S. Dollar Index – Composition
% of Index | ||||
Euro | 57 | % | ||
Japanese yen | 14 | % | ||
British pound | 12 | % | ||
Canadian dollar | 9 | % | ||
Swedish krona | 4 | % | ||
Swiss franc | 4 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (103.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $386,015 | $ | 386,000 | $ | 386,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $386,000) | 386,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $386,000)—103.3% | 386,000 | |||||||
Net other assets (liabilities)—(3.3)% | (12,174 | ) | ||||||
NET ASSETS—100.0% | $ | 373,826 |
(a) | A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $73,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
As of June 30, 2022, the ProFund VP Falling U.S. Dollar's forward currency contracts with Goldman Sachs International, were as follows:
Description and amount of currency purchased | Description and amount of currency sold | Delivery Date | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Long: | |||||||||||||||||||
British pound | $ | 22,955 | U.S. dollar | $ | 28,800 | 7/8/22 | $ | 27,942 | $ | (858 | ) | ||||||||
Canadian dollar | 31,037 | U.S. dollar | 24,757 | 7/8/22 | 24,116 | (641 | ) | ||||||||||||
Euro | 114,582 | U.S. dollar | 123,210 | 7/8/22 | 120,124 | (3,086 | ) | ||||||||||||
Japanese yen | 3,184,545 | U.S. dollar | 23,804 | 7/8/22 | 23,486 | (318 | ) | ||||||||||||
Swedish krona | 76,914 | U.S. dollar | 7,871 | 7/8/22 | 7,525 | (346 | ) | ||||||||||||
Swiss franc | 6,369 | U.S. dollar | 6,548 | 7/8/22 | 6,676 | 128 | |||||||||||||
Total Long Contracts | $ | 214,990 | $ | 209,869 | $ | (5,121 | ) |
As of June 30, 2022, the ProFund VP Falling U.S. Dollar's forward currency contracts with UBS AG, were as follows:
Description and amount of currency purchased | Description and amount of currency sold | Delivery Date | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Short: | |||||||||||||||||||
U.S. dollar | $ | 1,042 | British pound | $ | 859 | 7/8/22 | $ | 1,046 | $ | (4 | ) | ||||||||
U.S. dollar | 1,031 | Canadian dollar | 1,329 | 7/8/22 | 1,033 | (2 | ) | ||||||||||||
U.S. dollar | 6,247 | Euro | 5,994 | 7/8/22 | 6,284 | (37 | ) | ||||||||||||
U.S. dollar | 1,958 | Japanese yen | 262,954 | 7/8/22 | 1,939 | 19 | |||||||||||||
U.S. dollar | 359 | Swedish krona | 3,657 | 7/8/22 | 358 | 1 | |||||||||||||
U.S. dollar | 390 | Swiss franc | 389 | 7/8/22 | 408 | (18 | ) | ||||||||||||
Total Short Contracts | $ | 11,027 | $ | 11,068 | $ | (41 | ) |
See accompanying notes to financial statements.
72 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Description and amount of currency purchased | Description and amount of currency sold | Delivery Date | Fair Value | Appreciation/ (Depreciation) | |||||||||||||||
Long: | |||||||||||||||||||
British pound | $ | 14,554 | U.S. dollar | $ | 18,236 | 7/8/22 | $ | 17,716 | $ | (520 | ) | ||||||||
Canadian dollar | 14,043 | U.S. dollar | 11,199 | 7/8/22 | 10,911 | (288 | ) | ||||||||||||
Euro | 97,586 | U.S. dollar | 104,814 | 7/8/22 | 102,306 | (2,508 | ) | ||||||||||||
Japanese yen | 3,900,400 | U.S. dollar | 29,142 | 7/8/22 | 28,766 | (376 | ) | ||||||||||||
Swedish krona | 86,318 | U.S. dollar | 8,823 | 7/8/22 | 8,445 | (378 | ) | ||||||||||||
Swiss franc | 7,415 | U.S. dollar | 7,615 | 7/8/22 | 7,772 | 157 | |||||||||||||
Total Long Contracts | $ | 179,829 | $ | 175,916 | $ | (3,913 | ) | ||||||||||||
Total unrealized appreciation | $ | 305 | |||||||||||||||||
Total unrealized (depreciation) | (9,380 | ) | |||||||||||||||||
Total net unrealized appreciation/(depreciation) | $ | (9,075 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 73
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 386,000 | ||
Repurchase agreements, at value | 386,000 | |||
Total Investment Securities, at value | 386,000 | |||
Cash | 599 | |||
Segregated cash balances for swap agreements with custodian | 346 | |||
Unrealized appreciation on forward foreign currency contracts | 305 | |||
Interest receivable | 15 | |||
Receivable from Advisor under an expense limitation agreement | 44 | |||
Prepaid expenses | 7 | |||
TOTAL ASSETS | 387,316 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 749 | |||
Unrealized depreciation on forward foreign currency contracts | 9,380 | |||
Administration fees payable | 33 | |||
Administrative services fees payable | 231 | |||
Distribution fees payable | 250 | |||
Transfer agency fees payable | 56 | |||
Fund accounting fees payable | 18 | |||
Compliance services fees payable | 3 | |||
Other accrued expenses | 2,770 | |||
TOTAL LIABILITIES | 13,490 | |||
NET ASSETS | $ | 373,826 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 761,792 | ||
Total distributable earnings (loss) | (387,966 | ) | ||
NET ASSETS | $ | 373,826 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 24,993 | |||
Net Asset Value (offering and redemption price per share) | $ | 14.96 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 650 | ||
EXPENSES: | ||||
Advisory fees | 1,687 | |||
Management services fees | 225 | |||
Administration fees | 113 | |||
Transfer agency fees | 98 | |||
Administrative services fees | 518 | |||
Distribution fees | 562 | |||
Custody fees | 1,694 | |||
Fund accounting fees | 64 | |||
Trustee fees | 3 | |||
Compliance services fees | 1 | |||
Other fees | 282 | |||
Total Gross Expenses before reductions | 5,247 | |||
Expenses reduced and reimbursed by the Advisor | (1,469 | ) | ||
TOTAL NET EXPENSES | 3,778 | |||
NET INVESTMENT INCOME (LOSS) | (3,128 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on forward currency contracts | (32,201 | ) | ||
Change in net unrealized appreciation/depreciation on forward currency contracts | (9,675 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (41,876 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (45,004 | ) |
See accompanying notes to financial statements.
74 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (3,128 | ) | $ | (14,080 | ) | ||
Net realized gains (losses) on investments | (32,201 | ) | (52,276 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (9,675 | ) | (13,169 | ) | ||||
Change in net assets resulting from operations | (45,004 | ) | (79,525 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (15,895 | ) | |||||
Change in net assets resulting from distributions | — | (15,895 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 254,268 | 752,331 | ||||||
Distributions reinvested | — | 15,895 | ||||||
Value of shares redeemed | (316,222 | ) | (1,527,575 | ) | ||||
Change in net assets resulting from capital transactions | (61,954 | ) | (759,349 | ) | ||||
Change in net assets | (106,958 | ) | (854,769 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 480,784 | 1,335,553 | ||||||
End of period | $ | 373,826 | $ | 480,784 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 15,741 | 42,420 | ||||||
Reinvested | — | 899 | ||||||
Redeemed | (19,791 | ) | (86,998 | ) | ||||
Change in shares | (4,050 | ) | (43,679 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Falling U.S. Dollar :: 75
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 16.55 | $ | 18.37 | $ | 17.60 | $ | 18.03 | $ | 22.30 | $ | 20.57 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.11 | ) | (0.30 | ) | (0.25 | ) | 0.08 | 0.01 | (0.18 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.48 | ) | (1.15 | ) | 1.09 | (0.50 | ) | (1.34 | ) | 1.91 | ||||||||||||||
Total income (loss) from investment activities | (1.59 | ) | (1.45 | ) | 0.84 | (0.42 | ) | (1.33 | ) | 1.73 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.07 | ) | (0.01 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (0.37 | ) | — | — | (2.94 | ) | — | ||||||||||||||||
Total distributions | — | (0.37 | ) | (0.07 | ) | (0.01 | ) | (2.94 | ) | — | ||||||||||||||
Net Asset Value, End of Period | $ | 14.96 | $ | 16.55 | $ | 18.37 | $ | 17.60 | $ | 18.03 | $ | 22.30 | ||||||||||||
Total Return(b)(c) | (9.61 | )% | (8.03 | )% | 4.80 | % | (2.34 | )% | (6.31 | )% | 8.46 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 2.33 | % | 2.23 | % | 3.18 | % | 5.49 | % | 4.51 | % | 3.09 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (1.39 | )% | (1.68 | )% | (1.44 | )% | 0.44 | % | 0.03 | % | (0.84 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 374 | $ | 481 | $ | 1,336 | $ | 615 | $ | 677 | $ | 693 | ||||||||||||
Portfolio turnover rate(e) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
76 :: ProFund VP Financials :: Financial Statements
Investment Objective: The ProFund VP Financials seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. FinancialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Swap Agreements | 1 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Berkshire Hathaway, Inc. | 8.3 | % | ||
JPMorgan Chase & Co. | 5.6 | % | ||
Visa, Inc. | 5.5 | % | ||
Mastercard, Inc. | 4.6 | % | ||
Bank of America Corp. | 3.7 | % |
Dow Jones U.S. FinancialsSM Index – Composition
% of Index | ||||
Diversified Financials | 33 | % | ||
Banks | 22 | % | ||
Real Estate | 21 | % | ||
Insurance | 14 | % | ||
Software & Services | 10 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.1%)
Shares | Value | |||||||
Affiliated Managers Group, Inc. (Capital Markets) | 175 | $ | 20,405 | |||||
Aflac, Inc. (Insurance) | 2,677 | 148,118 | ||||||
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | 2,364 | 26,169 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 671 | 97,315 | ||||||
Alleghany Corp.* (Insurance) | 61 | 50,819 | ||||||
Ally Financial, Inc. (Consumer Finance) | 1,459 | 48,891 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 630 | 40,616 | ||||||
American Express Co. (Consumer Finance) | 2,755 | 381,898 | ||||||
American Financial Group, Inc. (Insurance) | 300 | 41,643 | ||||||
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | 1,335 | 47,312 | ||||||
American International Group, Inc. (Insurance) | 3,578 | 182,943 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 2,099 | 536,484 | ||||||
Americold Realty Trust (Equity Real Estate Investment Trusts) | 1,216 | 36,529 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 496 | 117,889 | ||||||
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | 7,050 | 41,665 | ||||||
Aon PLC (Insurance) | 959 | 258,623 | ||||||
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | 710 | 29,536 | ||||||
Apollo Global Management, Inc. (Diversified Financial Services) | 1,686 | 81,737 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 1,697 | 77,197 | ||||||
Ares Management Corp.—Class A (Capital Markets) | 775 | 44,067 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 949 | 154,725 | ||||||
Assurant, Inc. (Insurance) | 244 | 42,175 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 631 | 122,572 | ||||||
Axis Capital Holdings, Ltd. (Insurance) | 351 | 20,039 | ||||||
Bank of America Corp. (Banks) | 32,022 | 996,845 | ||||||
Bank OZK (Banks) | 510 | 19,140 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 8,171 | 2,230,847 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 643 | 391,613 | ||||||
Blackstone Group, Inc.—Class A (Capital Markets) | 3,165 | 288,743 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 769 | 21,278 | ||||||
Blue Owl Capital, Inc. (Capital Markets) | 1,565 | 15,697 | ||||||
BOK Financial Corp. (Banks) | 135 | 10,203 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 644 | 57,303 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 338 | 13,865 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,353 | 27,344 | ||||||
Brown & Brown, Inc. (Insurance) | 1,058 | 61,724 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 481 | 64,685 | ||||||
Capital One Financial Corp. (Consumer Finance) | 1,775 | 184,937 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 480 | 54,331 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 1,476 | 108,649 | ||||||
Chubb, Ltd. (Insurance) | 1,914 | 376,253 | ||||||
Cincinnati Financial Corp. (Insurance) | 674 | 80,193 | ||||||
Citigroup, Inc. (Banks) | 8,771 | 403,378 | ||||||
Citizens Financial Group, Inc. (Banks) | 2,215 | 79,053 | ||||||
CME Group, Inc. (Capital Markets) | 1,623 | 332,228 | ||||||
CNA Financial Corp. (Insurance) | 123 | 5,523 | ||||||
Coinbase Global, Inc.*(a)—Class A (Capital Markets) | 149 | 7,006 | ||||||
Comerica, Inc. (Banks) | 591 | 43,368 | ||||||
Commerce Bancshares, Inc. (Banks) | 496 | 32,562 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 130 | 469 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 508 | 13,305 | ||||||
CoStar Group, Inc.* (Professional Services) | 1,790 | 108,134 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 672 | 19,643 | ||||||
Credit Acceptance Corp.* (Consumer Finance) | 34 | 16,096 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 77
Common Stocks, continued
Shares | Value | |||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 1,956 | $ | 329,352 | |||||
CubeSmart (Equity Real Estate Investment Trusts) | 1,014 | 43,318 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 258 | 30,044 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,286 | 166,961 | ||||||
Discover Financial Services (Consumer Finance) | 1,269 | 120,022 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 794 | 17,770 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 1,736 | 95,393 | ||||||
East West Bancorp, Inc. (Banks) | 641 | 41,537 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 188 | 29,014 | ||||||
Enstar Group, Ltd.* (Insurance) | 55 | 11,769 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 411 | 270,036 | ||||||
Equitable Holdings, Inc. (Diversified Financial Services) | 1,600 | 41,712 | ||||||
Equity Commonwealth* (Equity Real Estate Investment Trusts) | 509 | 14,013 | ||||||
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | 781 | 55,037 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 1,546 | 111,652 | ||||||
Erie Indemnity Co.—Class A (Insurance) | 113 | 21,717 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 486 | 18,905 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 295 | 77,145 | ||||||
Everest Re Group, Ltd. (Insurance) | 178 | 49,890 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 606 | 103,093 | ||||||
F.N.B. Corp. (Banks) | 1,524 | 16,551 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 171 | 65,761 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 323 | 30,924 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 414 | 13,161 | ||||||
Fifth Third Bancorp (Banks) | 3,099 | 104,126 | ||||||
First American Financial Corp. (Insurance) | 485 | 25,666 | ||||||
First Citizens BancShares, Inc.—Class A (Banks) | 60 | 39,227 | ||||||
First Financial Bankshares, Inc. (Banks) | 580 | 22,777 | ||||||
First Horizon Corp. (Banks) | 2,416 | 52,822 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 596 | 28,298 | ||||||
First Republic Bank (Banks) | 811 | 116,946 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 178 | 12,373 | ||||||
FNF Group (Insurance) | 1,268 | 46,865 | ||||||
Franklin Resources, Inc. (Capital Markets) | 1,264 | 29,464 | ||||||
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | 1,063 | 48,749 | ||||||
Glacier Bancorp, Inc. (Banks) | 490 | 23,236 | ||||||
Globe Life, Inc. (Insurance) | 410 | 39,963 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 1,485 | 97,164 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 685 | 18,632 | ||||||
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | 1,035 | 28,887 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 2,437 | 63,143 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 475 | 16,240 | ||||||
Home BancShares, Inc. (Banks) | 854 | 17,738 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 3,228 | 50,615 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 225 | 17,759 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 653 | 9,691 | ||||||
Huntington Bancshares, Inc. (Banks) | 6,500 | 78,195 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 395 | 21,729 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 2,521 | 237,075 | ||||||
Invesco, Ltd. (Capital Markets) | 1,521 | 24,534 | ||||||
Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | 2,756 | 98,058 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 1,312 | 63,881 | ||||||
Jackson Financial, Inc.—Class A (Diversified Financial Services) | 390 | 10,433 | ||||||
Janus Henderson Group PLC (Capital Markets) | 758 | 17,821 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 491 | 11,607 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 865 | 23,891 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 221 | 38,644 | ||||||
JPMorgan Chase & Co. (Banks) | 13,265 | 1,493,771 | ||||||
Kemper Corp. (Insurance) | 271 | 12,981 | ||||||
KeyCorp (Banks) | 4,211 | 72,556 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 474 | 24,804 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 2,791 | 55,178 | ||||||
KKR & Co., Inc. (Capital Markets) | 2,676 | 123,872 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 393 | 34,572 | ||||||
Lazard, Ltd.—Class A (Capital Markets) | 509 | 16,497 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 381 | 42,542 | ||||||
Lincoln National Corp. (Insurance) | 730 | 34,142 | ||||||
Loews Corp. (Insurance) | 878 | 52,030 | ||||||
LPL Financial Holdings, Inc. (Capital Markets) | 361 | 66,597 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 1,295 | 13,908 | ||||||
M&T Bank Corp. (Banks) | 810 | 129,106 | ||||||
Markel Corp.* (Insurance) | 61 | 78,888 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 170 | 43,522 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 2,267 | 351,952 | ||||||
Mastercard, Inc.—Class A (IT Services) | 3,879 | 1,223,747 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 2,710 | 41,382 | ||||||
Mercury General Corp. (Insurance) | 120 | 5,316 | ||||||
MetLife, Inc. (Insurance) | 3,122 | 196,030 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 1,398 | 17,615 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 521 | 91,003 | ||||||
Moody's Corp. (Capital Markets) | 725 | 197,178 | ||||||
Morgan Stanley (Capital Markets) | 6,321 | 480,775 | ||||||
Morningstar, Inc. (Capital Markets) | 106 | 25,634 |
See accompanying notes to financial statements.
78 :: ProFund VP Financials :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
MSCI, Inc.—Class A (Capital Markets) | 366 | $ | 150,847 | |||||
Nasdaq, Inc. (Capital Markets) | 521 | 79,473 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 207 | 12,546 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 794 | 34,142 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 380 | 19,027 | ||||||
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | 2,108 | 19,647 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 2,109 | 19,254 | ||||||
Northern Trust Corp. (Capital Markets) | 941 | 90,788 | ||||||
Old Republic International Corp. (Insurance) | 1,295 | 28,956 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 1,062 | 29,938 | ||||||
Onemain Holdings, Inc. (Consumer Finance) | 481 | 17,980 | ||||||
Opendoor Technologies, Inc.* (Real Estate Management & Development) | 1,778 | 8,374 | ||||||
Orion Office REIT, Inc. (Equity Real Estate Investment Trusts) | 256 | 2,806 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 1,018 | 17,764 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 345 | 24,947 | ||||||
Popular, Inc. (Banks) | 346 | 26,618 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 313 | 13,831 | ||||||
Primerica, Inc. (Insurance) | 174 | 20,826 | ||||||
Principal Financial Group, Inc. (Insurance) | 1,061 | 70,864 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 244 | 4,026 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 3,343 | 393,305 | ||||||
Prosperity Bancshares, Inc. (Banks) | 416 | 28,400 | ||||||
Prudential Financial, Inc. (Insurance) | 1,694 | 162,082 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 91 | 17,031 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 690 | 215,742 | ||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 780 | 15,327 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 878 | 78,502 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 661 | 24,708 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 2,717 | 185,462 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 484 | 3,988 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 701 | 41,576 | ||||||
Regions Financial Corp. (Banks) | 4,221 | 79,144 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 303 | 35,539 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 200 | 31,274 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 745 | 42,905 | ||||||
RLI Corp. (Insurance) | 180 | 20,986 | ||||||
Robinhood Markets, Inc.*—Class A (Capital Markets) | 269 | 2,211 | ||||||
Rocket Cos., Inc.(a)—Class A (Thrifts & Mortgage Finance) | 535 | 3,938 | ||||||
Ryan Specialty Group Holdings, Inc.*—Class A (Insurance) | 264 | 10,346 | ||||||
S&P Global, Inc. (Capital Markets) | 1,568 | 528,510 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 1,043 | 14,571 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 487 | 155,864 | ||||||
SEI Investments Co. (Capital Markets) | 471 | 25,443 | ||||||
Selective Insurance Group, Inc. (Insurance) | 273 | 23,735 | ||||||
Signature Bank (Banks) | 284 | 50,896 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,483 | 140,766 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 290 | 13,383 | ||||||
SLM Corp. (Consumer Finance) | 1,216 | 19,383 | ||||||
SoFi Technologies, Inc.*(a) (Consumer Finance) | 3,309 | 17,438 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 607 | 22,932 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 809 | 24,982 | ||||||
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,386 | 28,954 | ||||||
State Street Corp. (Capital Markets) | 1,658 | 102,216 | ||||||
Stifel Financial Corp. (Capital Markets) | 481 | 26,946 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,140 | 29,731 | ||||||
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | 549 | 87,489 | ||||||
SVB Financial Group* (Banks) | 266 | 105,067 | ||||||
Synchrony Financial (Consumer Finance) | 2,265 | 62,559 | ||||||
Synovus Financial Corp. (Banks) | 656 | 23,649 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 1,027 | 116,678 | ||||||
TFS Financial Corp. (Thrifts & Mortgage Finance) | 216 | 2,966 | ||||||
The Allstate Corp. (Insurance) | 1,242 | 157,399 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 3,357 | 140,020 | ||||||
The Carlyle Group, Inc. (Capital Markets) | 637 | 20,167 | ||||||
The Charles Schwab Corp. (Capital Markets) | 6,812 | 430,382 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 1,551 | 460,678 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 161 | 23,546 | ||||||
The Howard Hughes Corp.* (Real Estate Management & Development) | 174 | 11,841 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 1,868 | 294,714 | ||||||
The Progressive Corp. (Insurance) | 2,642 | 307,185 | ||||||
The Travelers Cos., Inc. (Insurance) | 1,084 | 183,337 | ||||||
TPG, Inc. (Capital Markets) | 157 | 3,754 | ||||||
Tradeweb Markets, Inc.—Class A (Capital Markets) | 486 | 33,170 | ||||||
Truist Financial Corp. (Banks) | 6,013 | 285,197 | ||||||
U.S. Bancorp (Banks) | 6,106 | 280,998 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 1,352 | 62,246 | ||||||
UMB Financial Corp. (Banks) | 195 | 16,790 | ||||||
Umpqua Holdings Corp. (Banks) | 980 | 16,435 | ||||||
United Bankshares, Inc. (Banks) | 613 | 21,498 | ||||||
Unum Group (Insurance) | 908 | 30,890 | ||||||
Upstart Holdings, Inc.*(a) (Consumer Finance) | 230 | 7,273 | ||||||
UWM Holdings Corp.(a) (Thrifts & Mortgage Finance) | 364 | 1,289 | ||||||
Valley National Bancorp (Banks) | 1,898 | 19,758 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 1,805 | 92,831 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 79
Common Stocks, continued
Shares | Value | |||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 4,349 | $ | 129,557 | |||||
Virtu Financial, Inc.—Class A (Capital Markets) | 362 | 8,474 | ||||||
Visa, Inc.—Class A (IT Services) | 7,433 | 1,463,483 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 719 | 20,556 | ||||||
Voya Financial, Inc. (Diversified Financial Services) | 461 | 27,443 | ||||||
W.R. Berkley Corp. (Insurance) | 946 | 64,574 | ||||||
Webster Financial Corp. (Banks) | 804 | 33,889 | ||||||
Wells Fargo & Co. (Banks) | 17,119 | 670,551 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 2,050 | 168,818 | ||||||
Western Alliance Bancorp (Banks) | 489 | 34,523 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 3,362 | 111,349 | ||||||
White Mountains Insurance Group, Ltd. (Insurance) | 13 | 16,200 | ||||||
Willis Towers Watson PLC (Insurance) | 504 | 99,485 | ||||||
Wintrust Financial Corp. (Banks) | 272 | 21,801 | ||||||
WP Carey, Inc. (Equity Real Estate Investment Trusts) | 871 | 72,171 | ||||||
Zillow Group, Inc.*—Class A (Real Estate Management & Development) | 163 | 5,185 | ||||||
Zillow Group, Inc.*—Class C (Real Estate Management & Development) | 740 | 23,495 | ||||||
Zions Bancorp (Banks) | 684 | 34,816 | ||||||
TOTAL COMMON STOCKS (Cost $7,466,945) | 26,567,452 |
Repurchase Agreements(b) (0.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $134,005 | $ | 134,000 | $ | 134,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $134,000) | 134,000 |
Collateral for Securities Loaned(c) (0.1%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(d) | 37,212 | $ | 37,212 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $37,212) | 37,212 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,638,157)—99.7% | 26,738,664 | |||||||
Net other assets (liabilities)—0.3% | 71,955 | |||||||
NET ASSETS—100.0% | $ | 26,810,619 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $34,787. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Financials Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 247,062 | $ | 1,652 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
80 :: ProFund VP Financials :: Financial Statements
ProFund VP Financials invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Banks | $ | 5,892,872 | 22.0 | % | ||||
Capital Markets | 4,951,617 | 18.5 | % | |||||
Consumer Finance | 892,876 | 3.3 | % | |||||
Diversified Financial Services | 2,416,063 | 9.0 | % | |||||
Equity Real Estate Investment Trusts | 5,375,571 | 20.1 | % | |||||
Insurance | 3,825,437 | 14.3 | % | |||||
IT Services | 2,687,230 | 10.0 | % | |||||
Mortgage Real Estate Investment Trusts | 137,713 | 0.5 | % | |||||
Professional Services | 108,134 | 0.4 | % | |||||
Real Estate Management & Development | 200,645 | 0.7 | % | |||||
Thrifts & Mortgage Finance | 79,294 | 0.3 | % | |||||
Other** | 243,167 | 0.9 | % | |||||
Total | $ | 26,810,619 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 81
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 7,638,157 | ||
Securities, at value(a) | 26,604,664 | |||
Repurchase agreements, at value | 134,000 | |||
Total Investment Securities, at value | 26,738,664 | |||
Cash | 7 | |||
Dividends and interest receivable | 38,199 | |||
Unrealized appreciation on swap agreements | 1,652 | |||
Receivable for capital shares issued | 7,519 | |||
Receivable for investments sold | 254,533 | |||
Prepaid expenses | 356 | |||
TOTAL ASSETS | 27,040,930 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 37,212 | |||
Payable for capital shares redeemed | 121,580 | |||
Advisory fees payable | 17,177 | |||
Management services fees payable | 2,290 | |||
Administration fees payable | 2,428 | |||
Administrative services fees payable | 11,934 | |||
Distribution fees payable | 14,530 | |||
Trustee fees payable | 9 | |||
Transfer agency fees payable | 4,327 | |||
Fund accounting fees payable | 1,415 | |||
Compliance services fees payable | 215 | |||
Other accrued expenses | 17,194 | |||
TOTAL LIABILITIES | 230,311 | |||
NET ASSETS | $ | 26,810,619 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,468,153 | ||
Total distributable earnings (loss) | 13,342,466 | |||
NET ASSETS | $ | 26,810,619 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 666,312 | |||
Net Asset Value (offering and redemption price per share) | $ | 40.24 |
(a) Includes securities on loan valued at: | $ | 34,787 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 350,710 | ||
Interest | 523 | |||
Net income from securities lending | 2 | |||
TOTAL INVESTMENT INCOME | 351,235 | |||
EXPENSES: | ||||
Advisory fees | 133,130 | |||
Management services fees | 17,751 | |||
Administration fees | 15,026 | |||
Transfer agency fees | 13,029 | |||
Administrative services fees | 42,681 | |||
Distribution fees | 44,377 | |||
Custody fees | 2,397 | |||
Fund accounting fees | 8,845 | |||
Trustee fees | 450 | |||
Compliance services fees | 89 | |||
Other fees | 19,579 | |||
Recoupment of prior expenses reduced by the Advisor | 1,200 | |||
Total Gross Expenses before reductions | 298,554 | |||
Expenses reduced and reimbursed by the Advisor | (342 | ) | ||
TOTAL NET EXPENSES | 298,212 | |||
NET INVESTMENT INCOME (LOSS) | 53,023 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,318,256 | |||
Net realized gains (losses) on swap agreements | (44,773 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (8,436,950 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (3,653 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (7,167,120 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,114,097 | ) |
See accompanying notes to financial statements.
82 :: ProFund VP Financials :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 53,023 | $ | 26,130 | ||||
Net realized gains (losses) on investments | 1,273,483 | 282,408 | ||||||
Change in net unrealized appreciation/depreciation on investments | (8,440,603 | ) | 8,852,572 | |||||
Change in net assets resulting from operations | (7,114,097 | ) | 9,161,110 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (382,049 | ) | (2,699,374 | ) | ||||
Change in net assets resulting from distributions | (382,049 | ) | (2,699,374 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 11,433,818 | 36,493,693 | ||||||
Distributions reinvested | 382,049 | 2,699,374 | ||||||
Value of shares redeemed | (19,309,696 | ) | (31,088,356 | ) | ||||
Change in net assets resulting from capital transactions | (7,493,829 | ) | 8,104,711 | |||||
Change in net assets | (14,989,975 | ) | 14,566,447 | |||||
NET ASSETS: | ||||||||
Beginning of period | 41,800,594 | 27,234,147 | ||||||
End of period | $ | 26,810,619 | $ | 41,800,594 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 239,704 | 777,951 | ||||||
Reinvested | 8,928 | 58,823 | ||||||
Redeemed | (411,367 | ) | (662,224 | ) | ||||
Change in shares | (162,735 | ) | 174,550 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Financials :: 83
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 50.42 | $ | 41.61 | $ | 46.06 | $ | 37.39 | $ | 41.89 | $ | 35.57 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.07 | 0.03 | 0.23 | 0.21 | 0.19 | 0.13 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (9.69 | ) | 12.16 | (1.41 | ) | 10.83 | (4.53 | ) | 6.32 | |||||||||||||||
Total income (loss) from investment activities | (9.62 | ) | 12.19 | (1.18 | ) | 11.04 | (4.34 | ) | 6.45 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.17 | ) | (0.28 | ) | (0.23 | ) | (0.16 | ) | (0.13 | ) | ||||||||||||
Net realized gains on investments | (0.52 | ) | (3.21 | ) | (2.99 | ) | (2.14 | ) | — | — | ||||||||||||||
Total distributions | (0.56 | ) | (3.38 | ) | (3.27 | ) | (2.37 | ) | (0.16 | ) | (0.13 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 40.24 | $ | 50.42 | $ | 41.61 | $ | 46.06 | $ | 37.39 | $ | 41.89 | ||||||||||||
Total Return(b)(c) | (19.14 | )% | 30.10 | % | (1.77 | )% | 30.27 | % | (10.43 | )%(d) | 18.19 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.68 | % | 1.68 | % | 1.74 | % | 1.71 | % | 1.70 | % | 1.68 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.71 | %(f) | 1.63 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | 0.30 | % | 0.07 | % | 0.58 | % | 0.50 | % | 0.45 | %(d) | 0.35 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 26,811 | $ | 41,801 | $ | 27,234 | $ | 36,747 | $ | 29,825 | $ | 51,452 | ||||||||||||
Portfolio turnover rate(b)(g) | 6 | % | 31 | % | 145 | % | 52 | % | 27 | % | 64 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.41%, respectively, and the total return would have been (10.48)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
84 :: ProFund VP Government Money Market :: Financial Statements
Investment Objective: The ProFund VP Government Money Market seeks, as its investment objective, a high level of current income consistent with liquidity and preservation of capital.
An investment in this ProFund VP is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the ProFund VP strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this ProFund VP.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligation | 13 | % | ||
Repurchase Agreements | 89 | % | ||
Total Exposure | 102 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligation (13.6%)
Principal Amount | Value | |||||||
U.S. Treasury Bills, 0.08%+, 8/11/22 | $ | 5,000,000 | $ | 4,999,559 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $4,999,559) | 4,999,559 |
Repurchase Agreements(a) (89.4%)
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $32,950,256 | 32,949,000 | 32,949,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $32,949,000) | 32,949,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $37,948,559)—103.0% | 37,948,559 | |||||||
Net other assets (liabilities)—(3.0)% | (1,091,355 | ) | ||||||
NET ASSETS—100.0% | $ | 36,857,204 |
+ | Reflects the effective yield or interest rate in effect at June 30, 2022. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Government Money Market :: 85
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 37,948,559 | ||
Securities, at value | 4,999,559 | |||
Repurchase agreements, at value | 32,949,000 | |||
Total Investment Securities, at value | 37,948,559 | |||
Cash | 752 | |||
Interest receivable | 1,256 | |||
Receivable for capital shares issued | 52,542 | |||
Prepaid expenses | 383 | |||
TOTAL ASSETS | 38,003,492 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,110,357 | |||
Advisory fees payable | 12,796 | |||
Management services fees payable | 1,706 | |||
Administration fees payable | 1,391 | |||
Trustee fees payable | 12 | |||
Transfer agency fees payable | 5,482 | |||
Fund accounting fees payable | 1,784 | |||
Compliance services fees payable | 248 | |||
Other accrued expenses | 12,512 | |||
TOTAL LIABILITIES | 1,146,288 | |||
NET ASSETS | $ | 36,857,204 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 36,893,441 | ||
Total distributable earnings (loss) | (36,237 | ) | ||
NET ASSETS | $ | 36,857,204 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 36,893,441 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 53,595 | ||
EXPENSES: | ||||
Advisory fees | 139,469 | |||
Management services fees | 18,596 | |||
Administration fees | 6,293 | |||
Transfer agency fees | 12,233 | |||
Custody fees | 2,143 | |||
Fund accounting fees | 7,973 | |||
Trustee fees | 429 | |||
Compliance services fees | 93 | |||
Other fees | 14,242 | |||
Total Gross Expenses before reductions | 201,471 | |||
Expenses reduced and reimbursed by the Advisor | (153,497 | )(a) | ||
TOTAL NET EXPENSES | 47,974 | |||
NET INVESTMENT INCOME | 5,621 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,621 |
(a) Amount includes a voluntary reduction of expenses in the amount of $2,075.
See accompanying notes to financial statements.
86 :: ProFund VP Government Money Market :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 5,621 | $ | 5,562 | ||||
Net realized gains (losses) on investments | — | 17,958 | ||||||
Change in net assets resulting from operations | 5,621 | 23,520 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (5,621 | ) | (5,562 | ) | ||||
Change in net assets resulting from distributions | (5,621 | ) | (5,562 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 51,036,410 | 177,647,763 | ||||||
Distributions reinvested | 5,621 | 5,562 | ||||||
Value of shares redeemed | (60,534,577 | ) | (179,396,339 | ) | ||||
Change in net assets resulting from capital transactions | (9,492,546 | ) | (1,743,014 | ) | ||||
Change in net assets | (9,492,546 | ) | (1,725,056 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 46,349,750 | 48,074,806 | ||||||
End of period | $ | 36,857,204 | $ | 46,349,750 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 51,036,410 | 177,647,763 | ||||||
Reinvested | 5,621 | 5,562 | ||||||
Redeemed | (60,534,577 | ) | (179,396,339 | ) | ||||
Change in shares | (9,492,546 | ) | (1,743,014 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Government Money Market :: 87
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | |||||||||||
Investment Activities: | |||||||||||||||||||||||
Net investment income (loss)(a) | — | (b) | — | (b) | 0.001 | 0.008 | — | (b) | — | (b) | |||||||||||||
Net realized gains (losses) on investments | — | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||||
Total income (loss) from investment activities | — | (b) | — | (b) | 0.001 | 0.008 | — | (b) | — | (b) | |||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||
Net investment income | — | (b) | — | (b) | (0.001 | ) | (0.008 | ) | — | (b) | — | (b) | |||||||||||
Net Asset Value, End of Period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | |||||||||||
Total Return(c)(d) | 0.01 | % | 0.01 | % | 0.04 | % | 0.77 | % | 0.42 | % | 0.02 | % | |||||||||||
Ratios to Average Net Assets: | |||||||||||||||||||||||
Gross expenses(d)(e) | 1.08 | % | 1.07 | % | 1.16 | % | 1.35 | % | 1.46 | % | 1.14 | % | |||||||||||
Net expenses(d)(e) | 0.26 | %(g) | — | (f)(g) | 0.52 | %(g) | 1.35 | % | 1.37 | %(h) | 0.83 | %(g) | |||||||||||
Net investment income (loss)(d)(e) | 0.03 | % | 0.01 | % | 0.05 | % | 0.78 | % | 0.41 | % | 0.01 | % | |||||||||||
Supplemental Data: | |||||||||||||||||||||||
Net assets, end of period (000's) | $ | 36,857 | $ | 46,350 | $ | 48,075 | $ | 145,715 | $ | 193,519 | $ | 188,217 |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.0005. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Amount is less than $0.005. |
(g) | The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield. |
(h) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
See accompanying notes to financial statements.
88 :: ProFund VP Health Care :: Financial Statements
Investment Objective: The ProFund VP Health Care seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Health CareSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Swap Agreements | 1 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
UnitedHealth Group, Inc. | 9.1 | % | ||
Johnson & Johnson | 8.8 | % | ||
Pfizer, Inc. | 5.6 | % | ||
AbbVie, Inc. | 5.1 | % | ||
Eli Lilly & Co. | 4.8 | % |
Dow Jones U.S. Health CareSM Index – Composition
% of Index | ||||
Pharmaceuticals | 31 | % | ||
Health Care Providers & Services | 22 | % | ||
Health Care Equipment & Supplies | 18 | % | ||
Biotechnology | 17 | % | ||
Life Sciences Tools & Services | 12 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.5%)
Shares | Value | |||||||
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | 772 | $ | 34,933 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 1,420 | 11,133 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 14,394 | 1,563,907 | ||||||
AbbVie, Inc. (Biotechnology) | 14,526 | 2,224,801 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 375 | 92,816 | ||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 744 | 50,317 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 969 | 13,653 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 2,467 | 293,006 | ||||||
agilon health, Inc.* (Health Care Providers & Services) | 401 | 8,754 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 451 | 9,999 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 603 | 142,712 | ||||||
Alkermes PLC* (Biotechnology) | 1,344 | 40,038 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 614 | 7,000 | ||||||
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | 993 | 144,829 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 267 | 28,067 | ||||||
American Well Corp.*—Class A (Health Care Technology) | 1,650 | 7,128 | ||||||
Amgen, Inc. (Biotechnology) | 4,391 | 1,068,330 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 1,982 | 956,473 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 870 | 30,633 | ||||||
Avantor, Inc.* (Life Sciences Tools & Services) | 5,018 | 156,060 | ||||||
Azenta, Inc. (Semiconductors & Semiconductor Equipment) | 616 | 44,414 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 4,139 | 265,848 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 380 | 14,710 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 2,343 | 577,620 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 346 | 1,720 | ||||||
Biogen, Inc.* (Biotechnology) | 1,205 | 245,748 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 519 | 75,623 | ||||||
BioMarin Pharmaceutical, Inc.* (Biotechnology) | 1,521 | 126,045 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 178 | 88,110 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 322 | 111,618 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 489 | 24,699 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 11,752 | 437,997 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 887 | 8,054 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 17,501 | 1,347,577 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 823 | 51,651 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 1,473 | 158,038 | ||||||
Centene Corp.* (Health Care Providers & Services) | 4,808 | 406,805 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 417 | 89,225 | ||||||
Chemed Corp. (Health Care Providers & Services) | 123 | 57,735 | ||||||
Cigna Corp. (Health Care Providers & Services) | 2,609 | 687,524 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 860 | 17,845 | ||||||
CRISPR Therapeutics AG* (Biotechnology) | 586 | 35,611 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 10,779 | 998,781 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 5,319 | 1,348,473 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 497 | 39,740 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 768 | 22,602 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 1,771 | 63,278 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 89
Common Stocks, continued
Shares | Value | |||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 3,227 | $ | 240,508 | |||||
Doximity, Inc.*—Class A (Health Care Technology) | 762 | 26,533 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 5,110 | 485,910 | ||||||
Elanco Animal Health, Inc.* (Pharmaceuticals) | 3,897 | 76,498 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 6,483 | 2,101,983 | ||||||
Embecta Corp.* (Health Care Equipment & Supplies) | 474 | 12,002 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 367 | 11,392 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 820 | 45,961 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 386 | 21,230 | ||||||
Envista Holdings Corp.* (Health Care Equipment & Supplies) | 1,337 | 51,528 | ||||||
Exact Sciences Corp.* (Biotechnology) | 1,445 | 56,919 | ||||||
Exelixis, Inc.* (Biotechnology) | 2,636 | 54,882 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 675 | 16,727 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 10,311 | 637,323 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 652 | 36,603 | ||||||
GoodRx Holdings, Inc.*—Class A (Health Care Technology) | 578 | 3,422 | ||||||
Guardant Health, Inc.* (Health Care Providers & Services) | 838 | 33,805 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 421 | 27,441 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 1,133 | 49,852 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 1,871 | 314,440 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 693 | 42,543 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 1,134 | 87,023 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 2,049 | 141,996 | ||||||
Horizon Therapeutics PLC* (Pharmaceuticals) | 1,890 | 150,746 | ||||||
Humana, Inc. (Health Care Providers & Services) | 1,040 | 486,793 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 166 | 27,289 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 690 | 242,004 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,292 | 238,193 | ||||||
Incyte Corp.* (Biotechnology) | 1,548 | 117,602 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 571 | 124,444 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 588 | 31,770 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 580 | 30,021 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 2,951 | 592,295 | ||||||
Invitae Corp.* (Biotechnology) | 1,733 | 4,229 | ||||||
Ionis Pharmaceuticals, Inc.* (Biotechnology) | 1,166 | 43,165 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 1,556 | 337,636 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 512 | 79,877 | ||||||
Johnson & Johnson (Pharmaceuticals) | 21,631 | 3,839,719 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 761 | 178,348 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 255 | 39,714 | ||||||
Maravai LifeSciences Holdings, Inc.*—Class A (Life Sciences Tools & Services) | 897 | 25,484 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 420 | 54,881 | ||||||
McKesson Corp. (Health Care Providers & Services) | 1,194 | 389,495 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 222 | 33,227 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 11,028 | 989,763 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 20,788 | 1,895,242 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 186 | 213,671 | ||||||
Mirati Therapeutics, Inc.* (Biotechnology) | 411 | 27,590 | ||||||
Moderna, Inc.* (Biotechnology) | 2,845 | 406,408 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 483 | 135,052 | ||||||
Natera, Inc.* (Biotechnology) | 736 | 26,084 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 1,532 | 5,822 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 885 | 21,320 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 1,026 | 8,362 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 786 | 76,619 | ||||||
Novavax, Inc.* (Biotechnology) | 642 | 33,018 | ||||||
Novocure, Ltd.* (Health Care Equipment & Supplies) | 739 | 51,361 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 428 | 21,040 | ||||||
Oak Street Health, Inc.* (Health Care Providers & Services) | 1,149 | 18,890 | ||||||
Omnicell, Inc.* (Health Care Technology) | 364 | 41,405 | ||||||
Organon & Co. (Pharmaceuticals) | 2,085 | 70,369 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 1,844 | 8,150 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 291 | 36,235 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 1,107 | 44,911 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 46,122 | 2,418,176 | ||||||
Premier, Inc. (Health Care Providers & Services) | 970 | 34,610 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 964 | 128,193 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | 411 | 39,941 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 1,103 | 23,119 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 888 | 524,923 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 424 | 68,858 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 1,203 | 252,185 | ||||||
Royalty Pharma PLC—Class A (Pharmaceuticals) | 2,969 | 124,817 | ||||||
Sarepta Therapeutics, Inc.* (Biotechnology) | 719 | 53,896 | ||||||
Seagen, Inc.* (Biotechnology) | 1,104 | 195,342 |
See accompanying notes to financial statements.
90 :: ProFund VP Health Care :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 294 | $ | 56,204 | |||||
Signify Health, Inc.*—Class A (Health Care Providers & Services) | 203 | 2,801 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 814 | 15,946 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 394 | 27,946 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 824 | 169,868 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 2,767 | 550,439 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 843 | 60,426 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 525 | 31,075 | ||||||
Teladoc Health, Inc.* (Health Care Technology) | 1,325 | 44,003 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 385 | 94,652 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 886 | 46,568 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 405 | 126,814 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 3,218 | 1,748,276 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 462 | 16,152 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 575 | 34,305 | ||||||
United Therapeutics Corp.* (Biotechnology) | 373 | 87,894 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 7,712 | 3,961,114 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 552 | 55,592 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,103 | 592,604 | ||||||
Viatris, Inc. (Pharmaceuticals) | 9,967 | 104,354 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 609 | 15,511 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 495 | 163,835 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 609 | 184,143 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 1,723 | 181,018 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 172 | 2,754 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 3,869 | 665,042 | ||||||
TOTAL COMMON STOCKS (Cost $11,769,350) | 42,909,841 |
Repurchase Agreements(a) (0.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $291,011 | $ | 291,000 | $ | 291,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $291,000) | 291,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,060,350)—99.2% | 43,200,841 | |||||||
Net other assets (liabilities)—0.8% | 361,563 | |||||||
NET ASSETS—100.0% | $ | 43,562,404 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Health Care Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 624,500 | $ | (1,413 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Health Care invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Biotechnology | $ | 7,204,833 | 16.5 | % | ||||
Health Care Equipment & Supplies | 9,419,310 | 21.6 | % | |||||
Health Care Providers & Services | 9,287,235 | 21.3 | % | |||||
Health Care Technology | 122,491 | 0.3 | % | |||||
Life Sciences Tools & Services | 3,748,387 | 8.6 | % | |||||
Pharmaceuticals | 13,083,171 | 30.1 | % |
Value | % of Net Assets | |||||||
Semiconductors & Semiconductor Equipment | $ | 44,414 | 0.1 | % | ||||
Other** | 652,563 | 1.5 | % | |||||
Total | $ | 43,562,404 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 91
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 12,060,350 | ||
Securities, at value | 42,909,841 | |||
Repurchase agreements, at value | 291,000 | |||
Total Investment Securities, at value | 43,200,841 | |||
Cash | 376 | |||
Segregated cash balances for swap agreements with custodian | 130,000 | |||
Dividends and interest receivable | 38,524 | |||
Receivable for capital shares issued | 298,239 | |||
Prepaid expenses | 477 | |||
TOTAL ASSETS | 43,668,457 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,399 | |||
Unrealized depreciation on swap agreements | 1,413 | |||
Advisory fees payable | 26,178 | |||
Management services fees payable | 3,490 | |||
Administration fees payable | 3,651 | |||
Administrative services fees payable | 13,537 | |||
Distribution fees payable | 18,631 | |||
Trustee fees payable | 14 | |||
Transfer agency fees payable | 6,507 | |||
Fund accounting fees payable | 2,065 | |||
Compliance services fees payable | 293 | |||
Other accrued expenses | 28,875 | |||
TOTAL LIABILITIES | 106,053 | |||
NET ASSETS | $ | 43,562,404 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 11,205,388 | ||
Total distributable earnings (loss) | 32,357,016 | |||
NET ASSETS | $ | 43,562,404 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 617,233 | |||
Net Asset Value (offering and redemption price per share) | $ | 70.58 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 359,953 | ||
Interest | 825 | |||
TOTAL INVESTMENT INCOME | 360,778 | |||
EXPENSES: | ||||
Advisory fees | 180,049 | |||
Management services fees | 24,006 | |||
Administration fees | 21,495 | |||
Transfer agency fees | 18,802 | |||
Administrative services fees | 57,347 | |||
Distribution fees | 60,016 | |||
Custody fees | 3,054 | |||
Fund accounting fees | 12,410 | |||
Trustee fees | 662 | |||
Compliance services fees | 139 | |||
Other fees | 27,021 | |||
Total Gross Expenses before reductions | 405,001 | |||
Expenses reduced and reimbursed by the Advisor | (1,691 | ) | ||
TOTAL NET EXPENSES | 403,310 | |||
NET INVESTMENT INCOME (LOSS) | (42,532 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 3,809,462 | |||
Net realized gains (losses) on swap agreements | (43,269 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (10,198,430 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (12,180 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (6,444,417 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (6,486,949 | ) |
See accompanying notes to financial statements.
92 :: ProFund VP Health Care :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (42,532 | ) | $ | (158,535 | ) | ||
Net realized gains (losses) on investments | 3,766,193 | 3,098,808 | ||||||
Change in net unrealized appreciation/depreciation on investments | (10,210,610 | ) | 7,295,480 | |||||
Change in net assets resulting from operations | (6,486,949 | ) | 10,235,753 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,591,704 | ) | (4,237,991 | ) | ||||
Change in net assets resulting from distributions | (2,591,704 | ) | (4,237,991 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 18,745,778 | 19,002,003 | ||||||
Distributions reinvested | 2,591,704 | 4,237,991 | ||||||
Value of shares redeemed | (24,373,466 | ) | (25,561,869 | ) | ||||
Change in net assets resulting from capital transactions | (3,035,984 | ) | (2,321,875 | ) | ||||
Change in net assets | (12,114,637 | ) | 3,675,887 | |||||
NET ASSETS: | ||||||||
Beginning of period | 55,677,041 | 52,001,154 | ||||||
End of period | $ | 43,562,404 | $ | 55,677,041 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 241,689 | 240,693 | ||||||
Reinvested | 36,982 | 57,817 | ||||||
Redeemed | (323,718 | ) | (325,367 | ) | ||||
Change in shares | (45,047 | ) | (26,857 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Health Care :: 93
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 84.07 | $ | 75.46 | $ | 74.91 | $ | 71.82 | $ | 73.28 | $ | 64.38 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.07 | ) | (0.24 | ) | 0.03 | (0.01 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (9.12 | ) | 15.51 | 10.27 | 12.63 | 3.29 | 13.49 | |||||||||||||||||
Total income (loss) from investment activities | (9.19 | ) | 15.27 | 10.30 | 12.62 | 3.23 | 13.46 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | (0.03 | ) | — | — | — | — | |||||||||||||||||
Net realized gains on investments | (4.30 | ) | (6.63 | ) | (9.75 | ) | (9.53 | ) | (4.69 | ) | (4.56 | ) | ||||||||||||
Total distributions | (4.30 | ) | (6.66 | ) | (9.75 | ) | (9.53 | ) | (4.69 | ) | (4.56 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 70.58 | $ | 84.07 | $ | 75.46 | $ | 74.91 | $ | 71.82 | $ | 73.28 | ||||||||||||
Total Return(b)(c) | (10.90 | )% | 21.54 | % | 14.44 | % | 19.37 | % | 4.44 | % | 20.92 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.69 | % | 1.68 | % | 1.73 | % | 1.72 | % | 1.66 | % | 1.64 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.65 | % | 1.64 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.18 | )% | (0.30 | )% | 0.04 | % | (0.01 | )% | (0.08 | )% | (0.04 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 43,562 | $ | 55,677 | $ | 52,001 | $ | 49,409 | $ | 52,173 | $ | 53,670 | ||||||||||||
Portfolio turnover rate(b)(e) | 20 | % | 10 | % | 58 | % | 33 | % | 61 | % | 43 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
94 :: ProFund VP Industrials :: Financial Statements
Investment Objective: The ProFund VP Industrials seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. IndustrialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 96 | % | ||
Swap Agreements | 5 | % | ||
Total Exposure | 101 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Accenture PLC | 4.3 | % | ||
Raytheon Technologies Corp. | 3.5 | % | ||
United Parcel Service, Inc. | 3.3 | % | ||
Union Pacific Corp. | 3.2 | % | ||
Honeywell International, Inc. | 2.9 | % |
Dow Jones U.S. IndustrialsSM Index – Composition
% of Index | ||||
Capital Goods | 49 | % | ||
Software & Services | 17 | % | ||
Transportation | 14 | % | ||
Commercial & Professional Services | 8 | % | ||
Materials | 6 | % | ||
Technology Hardware & Equipment | 6 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (95.9%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 1,476 | $ | 191,009 | |||||
A.O. Smith Corp. (Building Products) | 337 | 18,427 | ||||||
Accenture PLC—Class A (IT Services) | 1,643 | 456,179 | ||||||
Acuity Brands, Inc. (Electrical Equipment) | 90 | 13,864 | ||||||
Advanced Drainage Systems, Inc. (Building Products) | 147 | 13,240 | ||||||
AECOM (Construction & Engineering) | 367 | 23,936 | ||||||
Affirm Holdings, Inc.* (IT Services) | 429 | 7,748 | ||||||
AGCO Corp. (Machinery) | 159 | 15,693 | ||||||
Air Lease Corp. (Trading Companies & Distributors) | 270 | 9,026 | ||||||
Alight, Inc.*—Class A (Professional Services) | 664 | 4,482 | ||||||
Allegion PLC (Building Products) | 228 | 22,321 | ||||||
Allison Transmission Holdings, Inc. (Machinery) | 252 | 9,689 | ||||||
Amcor PLC (Containers & Packaging) | 3,899 | 48,465 | ||||||
AMETEK, Inc. (Electrical Equipment) | 599 | 65,824 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 1,549 | 99,725 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 100 | 9,617 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 170 | 17,546 | ||||||
Ardagh Metal Packaging SA (Containers & Packaging) | 376 | 2,294 | ||||||
Armstrong World Industries, Inc. (Building Products) | 122 | 9,145 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 171 | 19,167 | ||||||
ASGN, Inc.* (Professional Services) | 133 | 12,003 | ||||||
Automatic Data Processing, Inc. (IT Services) | 1,084 | 227,683 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 212 | 34,316 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 253 | 10,849 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 184 | 17,143 | ||||||
Ball Corp. (Containers & Packaging) | 830 | 57,080 | ||||||
Berry Global Group, Inc.* (Containers & Packaging) | 338 | 18,468 | ||||||
Block, Inc.*—Class A (IT Services) | 1,306 | 80,267 | ||||||
Booz Allen Hamilton Holding Corp. (Professional Services) | 346 | 31,265 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 304 | 43,335 | ||||||
Builders FirstSource, Inc.* (Building Products) | 448 | 24,058 | ||||||
BWX Technologies, Inc. (Aerospace & Defense) | 237 | 13,056 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 330 | 33,452 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 61 | 17,189 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 134 | 31,974 | ||||||
Carrier Global Corp. (Building Products) | 2,201 | 78,488 | ||||||
Caterpillar, Inc. (Machinery) | 1,384 | 247,404 | ||||||
ChargePoint Holdings, Inc.* (Electrical Equipment) | 462 | 6,325 | ||||||
Chart Industries, Inc.* (Machinery) | 93 | 15,566 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 51 | 1,984 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 226 | 84,418 | ||||||
Clarivate PLC* (Professional Services) | 1,012 | 14,026 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 130 | 11,397 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 451 | 19,177 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 64 | 17,038 | ||||||
Concentrix Corp. (IT Services) | 112 | 15,192 | ||||||
Core & Main, Inc.*—Class A (Trading Companies & Distributors) | 148 | 3,300 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 1,972 | 62,138 | ||||||
Crane Holdings Co. (Machinery) | 124 | 10,857 | ||||||
Crown Holdings, Inc. (Containers & Packaging) | 319 | 29,402 | ||||||
CSX Corp. (Road & Rail) | 5,641 | 163,927 | ||||||
Cummins, Inc. (Machinery) | 366 | 70,832 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 100 | 13,206 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 95
Common Stocks, continued
Shares | Value | |||||||
Deere & Co. (Machinery) | 724 | $ | 216,816 | |||||
Donaldson Co., Inc. (Machinery) | 321 | 15,453 | ||||||
Dover Corp. (Machinery) | 374 | 45,374 | ||||||
Dun & Bradstreet Holdings, Inc.* (Professional Services) | 394 | 5,922 | ||||||
Eagle Materials, Inc. (Construction Materials) | 102 | 11,214 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 1,035 | 130,399 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 133 | 13,694 | ||||||
Emerson Electric Co. (Electrical Equipment) | 1,541 | 122,571 | ||||||
EnerSys (Electrical Equipment) | 107 | 6,309 | ||||||
Equifax, Inc. (Professional Services) | 317 | 57,941 | ||||||
Esab Corp. (Machinery) | 118 | 5,163 | ||||||
Euronet Worldwide, Inc.* (IT Services) | 131 | 13,177 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 435 | 42,395 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 1,493 | 74,531 | ||||||
FedEx Corp. (Air Freight & Logistics) | 619 | 140,333 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 1,585 | 145,297 | ||||||
Fiserv, Inc.* (IT Services) | 1,509 | 134,256 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 201 | 42,232 | ||||||
Flowserve Corp. (Machinery) | 339 | 9,706 | ||||||
Fortive Corp. (Machinery) | 930 | 50,573 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 339 | 20,299 | ||||||
FTI Consulting, Inc.* (Professional Services) | 89 | 16,096 | ||||||
Gates Industrial Corp. PLC* (Machinery) | 248 | 2,681 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 166 | 34,956 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 598 | 132,308 | ||||||
General Electric Co. (Industrial Conglomerates) | 2,856 | 181,842 | ||||||
Genpact, Ltd. (IT Services) | 442 | 18,723 | ||||||
Global Payments, Inc. (IT Services) | 730 | 80,767 | ||||||
Graco, Inc. (Machinery) | 439 | 26,081 | ||||||
Graphic Packaging Holding Co. (Containers & Packaging) | 736 | 15,088 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 264 | 11,423 | ||||||
HEICO Corp. (Aerospace & Defense) | 110 | 14,423 | ||||||
HEICO Corp.—Class A (Aerospace & Defense) | 194 | 20,444 | ||||||
Hertz Global Holdings, Inc.* (Road & Rail) | 128 | 2,028 | ||||||
Hexcel Corp. (Aerospace & Defense) | 218 | 11,404 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 1,766 | 306,948 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 976 | 30,695 | ||||||
Hubbell, Inc. (Electrical Equipment) | 139 | 24,823 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 104 | 22,653 | ||||||
IDEX Corp. (Machinery) | 197 | 35,781 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 276 | 14,062 | ||||||
Illinois Tool Works, Inc. (Machinery) | 735 | 133,954 | ||||||
Ingersoll Rand, Inc. (Machinery) | 1,053 | 44,310 | ||||||
Insperity, Inc. (Professional Services) | 92 | 9,184 | ||||||
International Paper Co. (Containers & Packaging) | 962 | 40,240 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 90 | 8,472 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 117 | 5,783 | ||||||
ITT, Inc. (Machinery) | 217 | 14,591 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 217 | 34,171 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 366 | 18,743 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 189 | 34,024 | ||||||
Jacobs Engineering Group, Inc. (Professional Services) | 334 | 42,461 | ||||||
Johnson Controls International PLC (Building Products) | 1,805 | 86,424 | ||||||
KBR, Inc. (Professional Services) | 362 | 17,517 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 472 | 65,065 | ||||||
Kirby Corp.* (Marine) | 156 | 9,491 | ||||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 424 | 19,627 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 500 | 120,850 | ||||||
Landstar System, Inc. (Road & Rail) | 96 | 13,960 | ||||||
Leidos Holdings, Inc. (Professional Services) | 355 | 35,752 | ||||||
Lennox International, Inc. (Building Products) | 86 | 17,767 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 151 | 18,627 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 64 | 16,259 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 614 | 263,995 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 213 | 11,163 | ||||||
ManpowerGroup, Inc. (Professional Services) | 137 | 10,468 | ||||||
Marqeta, Inc.*—Class A (IT Services) | 943 | 7,648 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 162 | 48,477 | ||||||
Masco Corp. (Building Products) | 612 | 30,967 | ||||||
MasTec, Inc.* (Construction & Engineering) | 148 | 10,606 | ||||||
MAXIMUS, Inc. (IT Services) | 159 | 9,939 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 528 | 14,251 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 150 | 9,650 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 95 | 11,502 | ||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 122 | 9,163 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 340 | 10,618 | ||||||
Nielsen Holdings PLC (Professional Services) | 933 | 21,664 | ||||||
Nikola Corp.*(a) (Machinery) | 557 | 2,651 | ||||||
Nordson Corp. (Machinery) | 140 | 28,342 | ||||||
Norfolk Southern Corp. (Road & Rail) | 618 | 140,465 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 379 | 181,378 | ||||||
nVent Electric PLC (Electrical Equipment) | 432 | 13,535 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 238 | 60,995 | ||||||
Oshkosh Corp. (Machinery) | 171 | 14,046 | ||||||
Otis Worldwide Corp. (Machinery) | 1,097 | 77,525 | ||||||
Owens Corning (Building Products) | 252 | 18,726 | ||||||
PACCAR, Inc. (Machinery) | 902 | 74,271 | ||||||
Packaging Corp. of America (Containers & Packaging) | 243 | 33,413 | ||||||
Parker-Hannifin Corp. (Machinery) | 333 | 81,935 | ||||||
Paychex, Inc. (IT Services) | 834 | 94,968 | ||||||
PayPal Holdings, Inc.* (IT Services) | 3,005 | 209,869 | ||||||
Pentair PLC (Machinery) | 429 | 19,635 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 327 | 46,506 |
See accompanying notes to financial statements.
96 :: ProFund VP Industrials :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Quanta Services, Inc. (Construction & Engineering) | 373 | $ | 46,751 | |||||
Raytheon Technologies Corp. (Aerospace & Defense) | 3,859 | 370,888 | ||||||
RBC Bearings, Inc.* (Machinery) | 75 | 13,871 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 174 | 19,752 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 541 | 70,801 | ||||||
Robert Half International, Inc. (Professional Services) | 287 | 21,493 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 302 | 60,192 | ||||||
Saia, Inc.* (Road & Rail) | 69 | 12,972 | ||||||
Science Applications International Corp. (Professional Services) | 145 | 13,500 | ||||||
Sealed Air Corp. (Containers & Packaging) | 379 | 21,876 | ||||||
Sensata Technologies Holding PLC (Electrical Equipment) | 407 | 16,813 | ||||||
Shift4 Payments, Inc.*—Class A (IT Services) | 139 | 4,595 | ||||||
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | 291 | 4,796 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 218 | 9,014 | ||||||
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | 117 | 13,908 | ||||||
Snap-on, Inc. (Machinery) | 138 | 27,190 | ||||||
Sonoco Products Co. (Containers & Packaging) | 253 | 14,431 | ||||||
SS&C Technologies Holdings, Inc. (Software) | 575 | 33,390 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 239 | 10,480 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 545 | 12,731 | ||||||
TaskUS, Inc.*—Class A (IT Services) | 72 | 1,214 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 836 | 94,593 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 122 | 45,763 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 139 | 18,980 | ||||||
Textron, Inc. (Aerospace & Defense) | 558 | 34,077 | ||||||
The Boeing Co.* (Aerospace & Defense) | 1,443 | 197,287 | ||||||
The Middleby Corp.* (Machinery) | 141 | 17,676 | ||||||
The Sherwin-Williams Co. (Chemicals) | 621 | 139,048 | ||||||
The Timken Co. (Machinery) | 175 | 9,284 | ||||||
The Toro Co. (Machinery) | 271 | 20,539 | ||||||
The Western Union Co. (IT Services) | 1,002 | 16,503 | ||||||
Toast, Inc.*—Class A (IT Services) | 632 | 8,178 | ||||||
Trane Technologies PLC (Building Products) | 607 | 78,832 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 135 | 72,450 | ||||||
TransUnion (Professional Services) | 499 | 39,915 | ||||||
Trex Co., Inc.* (Building Products) | 294 | 15,999 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 649 | 37,791 | ||||||
TriNet Group, Inc.* (Professional Services) | 99 | 7,684 | ||||||
TuSimple Holdings, Inc.*—Class A (Road & Rail) | 93 | 672 | ||||||
Union Pacific Corp. (Road & Rail) | 1,629 | 347,434 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 1,906 | 347,922 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 186 | 45,181 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 439 | 10,918 | ||||||
Upwork, Inc.* (Professional Services) | 316 | 6,535 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 55 | 12,355 | ||||||
Verisk Analytics, Inc. (Professional Services) | 410 | 70,968 | ||||||
Vertiv Holdings Co. (Electrical Equipment) | 792 | 6,510 | ||||||
Virgin Galactic Holdings, Inc.*(a) (Aerospace & Defense) | 463 | 2,787 | ||||||
Vontier Corp. (Electronic Equipment, Instruments & Components) | 418 | 9,610 | ||||||
Vulcan Materials Co. (Construction Materials) | 345 | 49,024 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 111 | 50,442 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 991 | 151,603 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 86 | 20,539 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 474 | 38,906 | ||||||
WestRock Co. (Containers & Packaging) | 661 | 26,334 | ||||||
WEX, Inc.* (IT Services) | 117 | 18,201 | ||||||
WillScot Mobile Mini Holdings Corp.* (Construction & Engineering) | 577 | 18,706 | ||||||
Woodward, Inc. (Machinery) | 157 | 14,521 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 257 | 12,377 | ||||||
Xylem, Inc. (Machinery) | 467 | 36,510 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 136 | 39,977 | ||||||
Zurn Water Solutions Corp. (Building Products) | 327 | 8,907 | ||||||
TOTAL COMMON STOCKS (Cost $2,744,804) | 10,258,932 |
Repurchase Agreements(b) (4.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $523,020 | $ | 523,000 | $ | 523,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $523,000) | 523,000 |
Collateral for Securities Loaned(c) (0.1%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(d) | 5,549 | $ | 5,549 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $5,549) | 5,549 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,273,353)—100.9% | 10,787,481 | |||||||
Net other assets (liabilities)—(0.9)% | (92,950 | ) | ||||||
NET ASSETS—100.0% | $ | 10,694,531 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $5,315. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 97
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Industrials Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 506,752 | $ | 2,313 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Industrials invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 1,528,694 | 14.3 | % | ||||
Air Freight & Logistics | 587,902 | 5.5 | % | |||||
Building Products | 443,600 | 4.1 | % | |||||
Chemicals | 139,048 | 1.3 | % | |||||
Commercial Services & Supplies | 361,165 | 3.4 | % | |||||
Construction & Engineering | 126,048 | 1.2 | % | |||||
Construction Materials | 108,715 | 1.0 | % | |||||
Containers & Packaging | 367,967 | 3.6 | % | |||||
Electrical Equipment | 539,400 | 5.0 | % | |||||
Electronic Equipment, Instruments & Components | 594,830 | 5.6 | % | |||||
Industrial Conglomerates | 711,773 | 6.7 | % | |||||
IT Services | 1,669,995 | 15.5 | % | |||||
Life Sciences Tools & Services | 46,506 | 0.4 | % | |||||
Machinery | 1,466,053 | 13.7 | % | |||||
Marine | 9,491 | 0.1 | % | |||||
Multi-Utilities | 14,251 | 0.1 | % | |||||
Paper & Forest Products | 11,163 | 0.1 | % | |||||
Professional Services | 456,065 | 4.3 | % | |||||
Road & Rail | 796,251 | 7.4 | % | |||||
Software | 33,390 | 0.3 | % | |||||
Trading Companies & Distributors | 246,625 | 2.3 | % | |||||
Other** | 435,599 | 4.1 | % | |||||
Total | $ | 10,694,531 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
98 :: ProFund VP Industrials :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 3,273,353 | ||
Securities, at value(a) | 10,264,481 | |||
Repurchase agreements, at value | 523,000 | |||
Total Investment Securities, at value | 10,787,481 | |||
Cash | 570 | |||
Dividends and interest receivable | 7,705 | |||
Unrealized appreciation on swap agreements | 2,313 | |||
Receivable for capital shares issued | 1,085 | |||
Prepaid expenses | 161 | |||
TOTAL ASSETS | 10,799,315 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 5,549 | |||
Payable for capital shares redeemed | 69,450 | |||
Advisory fees payable | 6,921 | |||
Management services fees payable | 923 | |||
Administration fees payable | 965 | |||
Administrative services fees payable | 4,190 | |||
Distribution fees payable | 4,635 | |||
Transfer agency fees payable | 1,687 | |||
Fund accounting fees payable | 596 | |||
Compliance services fees payable | 96 | |||
Other accrued expenses | 9,772 | |||
TOTAL LIABILITIES | 104,784 | |||
NET ASSETS | $ | 10,694,531 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,720,074 | ||
Total distributable earnings (loss) | 7,974,457 | |||
NET ASSETS | $ | 10,694,531 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 140,418 | |||
Net Asset Value (offering and redemption price per share) | $ | 76.16 |
(a) Includes securities on loan valued at: | $ | 5,315 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 98,078 | ||
Interest | 532 | |||
Foreign tax withholding | (13 | ) | ||
Net income from securities lending | 3 | |||
TOTAL INVESTMENT INCOME | 98,600 | |||
EXPENSES: | ||||
Advisory fees | 54,781 | |||
Management services fees | 7,304 | |||
Administration fees | 6,922 | |||
Transfer agency fees | 5,902 | |||
Administrative services fees | 19,606 | |||
Distribution fees | 18,260 | |||
Custody fees | 1,090 | |||
Fund accounting fees | 4,231 | |||
Trustee fees | 201 | |||
Compliance services fees | 34 | |||
Other fees | 8,374 | |||
Total Gross Expenses before reductions | 126,705 | |||
Expenses reduced and reimbursed by the Advisor | (3,995 | ) | ||
TOTAL NET EXPENSES | 122,710 | |||
NET INVESTMENT INCOME (LOSS) | (24,110 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,883,445 | |||
Net realized gains (losses) on swap agreements | (96,761 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (5,639,058 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (6,507 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,858,881 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,882,991 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 99
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (24,110 | ) | $ | (95,360 | ) | ||
Net realized gains (losses) on investments | 1,786,684 | 209,311 | ||||||
Change in net unrealized appreciation/depreciation on investments | (5,645,565 | ) | 2,853,119 | |||||
Change in net assets resulting from operations | (3,882,991 | ) | 2,967,070 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (189,895 | ) | (1,172,179 | ) | ||||
Change in net assets resulting from distributions | (189,895 | ) | (1,172,179 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 7,812,857 | 26,430,009 | ||||||
Distributions reinvested | 189,895 | 1,172,179 | ||||||
Value of shares redeemed | (15,039,171 | ) | (24,672,981 | ) | ||||
Change in net assets resulting from capital transactions | (7,036,419 | ) | 2,929,207 | |||||
Change in net assets | (11,109,305 | ) | 4,724,098 | |||||
NET ASSETS: | ||||||||
Beginning of period | 21,803,836 | 17,079,738 | ||||||
End of period | $ | 10,694,531 | $ | 21,803,836 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 89,451 | 270,168 | ||||||
Reinvested | 2,314 | 12,291 | ||||||
Redeemed | (169,496 | ) | (252,655 | ) | ||||
Change in shares | (77,731 | ) | 29,804 |
See accompanying notes to financial statements.
100 :: ProFund VP Industrials :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 99.95 | $ | 90.68 | $ | 79.25 | $ | 72.70 | $ | 83.42 | $ | 68.28 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.15 | ) | (0.44 | ) | (0.15 | ) | 0.10 | (0.07 | ) | 0.09 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (22.32 | ) | 15.06 | 13.24 | 20.77 | (10.56 | ) | 15.19 | ||||||||||||||||
Total income (loss) from investment activities | (22.47 | ) | 14.62 | 13.09 | 20.87 | (10.63 | ) | 15.28 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.14 | ) | — | (0.09 | ) | (0.14 | ) | |||||||||||||||
Net realized gains on investments | (1.32 | ) | (5.35 | ) | (1.52 | ) | (14.32 | ) | — | — | ||||||||||||||
Total distributions | (1.32 | ) | (5.35 | ) | (1.66 | ) | (14.32 | ) | (0.09 | ) | (0.14 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 76.16 | $ | 99.95 | $ | 90.68 | $ | 79.25 | $ | 72.70 | $ | 83.42 | ||||||||||||
Total Return(b)(c) | (22.58 | )% | 16.40 | % | 16.76 | % | 30.49 | % | (12.76 | )% | 22.40 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.74 | % | 1.69 | % | 1.75 | % | 1.71 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.67 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.33 | )% | (0.45 | )% | (0.20 | )% | 0.12 | % | (0.09 | )% | 0.12 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 10,695 | $ | 21,804 | $ | 17,080 | $ | 17,879 | $ | 11,116 | $ | 39,291 | ||||||||||||
Portfolio turnover rate(b)(e) | 20 | % | 72 | % | 123 | % | 71 | % | 67 | % | 107 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP International :: 101
Investment Objective: The ProFund VP International seeks investment results that, before fees and expenses, correspond to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
MSCI EAFE Index – Composition
Industry Breakdown | % of Index | |||
Financials | 16 | % | ||
Industrials | 15 | % | ||
Health Care | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Consumer Staples | 11 | % | ||
Information Technology | 8 | % | ||
Materials | 8 | % | ||
Communication Services | 5 | % | ||
Energy | 5 | % | ||
Utilities | 4 | % | ||
Real Estate | 3 | % |
Country Composition | ||||
Japan | 22 | % | ||
United Kingdom | 16 | % | ||
France | 11 | % | ||
Switzerland | 10 | % | ||
Other | 41 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (101.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $9,216,351 | $ | 9,216,000 | $ | 9,216,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $9,216,000) | 9,216,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,216,000)—101.7% | 9,216,000 | |||||||
Net other assets (liabilities)—(1.7)% | (151,035 | ) | ||||||
NET ASSETS—100.0% | $ | 9,064,965 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,577,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
MSCI EAFE Index | Goldman Sachs International | 7/27/22 | 2.08 | % | $ | 4,932,899 | $ | (73,383 | ) | |||||||
MSCI EAFE Index | UBS AG | 7/27/22 | 2.38 | % | 4,110,597 | (61,830 | ) | |||||||||
$ | 9,043,496 | $ | (135,213 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
102 :: ProFund VP International :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,216,000 | ||
Repurchase agreements, at value | 9,216,000 | |||
Total Investment Securities, at value | 9,216,000 | |||
Cash | 20 | |||
Segregated cash balances for swap agreements with custodian | 85 | |||
Interest receivable | 351 | |||
Receivable for capital shares issued | 10,346 | |||
Prepaid expenses | 107 | |||
TOTAL ASSETS | 9,226,909 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 454 | |||
Unrealized depreciation on swap agreements | 135,213 | |||
Advisory fees payable | 6,033 | |||
Management services fees payable | 804 | |||
Administration fees payable | 767 | |||
Administrative services fees payable | 6,324 | |||
Distribution fees payable | 6,416 | |||
Transfer agency fees payable | 1,500 | |||
Fund accounting fees payable | 466 | |||
Compliance services fees payable | 66 | |||
Other accrued expenses | 3,901 | |||
TOTAL LIABILITIES | 161,944 | |||
NET ASSETS | $ | 9,064,965 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,663,417 | ||
Total distributable earnings (loss) | (3,598,452 | ) | ||
NET ASSETS | $ | 9,064,965 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 529,808 | |||
Net Asset Value (offering and redemption price per share) | $ | 17.11 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 17,218 | ||
EXPENSES: | ||||
Advisory fees | 41,194 | |||
Management services fees | 5,492 | |||
Administration fees | 3,861 | |||
Transfer agency fees | 3,689 | |||
Administrative services fees | 13,496 | |||
Distribution fees | 13,731 | |||
Custody fees | 593 | |||
Fund accounting fees | 2,384 | |||
Trustee fees | 128 | |||
Compliance services fees | 26 | |||
Other fees | 4,320 | |||
Total Gross Expenses before reductions | 88,914 | |||
Expenses reduced and reimbursed by the Advisor | (10 | ) | ||
TOTAL NET EXPENSES | 88,904 | |||
NET INVESTMENT INCOME (LOSS) | (71,686 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (2,321,753 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (80,549 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,402,302 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,473,988 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP International :: 103
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (71,686 | ) | $ | (194,581 | ) | ||
Net realized gains (losses) on investments | (2,321,753 | ) | 1,116,774 | |||||
Change in net unrealized appreciation/depreciation on investments | (80,549 | ) | (47,845 | ) | ||||
Change in net assets resulting from operations | (2,473,988 | ) | 874,348 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (461,505 | ) | — | |||||
Change in net assets resulting from distributions | (461,505 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 12,357,290 | 47,750,286 | ||||||
Distributions reinvested | 461,505 | — | ||||||
Value of shares redeemed | (12,969,577 | ) | (42,005,838 | ) | ||||
Change in net assets resulting from capital transactions | (150,782 | ) | 5,744,448 | |||||
Change in net assets | (3,086,275 | ) | 6,618,796 | |||||
NET ASSETS: | ||||||||
Beginning of period | 12,151,240 | 5,532,444 | ||||||
End of period | $ | 9,064,965 | $ | 12,151,240 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 606,610 | 2,190,643 | ||||||
Reinvested | 25,469 | — | ||||||
Redeemed | (646,372 | ) | (1,916,162 | ) | ||||
Change in shares | (14,293 | ) | 274,481 |
See accompanying notes to financial statements.
104 :: ProFund VP International :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 22.33 | $ | 20.52 | $ | 19.66 | $ | 16.53 | $ | 23.47 | $ | 19.27 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.13 | ) | (0.35 | ) | (0.24 | ) | 0.08 | 0.04 | (0.18 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (4.23 | ) | 2.16 | 1.19 | 3.10 | (3.26 | ) | 4.38 | ||||||||||||||||
Total income (loss) from investment activities | (4.36 | ) | 1.81 | 0.95 | 3.18 | (3.22 | ) | 4.20 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.09 | ) | (0.05 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (0.86 | ) | — | — | — | (3.72 | ) | — | ||||||||||||||||
Total distributions | (0.86 | ) | — | (0.09 | ) | (0.05 | ) | (3.72 | ) | — | ||||||||||||||
Net Asset Value, End of Period | $ | 17.11 | $ | 22.33 | $ | 20.52 | $ | 19.66 | $ | 16.53 | $ | 23.47 | ||||||||||||
Total Return(b)(c) | (19.73 | )% | 8.82 | % | 4.90 | % | 19.27 | % | (15.76 | )%(d) | 21.80 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.62 | % | 1.60 | % | 1.68 | % | 1.65 | % | 1.57 | % | 1.68 | % | ||||||||||||
Net expenses(c)(e) | 1.62 | % | 1.60 | % | 1.68 | % | 1.65 | % | 1.50 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (1.31 | )% | (1.60 | )% | (1.36 | )% | 0.43 | % | 0.20 | %(d) | (0.81 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 9,065 | $ | 12,151 | $ | 5,532 | $ | 5,679 | $ | 6,140 | $ | 15,131 | ||||||||||||
Portfolio turnover rate(f) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.57% and 0.13%, respectively, and the total return would have been (15.84)%. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 105
Investment Objective: The ProFund VP Internet seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Internet CompositeSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Swap Agreements | 1 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Alphabet, Inc. | 10.4 | % | ||
Amazon.com, Inc. | 8.9 | % | ||
Meta Platforms, Inc. | 6.2 | % | ||
Cisco Systems, Inc. | 5.3 | % | ||
Salesforce, Inc. | 4.9 | % |
Dow Jones Internet CompositeSM Index – Composition
% of Index | ||||
Interactive Media & Services | 27 | % | ||
Software | 21 | % | ||
IT Services | 14 | % | ||
Internet & Direct Marketing Retail | 13 | % | ||
Communications Equipment | 11 | % | ||
Hotels, Restaurants & Leisure | 4 | % | ||
Health Care Technology | 4 | % | ||
Entertainment | 4 | % | ||
Real Estate Management & Development | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.7%)
Shares | Value | |||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,389 | $ | 212,812 | |||||
Akamai Technologies, Inc.* (IT Services) | 1,862 | 170,056 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 223 | 485,975 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 204 | 446,240 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 7,466 | 792,964 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 2,128 | 199,479 | ||||||
Box, Inc.*—Class A (Software) | 3,790 | 95,281 | ||||||
Ciena Corp.* (Communications Equipment) | 2,764 | 126,315 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 11,040 | 470,745 | ||||||
Citrix Systems, Inc. (Software) | 1,693 | 164,509 | ||||||
Cloudflare, Inc.*—Class A (Software) | 3,344 | 146,300 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 8,619 | 52,748 | ||||||
Coupa Software, Inc.* (Software) | 1,635 | 93,359 | ||||||
Datadog, Inc.*—Class A (Software) | 2,207 | 210,195 | ||||||
DocuSign, Inc.* (Software) | 2,184 | 125,318 | ||||||
Dropbox, Inc.* (Software) | 5,404 | 113,430 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 4,890 | 203,766 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 1,860 | 136,171 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 1,577 | 149,547 | ||||||
Fastly, Inc.*—Class A (IT Services) | 5,137 | 59,641 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 2,233 | 155,327 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 4,997 | 142,415 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 2,638 | 183,842 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 3,420 | 551,475 | ||||||
Netflix, Inc.* (Entertainment) | 1,850 | 323,510 | ||||||
Nutanix, Inc.*—Class A (Software) | 6,123 | 89,579 | ||||||
Okta, Inc.* (IT Services) | 1,797 | 162,449 | ||||||
Opendoor Technologies, Inc.* (Real Estate Management & Development) | 12,234 | 57,622 | ||||||
PayPal Holdings, Inc.* (IT Services) | 4,511 | 315,048 | ||||||
Pinterest, Inc.*—Class A (Interactive Media & Services) | 7,934 | 144,081 | ||||||
Salesforce, Inc.* (Software) | 2,630 | 434,054 | ||||||
Snap, Inc.* (Interactive Media & Services) | 12,499 | 164,112 | ||||||
Snowflake, Inc.*—Class A (IT Services) | 1,884 | 261,989 | ||||||
Teladoc Health, Inc.* (Health Care Technology) | 3,390 | 112,582 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 6,140 | 229,575 | ||||||
Veeva Systems, Inc.*—Class A (Health Care Technology) | 1,220 | 241,609 | ||||||
Vonage Holdings Corp.* (Software) | 5,825 | 109,743 | ||||||
Workday, Inc.*—Class A (Software) | 1,572 | 219,419 | ||||||
Zillow Group, Inc.*—Class A (Real Estate Management & Development) | 618 | 19,659 | ||||||
Zillow Group, Inc.*—Class C (Real Estate Management & Development) | 2,803 | 88,995 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 2,004 | 216,372 | ||||||
ZoomInfo Technologies, Inc.*—Class A (Interactive Media & Services) | 4,122 | 137,015 | ||||||
TOTAL COMMON STOCKS (Cost $6,344,076) | 8,815,323 |
See accompanying notes to financial statements.
106 :: ProFund VP Internet :: Financial Statements
Repurchase Agreements(a) (1.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $147,006 | $ | 147,000 | $ | 147,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $147,000) | 147,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,491,076)—100.3% | 8,962,323 | |||||||
Net other assets (liabilities)—(0.3)% | (26,299 | ) | ||||||
NET ASSETS—100.0% | $ | 8,936,024 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones Internet Composite Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 118,467 | $ | (6,643 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Internet invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 991,702 | 11.1 | % | ||||
Entertainment | 323,510 | 3.6 | % | |||||
Health Care Technology | 354,191 | 4.0 | % | |||||
Hotels, Restaurants & Leisure | 362,359 | 4.1 | % | |||||
Interactive Media & Services | 2,342,315 | 26.2 | % | |||||
Internet & Direct Marketing Retail | 1,132,901 | 12.6 | % | |||||
IT Services | 1,124,510 | 12.6 | % | |||||
Real Estate Management & Development | 166,276 | 1.9 | % | |||||
Software | 2,017,559 | 22.6 | % | |||||
Other** | 120,701 | 1.3 | % | |||||
Total | $ | 8,936,024 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 107
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,491,076 | ||
Securities, at value | 8,815,323 | |||
Repurchase agreements, at value | 147,000 | |||
Total Investment Securities, at value | 8,962,323 | |||
Cash | 148 | |||
Dividends and interest receivable | 6 | |||
Receivable for capital shares issued | 6,802 | |||
Prepaid expenses | 161 | |||
TOTAL ASSETS | 8,969,440 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 143 | |||
Unrealized depreciation on swap agreements | 6,643 | |||
Advisory fees payable | 5,874 | |||
Management services fees payable | 783 | |||
Administration fees payable | 808 | |||
Administrative services fees payable | 4,006 | |||
Distribution fees payable | 4,665 | |||
Transfer agency fees payable | 1,438 | |||
Fund accounting fees payable | 460 | |||
Compliance services fees payable | 86 | |||
Other accrued expenses | 8,510 | |||
TOTAL LIABILITIES | 33,416 | |||
NET ASSETS | $ | 8,936,024 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 5,979,551 | ||
Total distributable earnings (loss) | 2,956,473 | |||
NET ASSETS | $ | 8,936,024 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 525,531 | |||
Net Asset Value (offering and redemption price per share) | $ | 17.00 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 15,199 | ||
Interest | 298 | |||
TOTAL INVESTMENT INCOME | 15,497 | |||
EXPENSES: | ||||
Advisory fees | 48,785 | |||
Management services fees | 6,505 | |||
Administration fees | 5,901 | |||
Transfer agency fees | 5,011 | |||
Administrative services fees | 16,360 | |||
Distribution fees | 16,262 | |||
Custody fees | 904 | |||
Fund accounting fees | 3,322 | |||
Trustee fees | 172 | |||
Compliance services fees | 24 | |||
Other fees | 6,426 | |||
TOTAL NET EXPENSES | 109,672 | |||
NET INVESTMENT INCOME (LOSS) | (94,175 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,170,696 | |||
Net realized gains (losses) on swap agreements | (134,527 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (8,685,257 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (2,357 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (7,651,445 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,745,620 | ) |
See accompanying notes to financial statements.
108 :: ProFund VP Internet :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (94,175 | ) | $ | (334,487 | ) | ||
Net realized gains (losses) on investments | 1,036,169 | 4,711,663 | ||||||
Change in net unrealized appreciation/depreciation on investments | (8,687,614 | ) | (3,204,682 | ) | ||||
Change in net assets resulting from operations | (7,745,620 | ) | 1,172,494 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,971,476 | ) | (3,581,962 | ) | ||||
Change in net assets resulting from distributions | (3,971,476 | ) | (3,581,962 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 4,573,118 | 16,070,740 | ||||||
Distributions reinvested | 3,971,476 | 3,581,962 | ||||||
Value of shares redeemed | (7,423,539 | ) | (24,109,917 | ) | ||||
Change in net assets resulting from capital transactions | 1,121,055 | (4,457,215 | ) | |||||
Change in net assets | (10,596,041 | ) | (6,866,683 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 19,532,065 | 26,398,748 | ||||||
End of period | $ | 8,936,024 | $ | 19,532,065 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 146,616 | 279,532 | ||||||
Reinvested | 212,720 | 74,485 | ||||||
Redeemed | (214,522 | ) | (424,181 | ) | ||||
Change in shares | 144,814 | (70,164 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Internet :: 109
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 51.30 | $ | 58.55 | $ | 43.10 | $ | 37.40 | $ | 37.12 | $ | 27.28 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.26 | ) | (0.84 | ) | (0.69 | ) | (0.54 | ) | (0.59 | ) | (0.47 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (21.25 | ) | 3.30 | 22.44 | 7.27 | 2.80 | 10.31 | |||||||||||||||||
Total income (loss) from investment activities | (21.51 | ) | 2.46 | 21.75 | 6.73 | 2.21 | 9.84 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (12.79 | ) | (9.71 | ) | (6.30 | ) | (1.03 | ) | (1.93 | ) | — | |||||||||||||
Net Asset Value, End of Period | $ | 17.00 | $ | 51.30 | $ | 58.55 | $ | 43.10 | $ | 37.40 | $ | 37.12 | ||||||||||||
Total Return(c)(d) | (44.16 | )% | 5.30 | % | 50.82 | % | 18.03 | % | 4.93 | % | 36.05 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.69 | % | 1.68 | % | 1.71 | % | 1.69 | % | 1.64 | % | 1.64 | % | ||||||||||||
Net expenses(d)(e) | 1.69 | %(f) | 1.68 | % | 1.68 | % | 1.69 | %(f) | 1.64 | % | 1.64 | % | ||||||||||||
Net investment income (loss)(d)(e) | (1.45 | )% | (1.47 | )% | (1.36 | )% | (1.24 | )% | (1.39 | )% | (1.43 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 8,936 | $ | 19,532 | $ | 26,399 | $ | 16,593 | $ | 17,917 | $ | 16,656 | ||||||||||||
Portfolio turnover rate(c)(g) | 13 | % | 57 | % | 116 | % | 163 | % | 138 | % | 116 | % |
(a) | As described in Note 8, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
110 :: ProFund VP Japan :: Financial Statements
Investment Objective: The ProFund VP Japan seeks investment results that, before fees and expenses, correspond to the performance of the Nikkei 225 Stock Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | 98 | % | ||
Swap Agreements | 1 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Japan primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nikkei 225 Stock Average Index – Composition
% of Index | ||||
Consumer Discretionary | 21 | % | ||
Information Technology | 20 | % | ||
Industrials | 19 | % | ||
Health Care | 12 | % | ||
Communication Services | 11 | % | ||
Consumer Staples | 6 | % | ||
Materials | 6 | % | ||
Financials | 3 | % | ||
Real Estate | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a) (96.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $5,952,227 | $ | 5,952,000 | $ | 5,952,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,952,000) | 5,952,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,952,000)—96.1% | 5,952,000 | |||||||
Net other assets (liabilities)—3.9% | 239,358 | |||||||
NET ASSETS—100.0% | $ | 6,191,358 |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
Nikkei 225 Futures Contracts | 46 | 9/9/22 | $ | 6,081,200 | $ | (228,261 | ) |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Nikkei 225 Stock Average | Goldman Sachs International | 7/27/22 | 2.03 | % | $ | 75,713 | $ | (69 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Japan :: 111
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,952,000 | ||
Repurchase agreements, at value | 5,952,000 | |||
Total Investment Securities, at value | 5,952,000 | |||
Cash | 800 | |||
Segregated cash balances for futures contracts with brokers | 361,900 | |||
Interest receivable | 227 | |||
Receivable for capital shares issued | 421 | |||
Prepaid expenses | 72 | |||
TOTAL ASSETS | 6,315,420 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 31,992 | |||
Unrealized depreciation on swap agreements | 69 | |||
Variation margin on futures contracts | 75,278 | |||
Advisory fees payable | 3,956 | |||
Management services fees payable | 527 | |||
Administration fees payable | 552 | |||
Administrative services fees payable | 2,602 | |||
Distribution fees payable | 2,674 | |||
Transfer agency fees payable | 956 | |||
Fund accounting fees payable | 307 | |||
Compliance services fees payable | 41 | |||
Other accrued expenses | 5,108 | |||
TOTAL LIABILITIES | 124,062 | |||
NET ASSETS | $ | 6,191,358 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 6,882,924 | ||
Total distributable earnings (loss) | (691,566 | ) | ||
NET ASSETS | $ | 6,191,358 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 126,008 | |||
Net Asset Value (offering and redemption price per share) | $ | 49.13 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 9,897 | ||
EXPENSES: | ||||
Advisory fees | 25,543 | |||
Management services fees | 3,406 | |||
Administration fees | 3,139 | |||
Transfer agency fees | 2,746 | |||
Administrative services fees | 9,206 | |||
Distribution fees | 8,514 | |||
Custody fees | 427 | |||
Fund accounting fees | 1,783 | |||
Trustee fees | 96 | |||
Compliance services fees | 19 | |||
Other fees | 2,830 | |||
Total Gross Expenses before reductions | 57,709 | |||
Expenses reduced and reimbursed by the Advisor | (493 | ) | ||
TOTAL NET EXPENSES | 57,216 | |||
NET INVESTMENT INCOME (LOSS) | (47,319 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (169,065 | ) | ||
Net realized gains (losses) on swap agreements | 1,853 | |||
Change in net unrealized appreciation/depreciation on futures contracts | (476,967 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (24 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (644,203 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (691,522 | ) |
See accompanying notes to financial statements.
112 :: ProFund VP Japan :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (47,319 | ) | $ | (141,290 | ) | ||
Net realized gains (losses) on investments | (167,212 | ) | 522,530 | |||||
Change in net unrealized appreciation/depreciation on investments | (476,991 | ) | (26,534 | ) | ||||
Change in net assets resulting from operations | (691,522 | ) | 354,706 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (356,845 | ) | (1,106,527 | ) | ||||
Change in net assets resulting from distributions | (356,845 | ) | (1,106,527 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 7,051,208 | 11,905,725 | ||||||
Distributions reinvested | 356,845 | 1,106,527 | ||||||
Value of shares redeemed | (7,429,251 | ) | (16,667,638 | ) | ||||
Change in net assets resulting from capital transactions | (21,198 | ) | (3,655,386 | ) | ||||
Change in net assets | (1,069,565 | ) | (4,407,207 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 7,260,923 | 11,668,130 | ||||||
End of period | $ | 6,191,358 | $ | 7,260,923 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 133,924 | 199,699 | ||||||
Reinvested | 6,861 | 20,122 | ||||||
Redeemed | (142,678 | ) | (275,248 | ) | ||||
Change in shares | (1,893 | ) | (55,427 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Japan :: 113
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 56.77 | $ | 63.65 | $ | 55.06 | $ | 45.95 | $ | 52.00 | $ | 43.90 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.36 | ) | (1.02 | ) | (0.73 | ) | 0.12 | 0.05 | (0.41 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (4.43 | ) | 3.20 | 9.48 | 9.06 | (6.10 | ) | 8.51 | ||||||||||||||||
Total income (loss) from investment activities | (4.79 | ) | 2.18 | 8.75 | 9.18 | (6.05 | ) | 8.10 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.16 | ) | (0.07 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (2.85 | ) | (9.06 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (2.85 | ) | (9.06 | ) | (0.16 | ) | (0.07 | ) | — | — | ||||||||||||||
Net Asset Value, End of Period | $ | 49.13 | $ | 56.77 | $ | 63.65 | $ | 55.06 | $ | 45.95 | $ | 52.00 | ||||||||||||
Total Return(b)(c) | (8.72 | )% | 3.89 | % | 15.93 | % | 20.00 | % | (11.63 | )%(d) | 18.45 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.70 | % | 1.69 | % | 1.75 | % | 1.74 | % | 1.63 | % | 1.71 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.74 | %(f) | 1.56 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (1.39 | )% | (1.68 | )% | (1.38 | )% | 0.23 | % | 0.09 | %(d) | (0.89 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 6,191 | $ | 7,261 | $ | 11,668 | $ | 9,319 | $ | 8,606 | $ | 12,840 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.63% and 0.02%, respectively, and the total return would have been (11.71)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
114 :: ProFund VP Large-Cap Growth :: Financial Statements
Investment Objective: The ProFund VP Large-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P 500 Growth® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 13.6 | % | ||
Microsoft Corp. | 12.5 | % | ||
Alphabet, Inc. | 8.2 | % | ||
Amazon.com, Inc. | 6.0 | % | ||
Tesla, Inc. | 3.7 | % |
S&P 500® Growth Index – Composition
% of Index | ||||
Information Technology | 45 | % | ||
Consumer Discretionary | 15 | % | ||
Health Care | 13 | % | ||
Communication Services | 11 | % | ||
Financials | 7 | % | ||
Industrials | 3 | % | ||
Real Estate | 2 | % | ||
Consumer Staples | 2 | % | ||
Materials | 1 | % | ||
Energy | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.2%)
Shares | Value | |||||||
A.O. Smith Corp. (Building Products) | 75 | $ | 4,101 | |||||
Abbott Laboratories (Health Care Equipment & Supplies) | 1,072 | 116,473 | ||||||
AbbVie, Inc. (Biotechnology) | 1,102 | 168,783 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 29 | 7,178 | ||||||
Accenture PLC—Class A (IT Services) | 425 | 118,001 | ||||||
Adobe, Inc.* (Software) | 546 | 199,868 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 34 | 5,885 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 1,872 | 143,152 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 207 | 24,585 | ||||||
Akamai Technologies, Inc.* (IT Services) | 78 | 7,124 | ||||||
Albemarle Corp. (Chemicals) | 92 | 19,226 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 84 | 19,880 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 348 | 758,382 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 319 | 697,797 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 10,105 | 1,073,253 | ||||||
American Express Co. (Consumer Finance) | 310 | 42,972 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 274 | 70,031 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 78 | 18,539 | ||||||
Amgen, Inc. (Biotechnology) | 253 | 61,555 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 366 | 23,563 | ||||||
ANSYS, Inc.* (Software) | 62 | 14,836 | ||||||
Aon PLC (Insurance) | 147 | 39,643 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 216 | 7,538 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 17,755 | 2,427,464 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 1,022 | 92,982 | ||||||
Aptiv PLC* (Auto Components) | 128 | 11,401 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 260 | 24,373 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 107 | 17,445 | ||||||
Autodesk, Inc.* (Software) | 162 | 27,858 | ||||||
Automatic Data Processing, Inc. (IT Services) | 256 | 53,770 | ||||||
AutoZone, Inc.* (Specialty Retail) | 23 | 49,430 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 68 | 13,209 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 48 | 7,770 | ||||||
Bank of America Corp. (Banks) | 3,604 | 112,193 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 179 | 4,819 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 13 | 6,435 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 46 | 15,945 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 85 | 51,768 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 270 | 131,169 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 60 | 8,553 | ||||||
Brown & Brown, Inc. (Insurance) | 186 | 10,851 | ||||||
Cadence Design Systems, Inc.* (Software) | 319 | 47,860 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 159 | 6,090 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 122 | 16,407 | ||||||
Capital One Financial Corp. (Consumer Finance) | 218 | 22,713 | ||||||
CarMax, Inc.* (Specialty Retail) | 98 | 8,867 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 123 | 13,197 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 71 | 8,036 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 115
Common Stocks, continued
Shares | Value | |||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 189 | $ | 13,912 | |||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 92 | 14,496 | ||||||
Celanese Corp. (Chemicals) | 54 | 6,351 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 65 | 3,060 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 145 | 12,431 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 59 | 12,624 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 22 | 28,760 | ||||||
Cincinnati Financial Corp. (Insurance) | 80 | 9,518 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 47 | 17,556 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 2,160 | 92,103 | ||||||
Comerica, Inc. (Banks) | 68 | 4,990 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 169 | 18,364 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 261 | 125,092 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 225 | 37,886 | ||||||
D.R. Horton, Inc. (Household Durables) | 197 | 13,039 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 509 | 129,041 | ||||||
Deere & Co. (Machinery) | 148 | 44,321 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 710 | 39,129 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 454 | 33,837 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 193 | 23,382 | ||||||
Discover Financial Services (Consumer Finance) | 325 | 30,739 | ||||||
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 28 | 10,912 | ||||||
Dover Corp. (Machinery) | 77 | 9,342 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 289 | 15,881 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 499 | 20,793 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 454 | 43,171 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 910 | 295,048 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 155 | 30,262 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 311 | 34,347 | ||||||
EPAM Systems, Inc.* (IT Services) | 66 | 19,455 | ||||||
Equifax, Inc. (Professional Services) | 142 | 25,955 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 48 | 31,537 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 33 | 8,630 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 147 | 10,762 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 194 | 18,907 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 154 | 26,198 | ||||||
F5, Inc.* (Communications Equipment) | 37 | 5,662 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 26 | 9,999 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 319 | 15,924 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 35 | 3,351 | ||||||
First Horizon Corp. (Banks) | — | (a) | — | (b) | ||||
First Republic Bank (Banks) | 207 | 29,849 | ||||||
Fortinet, Inc.* (Software) | 770 | 43,567 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 68 | 4,072 | ||||||
Franklin Resources, Inc. (Capital Markets) | 146 | 3,403 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 739 | 21,624 | ||||||
Garmin, Ltd. (Household Durables) | 90 | 8,843 | ||||||
Gartner, Inc.* (IT Services) | 93 | 22,490 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 74 | 15,583 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 152 | 25,545 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 227 | 24,048 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 133 | 14,822 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 213 | 14,761 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 610 | 19,996 | ||||||
IDEX Corp. (Machinery) | 36 | 6,539 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 67 | 23,499 | ||||||
Illinois Tool Works, Inc. (Machinery) | 135 | 24,604 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 88 | 16,224 | ||||||
Incyte Corp.* (Biotechnology) | 94 | 7,141 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 367 | 34,513 | ||||||
Intuit, Inc. (Software) | 327 | 126,039 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 286 | 57,403 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 160 | 34,718 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 205 | 9,981 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 57 | 8,976 | ||||||
Jacobs Engineering Group, Inc. (Professional Services) | 65 | 8,263 | ||||||
Johnson Controls International PLC (Building Products) | 491 | 23,509 | ||||||
JPMorgan Chase & Co. (Banks) | 1,561 | 175,785 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 205 | 7,255 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 157 | 21,642 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 173 | 55,201 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 94 | 22,720 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 57 | 13,359 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 160 | 68,184 | ||||||
Linde PLC (Chemicals) | 296 | 85,108 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 68 | 5,615 | ||||||
LKQ Corp. (Distributors) | 129 | 6,333 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 763 | 133,273 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 21 | 5,376 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | — | (a) | 44 |
See accompanying notes to financial statements.
116 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Marsh & McLennan Cos., Inc. (Insurance) | 354 | $ | 54,959 | |||||
Martin Marietta Materials, Inc. (Construction Materials) | 41 | 12,269 | ||||||
Masco Corp. (Building Products) | 131 | 6,629 | ||||||
Mastercard, Inc.—Class A (IT Services) | 466 | 147,014 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 384 | 94,801 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 2,652 | 427,635 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 16 | 18,380 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 310 | 18,005 | ||||||
Microsoft Corp. (Software) | 8,645 | 2,220,294 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 82 | 14,323 | ||||||
Moderna, Inc.* (Biotechnology) | 399 | 56,997 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 33 | 9,227 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 50 | 19,202 | ||||||
Monster Beverage Corp.* (Beverages) | 226 | 20,950 | ||||||
Moody's Corp. (Capital Markets) | 122 | 33,180 | ||||||
Morgan Stanley (Capital Markets) | 791 | 60,163 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 114 | 23,894 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 94 | 38,742 | ||||||
Nasdaq, Inc. (Capital Markets) | 105 | 16,017 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 183 | 11,939 | ||||||
Netflix, Inc.* (Entertainment) | 513 | 89,709 | ||||||
Newell Brands, Inc. (Household Durables) | 226 | 4,303 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 790 | 80,738 | ||||||
Nordson Corp. (Machinery) | 37 | 7,490 | ||||||
NRG Energy, Inc. (Electric Utilities) | 274 | 10,459 | ||||||
Nucor Corp. (Metals & Mining) | 167 | 17,436 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 2,894 | 438,700 | ||||||
NVR, Inc.* (Household Durables) | 2 | 8,008 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 191 | 28,274 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 423 | 24,906 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 107 | 27,422 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 381 | 19,168 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 222 | 12,321 | ||||||
Oracle Corp. (Software) | 1,818 | 127,023 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 77 | 48,646 | ||||||
Otis Worldwide Corp. (Machinery) | 196 | 13,851 | ||||||
Paychex, Inc. (IT Services) | 198 | 22,546 | ||||||
Paycom Software, Inc.* (Software) | 41 | 11,485 | ||||||
PayPal Holdings, Inc.* (IT Services) | 722 | 50,424 | ||||||
Pentair PLC (Machinery) | 111 | 5,080 | ||||||
PepsiCo, Inc. (Beverages) | 671 | 111,829 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 145 | 20,622 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 3,499 | 183,453 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 145 | 32,347 | ||||||
Pool Corp. (Distributors) | 47 | 16,507 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 522 | 61,412 | ||||||
PTC, Inc.* (Software) | 61 | 6,487 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 105 | 32,830 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 62 | 5,848 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 1,293 | 165,168 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 90 | 11,281 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 62 | 8,245 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 134 | 11,981 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 124 | 73,300 | ||||||
Regions Financial Corp. (Banks) | 487 | 9,131 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 107 | 14,003 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 98 | 20,544 | ||||||
Robert Half International, Inc. (Professional Services) | 86 | 6,441 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 70 | 13,952 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 117 | 4,086 | ||||||
S&P Global, Inc. (Capital Markets) | 244 | 82,243 | ||||||
Salesforce, Inc.* (Software) | 701 | 115,693 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 70 | 22,404 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 167 | 11,930 | ||||||
Sealed Air Corp. (Containers & Packaging) | 93 | 5,368 | ||||||
ServiceNow, Inc.* (Software) | 231 | 109,845 | ||||||
Signature Bank (Banks) | 73 | 13,082 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 227 | 21,547 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 87 | 8,060 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 48 | 13,137 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 675 | 51,562 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 48 | 9,895 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 159 | 31,630 | ||||||
SVB Financial Group* (Banks) | 68 | 26,859 | ||||||
Synchrony Financial (Consumer Finance) | 332 | 9,170 | ||||||
Synopsys, Inc.* (Software) | 118 | 35,837 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 183 | 20,791 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 113 | 13,846 | ||||||
Target Corp. (Multiline Retail) | 294 | 41,522 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 184 | 16,477 | ||||||
Tesla, Inc.* (Automobiles) | 969 | 652,544 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 522 | 80,205 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 117
Common Stocks, continued
Shares | Value | |||||||
The Charles Schwab Corp. (Capital Markets) | 1,184 | $ | 74,805 | |||||
The Estee Lauder Co., Inc. (Personal Products) | 157 | 39,983 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 397 | 117,918 | ||||||
The Hershey Co. (Food Products) | 76 | 16,352 | ||||||
The Home Depot, Inc. (Specialty Retail) | 906 | 248,488 | ||||||
The Sherwin-Williams Co. (Chemicals) | 146 | 32,691 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 453 | 246,107 | ||||||
Tractor Supply Co. (Specialty Retail) | 129 | 25,007 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 27 | 14,490 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 163 | 9,491 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 423 | 15,816 | ||||||
Tyler Technologies, Inc.* (Software) | 30 | 9,974 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 191 | 8,794 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 34 | 13,106 | ||||||
Union Pacific Corp. (Road & Rail) | 297 | 63,344 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 365 | 66,627 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 49 | 11,903 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 456 | 234,215 | ||||||
VeriSign, Inc.* (IT Services) | 51 | 8,534 | ||||||
Verisk Analytics, Inc. (Professional Services) | 93 | 16,097 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 177 | 49,877 | ||||||
Visa, Inc.—Class A (IT Services) | 817 | 160,860 | ||||||
Vulcan Materials Co. (Construction Materials) | 74 | 10,515 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 225 | 34,420 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 51 | 16,880 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 85 | 25,701 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 363 | 12,023 | ||||||
Xylem, Inc. (Machinery) | 85 | 6,645 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 154 | 17,481 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 45 | 13,228 | ||||||
Zions Bancorp (Banks) | 85 | 4,327 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 359 | 61,709 | ||||||
TOTAL COMMON STOCKS (Cost $7,400,700) | 17,652,775 |
Repurchase Agreements(c) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $79,003 | $ | 79,000 | $ | 79,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $79,000) | 79,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,479,700)—99.6% | 17,731,775 | |||||||
Net other assets (liabilities)—0.4% | 74,663 | |||||||
NET ASSETS—100.0% | $ | 17,806,438 |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50. |
(b) | Amount is less than $0.50. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
118 :: ProFund VP Large-Cap Growth :: Financial Statements
ProFund VP Large-Cap Growth invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 37,210 | 0.2 | % | ||||
Air Freight & Logistics | 85,534 | 0.5 | % | |||||
Auto Components | 11,401 | 0.1 | % | |||||
Automobiles | 652,544 | 3.7 | % | |||||
Banks | 376,216 | 2.1 | % | |||||
Beverages | 140,034 | 0.8 | % | |||||
Biotechnology | 417,653 | 2.3 | % | |||||
Building Products | 38,311 | 0.2 | % | |||||
Capital Markets | 587,474 | 3.3 | % | |||||
Chemicals | 155,807 | 0.9 | % | |||||
Commercial Services & Supplies | 88,429 | 0.5 | % | |||||
Communications Equipment | 146,032 | 0.8 | % | |||||
Construction & Engineering | 11,281 | 0.1 | % | |||||
Construction Materials | 22,784 | 0.1 | % | |||||
Consumer Finance | 105,594 | 0.6 | % | |||||
Containers & Packaging | 13,138 | 0.1 | % | |||||
Distributors | 22,840 | 0.1 | % | |||||
Electric Utilities | 10,459 | 0.1 | % | |||||
Electrical Equipment | 29,535 | 0.2 | % | |||||
Electronic Equipment, Instruments & Components | 82,420 | 0.5 | % | |||||
Entertainment | 109,170 | 0.6 | % | |||||
Equity Real Estate Investment Trusts | 406,444 | 2.3 | % | |||||
Food & Staples Retailing | 125,092 | 0.7 | % | |||||
Food Products | 16,352 | 0.1 | % | |||||
Health Care Equipment & Supplies | 533,013 | 3.0 | % | |||||
Health Care Providers & Services | 290,591 | 1.6 | % | |||||
Hotels, Restaurants & Leisure | 224,472 | 1.3 | % | |||||
Household Durables | 34,193 | 0.2 | % | |||||
Insurance | 132,416 | 0.7 | % | |||||
Interactive Media & Services | 1,899,630 | 10.7 | % | |||||
Internet & Direct Marketing Retail | 1,104,808 | 6.1 | % | |||||
IT Services | 618,771 | 3.5 | % | |||||
Life Sciences Tools & Services | 412,520 | 2.3 | % | |||||
Machinery | 117,872 | 0.6 | % | |||||
Metals & Mining | 39,060 | 0.2 | % | |||||
Multiline Retail | 41,522 | 0.2 | % | |||||
Oil, Gas & Consumable Fuels | 198,018 | 1.1 | % | |||||
Personal Products | 39,983 | 0.2 | % | |||||
Pharmaceuticals | 553,407 | 3.2 | % | |||||
Professional Services | 56,756 | 0.3 | % | |||||
Real Estate Management & Development | 13,912 | 0.1 | % | |||||
Road & Rail | 99,742 | 0.5 | % | |||||
Semiconductors & Semiconductor Equipment | 1,333,194 | 7.5 | % | |||||
Software | 3,099,726 | 17.4 | % | |||||
Specialty Retail | 537,521 | 3.0 | % | |||||
Technology Hardware, Storage & Peripherals | 2,471,329 | 13.9 | % | |||||
Textiles, Apparel & Luxury Goods | 80,738 | 0.5 | % | |||||
Trading Companies & Distributors | 27,827 | 0.2 | % | |||||
Other** | 153,663 | 0.8 | % | |||||
Total | $ | 17,806,438 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 119
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 7,479,700 | ||
Securities, at value | 17,652,775 | |||
Repurchase agreements, at value | 79,000 | |||
Total Investment Securities, at value | 17,731,775 | |||
Cash | 578 | |||
Dividends and interest receivable | 4,012 | |||
Receivable for capital shares issued | 115,304 | |||
Prepaid expenses | 1,094 | |||
TOTAL ASSETS | 17,852,763 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 3,660 | |||
Advisory fees payable | 10,851 | |||
Management services fees payable | 1,447 | |||
Administration fees payable | 1,545 | |||
Administrative services fees payable | 5,888 | |||
Distribution fees payable | 6,716 | |||
Trustee fees payable | 6 | |||
Transfer agency fees payable | 2,696 | |||
Fund accounting fees payable | 927 | |||
Compliance services fees payable | 153 | |||
Other accrued expenses | 12,436 | |||
TOTAL LIABILITIES | 46,325 | |||
NET ASSETS | $ | 17,806,438 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 7,259,271 | ||
Total distributable earnings (loss) | 10,547,167 | |||
NET ASSETS | $ | 17,806,438 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 361,533 | |||
Net Asset Value (offering and redemption price per share) | $ | 49.25 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 103,899 | ||
Interest | 78 | |||
Foreign tax withholding | (30 | ) | ||
TOTAL INVESTMENT INCOME | 103,947 | |||
EXPENSES: | ||||
Advisory fees | 91,913 | |||
Management services fees | 12,255 | |||
Administration fees | 10,943 | |||
Transfer agency fees | 9,365 | |||
Administrative services fees | 33,064 | |||
Distribution fees | 30,638 | |||
Custody fees | 2,362 | |||
Fund accounting fees | 6,515 | |||
Trustee fees | 323 | |||
Compliance services fees | 55 | |||
Other fees | 13,185 | |||
Total Gross Expenses before reductions | 210,618 | |||
Expenses reduced and reimbursed by the Advisor | (4,732 | ) | ||
TOTAL NET EXPENSES | 205,886 | |||
NET INVESTMENT INCOME (LOSS) | (101,939 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,097,772 | |||
Change in net unrealized appreciation/depreciation on investment securities | (10,090,258 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (8,992,486 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (9,094,425 | ) |
See accompanying notes to financial statements.
120 :: ProFund VP Large-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (101,939 | ) | $ | (283,101 | ) | ||
Net realized gains (losses) on investments | 1,097,772 | 4,101,255 | ||||||
Change in net unrealized appreciation/depreciation on investments | (10,090,258 | ) | 3,485,807 | |||||
Change in net assets resulting from operations | (9,094,425 | ) | 7,303,961 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,738,973 | ) | (3,932,438 | ) | ||||
Change in net assets resulting from distributions | (3,738,973 | ) | (3,932,438 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 18,863,289 | 39,677,623 | ||||||
Distributions reinvested | 3,738,973 | 3,932,438 | ||||||
Value of shares redeemed | (29,142,579 | ) | (39,764,236 | ) | ||||
Change in net assets resulting from capital transactions | (6,540,317 | ) | 3,845,825 | |||||
Change in net assets | (19,373,715 | ) | 7,217,348 | |||||
NET ASSETS: | ||||||||
Beginning of period | 37,180,153 | 29,962,805 | ||||||
End of period | $ | 17,806,438 | $ | 37,180,153 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 251,810 | 490,409 | ||||||
Reinvested | 71,504 | 57,737 | ||||||
Redeemed | (394,381 | ) | (503,495 | ) | ||||
Change in shares | (71,067 | ) | 44,651 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Large-Cap Growth :: 121
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 85.95 | $ | 77.23 | $ | 64.35 | $ | 65.02 | $ | 69.22 | $ | 57.48 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.30 | ) | (0.75 | ) | (0.35 | ) | (0.10 | ) | (0.22 | ) | (0.04 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (23.27 | ) | 20.84 | 20.11 | 17.13 | (0.74 | ) | 14.41 | ||||||||||||||||
Total income (loss) from investment activities | (23.57 | ) | 20.09 | 19.76 | 17.03 | (0.96 | ) | 14.37 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (13.13 | ) | (11.37 | ) | (6.88 | ) | (17.70 | ) | (3.24 | ) | (2.63 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 49.25 | $ | 85.95 | $ | 77.23 | $ | 64.35 | $ | 65.02 | $ | 69.22 | ||||||||||||
Total Return(b)(c) | (28.31 | )% | 29.86 | % | 30.93 | % | 28.89 | % | (1.86 | )% | 25.29 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.72 | % | 1.69 | % | 1.75 | % | 1.73 | % | 1.69 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.83 | )% | (0.94 | )% | (0.52 | )% | (0.14 | )% | (0.30 | )% | (0.07 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 17,806 | $ | 37,180 | $ | 29,963 | $ | 28,941 | $ | 24,821 | $ | 34,398 | ||||||||||||
Portfolio turnover rate(b)(e) | 62 | % | 122 | % | 150 | % | 136 | % | 149 | % | 154 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
122 :: ProFund VP Large-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Large-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P 500® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Berkshire Hathaway, Inc. | 3.0 | % | ||
Johnson & Johnson | 2.8 | % | ||
Exxon Mobil Corp. | 2.2 | % | ||
The Procter & Gamble Co. | 2.1 | % | ||
Chevron Corp. | 1.7 | % |
S&P 500® Value Index – Composition
% of Index | ||||
Health Care | 17 | % | ||
Financials | 15 | % | ||
Industrials | 12 | % | ||
Consumer Staples | 12 | % | ||
Information Technology | 11 | % | ||
Energy | 7 | % | ||
Communication Services | 7 | % | ||
Consumer Discretionary | 6 | % | ||
Utilities | 6 | % | ||
Materials | 4 | % | ||
Real Estate | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 517 | $ | 66,905 | |||||
A.O. Smith Corp. (Building Products) | 60 | 3,281 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 748 | 81,270 | ||||||
AbbVie, Inc. (Biotechnology) | 738 | 113,033 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 18 | 4,455 | ||||||
Accenture PLC—Class A (IT Services) | 242 | 67,191 | ||||||
Activision Blizzard, Inc. (Entertainment) | 709 | 55,203 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 29 | 5,020 | ||||||
Aflac, Inc. (Insurance) | 537 | 29,712 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 109 | 12,946 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 201 | 48,336 | ||||||
Akamai Technologies, Inc.* (IT Services) | 85 | 7,763 | ||||||
Alaska Air Group, Inc.* (Airlines) | 115 | 4,606 | ||||||
Albemarle Corp. (Chemicals) | 34 | 7,105 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 135 | 19,579 | ||||||
Allegion PLC (Building Products) | 80 | 7,832 | ||||||
Alliant Energy Corp. (Electric Utilities) | 228 | 13,363 | ||||||
Altria Group, Inc. (Tobacco) | 1,645 | 68,712 | ||||||
Amcor PLC (Containers & Packaging) | 1,365 | 16,967 | ||||||
Ameren Corp. (Multi-Utilities) | 234 | 21,144 | ||||||
American Airlines Group, Inc.* (Airlines) | 589 | 7,469 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 466 | 44,708 | ||||||
American Express Co. (Consumer Finance) | 310 | 42,972 | ||||||
American International Group, Inc. (Insurance) | 719 | 36,762 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 206 | 52,651 | ||||||
American Water Works Co., Inc. (Water Utilities) | 165 | 24,547 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 38 | 9,032 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 136 | 19,241 | ||||||
AMETEK, Inc. (Electrical Equipment) | 210 | 23,077 | ||||||
Amgen, Inc. (Biotechnology) | 287 | 69,827 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 256 | 16,481 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 475 | 69,393 | ||||||
ANSYS, Inc.* (Software) | 30 | 7,179 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 218 | 105,202 | ||||||
Aon PLC (Insurance) | 77 | 20,765 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 139 | 4,851 | ||||||
Aptiv PLC* (Auto Components) | 144 | 12,826 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 511 | 39,654 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 107 | 17,445 | ||||||
Assurant, Inc. (Insurance) | 48 | 8,297 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 6,503 | 136,303 | ||||||
Atmos Energy Corp. (Gas Utilities) | 126 | 14,125 | ||||||
Autodesk, Inc.* (Software) | 72 | 12,381 | ||||||
Automatic Data Processing, Inc. (IT Services) | 179 | 37,597 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 74 | 14,375 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 36 | 5,827 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 849 | 24,511 | ||||||
Ball Corp. (Containers & Packaging) | 291 | 20,012 | ||||||
Bank of America Corp. (Banks) | 3,603 | 112,161 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 76 | 2,046 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 457 | 29,353 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 259 | 63,851 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 1,642 | 448,299 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 185 | 12,060 | ||||||
Biogen, Inc.* (Biotechnology) | 133 | 27,124 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 123
Common Stocks, continued
Shares | Value | |||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 9 | $ | 4,455 | |||||
BlackRock, Inc.—Class A (Capital Markets) | 63 | 38,370 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 36 | 62,963 | ||||||
BorgWarner, Inc. (Auto Components) | 218 | 7,275 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 129 | 11,478 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 1,299 | 48,414 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 1,933 | 148,841 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 158 | 76,758 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 60 | 8,553 | ||||||
Brown & Brown, Inc. (Insurance) | 66 | 3,850 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 166 | 11,647 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 116 | 11,759 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 70 | 2,681 | ||||||
Campbell Soup Co. (Food Products) | 184 | 8,841 | ||||||
Capital One Financial Corp. (Consumer Finance) | 186 | 19,379 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 248 | 12,963 | ||||||
CarMax, Inc.* (Specialty Retail) | 69 | 6,243 | ||||||
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | 737 | 6,375 | ||||||
Carrier Global Corp. (Building Products) | 770 | 27,458 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 65 | 6,974 | ||||||
Caterpillar, Inc. (Machinery) | 485 | 86,700 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 41 | 4,641 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 148 | 10,894 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 49 | 7,720 | ||||||
Celanese Corp. (Chemicals) | 57 | 6,704 | ||||||
Centene Corp.* (Health Care Providers & Services) | 532 | 45,013 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 572 | 16,920 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 74 | 3,484 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 76 | 6,515 | ||||||
Charter Communications, Inc.*—Class A (Media) | 105 | 49,196 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 1,784 | 258,288 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 9 | 11,765 | ||||||
Chubb, Ltd. (Insurance) | 385 | 75,684 | ||||||
Church & Dwight Co., Inc. (Household Products) | 220 | 20,385 | ||||||
Cigna Corp. (Health Care Providers & Services) | 288 | 75,894 | ||||||
Cincinnati Financial Corp. (Insurance) | 72 | 8,567 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 43 | 16,062 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 2,074 | 88,435 | ||||||
Citigroup, Inc. (Banks) | 1,765 | 81,172 | ||||||
Citizens Financial Group, Inc. (Banks) | 446 | 15,918 | ||||||
Citrix Systems, Inc. (Software) | 113 | 10,980 | ||||||
CME Group, Inc. (Capital Markets) | 326 | 66,731 | ||||||
CMS Energy Corp. (Multi-Utilities) | 264 | 17,820 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 475 | 32,058 | ||||||
Colgate-Palmolive Co. (Household Products) | 762 | 61,067 | ||||||
Comcast Corp.—Class A (Media) | 4,057 | 159,197 | ||||||
Comerica, Inc. (Banks) | 66 | 4,843 | ||||||
Conagra Brands, Inc. (Food Products) | 436 | 14,929 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,173 | 105,347 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 322 | 30,622 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 148 | 34,493 | ||||||
Constellation Energy Corp. (Electric Utilities) | 297 | 17,006 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 63 | 6,846 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 689 | 21,710 | ||||||
Corteva, Inc. (Chemicals) | 657 | 35,570 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 197 | 94,418 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 731 | 18,852 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 216 | 36,370 | ||||||
CSX Corp. (Road & Rail) | 1,976 | 57,423 | ||||||
Cummins, Inc. (Machinery) | 128 | 24,772 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,190 | 110,265 | ||||||
D.R. Horton, Inc. (Household Durables) | 136 | 9,002 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 188 | 47,662 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 113 | 12,783 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 56 | 4,478 | ||||||
Deere & Co. (Machinery) | 136 | 40,728 | ||||||
Delta Air Lines, Inc.* (Airlines) | 582 | 16,860 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 196 | 7,003 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 258 | 33,496 | ||||||
DISH Network Corp.*—Class A (Media) | 228 | 4,088 | ||||||
Dollar General Corp. (Multiline Retail) | 209 | 51,298 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 204 | 31,793 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 736 | 58,740 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 11 | 4,287 | ||||||
Dover Corp. (Machinery) | 72 | 8,735 | ||||||
Dow, Inc. (Chemicals) | 661 | 34,114 | ||||||
DTE Energy Co. (Multi-Utilities) | 176 | 22,308 | ||||||
Duke Energy Corp. (Electric Utilities) | 700 | 75,047 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 122 | 6,704 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 462 | 25,678 | ||||||
DXC Technology Co.* (IT Services) | 222 | 6,729 | ||||||
Eastman Chemical Co. (Chemicals) | 117 | 10,503 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 362 | 45,608 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 117 | 4,875 | ||||||
Ecolab, Inc. (Chemicals) | 226 | 34,750 | ||||||
Edison International (Electric Utilities) | 345 | 21,818 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 210 | 19,969 | ||||||
Electronic Arts, Inc. (Entertainment) | 255 | 31,021 | ||||||
Emerson Electric Co. (Electrical Equipment) | 539 | 42,872 | ||||||
Entergy Corp. (Electric Utilities) | 185 | 20,838 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 288 | 31,807 |
See accompanying notes to financial statements.
124 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 44 | $ | 28,909 | |||||
Equity Residential (Equity Real Estate Investment Trusts) | 311 | 22,460 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 33 | 8,630 | ||||||
Everest Re Group, Ltd. (Insurance) | 35 | 9,810 | ||||||
Evergy, Inc. (Electric Utilities) | 209 | 13,637 | ||||||
Eversource Energy (Electric Utilities) | 312 | 26,355 | ||||||
Exelon Corp. (Electric Utilities) | 891 | 40,380 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 137 | 12,992 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 3,826 | 327,658 | ||||||
F5, Inc.* (Communications Equipment) | 26 | 3,979 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 14 | 5,384 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 273 | 13,628 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 37 | 3,542 | ||||||
FedEx Corp. (Air Freight & Logistics) | 216 | 48,969 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 554 | 50,785 | ||||||
Fifth Third Bancorp (Banks) | 623 | 20,933 | ||||||
First Horizon Corp. (Banks) | — | (a) | 10 | |||||
FirstEnergy Corp. (Electric Utilities) | 518 | 19,886 | ||||||
Fiserv, Inc.* (IT Services) | 528 | 46,976 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 71 | 14,918 | ||||||
FMC Corp. (Chemicals) | 114 | 12,199 | ||||||
Ford Motor Co. (Automobiles) | 3,588 | 39,934 | ||||||
Fortive Corp. (Machinery) | 326 | 17,728 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 66 | 3,952 | ||||||
Fox Corp.—Class A (Media) | 283 | 9,101 | ||||||
Fox Corp.—Class B (Media) | 131 | 3,891 | ||||||
Franklin Resources, Inc. (Capital Markets) | 139 | 3,240 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 737 | 21,565 | ||||||
Garmin, Ltd. (Household Durables) | 68 | 6,681 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 210 | 46,463 | ||||||
General Electric Co. (Industrial Conglomerates) | 998 | 63,543 | ||||||
General Mills, Inc. (Food Products) | 547 | 41,271 | ||||||
General Motors Co.* (Automobiles) | 1,325 | 42,082 | ||||||
Genuine Parts Co. (Distributors) | 128 | 17,024 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,138 | 70,340 | ||||||
Global Payments, Inc. (IT Services) | 255 | 28,213 | ||||||
Globe Life, Inc. (Insurance) | 82 | 7,993 | ||||||
Halliburton Co. (Energy Equipment & Services) | 819 | 25,684 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 299 | 19,564 | ||||||
Hasbro, Inc. (Leisure Products) | 119 | 9,744 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 87 | 14,621 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 491 | 12,722 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 125 | 9,593 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 73 | 7,734 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 1,179 | 15,634 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 149 | 16,605 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 60 | 4,158 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 619 | 107,588 | ||||||
Hormel Foods Corp. (Food Products) | 258 | 12,219 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 648 | 10,161 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 343 | 10,787 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 478 | 15,668 | ||||||
Humana, Inc. (Health Care Providers & Services) | 114 | 53,360 | ||||||
Huntington Bancshares, Inc. (Banks) | 1,306 | 15,711 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 36 | 7,842 | ||||||
IDEX Corp. (Machinery) | 41 | 7,447 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 24 | 8,418 | ||||||
Illinois Tool Works, Inc. (Machinery) | 152 | 27,702 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 73 | 13,458 | ||||||
Incyte Corp.* (Biotechnology) | 98 | 7,445 | ||||||
Ingersoll Rand, Inc. (Machinery) | 369 | 15,528 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 3,717 | 139,052 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 217 | 20,407 | ||||||
International Business Machines Corp. (IT Services) | 818 | 115,493 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 231 | 27,517 | ||||||
International Paper Co. (Containers & Packaging) | 337 | 14,097 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 101 | 20,272 | ||||||
Invesco, Ltd. (Capital Markets) | 305 | 4,920 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 46 | 9,982 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 103 | 5,015 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 31 | 4,882 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 67 | 12,061 | ||||||
Jacobs Engineering Group, Inc. (Professional Services) | 66 | 8,391 | ||||||
Johnson & Johnson (Pharmaceuticals) | 2,390 | 424,248 | ||||||
Johnson Controls International PLC (Building Products) | 246 | 11,778 | ||||||
JPMorgan Chase & Co. (Banks) | 1,440 | 162,158 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 294 | 8,379 | ||||||
Kellogg Co. (Food Products) | 230 | 16,408 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 509 | 18,014 | ||||||
KeyCorp (Banks) | 846 | 14,577 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 42 | 5,790 | ||||||
Kimberly-Clark Corp. (Household Products) | 306 | 41,356 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 561 | 11,091 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 1,769 | 29,648 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 102 | 24,653 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 40 | 9,374 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 125
Common Stocks, continued
Shares | Value | |||||||
Lamb Weston Holding, Inc. (Food Products) | 131 | $ | 9,361 | |||||
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | 313 | 10,514 | ||||||
Leidos Holdings, Inc. (Professional Services) | 124 | 12,488 | ||||||
Lennar Corp.—Class A (Household Durables) | 235 | 16,584 | ||||||
Lincoln National Corp. (Insurance) | 147 | 6,875 | ||||||
Linde PLC (Chemicals) | 224 | 64,408 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 72 | 5,946 | ||||||
LKQ Corp. (Distributors) | 135 | 6,627 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 216 | 92,871 | ||||||
Loews Corp. (Insurance) | 177 | 10,489 | ||||||
Lumen Technologies, Inc. (Diversified Telecommunication Services) | 844 | 9,208 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 235 | 20,553 | ||||||
M&T Bank Corp. (Banks) | 164 | 26,140 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 642 | 14,432 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 492 | 40,447 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 17 | 4,352 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 249 | 33,909 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 179 | 27,790 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 24 | 7,182 | ||||||
Masco Corp. (Building Products) | 111 | 5,617 | ||||||
Mastercard, Inc.—Class A (IT Services) | 414 | 130,609 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 260 | 18,120 | ||||||
McCormick & Co., Inc. (Food Products) | 227 | 18,898 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 368 | 90,851 | ||||||
McKesson Corp. (Health Care Providers & Services) | 132 | 43,060 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,217 | 109,225 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 2,295 | 209,235 | ||||||
MetLife, Inc. (Insurance) | 628 | 39,432 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 7 | 8,041 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 321 | 9,293 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 263 | 15,275 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,014 | 56,054 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 40 | 6,987 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 46 | 5,708 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 27 | 7,549 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 171 | 9,321 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 1,256 | 77,985 | ||||||
Monster Beverage Corp.* (Beverages) | 165 | 15,296 | ||||||
Moody’s Corp. (Capital Markets) | 49 | 13,327 | ||||||
Morgan Stanley (Capital Markets) | 648 | 49,287 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 63 | 13,205 | ||||||
Nasdaq, Inc. (Capital Markets) | 22 | 3,356 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 59 | 3,849 | ||||||
Newell Brands, Inc. (Household Durables) | 156 | 2,970 | ||||||
Newmont Corp. (Metals & Mining) | 721 | 43,021 | ||||||
News Corp.—Class A (Media) | 353 | 5,500 | ||||||
News Corp.—Class B (Media) | 109 | 1,732 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 1,783 | 138,112 | ||||||
Nielsen Holdings PLC (Professional Services) | 325 | 7,547 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 531 | 54,268 | ||||||
NiSource, Inc. (Multi-Utilities) | 368 | 10,852 | ||||||
Nordson Corp. (Machinery) | 19 | 3,846 | ||||||
Norfolk Southern Corp. (Road & Rail) | 216 | 49,095 | ||||||
Northern Trust Corp. (Capital Markets) | 189 | 18,235 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 132 | 63,171 | ||||||
NortonLifelock, Inc. (Software) | 527 | 11,573 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 380 | 4,226 | ||||||
Nucor Corp. (Metals & Mining) | 111 | 11,590 | ||||||
NVR, Inc.* (Household Durables) | 1 | 4,004 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 89 | 13,175 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 477 | 28,086 | ||||||
Omnicom Group, Inc. (Media) | 187 | 11,895 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 95 | 4,779 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 231 | 12,821 | ||||||
Organon & Co. (Pharmaceuticals) | 231 | 7,796 | ||||||
Otis Worldwide Corp. (Machinery) | 230 | 16,254 | ||||||
PACCAR, Inc. (Machinery) | 316 | 26,019 | ||||||
Packaging Corp. of America (Containers & Packaging) | 86 | 11,825 | ||||||
Paramount Global—Class B (Media) | 552 | 13,623 | ||||||
Parker-Hannifin Corp. (Machinery) | 117 | 28,788 | ||||||
Paychex, Inc. (IT Services) | 137 | 15,600 | ||||||
Paycom Software, Inc.* (Software) | 11 | 3,081 | ||||||
PayPal Holdings, Inc.* (IT Services) | 483 | 33,733 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 149 | 4,533 | ||||||
Pentair PLC (Machinery) | 64 | 2,929 | ||||||
PepsiCo, Inc. (Beverages) | 729 | 121,495 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 2,342 | 122,791 | ||||||
Philip Morris International, Inc. (Tobacco) | 1,408 | 139,026 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 436 | 35,748 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 102 | 7,458 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 90 | 20,077 | ||||||
PPG Industries, Inc. (Chemicals) | 215 | 24,583 | ||||||
PPL Corp. (Electric Utilities) | 669 | 18,150 | ||||||
Principal Financial Group, Inc. (Insurance) | 214 | 14,293 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 262 | 30,824 | ||||||
Prudential Financial, Inc. (Insurance) | 340 | 32,531 | ||||||
PTC, Inc.* (Software) | 47 | 4,998 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 452 | 28,603 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 58 | 18,135 |
See accompanying notes to financial statements.
126 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
PulteGroup, Inc. (Household Durables) | 216 | $ | 8,560 | |||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 62 | 3,528 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 49 | 4,622 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 61 | 7,646 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 58 | 7,713 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 42 | 3,765 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 73 | 6,527 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 1,350 | 129,749 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 547 | 37,338 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 141 | 8,363 | ||||||
Regions Financial Corp. (Banks) | 465 | 8,719 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 106 | 13,872 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 57 | 11,949 | ||||||
Robert Half International, Inc. (Professional Services) | 32 | 2,396 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 50 | 9,966 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 116 | 4,051 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 96 | 37,886 | ||||||
Ross Stores, Inc. (Specialty Retail) | 319 | 22,403 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 205 | 7,157 | ||||||
S&P Global, Inc. (Capital Markets) | 123 | 41,458 | ||||||
Salesforce, Inc.* (Software) | 352 | 58,093 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 43 | 13,762 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 1,283 | 45,880 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 49 | 3,501 | ||||||
Sealed Air Corp. (Containers & Packaging) | 60 | 3,463 | ||||||
Sempra Energy (Multi-Utilities) | 286 | 42,977 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 119 | 11,295 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 77 | 7,133 | ||||||
Snap-on, Inc. (Machinery) | 48 | 9,457 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 13 | 3,558 | ||||||
Southwest Airlines Co.* (Airlines) | 539 | 19,468 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 137 | 14,366 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 510 | 38,958 | ||||||
State Street Corp. (Capital Markets) | 333 | 20,529 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 52 | 10,720 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 181 | 36,006 | ||||||
Synchrony Financial (Consumer Finance) | 196 | 5,414 | ||||||
Synopsys, Inc.* (Software) | 45 | 13,667 | ||||||
Sysco Corp. (Food & Staples Retailing) | 462 | 39,136 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 63 | 7,157 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 55 | 6,739 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 229 | 6,989 | ||||||
Target Corp. (Multiline Retail) | 189 | 26,692 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 293 | 33,154 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 43 | 16,130 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 43 | 10,572 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 427 | 65,609 | ||||||
Textron, Inc. (Aerospace & Defense) | 196 | 11,970 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 607 | 12,753 | ||||||
The Allstate Corp. (Insurance) | 249 | 31,556 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 676 | 28,196 | ||||||
The Boeing Co.* (Aerospace & Defense) | 505 | 69,044 | ||||||
The Charles Schwab Corp. (Capital Markets) | 437 | 27,610 | ||||||
The Clorox Co. (Household Products) | 111 | 15,649 | ||||||
The Coca-Cola Co. (Beverages) | 3,544 | 222,952 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 44 | 13,777 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 87 | 22,156 | ||||||
The Hershey Co. (Food Products) | 73 | 15,707 | ||||||
The Home Depot, Inc. (Specialty Retail) | 225 | 61,711 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 357 | 9,828 | ||||||
The JM Smucker Co.—Class A (Food Products) | 99 | 12,673 | ||||||
The Kraft Heinz Co. (Food Products) | 646 | 24,638 | ||||||
The Kroger Co. (Food & Staples Retailing) | 596 | 28,209 | ||||||
The Mosaic Co. (Chemicals) | 329 | 15,539 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 375 | 59,164 | ||||||
The Procter & Gamble Co. (Household Products) | 2,177 | 313,030 | ||||||
The Progressive Corp. (Insurance) | 532 | 61,856 | ||||||
The Sherwin-Williams Co. (Chemicals) | 102 | 22,839 | ||||||
The Southern Co. (Electric Utilities) | 964 | 68,743 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 1,065 | 59,480 | ||||||
The Travelers Cos., Inc. (Insurance) | 217 | 36,701 | ||||||
The Walt Disney Co.* (Entertainment) | 1,654 | 156,137 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 1,107 | 34,549 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 535 | 71,979 | ||||||
Trane Technologies PLC (Building Products) | 213 | 27,662 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 26 | 13,953 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 100 | 5,823 | ||||||
Truist Financial Corp. (Banks) | 1,209 | 57,343 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 360 | 13,460 | ||||||
Tyler Technologies, Inc.* (Software) | 14 | 4,655 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 264 | 22,720 | ||||||
U.S. Bancorp (Banks) | 1,228 | 56,513 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 123 | 5,663 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 20 | 7,710 | ||||||
Union Pacific Corp. (Road & Rail) | 336 | 71,661 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 297 | 10,520 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 381 | 69,548 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 127
Common Stocks, continued
Shares | Value | |||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 26 | $ | 6,316 | |||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 495 | 254,247 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 61 | 6,143 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 370 | 39,324 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 362 | 18,618 | ||||||
VeriSign, Inc.* (IT Services) | 45 | 7,530 | ||||||
Verisk Analytics, Inc. (Professional Services) | 71 | 12,289 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 3,812 | 193,458 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 93 | 26,206 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 294 | 12,986 | ||||||
Viatris, Inc. (Pharmaceuticals) | 1,102 | 11,538 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 875 | 26,066 | ||||||
Visa, Inc.—Class A (IT Services) | 850 | 167,358 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 145 | 4,146 | ||||||
Vulcan Materials Co. (Construction Materials) | 63 | 8,952 | ||||||
W.R. Berkley Corp. (Insurance) | 190 | 12,969 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 38 | 17,268 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 652 | 24,711 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 1,275 | 155,014 | ||||||
Warner Bros Discovery, Inc.* (Entertainment) | 2,007 | 26,934 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 170 | 26,006 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 14 | 4,634 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 287 | 28,884 | ||||||
Wells Fargo & Co. (Banks) | 3,444 | 134,901 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 413 | 34,011 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 284 | 12,732 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 166 | 13,625 | ||||||
WestRock Co. (Containers & Packaging) | 233 | 9,283 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 391 | 12,950 | ||||||
Whirlpool Corp. (Household Durables) | 50 | 7,744 | ||||||
Willis Towers Watson PLC (Insurance) | 101 | 19,936 | ||||||
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | 96 | 5,470 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 495 | 35,026 | ||||||
Xylem, Inc. (Machinery) | 97 | 7,583 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 137 | 15,551 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 13 | 3,821 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 190 | 19,961 | ||||||
Zions Bancorp (Banks) | 72 | 3,665 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 145 | 24,924 | ||||||
TOTAL COMMON STOCKS (Cost $10,677,991) | 15,092,688 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $30,001 | $ | 30,000 | $ | 30,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $30,000) | 30,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,707,991)—100.1% | 15,122,688 | |||||||
Net other assets (liabilities)—(0.1)% | (12,014 | ) | ||||||
NET ASSETS—100.0% | $ | 15,110,674 |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
128 :: ProFund VP Large-Cap Value :: Financial Statements
ProFund VP Large-Cap Value invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 470,503 | 3.1 | % | ||||
Air Freight & Logistics | 130,276 | 0.9 | % | |||||
Airlines | 58,923 | 0.4 | % | |||||
Auto Components | 20,101 | 0.1 | % | |||||
Automobiles | 82,016 | 0.5 | % | |||||
Banks | 773,928 | 5.1 | % | |||||
Beverages | 433,218 | 2.9 | % | |||||
Biotechnology | 313,975 | 2.1 | % | |||||
Building Products | 87,580 | 0.6 | % | |||||
Capital Markets | 372,759 | 2.5 | % | |||||
Chemicals | 396,913 | 2.7 | % | |||||
Commercial Services & Supplies | 66,837 | 0.4 | % | |||||
Communications Equipment | 113,998 | 0.8 | % | |||||
Construction & Engineering | 7,646 | 0.1 | % | |||||
Construction Materials | 16,134 | 0.1 | % | |||||
Consumer Finance | 67,765 | 0.4 | % | |||||
Containers & Packaging | 81,474 | 0.5 | % | |||||
Distributors | 23,651 | 0.2 | % | |||||
Diversified Financial Services | 448,299 | 3.0 | % | |||||
Diversified Telecommunication Services | 338,969 | 2.2 | % | |||||
Electric Utilities | 560,527 | 3.7 | % | |||||
Electrical Equipment | 121,523 | 0.8 | % | |||||
Electronic Equipment, Instruments & Components | 110,629 | 0.7 | % | |||||
Energy Equipment & Services | 96,075 | 0.6 | % | |||||
Entertainment | 281,980 | 1.9 | % | |||||
Equity Real Estate Investment Trusts | 505,341 | 3.3 | % | |||||
Food & Staples Retailing | 341,488 | 2.3 | % | |||||
Food Products | 315,304 | 2.1 | % | |||||
Gas Utilities | 14,125 | 0.1 | % | |||||
Health Care Equipment & Supplies | 547,035 | 3.6 | % | |||||
Health Care Providers & Services | 778,716 | 5.2 | % | |||||
Hotels, Restaurants & Leisure | 350,913 | 2.4 | % | |||||
Household Durables | 61,253 | 0.4 | % | |||||
Household Products | 451,487 | 2.9 | % | |||||
Independent Power and Renewable Electricity Producers | 12,753 | 0.1 | % | |||||
Industrial Conglomerates | 275,922 | 1.8 | % | |||||
Insurance | 532,877 | 3.5 | % | |||||
Interactive Media & Services | 31,580 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 4,875 | NM | ||||||
IT Services | 783,167 | 5.2 | % | |||||
Leisure Products | 9,744 | 0.1 | % | |||||
Life Sciences Tools & Services | 53,516 | 0.4 | % | |||||
Machinery | 352,207 | 2.3 | % | |||||
Media | 268,051 | 1.8 | % | |||||
Metals & Mining | 76,176 | 0.5 | % | |||||
Multiline Retail | 109,783 | 0.7 | % | |||||
Multi-Utilities | 278,870 | 1.8 | % | |||||
Oil, Gas & Consumable Fuels | 1,009,669 | 6.7 | % | |||||
Personal Products | 22,156 | 0.1 | % | |||||
Pharmaceuticals | 956,347 | 6.3 | % | |||||
Professional Services | 43,111 | 0.3 | % | |||||
Real Estate Management & Development | 10,894 | 0.1 | % | |||||
Road & Rail | 183,061 | 1.2 | % | |||||
Semiconductors & Semiconductor Equipment | 455,408 | 3.0 | % | |||||
Software | 130,091 | 0.9 | % | |||||
Specialty Retail | 176,673 | 1.2 | % | |||||
Technology Hardware, Storage & Peripherals | 51,384 | 0.3 | % | |||||
Textiles, Apparel & Luxury Goods | 81,536 | 0.5 | % | |||||
Tobacco | 207,738 | 1.4 | % | |||||
Trading Companies & Distributors | 37,212 | 0.2 | % | |||||
Water Utilities | 24,547 | 0.2 | % | |||||
Wireless Telecommunication Services | 71,979 | 0.5 | % | |||||
Other** | 17,986 | 0.1 | % | |||||
Total | $ | 15,110,674 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. | |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 129
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,707,991 | ||
Securities, at value | 15,092,688 | |||
Repurchase agreements, at value | 30,000 | |||
Total Investment Securities, at value | 15,122,688 | |||
Cash | 705 | |||
Dividends and interest receivable | 18,991 | |||
Receivable for capital shares issued | 4,528 | |||
Prepaid expenses | 934 | |||
TOTAL ASSETS | 15,147,846 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,493 | |||
Advisory fees payable | 8,770 | |||
Management services fees payable | 1,169 | |||
Administration fees payable | 1,278 | |||
Administrative services fees payable | 5,576 | |||
Distribution fees payable | 6,308 | |||
Trustee fees payable | 5 | |||
Transfer agency fees payable | 2,322 | |||
Fund accounting fees payable | 841 | |||
Compliance services fees payable | 101 | |||
Other accrued expenses | 9,309 | |||
TOTAL LIABILITIES | 37,172 | |||
NET ASSETS | $ | 15,110,674 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,104,892 | ||
Total distributable earnings (loss) | 2,005,782 | |||
NET ASSETS | $ | 15,110,674 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 355,347 | |||
Net Asset Value (offering and redemption price per share) | $ | 42.52 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 196,353 | ||
Interest | 43 | |||
Foreign tax withholding | (33 | ) | ||
Net income from securities lending | 2 | |||
TOTAL INVESTMENT INCOME | 196,365 | |||
EXPENSES: | ||||
Advisory fees | 68,237 | |||
Management services fees | 9,098 | |||
Administration fees | 7,847 | |||
Transfer agency fees | 6,906 | |||
Administrative services fees | 24,027 | |||
Distribution fees | 22,746 | |||
Custody fees | 1,839 | |||
Fund accounting fees | 5,244 | |||
Trustee fees | 243 | |||
Compliance services fees | 55 | |||
Other fees | 9,087 | |||
Total Gross Expenses before reductions | 155,329 | |||
Expenses reduced and reimbursed by the Advisor | (2,478 | ) | ||
TOTAL NET EXPENSES | 152,851 | |||
NET INVESTMENT INCOME (LOSS) | 43,514 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (440,511 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,898,902 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,339,413 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,295,899 | ) |
See accompanying notes to financial statements.
130 :: ProFund VP Large-Cap Value :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 43,514 | $ | 75,152 | ||||
Net realized gains (losses) on investments | (440,511 | ) | 1,472,035 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,898,902 | ) | 1,709,206 | |||||
Change in net assets resulting from operations | (2,295,899 | ) | 3,256,393 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (273,776 | ) | (149,393 | ) | ||||
Change in net assets resulting from distributions | (273,776 | ) | (149,393 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 24,585,007 | 12,214,725 | ||||||
Distributions reinvested | 273,776 | 149,393 | ||||||
Value of shares redeemed | (25,055,477 | ) | (12,200,852 | ) | ||||
Change in net assets resulting from capital transactions | (196,694 | ) | 163,266 | |||||
Change in net assets | (2,766,369 | ) | 3,270,266 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,877,043 | 14,606,777 | ||||||
End of period | $ | 15,110,674 | $ | 17,877,043 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 511,503 | 264,757 | ||||||
Reinvested | 6,064 | 3,267 | ||||||
Redeemed | (524,687 | ) | (266,202 | ) | ||||
Change in shares | (7,120 | ) | 1,822 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Large-Cap Value :: 131
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 49.32 | $ | 40.50 | $ | 47.60 | $ | 41.32 | $ | 46.62 | $ | 41.52 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.11 | 0.22 | 0.43 | 0.37 | 0.38 | 0.35 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (6.06 | ) | 9.03 | (1.06 | ) | 11.15 | (5.29 | ) | 5.21 | |||||||||||||||
Total income (loss) from investment activities | (5.95 | ) | 9.25 | (0.63 | ) | 11.52 | (4.91 | ) | 5.56 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.43 | ) | (0.50 | ) | (0.46 | ) | (0.39 | ) | (0.46 | ) | ||||||||||||
Net realized gains on investments | (0.62 | ) | — | (5.97 | ) | (4.78 | ) | — | — | |||||||||||||||
Total distributions | (0.85 | ) | (0.43 | ) | (6.47 | ) | (5.24 | ) | (0.39 | ) | (0.46 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 42.52 | $ | 49.32 | $ | 40.50 | $ | 47.60 | $ | 41.32 | $ | 46.62 | ||||||||||||
Total Return(b)(c) | (12.17 | )% | 22.93 | % | (0.06 | )% | 29.77 | % | (10.63 | )% | 13.43 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.71 | % | 1.70 | % | 1.77 | % | 1.74 | % | 1.70 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.48 | % | 0.48 | % | 1.05 | % | 0.81 | % | 0.84 | % | 0.81 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 15,111 | $ | 17,877 | $ | 14,607 | $ | 22,202 | $ | 15,394 | $ | 20,450 | ||||||||||||
Portfolio turnover rate(b)(e) | 117 | % | 79 | % | 97 | % | 110 | % | 116 | % | 72 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
132 :: ProFund VP Mid-Cap :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap seeks investment results that before fees and expenses, correspond to the performance of the S&P MidCap 400®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Mid-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P MidCap 400® Index – Composition
% of Index | ||||
Industrials | 18 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Information Technology | 13 | % | ||
Health Care | 10 | % | ||
Real Estate | 9 | % | ||
Materials | 7 | % | ||
Utilities | 4 | % | ||
Consumer Staples | 4 | % | ||
Energy | 4 | % | ||
Communication Services | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (103.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $10,832,413 | $ | 10,832,000 | $ | 10,832,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,832,000) | 10,832,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,832,000)—103.4% | 10,832,000 | |||||||
Net other assets (liabilities)—(3.4)% | (357,470 | ) | ||||||
NET ASSETS—100.0% | $ | 10,474,530 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,695,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P MidCap 400 | Goldman Sachs International | 7/27/22 | 2.08 | % | $ | 3,993,186 | $ | (127,592 | ) | |||||||
S&P MidCap 400 | UBS AG | 7/27/22 | 1.93 | % | 6,457,119 | (206,048 | ) | |||||||||
$ | 10,450,305 | $ | (333,640 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap :: 133
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,832,000 | ||
Repurchase agreements, at value | 10,832,000 | |||
Total Investment Securities, at value | 10,832,000 | |||
Cash | 671 | |||
Segregated cash balances for swap agreements with custodian | 35 | |||
Interest receivable | 413 | |||
Receivable for capital shares issued | 7,964 | |||
Prepaid expenses | 719 | |||
TOTAL ASSETS | 10,841,802 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 814 | |||
Unrealized depreciation on swap agreements | 333,640 | |||
Advisory fees payable | 7,046 | |||
Management services fees payable | 939 | |||
Administration fees payable | 978 | |||
Administrative services fees payable | 7,731 | |||
Distribution fees payable | 7,798 | |||
Trustee fees payable | 4 | |||
Transfer agency fees payable | 1,764 | |||
Fund accounting fees payable | 541 | |||
Compliance services fees payable | 83 | |||
Other accrued expenses | 5,934 | |||
TOTAL LIABILITIES | 367,272 | |||
NET ASSETS | $ | 10,474,530 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,636,479 | ||
Total distributable earnings (loss) | (3,161,949 | ) | ||
NET ASSETS | $ | 10,474,530 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 763,389 | |||
Net Asset Value (offering and redemption price per share) | $ | 13.72 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 20,679 | ||
EXPENSES: | ||||
Advisory fees | 49,933 | |||
Management services fees | 6,658 | |||
Administration fees | 5,623 | |||
Transfer agency fees | 4,878 | |||
Administrative services fees | 16,463 | |||
Distribution fees | 16,644 | |||
Custody fees | 888 | |||
Fund accounting fees | 3,154 | |||
Trustee fees | 168 | |||
Compliance services fees | 34 | |||
Other fees | 6,275 | |||
Total Gross Expenses before reductions | 110,718 | |||
Expenses reduced and reimbursed by the Advisor | (18 | ) | ||
TOTAL NET EXPENSES | 110,700 | |||
NET INVESTMENT INCOME (LOSS) | (90,021 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (123,511 | ) | ||
Net realized gains (losses) on swap agreements | (2,302,063 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (107,578 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (371,395 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,904,547 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,994,568 | ) |
See accompanying notes to financial statements.
134 :: ProFund VP Mid-Cap :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (90,021 | ) | $ | (266,582 | ) | ||
Net realized gains (losses) on investments | (2,425,574 | ) | 2,818,803 | |||||
Change in net unrealized appreciation/depreciation on investments | (478,973 | ) | 139,169 | |||||
Change in net assets resulting from operations | (2,994,568 | ) | 2,691,390 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,431,456 | ) | (607,067 | ) | ||||
Change in net assets resulting from distributions | (2,431,456 | ) | (607,067 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 2,645,973 | 29,302,491 | ||||||
Distributions reinvested | 2,431,456 | 607,067 | ||||||
Value of shares redeemed | (5,027,256 | ) | (26,874,287 | ) | ||||
Change in net assets resulting from capital transactions | 50,173 | 3,035,271 | ||||||
Change in net assets | (5,375,851 | ) | 5,119,594 | |||||
NET ASSETS: | ||||||||
Beginning of period | 15,850,381 | 10,730,787 | ||||||
End of period | $ | 10,474,530 | $ | 15,850,381 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 135,822 | 1,429,285 | ||||||
Reinvested | 162,857 | 30,429 | ||||||
Redeemed | (273,648 | ) | (1,312,571 | ) | ||||
Change in shares | 25,031 | 147,143 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap :: 135
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 21.47 | $ | 18.15 | $ | 23.89 | $ | 19.37 | $ | 29.47 | $ | 34.24 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.13 | ) | (0.33 | ) | (0.26 | ) | 0.11 | 0.02 | (0.33 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.97 | ) | 4.31 | 1.63 | 4.44 | (2.56 | ) | 4.53 | ||||||||||||||||
Total income (loss) from investment activities | (4.10 | ) | 3.98 | 1.37 | 4.55 | (2.54 | ) | 4.20 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.22 | ) | (0.03 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (3.65 | ) | (0.66 | ) | (6.89 | ) | — | (7.56 | ) | (8.97 | ) | |||||||||||||
Total distributions | (3.65 | ) | (0.66 | ) | (7.11 | ) | (0.03 | ) | (7.56 | ) | (8.97 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 13.72 | $ | 21.47 | $ | 18.15 | $ | 23.89 | $ | 19.37 | $ | 29.47 | ||||||||||||
Total Return(b)(c) | (20.48 | )% | 22.21 | % | 10.76 | % | 23.53 | % | (12.86 | )%(d) | 13.43 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.67 | % | 1.61 | % | 1.70 | % | 1.64 | % | 1.52 | % | 1.66 | % | ||||||||||||
Net expenses(c)(e) | 1.67 | % | 1.61 | % | 1.70 | %(f) | 1.64 | % | 1.49 | %(d) | 1.66 | % | ||||||||||||
Net investment income (loss)(c)(e) | (1.36 | )% | (1.61 | )% | (1.34 | )% | 0.50 | % | 0.08 | %(d) | (0.96 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 10,475 | $ | 15,850 | $ | 10,731 | $ | 11,332 | $ | 21,039 | $ | 38,793 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.52% and 0.05%, respectively, and the total return would have been (12.94)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
136 :: ProFund VP Mid-Cap Growth :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P MidCap 400® Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Targa Resources Corp. | 1.5 | % | ||
Carlisle Cos., Inc. | 1.4 | % | ||
Steel Dynamics, Inc. | 1.3 | % | ||
Service Corp. International | 1.2 | % | ||
Darling Ingredients, Inc. | 1.1 | % |
S&P MidCap 400® Growth Index – Composition
% of Index | ||||
Industrials | 18 | % | ||
Information Technology | 16 | % | ||
Consumer Discretionary | 15 | % | ||
Health Care | 14 | % | ||
Financials | 12 | % | ||
Real Estate | 8 | % | ||
Materials | 7 | % | ||
Energy | 5 | % | ||
Communication Services | 2 | % | ||
Consumer Staples | 2 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
Shares | Value | |||||||
ACI Worldwide, Inc.* (Software) | 724 | $ | 18,744 | |||||
Acuity Brands, Inc. (Electrical Equipment) | 466 | 71,783 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 521 | 60,748 | ||||||
Alcoa Corp. (Metals & Mining) | 995 | 45,352 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 1,032 | 66,533 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 868 | 9,704 | ||||||
American Financial Group, Inc. (Insurance) | 420 | 58,300 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 552 | 9,356 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 4,375 | 39,594 | ||||||
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | 993 | 41,309 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 408 | 42,110 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 1,425 | 50,174 | ||||||
ASGN, Inc.* (Professional Services) | 687 | 62,002 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 294 | 30,297 | ||||||
Aspen Technology, Inc.* (Software) | 377 | 69,247 | ||||||
AutoNation, Inc.* (Specialty Retail) | 226 | 25,258 | ||||||
Avient Corp. (Chemicals) | 1,232 | 49,379 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 462 | 67,951 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 959 | 89,350 | ||||||
Azenta, Inc. (Semiconductors & Semiconductor Equipment) | 1,009 | 72,748 | ||||||
Bank of Hawaii Corp. (Banks) | 228 | 16,963 | ||||||
Bank OZK (Banks) | 713 | 26,759 | ||||||
Blackbaud, Inc.* (Software) | 398 | 23,112 | ||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 1,078 | 53,631 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 2,218 | 44,826 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 1,346 | 84,475 | ||||||
Brunswick Corp. (Leisure Products) | 1,019 | 66,622 | ||||||
Builders FirstSource, Inc.* (Building Products) | 2,329 | 125,067 | ||||||
Cable One, Inc. (Media) | 38 | 48,994 | ||||||
Calix, Inc.* (Communications Equipment) | 746 | 25,468 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 1,211 | 49,663 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 697 | 166,311 | ||||||
Cathay General Bancorp (Banks) | 394 | 15,425 | ||||||
CDK Global, Inc. (Software) | 739 | 40,475 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 1,285 | 25,507 | ||||||
Chart Industries, Inc.* (Machinery) | 483 | 80,845 | ||||||
Chemed Corp. (Health Care Providers & Services) | 115 | 53,981 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 302 | 33,712 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 463 | 88,679 | ||||||
Ciena Corp.* (Communications Equipment) | 1,291 | 58,999 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 370 | 26,840 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 398 | 34,893 | ||||||
Cleveland-Cliffs, Inc.* (Metals & Mining) | 6,436 | 98,921 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 259 | 45,193 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 1,233 | 20,295 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 1,472 | 62,589 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 137
Common Stocks, continued
Shares | Value | |||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 334 | $ | 88,918 | |||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 238 | 17,036 | ||||||
Commerce Bancshares, Inc. (Banks) | 739 | 48,515 | ||||||
CommVault Systems, Inc.* (Software) | 390 | 24,531 | ||||||
Concentrix Corp. (IT Services) | 579 | 78,536 | ||||||
Crane Holdings Co. (Machinery) | 314 | 27,494 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 830 | 40,396 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 431 | 50,190 | ||||||
Darling Ingredients, Inc.* (Food Products) | 2,173 | 129,945 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 367 | 93,714 | ||||||
Dick’s Sporting Goods, Inc. (Specialty Retail) | 781 | 58,864 | ||||||
Donaldson Co., Inc. (Machinery) | 848 | 40,823 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 1,088 | 24,349 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 547 | 26,814 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 156 | 14,514 | ||||||
Eagle Materials, Inc. (Construction Materials) | 532 | 58,488 | ||||||
East West Bancorp, Inc. (Banks) | 1,914 | 124,028 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 563 | 86,888 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 261 | 14,355 | ||||||
Envestnet, Inc.* (Software) | 394 | 20,791 | ||||||
Esab Corp. (Machinery) | 251 | 10,981 | ||||||
Essential Utilities, Inc. (Water Utilities) | 1,951 | 89,454 | ||||||
Euronet Worldwide, Inc.* (IT Services) | 232 | 23,337 | ||||||
Evercore Partners, Inc.—Class A (Capital Markets) | 547 | 51,205 | ||||||
Exelixis, Inc.* (Biotechnology) | 2,284 | 47,553 | ||||||
Fair Isaac Corp.* (Software) | 203 | 81,383 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 578 | 18,375 | ||||||
First American Financial Corp. (Insurance) | 665 | 35,192 | ||||||
First Financial Bankshares, Inc. (Banks) | 1,728 | 67,859 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,225 | 58,163 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 787 | 53,618 | ||||||
Five Below, Inc.* (Specialty Retail) | 747 | 84,732 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 568 | 45,747 | ||||||
FTI Consulting, Inc.* (Professional Services) | 466 | 84,276 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 834 | 101,998 | ||||||
Genpact, Ltd. (IT Services) | 1,514 | 64,133 | ||||||
Gentex Corp. (Auto Components) | 1,671 | 46,738 | ||||||
Glacier Bancorp, Inc. (Banks) | 1,460 | 69,233 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 640 | 35,930 | ||||||
Graco, Inc. (Machinery) | 1,366 | 81,154 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 1,368 | 59,193 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 988 | 34,896 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 1,855 | 81,620 | ||||||
Hancock Whitney Corp. (Banks) | 522 | 23,140 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 957 | 26,030 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 760 | 46,656 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 321 | 52,134 | ||||||
Home BancShares, Inc. (Banks) | 940 | 19,524 | ||||||
Hubbell, Inc. (Electrical Equipment) | 390 | 69,646 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 973 | 31,885 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 128 | 21,042 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 687 | 35,003 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 457 | 31,071 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,977 | 61,713 | ||||||
Ingevity Corp.* (Chemicals) | 282 | 17,805 | ||||||
Insperity, Inc. (Professional Services) | 480 | 47,918 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 491 | 26,529 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 729 | 40,102 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 912 | 34,255 | ||||||
ITT, Inc. (Machinery) | 629 | 42,294 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 837 | 42,863 | ||||||
Janus Henderson Group PLC (Capital Markets) | 1,037 | 24,380 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 2,581 | 71,287 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 292 | 13,946 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 322 | 56,305 | ||||||
KBR, Inc. (Professional Services) | 1,221 | 59,084 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 291 | 66,826 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 773 | 68,001 | ||||||
Lancaster Colony Corp. (Food Products) | 128 | 16,484 | ||||||
Landstar System, Inc. (Road & Rail) | 326 | 47,407 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,851 | 89,773 | ||||||
Lennox International, Inc. (Building Products) | 259 | 53,507 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 1,136 | 126,846 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 455 | 56,129 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 207 | 52,586 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 433 | 27,050 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 1,106 | 57,965 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 418 | 33,198 | ||||||
Manhattan Associates, Inc.* (Software) | 849 | 97,296 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 251 | 29,166 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 687 | 89,770 | ||||||
MasTec, Inc.* (Construction & Engineering) | 393 | 28,162 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 1,494 | 69,605 | ||||||
Mattel, Inc.* (Leisure Products) | 4,742 | 105,888 |
See accompanying notes to financial statements.
138 :: ProFund VP Mid-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
MAXIMUS, Inc. (IT Services) | 826 | $ | 51,633 | |||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 363 | 54,330 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 412 | 42,284 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 251 | 30,389 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 1,964 | 59,293 | ||||||
National Fuel Gas Co. (Gas Utilities) | 641 | 42,338 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 935 | 29,200 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 1,064 | 45,752 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 1,132 | 56,679 | ||||||
Navient Corp. (Consumer Finance) | 1,993 | 27,882 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 841 | 20,260 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 1,287 | 125,456 | ||||||
nVent Electric PLC (Electrical Equipment) | 1,319 | 41,324 | ||||||
OGE Energy Corp. (Electric Utilities) | 995 | 38,367 | ||||||
Olin Corp. (Chemicals) | 1,867 | 86,405 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 1,865 | 51,828 | ||||||
PacWest Bancorp (Banks) | 1,579 | 42,096 | ||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 431 | 35,997 | ||||||
Paylocity Holding Corp.* (Software) | 535 | 93,315 | ||||||
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 1,285 | 79,169 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 477 | 59,396 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 1,029 | 74,407 | ||||||
Polaris, Inc. (Leisure Products) | 324 | 32,167 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 410 | 18,118 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 784 | 58,808 | ||||||
Primerica, Inc. (Insurance) | 321 | 38,420 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 589 | 17,110 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 171 | 32,003 | ||||||
Qualys, Inc.* (Software) | 450 | 56,763 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | 674 | 65,499 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 1,048 | 21,966 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 2,405 | 59,524 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 1,181 | 44,146 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 379 | 43,024 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 693 | 112,544 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 2,219 | 127,792 | ||||||
RH* (Specialty Retail) | 237 | 50,306 | ||||||
RLI Corp. (Insurance) | 322 | 37,542 | ||||||
Royal Gold, Inc. (Metals & Mining) | 531 | 56,700 | ||||||
RPM International, Inc. (Chemicals) | 888 | 69,903 | ||||||
Sabre Corp.* (IT Services) | 2,105 | 12,272 | ||||||
Saia, Inc.* (Road & Rail) | 355 | 66,740 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 1,269 | 79,541 | ||||||
Sanderson Farms, Inc. (Food Products) | 134 | 28,881 | ||||||
Scientific Games Corp. A* (Hotels, Restaurants & Leisure) | 1,289 | 60,570 | ||||||
SEI Investments Co. (Capital Markets) | 829 | 44,783 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 564 | 31,003 | ||||||
Sensient Technologies Corp. (Chemicals) | 322 | 25,940 | ||||||
Service Corp. International (Diversified Consumer Services) | 2,138 | 147,779 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 482 | 92,143 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 494 | 69,269 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 582 | 58,555 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 210 | 34,236 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 511 | 11,089 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 852 | 30,314 | ||||||
SLM Corp. (Consumer Finance) | 3,622 | 57,735 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 1,011 | 19,805 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 643 | 45,608 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 2,415 | 159,753 | ||||||
Stifel Financial Corp. (Capital Markets) | 1,436 | 80,444 | ||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 1,121 | 17,723 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 534 | 63,039 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 1,381 | 98,990 | ||||||
Synovus Financial Corp. (Banks) | 781 | 28,155 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 861 | 50,963 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 3,071 | 183,247 | ||||||
TEGNA, Inc. (Media) | 1,309 | 27,450 | ||||||
Tempur Sealy International, Inc. (Household Durables) | 2,359 | 50,412 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 1,449 | 76,160 | ||||||
Teradata Corp.* (IT Services) | 1,407 | 52,073 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 723 | 98,725 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 552 | 40,406 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 76 | 23,026 | ||||||
The Middleby Corp.* (Machinery) | 469 | 58,794 | ||||||
The New York Times Co.—Class A (Media) | 1,300 | 36,270 | ||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 546 | 43,129 | ||||||
The Toro Co. (Machinery) | 1,408 | 106,712 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 139
Common Stocks, continued
Shares | Value | |||||||
The Wendy’s Co. (Hotels, Restaurants & Leisure) | 1,153 | $ | 21,769 | |||||
TopBuild Corp.* (Household Durables) | 442 | 73,884 | ||||||
Trex Co., Inc.* (Building Products) | 1,526 | 83,045 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 566 | 10,075 | ||||||
UMB Financial Corp. (Banks) | 580 | 49,938 | ||||||
Umpqua Holdings Corp. (Banks) | 1,081 | 18,128 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,089 | 9,071 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 1,170 | 8,869 | ||||||
United Therapeutics Corp.* (Biotechnology) | 293 | 69,043 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 585 | 59,167 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 287 | 64,469 | ||||||
Valvoline, Inc. (Chemicals) | 2,400 | 69,192 | ||||||
Vicor Corp.* (Electrical Equipment) | 292 | 15,981 | ||||||
Victoria’s Secret & Co.* (Specialty Retail) | 446 | 12,475 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 295 | 70,452 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 370 | 45,451 | ||||||
Webster Financial Corp. (Banks) | 982 | 41,391 | ||||||
WEX, Inc.* (IT Services) | 261 | 40,601 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 943 | 104,625 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 403 | 30,132 | ||||||
Wintrust Financial Corp. (Banks) | 406 | 32,541 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 915 | 58,057 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 362 | 22,621 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 807 | 53,036 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 1,158 | 50,107 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 638 | 47,550 | ||||||
TOTAL COMMON STOCKS (Cost $10,452,591) | 12,307,953 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $19,001 | $ | 19,000 | $ | 19,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $19,000) | 19,000 |
Collateral for Securities Loaned(c) (0.8%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio— Institutional Shares, 1.42%(d) | 104,542 | $ | 104,542 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $104,542) | 104,542 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,576,133)—100.9% | 12,431,495 | |||||||
Net other assets (liabilities)—(0.9)% | (112,551 | ) | ||||||
NET ASSETS—100.0% | $ | 12,318,944 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $101,876. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
See accompanying notes to financial statements.
140 :: ProFund VP Mid-Cap Growth :: Financial Statements
ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 89,350 | 0.7 | % | ||||
Air Freight & Logistics | 59,193 | 0.5 | % | |||||
Auto Components | 92,485 | 0.8 | % | |||||
Banks | 748,292 | 6.1 | % | |||||
Beverages | 23,026 | 0.2 | % | |||||
Biotechnology | 373,846 | 3.0 | % | |||||
Building Products | 320,174 | 2.5 | % | |||||
Capital Markets | 320,037 | 2.6 | % | |||||
Chemicals | 392,050 | 3.2 | % | |||||
Commercial Services & Supplies | 195,892 | 1.6 | % | |||||
Communications Equipment | 117,665 | 1.0 | % | |||||
Construction & Engineering | 107,145 | 0.9 | % | |||||
Construction Materials | 58,488 | 0.5 | % | |||||
Consumer Finance | 85,617 | 0.7 | % | |||||
Containers & Packaging | 42,110 | 0.3 | % | |||||
Diversified Consumer Services | 182,675 | 1.5 | % | |||||
Diversified Financial Services | 71,287 | 0.6 | % | |||||
Diversified Telecommunication Services | 34,255 | 0.3 | % | |||||
Electric Utilities | 38,367 | 0.3 | % | |||||
Electrical Equipment | 241,758 | 2.0 | % | |||||
Electronic Equipment, Instruments & Components | 311,159 | 2.5 | % | |||||
Energy Equipment & Services | 25,507 | 0.2 | % | |||||
Entertainment | 22,621 | 0.2 | % | |||||
Equity Real Estate Investment Trusts | 929,148 | 7.5 | % | |||||
Food Products | 175,310 | 1.4 | % | |||||
Gas Utilities | 42,338 | 0.3 | % | |||||
Health Care Equipment & Supplies | 579,616 | 4.7 | % | |||||
Health Care Providers & Services | 267,701 | 2.2 | % | |||||
Hotels, Restaurants & Leisure | 458,187 | 3.7 | % | |||||
Household Durables | 176,430 | 1.4 | % | |||||
Industrial Conglomerates | 166,311 | 1.4 | % | |||||
Insurance | 236,280 | 1.9 | % | |||||
Interactive Media & Services | 57,625 | 0.5 | % | |||||
IT Services | 322,585 | 2.6 | % | |||||
Leisure Products | 254,784 | 2.1 | % | |||||
Life Sciences Tools & Services | 370,144 | 3.0 | % | |||||
Machinery | 550,677 | 4.4 | % | |||||
Media | 126,660 | 1.0 | % | |||||
Metals & Mining | 360,726 | 2.9 | % | |||||
Oil, Gas & Consumable Fuels | 537,541 | 4.4 | % | |||||
Paper & Forest Products | 57,965 | 0.5 | % | |||||
Professional Services | 253,280 | 2.0 | % | |||||
Real Estate Management & Development | 56,305 | 0.5 | % | |||||
Road & Rail | 182,098 | 1.5 | % | |||||
Semiconductors & Semiconductor Equipment | 731,114 | 5.9 | % | |||||
Software | 605,198 | 4.9 | % | |||||
Specialty Retail | 447,962 | 3.6 | % | |||||
Textiles, Apparel & Luxury Goods | 249,063 | 2.0 | % | |||||
Trading Companies & Distributors | 70,452 | 0.6 | % | |||||
Water Utilities | 89,454 | 0.8 | % | |||||
Other** | 10,991 | 0.1 | % | |||||
Total | $ | 12,318,944 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 141
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,576,133 | ||
Securities, at value(a) | 12,412,495 | |||
Repurchase agreements, at value | 19,000 | |||
Total Investment Securities, at value | 12,431,495 | |||
Cash | 651 | |||
Dividends and interest receivable | 7,550 | |||
Receivable for capital shares issued | 9,774 | |||
Prepaid expenses | 783 | |||
TOTAL ASSETS | 12,450,253 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 104,542 | |||
Payable for capital shares redeemed | 402 | |||
Advisory fees payable | 7,355 | |||
Management services fees payable | 981 | |||
Administration fees payable | 1,117 | |||
Administrative services fees payable | 3,668 | |||
Distribution fees payable | 3,451 | |||
Transfer agency fees payable | 1,957 | |||
Fund accounting fees payable | 688 | |||
Compliance services fees payable | 98 | |||
Other accrued expenses | 7,050 | |||
TOTAL LIABILITIES | 131,309 | |||
NET ASSETS | $ | 12,318,944 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 11,215,413 | ||
Total distributable earnings (loss) | 1,103,531 | |||
NET ASSETS | $ | 12,318,944 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 415,533 | |||
Net Asset Value (offering and redemption price per share) | $ | 29.65 |
(a) Includes securities on loan valued at: | $ | 101,876 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 78,274 | ||
Interest | 62 | |||
Net income from securities lending | 53 | |||
TOTAL INVESTMENT INCOME | 78,389 | |||
EXPENSES: | ||||
Advisory fees | 57,368 | |||
Management services fees | 7,649 | |||
Administration fees | 6,513 | |||
Transfer agency fees | 5,610 | |||
Administrative services fees | 23,653 | |||
Distribution fees | 19,122 | |||
Custody fees | 2,029 | |||
Fund accounting fees | 4,026 | |||
Trustee fees | 195 | |||
Compliance services fees | 36 | |||
Other fees | 7,312 | |||
Total Gross Expenses before reductions | 133,513 | |||
Expenses reduced and reimbursed by the Advisor | (5,010 | ) | ||
TOTAL NET EXPENSES | 128,503 | |||
NET INVESTMENT INCOME (LOSS) | (50,114 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 184,802 | |||
Change in net unrealized appreciation/depreciation on investment securities | (4,849,552 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (4,664,750 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,714,864 | ) |
See accompanying notes to financial statements.
142 :: ProFund VP Mid-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (50,114 | ) | $ | (206,922 | ) | ||
Net realized gains (losses) on investments | 184,802 | 3,588,752 | ||||||
Change in net unrealized appreciation/depreciation on investments | (4,849,552 | ) | (558,524 | ) | ||||
Change in net assets resulting from operations | (4,714,864 | ) | 2,823,306 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,989,337 | ) | (1,717,430 | ) | ||||
Change in net assets resulting from distributions | (2,989,337 | ) | (1,717,430 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 3,825,001 | 16,047,007 | ||||||
Distributions reinvested | 2,989,337 | 1,717,430 | ||||||
Value of shares redeemed | (7,493,327 | ) | (19,196,646 | ) | ||||
Change in net assets resulting from capital transactions | (678,989 | ) | (1,432,209 | ) | ||||
Change in net assets | (8,383,190 | ) | (326,333 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 20,702,134 | 21,028,467 | ||||||
End of period | $ | 12,318,944 | $ | 20,702,134 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 92,002 | 318,114 | ||||||
Reinvested | 92,065 | 37,279 | ||||||
Redeemed | (176,379 | ) | (388,586 | ) | ||||
Change in shares | 7,688 | (33,193 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap Growth :: 143
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 50.76 | $ | 47.68 | $ | 43.13 | $ | 38.51 | $ | 47.64 | $ | 44.26 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.51 | ) | (0.28 | ) | (0.16 | ) | (0.23 | ) | (0.23 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (12.09 | ) | 8.14 | 8.71 | 9.17 | (4.76 | ) | 8.08 | ||||||||||||||||
Total income (loss) from investment activities | (12.23 | ) | 7.63 | 8.43 | 9.01 | (4.99 | ) | 7.85 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (8.88 | ) | (4.55 | ) | (3.88 | ) | (4.39 | ) | (4.14 | ) | (4.47 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 29.65 | $ | 50.76 | $ | 47.68 | $ | 43.13 | $ | 38.51 | $ | 47.64 | ||||||||||||
Total Return(b)(c) | (25.61 | )% | 16.97 | % | 20.90 | % | 24.24 | % | (11.98 | )% | 18.31 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.75 | % | 1.73 | % | 1.78 | % | 1.75 | % | 1.70 | % | 1.69 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.66 | )% | 1.02 | % | (0.68 | )% | (0.38 | )% | (0.48 | )% | (0.49 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 12,319 | $ | 20,702 | $ | 21,028 | $ | 20,792 | $ | 14,603 | $ | 22,590 | ||||||||||||
Portfolio turnover rate(b)(e) | 23 | % | 113 | % | 184 | % | 191 | % | 131 | % | 88 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
144 :: ProFund VP Mid-Cap Value :: Financial Statements
Investment Objective: The ProFunds VP Mid-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P MidCap 400® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
First Horizon Corp. | 1.1 | % | ||
Alleghany Corp. | 1.1 | % | ||
Reliance Steel & Aluminum Co. | 1.0 | % | ||
EQT Corp. | 1.0 | % | ||
Jazz Pharmaceuticals PLC | 0.9 | % |
S&P MidCap 400® Value Index – Composition
% of Index | ||||
Industrials | 20 | % | ||
Financials | 18 | % | ||
Consumer Discretionary | 12 | % | ||
Real Estate | 10 | % | ||
Information Technology | 10 | % | ||
Health Care | 7 | % | ||
Utilities | 7 | % | ||
Materials | 6 | % | ||
Consumer Staples | 6 | % | ||
Energy | 3 | % | ||
Communication Services | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.4%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 1,105 | $ | 74,731 | |||||
ACI Worldwide, Inc.* (Software) | 743 | 19,236 | ||||||
Adient PLC* (Auto Components) | 1,157 | 34,282 | ||||||
AECOM (Construction & Engineering) | 1,724 | 112,439 | ||||||
AGCO Corp. (Machinery) | 748 | 73,827 | ||||||
Alcoa Corp. (Metals & Mining) | 1,353 | 61,670 | ||||||
Alleghany Corp.* (Insurance) | 164 | 136,629 | ||||||
ALLETE, Inc. (Electric Utilities) | 696 | 40,911 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 397 | 41,733 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 766 | 49,384 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 1,091 | 12,197 | ||||||
American Financial Group, Inc. (Insurance) | 430 | 59,688 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 723 | 12,255 | ||||||
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | 1,016 | 42,266 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 434 | 44,793 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 805 | 90,233 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 353 | 36,377 | ||||||
Associated Banc-Corp. (Banks) | 1,833 | 33,471 | ||||||
AutoNation, Inc.* (Specialty Retail) | 229 | 25,593 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 1,192 | 51,113 | ||||||
Bank of Hawaii Corp. (Banks) | 286 | 21,278 | ||||||
Bank OZK (Banks) | 730 | 27,397 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 539 | 28,713 | ||||||
BellRing Brands, Inc.* (Personal Products) | 1,331 | 33,129 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 1,646 | 102,578 | ||||||
Black Hills Corp. (Multi-Utilities) | 791 | 57,561 | ||||||
Blackbaud, Inc.* (Software) | 195 | 11,324 | ||||||
Bread Financial Holdings, Inc. (IT Services) | 610 | 22,607 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 915 | 37,533 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,648 | 33,306 | ||||||
Cable One, Inc. (Media) | 25 | 32,234 | ||||||
Cabot Corp. (Chemicals) | 690 | 44,015 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 286 | 80,589 | ||||||
Cadence Bank (Banks) | 2,244 | 52,689 | ||||||
Callaway Golf Co.* (Leisure Products) | 1,423 | 29,029 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 702 | 28,789 | ||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 491 | 34,606 | ||||||
Casey's General Stores, Inc. (Food & Staples Retailing) | 453 | 83,796 | ||||||
Cathay General Bancorp (Banks) | 560 | 21,924 | ||||||
CDK Global, Inc. (Software) | 755 | 41,351 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 1,315 | 26,103 | ||||||
Chemed Corp. (Health Care Providers & Services) | 78 | 36,612 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 128 | 14,289 | ||||||
Ciena Corp.* (Communications Equipment) | 688 | 31,442 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 364 | 26,405 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 250 | 21,918 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 145
Common Stocks, continued
Shares | Value | |||||||
CMC Materials, Inc. (Semiconductors &Semiconductor Equipment) | 116 | $ | 20,241 | |||||
CNO Financial Group, Inc. (Insurance) | 1,414 | 25,579 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 1,263 | 20,789 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 783 | 33,293 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 192 | 13,743 | ||||||
Commerce Bancshares, Inc. (Banks) | 671 | 44,051 | ||||||
Commercial Metals Co. (Metals & Mining) | 1,482 | 49,054 | ||||||
CommVault Systems, Inc.* (Software) | 191 | 12,014 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 1,371 | 35,906 | ||||||
Coty, Inc.*—Class A (Personal Products) | 4,207 | 33,698 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 1,815 | 53,052 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 284 | 23,711 | ||||||
Crane Holdings Co. (Machinery) | 296 | 25,918 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 306 | 35,634 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 468 | 61,805 | ||||||
Dana, Inc. (Auto Components) | 1,749 | 24,608 | ||||||
Donaldson Co., Inc. (Machinery) | 738 | 35,527 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 1,160 | 25,961 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 685 | 33,579 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 220 | 20,469 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 625 | 64,350 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 1,219 | 68,325 | ||||||
Energizer Holdings, Inc. (Household Products) | 800 | 22,680 | ||||||
EnerSys (Electrical Equipment) | 505 | 29,775 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 339 | 18,645 | ||||||
Envestnet, Inc.* (Software) | 316 | 16,675 | ||||||
Envista Holdings Corp.* (Health Care Equipment & Supplies) | 1,984 | 76,462 | ||||||
EPR Properties (Equity Real Estate Investment Trusts) | 915 | 42,941 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 3,613 | 124,286 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 4,963 | 31,565 | ||||||
Esab Corp. (Machinery) | 329 | 14,394 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 1,312 | 51,037 | ||||||
Essential Utilities, Inc. (Water Utilities) | 1,039 | 47,638 | ||||||
Euronet Worldwide, Inc.* (IT Services) | 407 | 40,940 | ||||||
Exelixis, Inc.* (Biotechnology) | 1,839 | 38,288 | ||||||
F.N.B. Corp. (Banks) | 4,120 | 44,743 | ||||||
Fair Isaac Corp.* (Software) | 132 | 52,919 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 593 | 18,851 | ||||||
First American Financial Corp. (Insurance) | 707 | 37,414 | ||||||
First Horizon Corp. (Banks) | 6,531 | 142,769 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 500 | 23,740 | ||||||
First Solar, Inc.* (Semiconductors &Semiconductor Equipment) | 495 | 33,724 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 482 | 33,504 | ||||||
Flowers Foods, Inc. (Food Products) | 2,431 | 63,984 | ||||||
Flowserve Corp. (Machinery) | 1,594 | 45,636 | ||||||
Fluor Corp.* (Construction & Engineering) | 1,736 | 42,254 | ||||||
Foot Locker, Inc. (Specialty Retail) | 1,021 | 25,780 | ||||||
Fulton Financial Corp. (Banks) | 1,962 | 28,351 | ||||||
GATX Corp. (Trading Companies & Distributors) | 435 | 40,960 | ||||||
Genpact, Ltd. (IT Services) | 707 | 29,949 | ||||||
Gentex Corp. (Auto Components) | 1,344 | 37,592 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 387 | 21,726 | ||||||
Graco, Inc. (Machinery) | 826 | 49,073 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 47 | 26,641 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 394 | 37,111 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 325 | 20,274 | ||||||
Grocery Outlet Holding Corp.* (Food & Staples Retailing) | 1,071 | 45,657 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 1,052 | 37,157 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 625 | 40,738 | ||||||
Hancock Whitney Corp. (Banks) | 580 | 25,711 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 4,262 | 43,856 | ||||||
Harley-Davidson, Inc. (Automobiles) | 1,797 | 56,893 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 1,335 | 54,602 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 980 | 26,656 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 340 | 20,873 | ||||||
Hexcel Corp. (Aerospace & Defense) | 1,024 | 53,565 | ||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 1,824 | 82,372 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 1,284 | 43,900 | ||||||
Home BancShares, Inc. (Banks) | 1,454 | 30,200 | ||||||
Hubbell, Inc. (Electrical Equipment) | 300 | 53,574 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 1,765 | 26,193 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 752 | 24,643 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 129 | 21,206 | ||||||
IDACORP, Inc. (Electric Utilities) | 616 | 65,246 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 676 | 34,442 | ||||||
Ingevity Corp.* (Chemicals) | 217 | 13,701 | ||||||
Ingredion, Inc. (Food Products) | 807 | 71,144 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 429 | 23,179 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 406 | 22,334 | ||||||
International Bancshares Corp. (Banks) | 648 | 25,972 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 425 | 40,005 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 733 | 27,531 |
See accompanying notes to financial statements.
146 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
ITT, Inc. (Machinery) | 448 | $ | 30,124 | |||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 965 | 49,418 | ||||||
Janus Henderson Group PLC (Capital Markets) | 1,105 | 25,979 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 762 | 118,880 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 1,329 | 31,418 | ||||||
JetBlue Airways Corp.* (Airlines) | 3,913 | 32,752 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 265 | 12,656 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 304 | 53,157 | ||||||
KB Home (Household Durables) | 1,060 | 30,168 | ||||||
KBR, Inc. (Professional Services) | 597 | 28,889 | ||||||
Kemper Corp. (Insurance) | 733 | 35,111 | ||||||
Kennametal, Inc. (Machinery) | 1,009 | 23,439 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 1,283 | 67,139 | ||||||
Kirby Corp.* (Marine) | 735 | 44,717 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 2,671 | 46,182 | ||||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 1,995 | 92,349 | ||||||
Kohl's Corp. (Multiline Retail) | 1,569 | 55,998 | ||||||
Kyndryl Holdings, Inc.* (IT Services) | 2,198 | 21,496 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 362 | 31,845 | ||||||
Lancaster Colony Corp. (Food Products) | 125 | 16,098 | ||||||
Landstar System, Inc. (Road & Rail) | 159 | 23,122 | ||||||
Lear Corp. (Auto Components) | 729 | 91,775 | ||||||
Leggett & Platt, Inc. (Household Durables) | 1,630 | 56,365 | ||||||
Lennox International, Inc. (Building Products) | 169 | 34,914 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 378 | 58,870 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 298 | 36,761 | ||||||
Lithia Motors, Inc. (Specialty Retail) | 354 | 97,283 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 115 | 29,215 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 261 | 16,305 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 463 | 36,771 | ||||||
Macy's, Inc. (Multiline Retail) | 3,482 | 63,790 | ||||||
ManpowerGroup, Inc. (Professional Services) | 644 | 49,208 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 278 | 32,304 | ||||||
MasTec, Inc.* (Construction & Engineering) | 342 | 24,508 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 2,482 | 66,989 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 7,320 | 111,777 | ||||||
Mercury General Corp. (Insurance) | 324 | 14,353 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 703 | 45,224 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 3,786 | 47,704 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 926 | 24,326 | ||||||
Minerals Technologies, Inc. (Chemicals) | 402 | 24,659 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 306 | 31,405 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 218 | 26,393 | ||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 576 | 43,263 | ||||||
Murphy USA, Inc. (Specialty Retail) | 272 | 63,341 | ||||||
National Fuel Gas Co. (Gas Utilities) | 536 | 35,403 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 752 | 23,485 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 1,181 | 50,783 | ||||||
NCR Corp.* (Technology Hardware, Storage & Peripherals) | 1,667 | 51,860 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 553 | 13,322 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 1,173 | 52,234 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 5,710 | 52,132 | ||||||
NewMarket Corp. (Chemicals) | 82 | 24,679 | ||||||
Nordstrom, Inc. (Multiline Retail) | 1,361 | 28,758 | ||||||
NorthWestern Corp. (Multi-Utilities) | 660 | 38,894 | ||||||
NOV, Inc. (Energy Equipment & Services) | 4,801 | 81,185 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 613 | 26,543 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 636 | 31,266 | ||||||
nVent Electric PLC (Electrical Equipment) | 832 | 26,067 | ||||||
OGE Energy Corp. (Electric Utilities) | 1,538 | 59,305 | ||||||
Old National Bancorp (Banks) | 3,574 | 52,859 | ||||||
Old Republic International Corp. (Insurance) | 3,503 | 78,327 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | 711 | 41,771 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 2,871 | 80,934 | ||||||
ONE Gas, Inc. (Gas Utilities) | 660 | 53,585 | ||||||
Oshkosh Corp. (Machinery) | 802 | 65,876 | ||||||
Owens Corning (Building Products) | 1,187 | 88,206 | ||||||
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 2,846 | 38,620 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 1,061 | 32,148 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 1,604 | 26,578 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 1,893 | 87,040 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 1,644 | 66,697 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 2,754 | 48,057 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 586 | 18,301 | ||||||
PNM Resources, Inc. (Electric Utilities) | 1,047 | 50,026 | ||||||
Polaris, Inc. (Leisure Products) | 389 | 38,620 | ||||||
Portland General Electric Co. (Electric Utilities) | 1,084 | 52,390 | ||||||
Post Holdings, Inc.* (Food Products) | 683 | 56,245 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 474 | 20,946 | ||||||
Primerica, Inc. (Insurance) | 178 | 21,305 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 329 | 9,557 | ||||||
Prosperity Bancshares, Inc. (Banks) | 1,124 | 76,735 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 91 | 17,031 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 689 | 14,441 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 147
Common Stocks, continued
Shares | Value | |||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 980 | $ | 24,255 | |||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 713 | 26,652 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 474 | 53,808 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 817 | 95,826 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 756 | 128,413 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 538 | 84,127 | ||||||
RLI Corp. (Insurance) | 195 | 22,735 | ||||||
Royal Gold, Inc. (Metals & Mining) | 320 | 34,170 | ||||||
RPM International, Inc. (Chemicals) | 775 | 61,008 | ||||||
Ryder System, Inc. (Road & Rail) | 624 | 44,341 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 2,817 | 39,353 | ||||||
Sabre Corp.* (IT Services) | 2,071 | 12,074 | ||||||
Sanderson Farms, Inc. (Food Products) | 137 | 29,528 | ||||||
Science Applications International Corp. (Professional Services) | 681 | 63,401 | ||||||
SEI Investments Co. (Capital Markets) | 523 | 28,253 | ||||||
Selective Insurance Group, Inc. (Insurance) | 737 | 64,075 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 264 | 14,512 | ||||||
Sensient Technologies Corp. (Chemicals) | 220 | 17,723 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 1,027 | 42,466 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 484 | 10,503 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 872 | 31,026 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 781 | 36,043 | ||||||
Sonoco Products Co. (Containers & Packaging) | 1,189 | 67,821 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 289 | 5,662 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 816 | 71,057 | ||||||
Spire, Inc. (Gas Utilities) | 635 | 47,225 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 1,640 | 61,959 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 1,337 | 33,853 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 1,124 | 49,287 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 3,082 | 80,379 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 2,569 | 60,012 | ||||||
Synovus Financial Corp. (Banks) | 1,064 | 38,357 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 1,462 | 34,152 | ||||||
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 504 | 45,914 | ||||||
TEGNA, Inc. (Media) | 1,512 | 31,707 | ||||||
Terex Corp. (Machinery) | 845 | 23,128 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 619 | 32,584 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 333 | 24,376 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 46 | 13,937 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 575 | 34,908 | ||||||
The Chemours Co. (Chemicals) | 1,899 | 60,806 | ||||||
The Gap, Inc. (Specialty Retail) | 2,571 | 21,185 | ||||||
The Goodyear Tire & Rubber Co.* (Auto Components) | 3,451 | 36,960 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 1,096 | 26,019 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 435 | 63,619 | ||||||
The Macerich Co. (Equity Real Estate Investment Trusts) | 2,618 | 22,803 | ||||||
The Middleby Corp.* (Machinery) | 239 | 29,961 | ||||||
The New York Times Co.—Class A (Media) | 855 | 23,855 | ||||||
The Timken Co. (Machinery) | 823 | 43,660 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 1,046 | 19,748 | ||||||
The Western Union Co. (IT Services) | 4,709 | 77,557 | ||||||
Thor Industries, Inc. (Automobiles) | 672 | 50,219 | ||||||
Toll Brothers, Inc. (Household Durables) | 1,345 | 59,987 | ||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 1,043 | 40,488 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 710 | 12,638 | ||||||
UGI Corp. (Gas Utilities) | 2,563 | 98,958 | ||||||
Umpqua Holdings Corp. (Banks) | 1,672 | 28,039 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,313 | 10,937 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 1,411 | 10,695 | ||||||
United Bankshares, Inc. (Banks) | 1,659 | 58,181 | ||||||
United States Steel Corp. (Metals & Mining) | 3,179 | 56,936 | ||||||
United Therapeutics Corp.* (Biotechnology) | 287 | 67,629 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 2,064 | 51,332 | ||||||
Unum Group (Insurance) | 2,453 | 83,451 | ||||||
Valley National Bancorp (Banks) | 5,126 | 53,362 | ||||||
ViaSat, Inc.* (Communications Equipment) | 908 | 27,812 | ||||||
Victoria's Secret & Co.* (Specialty Retail) | 422 | 11,803 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 1,610 | 28,690 | ||||||
Visteon Corp.* (Auto Components) | 343 | 35,528 | ||||||
Vontier Corp. (Electronic Equipment, Instruments & Components) | 1,967 | 45,221 | ||||||
Voya Financial, Inc. (Diversified Financial Services) | 1,248 | 74,293 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 799 | 23,986 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 138 | 32,957 | ||||||
Webster Financial Corp. (Banks) | 1,282 | 54,036 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 723 | 27,864 | ||||||
WEX, Inc.* (IT Services) | 313 | 48,690 | ||||||
Wintrust Financial Corp. (Banks) | 367 | 29,415 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 679 | 43,082 | ||||||
Woodward, Inc. (Machinery) | 739 | 68,349 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 201 | 12,560 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 391 | 17,243 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 394 | 25,894 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 1,454 | 21,592 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 1,207 | 58,129 | ||||||
TOTAL COMMON STOCKS (Cost $10,222,124) | 12,466,453 |
See accompanying notes to financial statements.
148 :: ProFund VP Mid-Cap Value :: Financial Statements
Repurchase Agreements(a) (0.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $88,003 | $ | 88,000 | $ | 88,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $88,000) | 88,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,310,124)—100.1% | 12,554,453 | |||||||
Net other assets (liabilities)—(0.1)% | (11,305 | ) | ||||||
NET ASSETS—100.0% | $ | 12,543,148 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 160,594 | 1.3 | % | ||||
Air Freight & Logistics | 58,129 | 0.5 | % | |||||
Airlines | 32,752 | 0.3 | % | |||||
Auto Components | 260,745 | 2.1 | % | |||||
Automobiles | 107,112 | 0.9 | % | |||||
Banks | 957,758 | 7.5 | % | |||||
Beverages | 13,937 | 0.1 | % | |||||
Biotechnology | 105,917 | 0.8 | % | |||||
Building Products | 123,120 | 1.0 | % | |||||
Capital Markets | 95,417 | 0.8 | % | |||||
Chemicals | 282,968 | 2.3 | % | |||||
Commercial Services & Supplies | 181,475 | 1.4 | % | |||||
Communications Equipment | 96,025 | 0.8 | % | |||||
Construction & Engineering | 264,020 | 2.1 | % | |||||
Consumer Finance | 33,504 | 0.3 | % | |||||
Containers & Packaging | 175,354 | 1.4 | % | |||||
Diversified Consumer Services | 100,909 | 0.8 | % | |||||
Diversified Financial Services | 74,293 | 0.6 | % | |||||
Diversified Telecommunication Services | 27,531 | 0.2 | % | |||||
Electric Utilities | 322,480 | 2.6 | % | |||||
Electrical Equipment | 223,236 | 1.8 | % | |||||
Electronic Equipment, Instruments & Components | 499,742 | 4.0 | % | |||||
Energy Equipment & Services | 107,288 | 0.9 | % | |||||
Entertainment | 12,560 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 1,241,804 | 9.9 | % | |||||
Food & Staples Retailing | 352,924 | 2.9 | % | |||||
Food Products | 281,319 | 2.2 | % | |||||
Gas Utilities | 358,462 | 2.8 | % | |||||
Health Care Equipment & Supplies | 262,849 | 2.1 | % | |||||
Health Care Providers & Services | 357,290 | 2.9 | % | |||||
Hotels, Restaurants & Leisure | 191,313 | 1.5 | % | |||||
Household Durables | 180,672 | 1.4 | % | |||||
Household Products | 22,680 | 0.2 | % | |||||
Insurance | 859,772 | 6.9 | % | |||||
Interactive Media & Services | 12,638 | 0.1 | % | |||||
IT Services | 253,313 | 2.0 | % | |||||
Leisure Products | 67,649 | 0.5 | % | |||||
Life Sciences Tools & Services | 5,662 | NM | ||||||
Machinery | 565,673 | 4.5 | % | |||||
Marine | 44,717 | 0.4 | % | |||||
Media | 100,452 | 0.8 | % | |||||
Metals & Mining | 347,486 | 2.7 | % | |||||
Multiline Retail | 190,317 | 1.5 | % | |||||
Multi-Utilities | 163,444 | 1.3 | % | |||||
Oil, Gas & Consumable Fuels | 316,846 | 2.5 | % | |||||
Personal Products | 93,370 | 0.7 | % | |||||
Pharmaceuticals | 185,577 | 1.5 | % | |||||
Professional Services | 222,087 | 1.8 | % | |||||
Real Estate Management & Development | 53,157 | 0.4 | % | |||||
Road & Rail | 187,676 | 1.5 | % | |||||
Semiconductors & Semiconductor Equipment | 181,624 | 1.4 | % | |||||
Software | 153,519 | 1.2 | % | |||||
Specialty Retail | 257,182 | 2.1 | % | |||||
Technology Hardware, Storage & Peripherals | 73,452 | 0.6 | % | |||||
Textiles, Apparel & Luxury Goods | 173,652 | 1.4 | % | |||||
Thrifts & Mortgage Finance | 174,859 | 1.4 | % | |||||
Trading Companies & Distributors | 168,512 | 1.3 | % | |||||
Water Utilities | 47,638 | 0.4 | % | |||||
Other** | 76,695 | 0.6 | % | |||||
Total | $ | 12,543,148 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 149
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,310,124 | ||
Securities, at value | 12,466,453 | |||
Repurchase agreements, at value | 88,000 | |||
Total Investment Securities, at value | 12,554,453 | |||
Cash | 535 | |||
Dividends and interest receivable | 18,697 | |||
Receivable for capital shares issued | 48 | |||
Prepaid expenses | 821 | |||
TOTAL ASSETS | 12,574,554 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,349 | |||
Advisory fees payable | 7,828 | |||
Management services fees payable | 1,044 | |||
Administration fees payable | 1,151 | |||
Administrative services fees payable | 4,458 | |||
Distribution fees payable | 4,740 | |||
Transfer agency fees payable | 2,044 | |||
Fund accounting fees payable | 725 | |||
Compliance services fees payable | 97 | |||
Other accrued expenses | 7,970 | |||
TOTAL LIABILITIES | 31,406 | |||
NET ASSETS | $ | 12,543,148 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,418,752 | ||
Total distributable earnings (loss) | 124,396 | |||
NET ASSETS | $ | 12,543,148 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 340,820 | |||
Net Asset Value (offering and redemption price per share) | $ | 36.80 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 151,143 | ||
Interest | 32 | |||
Net income from securities lending | 1 | |||
TOTAL INVESTMENT INCOME | 151,176 | |||
EXPENSES: | ||||
Advisory fees | 59,073 | |||
Management services fees | 7,876 | |||
Administration fees | 6,781 | |||
Transfer agency fees | 5,895 | |||
Administrative services fees | 22,581 | |||
Distribution fees | 19,691 | |||
Custody fees | 2,076 | |||
Fund accounting fees | 4,331 | |||
Trustee fees | 204 | |||
Compliance services fees | 42 | |||
Other fees | 7,444 | |||
Total Gross Expenses before reductions | 135,994 | |||
Expenses reduced and reimbursed by the Advisor | (3,671 | ) | ||
TOTAL NET EXPENSES | 132,323 | |||
NET INVESTMENT INCOME (LOSS) | 18,853 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (286,483 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,380,842 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,667,325 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,648,472 | ) |
See accompanying notes to financial statements.
150 :: ProFund VP Mid-Cap Value :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 18,853 | $ | 16,314 | ||||
Net realized gains (losses) on investments | (286,483 | ) | 2,612,443 | |||||
Change in net unrealized appreciation/depreciation on investments | (2,380,842 | ) | 1,298,752 | |||||
Change in net assets resulting from operations | (2,648,472 | ) | 3,927,509 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,127,084 | ) | (54,454 | ) | ||||
Change in net assets resulting from distributions | (2,127,084 | ) | (54,454 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 13,725,376 | 32,827,757 | ||||||
Distributions reinvested | 2,127,084 | 54,454 | ||||||
Value of shares redeemed | (17,215,181 | ) | (30,546,186 | ) | ||||
Change in net assets resulting from capital transactions | (1,362,721 | ) | 2,336,025 | |||||
Change in net assets | (6,138,277 | ) | 6,209,080 | |||||
NET ASSETS: | ||||||||
Beginning of period | 18,681,425 | 12,472,345 | ||||||
End of period | $ | 12,543,148 | $ | 18,681,425 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 283,239 | 697,548 | ||||||
Reinvested | 53,417 | 1,143 | ||||||
Redeemed | (366,024 | ) | (645,363 | ) | ||||
Change in shares | (29,368 | ) | 53,328 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap Value :: 151
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 50.46 | $ | 39.36 | $ | 42.15 | $ | 35.25 | $ | 46.61 | $ | 45.02 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.06 | 0.04 | 0.21 | 0.10 | 0.09 | 0.03 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (6.98 | ) | 11.18 | 0.13 | 8.22 | (5.33 | ) | 4.63 | ||||||||||||||||
Total income (loss) from investment activities | (6.92 | ) | 11.22 | 0.34 | 8.32 | (5.24 | ) | 4.66 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.12 | ) | (0.15 | ) | (0.08 | ) | (0.05 | ) | (0.15 | ) | ||||||||||||
Net realized gains on investments | (6.67 | ) | — | (2.98 | ) | (1.34 | ) | (6.07 | ) | (2.92 | ) | |||||||||||||
Total distributions | (6.74 | ) | (0.12 | ) | (3.13 | ) | (1.42 | ) | (6.12 | ) | (3.07 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 36.80 | $ | 50.46 | $ | 39.36 | $ | 42.15 | $ | 35.25 | $ | 46.61 | ||||||||||||
Total Return(b)(c) | (14.73 | )% | 28.53 | % | 2.30 | % | 24.08 | % | (13.29 | )% | 10.61 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.73 | % | 1.70 | % | 1.80 | % | 1.75 | % | 1.71 | % | 1.70 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.24 | % | 0.08 | % | 0.60 | % | 0.26 | % | 0.21 | % | 0.07 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 12,543 | $ | 18,681 | $ | 12,472 | $ | 17,712 | $ | 10,985 | $ | 16,464 | ||||||||||||
Portfolio turnover rate(b)(e) | 77 | % | 172 | % | 163 | % | 232 | % | 127 | % | 66 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
152 :: ProFund VP Nasdaq-100 :: Financial Statements
Investment Objective: The ProFund VP Nasdaq-100 seeks investment results that, before fees and expenses, correspond to the performance of the Nasdaq-100® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 82 | % | ||
Futures Contracts | 1 | % | ||
Swap Agreements | 17 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 10.3 | % | ||
Microsoft Corp. | 9.0 | % | ||
Alphabet, Inc. | 6.3 | % | ||
Amazon.com, Inc. | 5.1 | % | ||
Tesla, Inc. | 3.3 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 51 | % | ||
Communication Services | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 6 | % | ||
Industrials | 3 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (82.2%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 4,397 | $ | 342,350 | |||||
Adobe, Inc.* (Software) | 2,657 | 972,621 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 9,113 | 696,871 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,150 | 191,522 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 443 | 104,845 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,019 | 2,220,666 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,062 | 2,323,072 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 34,488 | 3,662,970 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 2,888 | 277,075 | ||||||
Amgen, Inc. (Biotechnology) | 3,004 | 730,872 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 2,923 | 427,021 | ||||||
ANSYS, Inc.* (Software) | 489 | 117,013 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 54,863 | 7,500,869 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 4,892 | 445,074 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 482 | 229,374 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 3,250 | 214,728 | ||||||
Atlassian Corp. PLC*—Class A (Software) | 804 | 150,670 | ||||||
Autodesk, Inc.* (Software) | 1,223 | 210,307 | ||||||
Automatic Data Processing, Inc. (IT Services) | 2,349 | 493,385 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 1,215 | 180,707 | ||||||
Biogen, Inc.* (Biotechnology) | 824 | 168,047 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 228 | 398,770 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 2,296 | 1,115,421 | ||||||
Cadence Design Systems, Inc.* (Software) | 1,551 | 232,697 | ||||||
Charter Communications, Inc.*—Class A (Media) | 944 | 442,292 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 575 | 214,780 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 23,288 | 993,000 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 2,931 | 197,813 | ||||||
Comcast Corp.—Class A (Media) | 25,141 | 986,533 | ||||||
Constellation Energy Corp. (Electric Utilities) | 1,836 | 105,129 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,337 | 145,278 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 2,493 | 1,194,845 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 1,200 | 202,272 | ||||||
CSX Corp. (Road & Rail) | 12,228 | 355,346 | ||||||
Datadog, Inc.*—Class A (Software) | 1,592 | 151,622 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 2,207 | 164,488 | ||||||
DocuSign, Inc.* (Software) | 1,124 | 64,495 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 1,263 | 196,839 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 3,148 | 131,177 | ||||||
Electronic Arts, Inc. (Entertainment) | 1,574 | 191,477 | ||||||
Exelon Corp. (Electric Utilities) | 5,512 | 249,804 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 3,237 | 161,591 | ||||||
Fiserv, Inc.* (IT Services) | 3,635 | 323,406 | ||||||
Fortinet, Inc.* (Software) | 4,515 | 255,459 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 7,054 | 436,008 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 3,828 | 665,345 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 472 | 165,545 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 883 | 162,790 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 22,996 | 860,281 | ||||||
Intuit, Inc. (Software) | 1,586 | 611,308 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 153
Common Stocks, continued
Shares | Value | |||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 2,019 | $ | 405,233 | |||||
JD.com, Inc.ADR (Internet & Direct Marketing Retail) | 2,850 | 183,027 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 7,978 | 282,341 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 839 | 267,708 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 780 | 332,397 | ||||||
Lucid Group, Inc.*(a) (Automobiles) | 9,380 | 160,961 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 691 | 188,374 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 1,841 | 250,394 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,780 | 208,073 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 1,606 | 111,922 | ||||||
Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | 283 | 180,234 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 11,641 | 1,877,111 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 3,118 | 181,093 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 6,280 | 347,158 | ||||||
Microsoft Corp. (Software) | 25,352 | 6,511,154 | ||||||
Moderna, Inc.* (Biotechnology) | 2,237 | 319,555 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 7,783 | 483,246 | ||||||
Monster Beverage Corp.* (Beverages) | 2,979 | 276,153 | ||||||
NetEase, Inc.ADR (Entertainment) | 1,022 | 95,414 | ||||||
Netflix, Inc.* (Entertainment) | 2,498 | 436,826 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 11,926 | 1,807,863 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,477 | 218,640 | ||||||
Okta, Inc.* (IT Services) | 848 | 76,659 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 637 | 163,250 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 370 | 233,752 | ||||||
PACCAR, Inc. (Machinery) | 1,955 | 160,975 | ||||||
Palo Alto Networks, Inc.* (Software) | 560 | 276,606 | ||||||
Paychex, Inc. (IT Services) | 2,030 | 231,156 | ||||||
PayPal Holdings, Inc.* (IT Services) | 6,513 | 454,868 | ||||||
PepsiCo, Inc. (Beverages) | 7,776 | 1,295,949 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 2,493 | 154,067 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 6,299 | 804,634 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 608 | 359,407 | ||||||
Ross Stores, Inc. (Specialty Retail) | 1,976 | 138,774 | ||||||
Seagen, Inc.* (Biotechnology) | 1,035 | 183,133 | ||||||
Sirius XM Holdings, Inc.(a) (Media) | 22,136 | 135,694 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 905 | 83,839 | ||||||
Splunk, Inc.* (Software) | 905 | 80,056 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 6,450 | 492,716 | ||||||
Synopsys, Inc.* (Software) | 860 | 261,182 | ||||||
Tesla, Inc.* (Automobiles) | 3,512 | 2,365,050 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 5,186 | 796,829 | ||||||
The Kraft Heinz Co. (Food Products) | 6,884 | 262,556 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 7,050 | 948,507 | ||||||
VeriSign, Inc.* (IT Services) | 616 | 103,075 | ||||||
Verisk Analytics, Inc. (Professional Services) | 888 | 153,704 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 1,438 | 405,214 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 4,858 | 184,118 | ||||||
Workday, Inc.*—Class A (Software) | 1,119 | 156,190 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 3,063 | 216,738 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 1,416 | 152,886 | ||||||
Zscaler, Inc.* (Software) | 793 | 118,561 | ||||||
TOTAL COMMON STOCKS (Cost $14,888,266) | 59,610,892 |
Repurchase Agreements(b)(c) (41.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $29,889,140 | $ | 29,888,000 | $ | 29,888,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $29,888,000) | 29,888,000 |
Collateral for Securities Loaned(d) (0.4%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(e) | 304,652 | $ | 304,652 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $304,652) | 304,652 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $45,080,918)—123.8% | 89,803,544 | |||||||
Net other assets (liabilities)—(23.8)% | (17,268,564 | ) | ||||||
NET ASSETS—100.0% | $ | 72,534,980 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $296,466. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $5,272,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(d) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
ADR | American Depositary Receipt |
NYS | New York Shares |
See accompanying notes to financial statements.
154 :: ProFund VP Nasdaq-100 :: Financial Statements
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
E-Mini Nasdaq-100 Futures Contracts | 2 | 9/19/22 | $ | 461,180 | $ | (48,510 | ) |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Nasdaq-100 Index | Goldman Sachs International | 7/27/22 | 2.18 | % | $ | 2,197,211 | $ | (306,495 | ) | ||||||||
Nasdaq-100 Index | UBS AG | 7/27/22 | 2.38 | % | 10,238,311 | (877,705 | ) | ||||||||||
$ | 12,435,522 | $ | (1,184,200 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Nasdaq-100 invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Automobiles | $ | 2,526,011 | 3.5 | % | ||||
Beverages | 1,854,443 | 2.6 | % | |||||
Biotechnology | 2,602,236 | 3.6 | % | |||||
Commercial Services & Supplies | 360,058 | 0.5 | % | |||||
Communications Equipment | 993,000 | 1.4 | % | |||||
Electric Utilities | 848,746 | 1.2 | % | |||||
Entertainment | 1,066,067 | 1.5 | % | |||||
Food & Staples Retailing | 1,378,963 | 1.9 | % | |||||
Food Products | 745,802 | 1.0 | % | |||||
Health Care Equipment & Supplies | 840,111 | 1.2 | % | |||||
Hotels, Restaurants & Leisure | 1,333,402 | 1.8 | % | |||||
Industrial Conglomerates | 665,345 | 1.0 | % | |||||
Interactive Media & Services | 6,713,478 | 9.2 | % | |||||
Internet & Direct Marketing Retail | 4,311,475 | 5.9 | % | |||||
IT Services | 1,880,362 | 2.6 | % | |||||
Life Sciences Tools & Services | 162,790 | 0.2 | % | |||||
Machinery | 160,975 | 0.2 | % | |||||
Media | 1,564,519 | 2.2 | % | |||||
Multiline Retail | 196,839 | 0.3 | % | |||||
Pharmaceuticals | 214,728 | 0.3 | % | |||||
Professional Services | 153,704 | 0.2 | % | |||||
Road & Rail | 518,596 | 0.7 | % | |||||
Semiconductors & Semiconductor Equipment | 8,822,276 | 12.2 | % | |||||
Software | 10,525,099 | 14.4 | % | |||||
Specialty Retail | 372,526 | 0.5 | % | |||||
Technology Hardware, Storage & Peripherals | 7,500,869 | 10.3 | % | |||||
Textiles, Apparel & Luxury Goods | 188,374 | 0.3 | % | |||||
Trading Companies & Distributors | 161,591 | 0.2 | % | |||||
Wireless Telecommunication Services | 948,507 | 1.3 | % | |||||
Other** | 12,924,088 | 17.8 | % | |||||
Total | $ | 72,534,980 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 155
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 45,080,918 | ||
Securities, at value(a) | 59,915,544 | |||
Repurchase agreements, at value | 29,888,000 | |||
Total Investment Securities, at value | 89,803,544 | |||
Cash | 1,020 | |||
Segregated cash balances for futures contracts with brokers | 33,000 | |||
Segregated cash balances for swap agreements with custodian | 32 | |||
Dividends and interest receivable | 12,181 | |||
Receivable for capital shares issued | 181,897 | |||
Prepaid expenses | 1,103 | |||
TOTAL ASSETS | 90,032,777 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 304,652 | |||
Payable for capital shares redeemed | 15,748,466 | |||
Unrealized depreciation on swap agreements | 1,184,200 | |||
Variation margin on futures contracts | 6,460 | |||
Advisory fees payable | 50,630 | |||
Management services fees payable | 6,751 | |||
Administration fees payable | 7,206 | |||
Administrative services fees payable | 47,269 | |||
Distribution fees payable | 50,757 | |||
Trustee fees payable | 27 | |||
Transfer agency fees payable | 12,658 | |||
Fund accounting fees payable | 4,020 | |||
Compliance services fees payable | 727 | |||
Other accrued expenses | 73,974 | |||
TOTAL LIABILITIES | 17,497,797 | |||
NET ASSETS | $ | 72,534,980 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 26,851,028 | ||
Total distributable earnings (loss) | 45,683,952 | |||
NET ASSETS | $ | 72,534,980 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,794,200 | |||
Net Asset Value (offering and redemption price per share) | $ | 40.43 |
(a) Includes securities on loan valued at: | $ | 296,466 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 319,255 | ||
Interest | 41,446 | |||
Foreign tax withholding | (361 | ) | ||
Net income from securities lending | 2,356 | |||
TOTAL INVESTMENT INCOME | 362,696 | |||
EXPENSES: | ||||
Advisory fees | 416,848 | |||
Management services fees | 55,579 | |||
Administration fees | 51,560 | |||
Transfer agency fees | 44,004 | |||
Administrative services fees | 136,877 | |||
Distribution fees | 138,949 | |||
Custody fees | 9,963 | |||
Fund accounting fees | 28,666 | |||
Trustee fees | 1,520 | |||
Compliance services fees | 233 | |||
Other fees | 75,070 | |||
Total Gross Expenses before reductions | 959,269 | |||
Expenses reduced and reimbursed by the Advisor | (25,530 | ) | ||
TOTAL NET EXPENSES | 933,739 | |||
NET INVESTMENT INCOME (LOSS) | (571,043 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 17,189,208 | |||
Net realized gains (losses) on futures contracts | (1,336,594 | ) | ||
Net realized gains (losses) on swap agreements | (11,408,093 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (46,469,611 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (46,863 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (397,391 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (42,469,344 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (43,040,387 | ) |
See accompanying notes to financial statements.
156 :: ProFund VP Nasdaq-100 :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (571,043 | ) | $ | (1,774,417 | ) | ||
Net realized gains (losses) on investments | 4,444,521 | 21,820,059 | ||||||
Change in net unrealized appreciation/depreciation on investments | (46,913,865 | ) | 15,063,145 | |||||
Change in net assets resulting from operations | (43,040,387 | ) | 35,108,787 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (19,959,331 | ) | (18,959,830 | ) | ||||
Change in net assets resulting from distributions | (19,959,331 | ) | (18,959,830 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 573,238,011 | 711,820,368 | ||||||
Distributions reinvested | 19,959,331 | 18,959,830 | ||||||
Value of shares redeemed | (635,244,071 | ) | (724,556,281 | ) | ||||
Change in net assets resulting from capital transactions | (42,046,729 | ) | 6,223,917 | |||||
Change in net assets | (105,046,447 | ) | 22,372,874 | |||||
NET ASSETS: | ||||||||
Beginning of period | 177,581,427 | 155,208,553 | ||||||
End of period | $ | 72,534,980 | $ | 177,581,427 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 9,702,603 | 10,203,150 | ||||||
Reinvested | 462,450 | 319,350 | ||||||
Redeemed | (10,774,903 | ) | (10,312,826 | ) | ||||
Change in shares | (609,850 | ) | 209,674 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Nasdaq-100 :: 157
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 73.87 | $ | 70.73 | $ | 51.68 | $ | 38.09 | $ | 42.74 | $ | 32.91 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.31 | ) | (0.81 | ) | (0.59 | ) | (0.13 | ) | (0.15 | ) | (0.26 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (21.15 | ) | 15.53 | 24.00 | 14.06 | (0.08 | ) | 10.24 | ||||||||||||||||
Total income (loss) from investment activities | (21.46 | ) | 14.72 | 23.41 | 13.93 | (0.23 | ) | 9.98 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (11.98 | ) | (11.58 | ) | (4.36 | ) | (0.34 | ) | (4.42 | ) | (0.15 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 40.43 | $ | 73.87 | $ | 70.73 | $ | 51.68 | $ | 38.09 | $ | 42.74 | ||||||||||||
Total Return(b)(c) | (30.07 | )% | 24.80 | % | 45.57 | % | 36.70 | % | (1.87 | )%(d) | 30.37 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.73 | % | 1.68 | % | 1.73 | % | 1.72 | % | 1.74 | % | 1.71 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.69 | %(f) | 1.67 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (1.03 | )% | (1.15 | )% | (0.99 | )% | (0.29 | )% | (0.34 | )%(d) | (0.68 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 72,535 | $ | 177,581 | $ | 155,209 | $ | 103,193 | $ | 64,653 | $ | 73,907 | ||||||||||||
Portfolio turnover rate(b)(g) | 3 | % | 13 | % | 10 | % | 9 | % | 6 | % | 4 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and (0.35)%, respectively, and the total return would have been (1.88)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
158 :: ProFund VP Oil & Gas :: Financial Statements
Investment Objective: The ProFund VP Oil & Gas seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Oil & GasSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Swap Agreements | 3 | % | ||
Total Exposure | 101 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Exxon Mobil Corp. | 23.2 | % | ||
Chevron Corp. | 18.3 | % | ||
ConocoPhillips | 7.5 | % | ||
EOG Resources, Inc. | 4.2 | % | ||
Occidental Petroleum Corp. | 3.4 | % |
Dow Jones U.S. Oil & GasSM
Index – Composition
% of Index | ||||
Oil, Gas & Consumable Fuels | 90 | % | ||
Energy Equipment & Services | 8 | % | ||
Electrical Equipment | 1 | % | ||
Electric Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.7%)
Shares | Value | |||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 12,027 | $ | 419,742 | |||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 33,258 | 960,158 | ||||||
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 8,403 | 1,117,851 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 69,864 | 10,114,910 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 45,992 | 4,130,542 | ||||||
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | 2,066 | 135,013 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 28,652 | 738,935 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 21,826 | 1,202,831 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5,931 | 718,541 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 3,439 | 168,580 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 20,826 | 2,300,023 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 10,511 | 361,578 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 14,463 | 91,985 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 149,789 | 12,827,930 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 3,525 | 240,158 | ||||||
Halliburton Co. (Energy Equipment & Services) | 32,073 | 1,005,809 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 9,850 | 1,043,509 | ||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 5,318 | 240,161 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 69,338 | 1,162,105 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 25,163 | 565,664 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 19,235 | 1,581,309 | ||||||
New Fortress Energy, Inc. (Oil, Gas & Consumable Fuels) | 1,477 | 58,445 | ||||||
NOV, Inc. (Energy Equipment & Services) | 13,967 | 236,182 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 31,658 | 1,864,023 | ||||||
OGE Energy Corp. (Electric Utilities) | 7,120 | 274,547 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 15,882 | 881,451 | ||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 9,198 | 406,460 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 17,107 | 1,402,603 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 8,001 | 1,784,863 | ||||||
Plug Power, Inc.* (Electrical Equipment) | 18,500 | 306,545 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 50,260 | 1,797,299 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 8,106 | 483,685 | ||||||
TechnipFMC PLC* (Energy Equipment & Services) | 15,114 | 101,717 | ||||||
Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels) | 220 | 327,364 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 43,311 | 1,351,736 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 14,511 | 1,542,229 | ||||||
TOTAL COMMON STOCKS (Cost $28,450,108) | 53,946,483 |
Repurchase Agreements(a) (2.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $1,464,056 | $ | 1,464,000 | $ | 1,464,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,464,000) | 1,464,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $29,914,108)—100.4% | 55,410,483 | |||||||
Net other assets (liabilities)—(0.4)% | (204,472 | ) | ||||||
NET ASSETS—100.0% | $ | 55,206,011 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Oil & Gas :: 159
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Oil & Gas Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 1,750,019 | $ | 24,931 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Oil & Gas invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Electric Utilities | $ | 274,547 | 0.5 | % | ||||
Electrical Equipment | 306,545 | 0.6 | % | |||||
Energy Equipment & Services | 4,101,165 | 7.4 | % | |||||
Oil, Gas & Consumable Fuels | 49,024,068 | 88.8 | % | |||||
Semiconductors & Semiconductor Equipment | 240,158 | 0.4 | % | |||||
Other** | 1,259,528 | 2.3 | % | |||||
Total | $ | 55,206,011 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
160 :: ProFund VP Oil & Gas :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 29,914,108 | ||
Securities, at value | 53,946,483 | |||
Repurchase agreements, at value | 1,464,000 | |||
Total Investment Securities, at value | 55,410,483 | |||
Cash | 3,000 | |||
Segregated cash balances for swap agreements with custodian | 320,000 | |||
Dividends and interest receivable | 46,904 | |||
Unrealized appreciation on swap agreements | 24,931 | |||
Receivable for capital shares issued | 162 | |||
Prepaid expenses | 467 | |||
TOTAL ASSETS | 55,805,947 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 445,385 | |||
Advisory fees payable | 38,651 | |||
Management services fees payable | 5,153 | |||
Administration fees payable | 5,470 | |||
Administrative services fees payable | 29,229 | |||
Distribution fees payable | 29,882 | |||
Trustee fees payable | 21 | |||
Transfer agency fees payable | 9,140 | |||
Fund accounting fees payable | 3,038 | |||
Compliance services fees payable | 307 | |||
Other accrued expenses | 33,660 | |||
TOTAL LIABILITIES | 599,936 | |||
NET ASSETS | $ | 55,206,011 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 36,539,925 | ||
Total distributable earnings (loss) | 18,666,086 | |||
NET ASSETS | $ | 55,206,011 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,542,283 | |||
Net Asset Value (offering and redemption price per share) | $ | 35.79 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 1,038,985 | ||
Interest | 1,996 | |||
TOTAL INVESTMENT INCOME | 1,040,981 | |||
EXPENSES: | ||||
Advisory fees | 199,483 | |||
Management services fees | 26,598 | |||
Administration fees | 24,012 | |||
Transfer agency fees | 21,497 | |||
Administrative services fees | 65,844 | |||
Distribution fees | 66,494 | |||
Custody fees | 3,663 | |||
Fund accounting fees | 13,949 | |||
Trustee fees | 758 | |||
Compliance services fees | 220 | |||
Other fees | 31,620 | |||
Total Gross Expenses before reductions | 454,138 | |||
Expenses reduced and reimbursed by the Advisor | (7,295 | ) | ||
TOTAL NET EXPENSES | 446,843 | |||
NET INVESTMENT INCOME (LOSS) | 594,138 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (662,362 | ) | ||
Net realized gains (losses) on swap agreements | (176,069 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 8,847,658 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 25,795 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 8,035,022 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,629,160 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Oil & Gas :: 161
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 594,138 | $ | 655,031 | ||||
Net realized gains (losses) on investments | (838,431 | ) | 210,073 | |||||
Change in net unrealized appreciation/depreciation on investments | 8,873,453 | 9,106,741 | ||||||
Change in net assets resulting from operations | 8,629,160 | 9,971,845 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (658,230 | ) | (528,770 | ) | ||||
Change in net assets resulting from distributions | (658,230 | ) | (528,770 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 52,758,483 | 50,736,870 | ||||||
Distributions reinvested | 658,230 | 528,770 | ||||||
Value of shares redeemed | (36,922,027 | ) | (48,503,718 | ) | ||||
Change in net assets resulting from capital transactions | 16,494,686 | 2,761,922 | ||||||
Change in net assets | 24,465,616 | 12,204,997 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 30,740,395 | 18,535,398 | ||||||
End of period | $ | 55,206,011 | $ | 30,740,395 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,433,024 | 2,062,933 | ||||||
Reinvested | 14,818 | 20,639 | ||||||
Redeemed | (1,001,687 | ) | (1,974,291 | ) | ||||
Change in shares | 446,155 | 109,281 |
See accompanying notes to financial statements.
162 :: ProFund VP Oil & Gas :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.04 | $ | 18.78 | $ | 29.86 | $ | 28.99 | $ | 36.93 | $ | 38.63 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.42 | 0.58 | 0.57 | 0.45 | 0.36 | 0.53 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 7.75 | 9.13 | (10.93 | ) | 1.90 | (7.68 | ) | (1.78 | ) | |||||||||||||||
Total income (loss) from investment activities | 8.17 | 9.71 | (10.36 | ) | 2.35 | (7.32 | ) | (1.25 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.45 | ) | (0.50 | ) | (0.44 | ) | (0.62 | ) | (0.45 | ) | ||||||||||||
Net realized gains on investments | — | — | (0.22 | ) | (1.04 | ) | — | — | ||||||||||||||||
Total distributions | (0.42 | ) | (0.45 | ) | (0.72 | ) | (1.48 | ) | (0.62 | ) | (0.45 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 35.79 | $ | 28.04 | $ | 18.78 | $ | 29.86 | $ | 28.99 | $ | 36.93 | ||||||||||||
Total Return(b)(c) | 28.87 | % | 51.93 | % | (34.46 | )% | 8.52 | % | (20.22 | )%(d) | (3.17 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.71 | % | 1.69 | % | 1.76 | % | 1.72 | % | 1.72 | % | 1.69 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.72 | %(f) | 1.65 | %(d) | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | 2.23 | % | 2.30 | % | 3.00 | % | 1.46 | % | 0.99 | %(d) | 1.52 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 55,206 | $ | 30,740 | $ | 18,535 | $ | 26,442 | $ | 25,783 | $ | 41,863 | ||||||||||||
Portfolio turnover rate(b)(g) | 25 | % | 80 | % | 130 | % | 38 | % | 76 | % | 35 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.96%, respectively, and the total return would have been (20.26)%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 163
Investment Objective: The ProFund VP Pharmaceuticals seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Select Pharmaceuticals Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Johnson & Johnson | 22.4 | % | ||
Pfizer, Inc. | 20.0 | % | ||
Eli Lilly & Co. | 4.6 | % | ||
Merck & Co., Inc. | 4.6 | % | ||
Royalty Pharma PLC | 4.5 | % |
Dow Jones U.S. Select PharmaceuticalsSM Index – Composition
% of Index | ||||
Pharmaceuticals | 97 | % | ||
Biotechnology | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.1%)
Shares | Value | |||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,617 | $ | 19,628 | |||||
Amicus Therapeutics, Inc.* (Biotechnology) | 13,577 | 145,816 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 5,360 | 17,045 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,024 | 70,415 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 2,348 | 98,827 | ||||||
Atea Pharmaceuticals, Inc.* (Biotechnology) | 2,869 | 20,370 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 1,656 | 63,425 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 8,641 | 665,357 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 2,280 | 20,816 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 2,029 | 57,055 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 5,940 | 637,303 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 5,146 | 36,073 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 2,683 | 66,485 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 1,830 | 32,428 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 5,149 | 122,443 | ||||||
Elanco Animal Health, Inc.* (Pharmaceuticals) | 25,530 | 501,154 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 2,099 | 680,558 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 1,241 | 60,524 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 3,377 | 49,845 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 4,673 | 266,735 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 8,284 | 95,515 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 3,356 | 523,570 | ||||||
Johnson & Johnson (Pharmaceuticals) | 18,565 | 3,295,472 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 663 | 47,458 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 7,357 | 670,738 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 2,048 | 26,255 | ||||||
Nuvation Bio, Inc.* (Pharmaceuticals) | 6,198 | 20,082 | ||||||
Organon & Co. (Pharmaceuticals) | 13,658 | 460,958 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 2,446 | 142,602 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 7,245 | 293,930 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 56,050 | 2,938,701 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 1,096 | 20,966 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 2,707 | 159,172 | ||||||
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | 1,478 | 44,916 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 3,605 | 49,821 | ||||||
Roivant Sciences, Ltd.* (Pharmaceuticals) | 5,217 | 21,233 | ||||||
Royalty Pharma PLC—Class A (Pharmaceuticals) | 15,866 | 667,007 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 2,910 | 26,365 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 3,042 | 33,158 | ||||||
Viatris, Inc. (Pharmaceuticals) | 55,503 | 581,116 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 3,844 | 660,745 | ||||||
TOTAL COMMON STOCKS (Cost $8,828,161) | 14,412,082 | |||||||
Collateral for Securities Loaned(b) (0.4%) | ||||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(c) | 61,854 | 61,854 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $61,854) | 61,854 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,890,015)—98.5% | 14,473,936 | |||||||
Net other assets (liabilities)—1.5% | 225,572 | |||||||
NET ASSETS—100.0% | $ | 14,699,508 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $57,027. |
(b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
See accompanying notes to financial statements.
164 :: ProFund VP Pharmaceuticals :: Financial Statements
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Select Pharmaceuticals Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 284,459 | $ | 9,701 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Pharmaceuticals invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Biotechnology | $ | 465,691 | 3.2 | % | ||||
Pharmaceuticals | 13,946,391 | 94.9 | % | |||||
Other** | 287,426 | 1.9 | % | |||||
Total | $ | 14,699,508 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 165
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 8,890,015 | ||
Securities, at value(a) | 14,473,936 | |||
Total Investment Securities, at value | 14,473,936 | |||
Segregated cash balances for swap agreements with custodian | 220,000 | |||
Dividends receivable | 10,296 | |||
Unrealized appreciation on swap agreements | 9,701 | |||
Receivable for capital shares issued | 114,226 | |||
Prepaid expenses | 142 | |||
TOTAL ASSETS | 14,828,301 | |||
LIABILITIES: | ||||
Cash overdraft | 27,488 | |||
Payable for collateral for securities loaned | 61,854 | |||
Payable for capital shares redeemed | 1,009 | |||
Advisory fees payable | 8,825 | |||
Management services fees payable | 1,177 | |||
Administration fees payable | 1,247 | |||
Administrative services fees payable | 7,951 | |||
Distribution fees payable | 8,321 | |||
Transfer agency fees payable | 2,149 | |||
Fund accounting fees payable | 703 | |||
Compliance services fees payable | 91 | |||
Other accrued expenses | 7,978 | |||
TOTAL LIABILITIES | 128,793 | |||
NET ASSETS | $ | 14,699,508 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,810,037 | ||
Total distributable earnings (loss) | 3,889,471 | |||
NET ASSETS | $ | 14,699,508 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 384,702 | |||
Net Asset Value (offering and redemption price per share) | $ | 38.21 |
(a) Includes securities on loan valued at: | $ | 57,027 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 152,413 | ||
Interest | 251 | |||
Net income from securities lending | 99 | |||
TOTAL INVESTMENT INCOME | 152,763 | |||
EXPENSES: | ||||
Advisory fees | 55,031 | |||
Management services fees | 7,337 | |||
Administration fees | 6,368 | |||
Transfer agency fees | 5,594 | |||
Administrative services fees | 18,264 | |||
Distribution fees | 18,344 | |||
Custody fees | 866 | |||
Fund accounting fees | 3,685 | |||
Trustee fees | 200 | |||
Compliance services fees | 46 | |||
Other fees | 7,686 | |||
Total Gross Expenses before reductions | 123,421 | |||
Expenses reduced and reimbursed by the Advisor | (151 | ) | ||
TOTAL NET EXPENSES | 123,270 | |||
NET INVESTMENT INCOME (LOSS) | 29,493 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (68,940 | ) | ||
Net realized gains (losses) on swap agreements | (47,244 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (627,103 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 9,577 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (733,710 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (704,217 | ) |
See accompanying notes to financial statements.
166 :: ProFund VP Pharmaceuticals :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 29,493 | $ | 28,009 | ||||
Net realized gains (losses) on investments | (116,184 | ) | 890,384 | |||||
Change in net unrealized appreciation/depreciation on investments | (617,526 | ) | 654,420 | |||||
Change in net assets resulting from operations | (704,217 | ) | 1,572,813 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (851,403 | ) | (236,561 | ) | ||||
Change in net assets resulting from distributions | (851,403 | ) | (236,561 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 7,868,408 | 12,167,906 | ||||||
Distributions reinvested | 851,403 | 236,561 | ||||||
Value of shares redeemed | (9,255,181 | ) | (13,221,422 | ) | ||||
Change in net assets resulting from capital transactions | (535,370 | ) | (816,955 | ) | ||||
Change in net assets | (2,090,990 | ) | 519,297 | |||||
NET ASSETS: | ||||||||
Beginning of period | 16,790,498 | 16,271,201 | ||||||
End of period | $ | 14,699,508 | $ | 16,790,498 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 195,358 | 306,437 | ||||||
Reinvested | 22,459 | 6,201 | ||||||
Redeemed | (231,373 | ) | (336,517 | ) | ||||
Change in shares | (13,556 | ) | (23,879 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Pharmaceuticals :: 167
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 42.16 | $ | 38.54 | $ | 34.29 | $ | 34.85 | $ | 38.53 | $ | 35.42 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.08 | 0.07 | — | (b) | 0.04 | 0.25 | 0.33 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.73 | ) | 4.18 | 4.29 | 4.22 | (2.58 | ) | 3.34 | ||||||||||||||||
Total income (loss) from investment activities | (1.65 | ) | 4.25 | 4.29 | 4.26 | (2.33 | ) | 3.67 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.03 | ) | (0.11 | ) | (0.04 | ) | (0.31 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||
Net realized gains on investments | (2.27 | ) | (0.52 | ) | — | (4.51 | ) | (0.93 | ) | (0.17 | ) | |||||||||||||
Total distributions | (2.30 | ) | (0.63 | ) | (0.04 | ) | (4.82 | ) | (1.35 | ) | (0.56 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 38.21 | $ | 42.16 | $ | 38.54 | $ | 34.29 | $ | 34.85 | $ | 38.53 | ||||||||||||
Total Return(c)(d) | (3.87 | )% | 11.20 | % | 12.51 | % | 14.04 | % | (6.20 | )% | 10.36 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.68 | % | 1.68 | % | 1.73 | % | 1.74 | % | 1.76 | % | 1.70 | % | ||||||||||||
Net expenses(d)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(e) | 0.40 | % | 0.18 | % | 0.01 | % | 0.12 | % | 0.65 | % | 0.88 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 14,700 | $ | 16,790 | $ | 16,271 | $ | 13,604 | $ | 13,833 | $ | 17,278 | ||||||||||||
Portfolio turnover rate(c)(f) | 29 | % | 60 | % | 91 | % | 126 | % | 261 | % | 219 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
168 :: ProFund VP Precious Metals :: Financial Statements
Investment Objective: The ProFund VP Precious Metals seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Precious MetalsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Precious Metals primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Precious MetalsSM Index – Composition
% of Index | ||||
Gold | 91 | % | ||
Silver | 5 | % | ||
Precious Metals & Minerals | 4 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (104.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $26,291,002 | $ | 26,290,000 | $ | 26,290,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $26,290,000) | 26,290,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $26,290,000)—104.9% | 26,290,000 | |||||||
Net other assets (liabilities)—(4.9)% | (1,220,353 | ) | ||||||
NET ASSETS—100.0% | $ | 25,069,647 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $3,815,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones Precious Metals Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 14,164,265 | $ | (621,869 | ) | |||||||
Dow Jones Precious Metals Index | UBS AG | 7/25/22 | 2.33 | % | 10,834,097 | (511,360 | ) | |||||||||
$ | 24,998,362 | $ | (1,133,229 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Precious Metals :: 169
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 26,290,000 | ||
Repurchase agreements, at value | 26,290,000 | |||
Total Investment Securities, at value | 26,290,000 | |||
Cash | 827 | |||
Segregated cash balances for swap agreements with custodian | 43 | |||
Interest receivable | 1,003 | |||
Receivable for capital shares issued | 3,940 | |||
Prepaid expenses | 353 | |||
TOTAL ASSETS | 26,296,166 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 16,235 | |||
Unrealized depreciation on swap agreements | 1,133,229 | |||
Advisory fees payable | 17,674 | |||
Management services fees payable | 2,356 | |||
Administration fees payable | 2,245 | |||
Administrative services fees payable | 14,994 | |||
Distribution fees payable | 16,216 | |||
Trustee fees payable | 9 | |||
Transfer agency fees payable | 4,335 | |||
Fund accounting fees payable | 1,364 | |||
Compliance services fees payable | 185 | |||
Other accrued expenses | 17,677 | |||
TOTAL LIABILITIES | 1,226,519 | |||
NET ASSETS | $ | 25,069,647 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 90,549,133 | ||
Total distributable earnings (loss) | (65,479,486 | ) | ||
NET ASSETS | $ | 25,069,647 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,019,041 | |||
Net Asset Value (offering and redemption price per share) | $ | 24.60 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 52,172 | ||
EXPENSES: | ||||
Advisory fees | 123,838 | |||
Management services fees | 16,512 | |||
Administration fees | 12,959 | |||
Transfer agency fees | 12,461 | |||
Administrative services fees | 42,351 | |||
Distribution fees | 41,279 | |||
Custody fees | 2,210 | |||
Fund accounting fees | 8,058 | |||
Trustee fees | 439 | |||
Compliance services fees | 101 | |||
Other fees | 17,205 | |||
Total Gross Expenses before reductions | 277,413 | |||
Expenses reduced and reimbursed by the Advisor | (16 | ) | ||
TOTAL NET EXPENSES | 277,397 | |||
NET INVESTMENT INCOME (LOSS) | (225,225 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (2,045,438 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (1,735,681 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,781,119 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,006,344 | ) |
See accompanying notes to financial statements.
170 :: ProFund VP Precious Metals :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (225,225 | ) | $ | (536,675 | ) | ||
Net realized gains (losses) on investments | (2,045,438 | ) | (3,151,213 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (1,735,681 | ) | 594,004 | |||||
Change in net assets resulting from operations | (4,006,344 | ) | (3,093,884 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 40,655,130 | 55,173,894 | ||||||
Value of shares redeemed | (41,783,607 | ) | (60,246,173 | ) | ||||
Change in net assets resulting from capital transactions | (1,128,477 | ) | (5,072,279 | ) | ||||
Change in net assets | (5,134,821 | ) | (8,166,163 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 30,204,468 | 38,370,631 | ||||||
End of period | $ | 25,069,647 | $ | 30,204,468 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,300,760 | 1,860,381 | ||||||
Redeemed | (1,355,397 | ) | (2,028,762 | ) | ||||
Change in shares | (54,637 | ) | (168,381 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Precious Metals :: 171
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.13 | $ | 30.89 | $ | 24.94 | $ | 17.10 | $ | 19.75 | $ | 18.76 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.20 | ) | (0.49 | ) | (0.42 | ) | 0.07 | 0.01 | (0.18 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.33 | ) | (2.27 | ) | 6.44 | 7.78 | (2.66 | ) | 1.17 | |||||||||||||||
Total income (loss) from investment activities | (3.53 | ) | (2.76 | ) | 6.02 | 7.85 | (2.65 | ) | 0.99 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.07 | ) | (0.01 | ) | — | — | ||||||||||||||||
Net Asset Value, End of Period | $ | 24.60 | $ | 28.13 | $ | 30.89 | $ | 24.94 | $ | 17.10 | $ | 19.75 | ||||||||||||
Total Return(b)(c) | (12.55 | )% | (8.94 | )% | 24.10 | % | 45.98 | % | (13.47 | )% | 5.28 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.68 | % | 1.68 | % | 1.74 | % | 1.72 | % | 1.75 | % | 1.70 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (1.36 | )% | (1.68 | )% | (1.43 | )% | 0.37 | % | 0.04 | % | (0.88 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 25,070 | $ | 30,204 | $ | 38,371 | $ | 32,395 | $ | 19,001 | $ | 24,286 | ||||||||||||
Portfolio turnover rate(e) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
172 :: ProFund VP Real Estate :: Financial Statements
Investment Objective: The ProFund VP Real Estate seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Real EstateSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 98 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
American Tower Corp. | 9.0 | % | ||
Prologis, Inc. | 6.6 | % | ||
Crown Castle International Corp. | 5.5 | % | ||
Equinix, Inc. | 4.5 | % | ||
Public Storage | 3.6 | % |
Dow Jones U.S. Real EstateSM Index – Composition
% of Index | ||||
Equity Real Estate Investment Trusts (REITs) | 93 | % | ||
Real Estate Management & Development | 3 | % | ||
Mortgage Real Estate Investment Trusts (REITs) | 2 | % | ||
Professional Services | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.8%)
Shares | Value | |||||||
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | 3,188 | $ | 35,291 | |||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 905 | 131,252 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 848 | 54,671 | ||||||
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | 1,798 | 63,721 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 2,828 | 722,808 | ||||||
Americold Realty Trust (Equity Real Estate Investment Trusts) | 1,639 | 49,236 | ||||||
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | 9,504 | 56,170 | ||||||
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | 956 | 39,770 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 850 | 165,113 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 1,038 | 28,721 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 868 | 77,235 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,825 | 36,883 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 649 | 87,278 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 1,990 | 146,484 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 178 | 643 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 685 | 17,940 | ||||||
CoStar Group, Inc.* (Professional Services) | 2,412 | 145,709 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 907 | 26,512 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 2,635 | 443,681 | ||||||
CubeSmart (Equity Real Estate Investment Trusts) | 1,367 | 58,398 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,733 | 224,995 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 1,071 | 23,969 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 2,339 | 128,528 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 254 | 39,200 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 554 | 363,989 | ||||||
Equity Commonwealth* (Equity Real Estate Investment Trusts) | 687 | 18,906 | ||||||
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | 1,052 | 74,134 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 2,083 | 150,434 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 397 | 103,819 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 817 | 138,988 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 436 | 41,743 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 804 | 38,174 | ||||||
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | 1,432 | 65,672 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 923 | 25,106 | ||||||
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | 1,395 | 38,934 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 3,285 | 85,114 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 640 | 21,882 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 4,353 | 68,255 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 881 | 13,074 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 173
Common Stocks, continued
Shares | Value | |||||||
Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | 3,715 | $ | 132,180 | |||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 1,768 | 86,084 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 662 | 15,650 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 297 | 51,933 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 639 | 33,439 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 3,764 | 74,414 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 529 | 46,536 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 514 | 57,393 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 1,747 | 18,763 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 3,655 | 55,812 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 703 | 122,793 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 280 | 16,971 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 1,072 | 46,096 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 512 | 25,636 | ||||||
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | 2,845 | 26,515 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 1,433 | 40,396 | ||||||
Opendoor Technologies, Inc.* (Real Estate Management & Development) | 2,399 | 11,299 | ||||||
Orion Office REIT, Inc. (Equity Real Estate Investment Trusts) | 347 | 3,803 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 1,372 | 23,941 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 423 | 18,692 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 4,505 | 530,013 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 123 | 23,019 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 929 | 290,470 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 891 | 33,306 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 3,662 | 249,968 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 655 | 5,397 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 945 | 56,048 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 1,004 | 57,820 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 1,408 | 19,670 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 656 | 209,953 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,998 | 189,650 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 390 | 17,999 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 817 | 30,866 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 1,091 | 33,690 | ||||||
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,869 | 39,043 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,538 | 40,111 | ||||||
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | 740 | 117,926 | ||||||
The Howard Hughes Corp.* (Real Estate Management & Development) | 234 | 15,924 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 1,821 | 83,839 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 2,434 | 125,181 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 5,862 | 174,629 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 969 | 27,704 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 2,763 | 227,533 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 4,531 | 150,067 | ||||||
WP Carey, Inc. (Equity Real Estate Investment Trusts) | 1,174 | 97,278 | ||||||
Zillow Group, Inc.*—Class A (Real Estate Management & Development) | 219 | 6,966 | ||||||
Zillow Group, Inc.*—Class C (Real Estate Management & Development) | 997 | 31,655 | ||||||
TOTAL COMMON STOCKS (Cost $3,158,438) | 7,846,503 |
Repurchase Agreements(a) (2.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $161,006 | $ | 161,000 | $ | 161,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $161,000) | 161,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,319,438)—99.8% | 8,007,503 | |||||||
Net other assets (liabilities)—0.2% | 14,451 | |||||||
NET ASSETS—100.0% | $ | 8,021,954 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
174 :: ProFund VP Real Estate :: Financial Statements
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Real Estate Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 167,339 | $ | 343 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Real Estate invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Equity Real Estate Investment Trusts | $ | 7,244,753 | 90.3 | % | ||||
Mortgage Real Estate Investment Trusts | 185,740 | 2.3 | % | |||||
Professional Services | 145,709 | 1.8 | % | |||||
Real Estate Management & Development | 270,301 | 3.4 | % | |||||
Other** | 175,451 | 2.2 | % | |||||
Total | $ | 8,021,954 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 175
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 3,319,438 | ||
Securities, at value | 7,846,503 | |||
Repurchase agreements, at value | 161,000 | |||
Total Investment Securities, at value | 8,007,503 | |||
Cash | 563 | |||
Dividends and interest receivable | 28,681 | |||
Unrealized appreciation on swap agreements | 343 | |||
Receivable for capital shares issued | 4,684 | |||
Prepaid expenses | 90 | |||
TOTAL ASSETS | 8,041,864 | |||
LIABILITIES: | ||||
Advisory fees payable | 4,872 | |||
Management services fees payable | 649 | |||
Administration fees payable | 688 | |||
Administrative services fees payable | 2,636 | |||
Distribution fees payable | 2,846 | |||
Transfer agency fees payable | 1,231 | |||
Fund accounting fees payable | 406 | |||
Compliance services fees payable | 59 | |||
Other accrued expenses | 6,523 | |||
TOTAL LIABILITIES | 19,910 | |||
NET ASSETS | $ | 8,021,954 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 3,478,965 | ||
Total distributable earnings (loss) | 4,542,989 | |||
NET ASSETS | $ | 8,021,954 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 136,278 | |||
Net Asset Value (offering and redemption price per share) | $ | 58.86 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 65,114 | ||
Interest | 324 | |||
TOTAL INVESTMENT INCOME | 65,438 | |||
EXPENSES: | ||||
Advisory fees | 36,076 | |||
Management services fees | 4,810 | |||
Administration fees | 4,583 | |||
Transfer agency fees | 3,943 | |||
Administrative services fees | 13,530 | |||
Distribution fees | 12,025 | |||
Custody fees | 775 | |||
Fund accounting fees | 2,712 | |||
Trustee fees | 137 | |||
Compliance services fees | 20 | |||
Other fees | 5,624 | |||
Total Gross Expenses before reductions | 84,235 | |||
Expenses reduced and reimbursed by the Advisor | (3,424 | ) | ||
TOTAL NET EXPENSES | 80,811 | |||
NET INVESTMENT INCOME (LOSS) | (15,373 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 895,428 | |||
Net realized gains (losses) on swap agreements | (36,992 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (3,543,668 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (10,493 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,695,725 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,711,098 | ) |
See accompanying notes to financial statements.
176 :: ProFund VP Real Estate :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (15,373 | ) | $ | 36,507 | |||
Net realized gains (losses) on investments | 858,436 | 970,681 | ||||||
Change in net unrealized appreciation/depreciation on investments | (3,554,161 | ) | 2,818,718 | |||||
Change in net assets resulting from operations | (2,711,098 | ) | 3,825,906 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (567,849 | ) | (3,298 | ) | ||||
Change in net assets resulting from distributions | (567,849 | ) | (3,298 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 8,281,706 | 28,548,171 | ||||||
Distributions reinvested | 567,849 | 3,298 | ||||||
Value of shares redeemed | (11,475,895 | ) | (28,175,883 | ) | ||||
Change in net assets resulting from capital transactions | (2,626,340 | ) | 375,586 | |||||
Change in net assets | (5,905,287 | ) | 4,198,194 | |||||
NET ASSETS: | ||||||||
Beginning of period | 13,927,241 | 9,729,047 | ||||||
End of period | $ | 8,021,954 | $ | 13,927,241 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 115,298 | 413,871 | ||||||
Reinvested | 9,363 | 41 | ||||||
Redeemed | (163,157 | ) | (406,457 | ) | ||||
Change in shares | (38,496 | ) | 7,455 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Real Estate :: 177
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 79.69 | $ | 58.15 | $ | 65.05 | $ | 54.51 | $ | 66.65 | $ | 65.02 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.32 | ) | 0.19 | 0.42 | 0.75 | 1.09 | 1.02 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (16.11 | ) | 21.37 | (4.66 | ) | 13.65 | (4.66 | ) | 4.13 | |||||||||||||||
Total income (loss) from investment activities | (16.43 | ) | 21.56 | (4.24 | ) | 14.40 | (3.57 | ) | 5.15 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.02 | ) | (0.78 | ) | (1.06 | ) | (1.36 | ) | (0.66 | ) | ||||||||||||
Net realized gains on investments | (4.25 | ) | — | (1.71 | ) | (2.80 | ) | (7.21 | ) | (2.86 | ) | |||||||||||||
Return of capital | — | — | (0.17 | ) | — | — | — | |||||||||||||||||
Total distributions | (4.40 | ) | (0.02 | ) | (2.66 | ) | (3.86 | ) | (8.57 | ) | (3.52 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 58.86 | $ | 79.69 | $ | 58.15 | $ | 65.05 | $ | 54.51 | $ | 66.65 | ||||||||||||
Total Return(b)(c) | (20.78 | )% | 37.07 | % | (6.29 | )%(d) | 26.76 | % | (5.70 | )% | 8.05 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.75 | % | 1.69 | % | 1.76 | % | 1.71 | % | 1.69 | % | 1.68 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (0.32 | )% | 0.27 | % | 0.72 | % | 1.18 | % | 1.82 | % | 1.52 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 8,022 | $ | 13,927 | $ | 9,729 | $ | 15,945 | $ | 10,384 | $ | 11,419 | ||||||||||||
Portfolio turnover rate(b)(f) | 61 | % | 147 | % | 150 | % | 126 | % | 82 | % | 135 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During the year ended December 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.29%. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
178 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Investment Objective: The ProFund VP Rising Rates Opportunity seeks daily investment results that, before fees and expenses, correspond to one and one-quarter times the inverse (-1.25x) of the daily movement of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (125 | )% | ||
Total Exposure | (125 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Rising Rates Opportunity primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (107.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $21,170,807 | $ | 21,170,000 | $ | 21,170,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $21,170,000) | 21,170,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $21,170,000)—107.2% | 21,170,000 | |||||||
Net other assets (liabilities)—(7.2)% | (1,429,919 | ) | ||||||
NET ASSETS—100.0% | $ | 19,740,081 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,261,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
30-Year U.S. Treasury Bond, 2.875% due on 5/15/52 | Citibank North America | 7/15/22 | (1.35 | )% | $ | (16,812,656 | ) | $ | (655,584 | ) | ||||||||
30-Year U.S. Treasury Bond, 2.875% due on 5/15/52 | Societe' Generale | 7/15/22 | (1.29 | )% | (7,820,719 | ) | (279,102 | ) | ||||||||||
$ | (24,633,375 | ) | $ | (934,686 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Rising Rates Opportunity :: 179
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 21,170,000 | ||
Repurchase agreements, at value | 21,170,000 | |||
Total Investment Securities, at value | 21,170,000 | |||
Segregated cash balances for swap agreements with custodian | 115 | |||
Interest receivable | 807 | |||
Receivable for capital shares issued | 131,805 | |||
Prepaid expenses | 102 | |||
TOTAL ASSETS | 21,302,829 | |||
LIABILITIES: | ||||
Cash overdraft | 252,567 | |||
Payable for capital shares redeemed | 330,580 | |||
Unrealized depreciation on swap agreements | 934,686 | |||
Advisory fees payable | 12,602 | |||
Management services fees payable | 1,680 | |||
Administration fees payable | 1,764 | |||
Administrative services fees payable | 7,084 | |||
Distribution fees payable | 9,651 | |||
Trustee fees payable | 7 | |||
Transfer agency fees payable | 2,980 | |||
Fund accounting fees payable | 976 | |||
Compliance services fees payable | 82 | |||
Other accrued expenses | 8,089 | |||
TOTAL LIABILITIES | 1,562,748 | |||
NET ASSETS | $ | 19,740,081 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 44,930,134 | ||
Total distributable earnings (loss) | (25,190,053 | ) | ||
NET ASSETS | $ | 19,740,081 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 531,168 | |||
Net Asset Value (offering and redemption price per share) | $ | 37.16 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 32,097 | ||
EXPENSES: | ||||
Advisory fees | 53,278 | |||
Management services fees | 7,104 | |||
Administration fees | 6,122 | |||
Transfer agency fees | 5,534 | |||
Administrative services fees | 14,598 | |||
Distribution fees | 17,759 | |||
Custody fees | 924 | |||
Fund accounting fees | 3,574 | |||
Trustee fees | 202 | |||
Compliance services fees | 60 | |||
Other fees | 7,216 | |||
TOTAL NET EXPENSES | 116,371 | |||
NET INVESTMENT INCOME (LOSS) | (84,274 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | 49,177 | |||
Net realized gains (losses) on swap agreements | 4,457,695 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (949,004 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,557,868 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,473,594 |
See accompanying notes to financial statements.
180 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (84,274 | ) | $ | (98,707 | ) | ||
Net realized gains (losses) on investments | 4,506,872 | (210,250 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | (949,004 | ) | 34,092 | |||||
Change in net assets resulting from operations | 3,473,594 | (274,865 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 30,974,282 | 14,045,664 | ||||||
Value of shares redeemed | (20,597,427 | ) | (12,321,786 | ) | ||||
Change in net assets resulting from capital transactions | 10,376,855 | 1,723,878 | ||||||
Change in net assets | 13,850,449 | 1,449,013 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 5,889,632 | 4,440,619 | ||||||
End of period | $ | 19,740,081 | $ | 5,889,632 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 925,986 | 450,241 | ||||||
Redeemed | (606,997 | ) | (397,906 | ) | ||||
Change in shares | 318,989 | 52,335 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Rising Rates Opportunity :: 181
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 27.76 | $ | 27.78 | $ | 38.21 | $ | 48.56 | $ | 46.61 | $ | 52.91 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.20 | ) | (0.50 | ) | (0.37 | ) | 0.21 | 0.06 | (0.46 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 9.60 | 0.48 | (b) | (9.84 | ) | (8.70 | ) | 1.89 | (5.84 | ) | ||||||||||||||
Total income (loss) from investment activities | 9.40 | (0.02 | ) | (10.21 | ) | (8.49 | ) | 1.95 | (6.30 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.22 | ) | (0.08 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | — | — | (1.78 | ) | — | — | |||||||||||||||||
Total distributions | — | — | (0.22 | ) | (1.86 | ) | — | — | ||||||||||||||||
Net Asset Value, End of Period | $ | 37.16 | $ | 27.76 | $ | 27.78 | $ | 38.21 | $ | 48.56 | $ | 46.61 | ||||||||||||
Total Return(c)(d) | 33.86 | % | (0.07 | )% | (26.70 | )% | (17.41 | )% | 4.16 | % | (11.90 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.64 | % | 1.64 | % | 1.73 | % | 1.70 | % | 1.64 | % | 1.70 | % | ||||||||||||
Net expenses(d)(e) | 1.64 | % | 1.64 | % | 1.68 | % | 1.67 | % | 1.64 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(e) | (1.18 | )% | (1.64 | )% | (1.30 | )% | 0.50 | % | 0.12 | % | (0.91 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 19,740 | $ | 5,890 | $ | 4,441 | $ | 5,962 | $ | 9,941 | $ | 7,626 | ||||||||||||
Portfolio turnover rate(f) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
182 :: ProFund VP Semiconductor :: Financial Statements
Investment Objective: The ProFund VP Semiconductor seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. SemiconductorsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 72 | % | ||
Swap Agreements | 28 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
NVIDIA Corp. | 15.6 | % | ||
Broadcom, Inc. | 8.2 | % | ||
Intel Corp. | 6.3 | % | ||
Qualcomm, Inc. | 5.9 | % | ||
Texas Instruments, Inc. | 5.8 | % |
Dow Jones U.S. SemiconductorsSM Index – Composition
% of Index | ||||
Semiconductors & Semiconductor Equipment | 100 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (72.0%)
Shares | Value | |||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 6,346 | $ | 485,279 | |||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 216 | 4,469 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 393 | 6,661 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 2,049 | 299,338 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 3,460 | 314,791 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 1,599 | 776,810 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 224 | 16,249 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 529 | 103,282 | ||||||
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 532 | 49,013 | ||||||
GLOBALFOUNDRIES, Inc.* (Semiconductors & Semiconductor Equipment) | 208 | 8,391 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 16,013 | 599,046 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 584 | 186,343 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 543 | 231,399 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 539 | 26,142 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 3,331 | 144,998 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 2,177 | 126,440 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,373 | 241,739 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 218 | 22,373 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 172 | 66,055 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 9,806 | 1,486,492 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,028 | 152,175 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,702 | 85,628 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 228 | 17,102 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 425 | 40,086 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 4,386 | 560,268 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 249 | 13,688 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 143 | 20,051 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 630 | 58,363 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 217 | 59,389 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 627 | 56,148 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 3,611 | 554,830 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 170 | 17,194 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 484 | 30,710 | ||||||
TOTAL COMMON STOCKS (Cost $1,353,649) | 6,860,942 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Semiconductor :: 183
Repurchase Agreements(a) (0.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $78,003 | $ | 78,000 | $ | 78,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $78,000) | 78,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,431,649)—72.8% | 6,938,942 | |||||||
Net other assets (liabilities)—27.2% | 2,587,831 | |||||||
NET ASSETS—100.0% | $ | 9,526,773 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Semiconductors Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 2,620,362 | $ | (4,665 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Semiconductor invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Semiconductors & Semiconductor Equipment | $ | 6,860,942 | 72.0 | % | ||||
Other** | 2,665,831 | 28.0 | % | |||||
Total | $ | 9,526,773 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
184 :: ProFund VP Semiconductor :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,431,649 | ||
Securities, at value | 6,860,942 | |||
Repurchase agreements, at value | 78,000 | |||
Total Investment Securities, at value | 6,938,942 | |||
Cash | 118 | |||
Segregated cash balances for swap agreements with custodian | 120,000 | |||
Dividends and interest receivable | 3,032 | |||
Receivable for capital shares issued | 5,609 | |||
Receivable for investments sold | 2,492,507 | |||
Prepaid expenses | 141 | |||
TOTAL ASSETS | 9,560,349 | |||
LIABILITIES: | ||||
Unrealized depreciation on swap agreements | 4,665 | |||
Advisory fees payable | 6,639 | |||
Management services fees payable | 885 | |||
Administration fees payable | 921 | |||
Administrative services fees payable | 4,779 | |||
Distribution fees payable | 5,725 | |||
Transfer agency fees payable | 1,638 | |||
Fund accounting fees payable | 519 | |||
Compliance services fees payable | 92 | |||
Other accrued expenses | 7,713 | |||
TOTAL LIABILITIES | 33,576 | |||
NET ASSETS | $ | 9,526,773 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 4,949,676 | ||
Total distributable earnings (loss) | 4,577,097 | |||
NET ASSETS | $ | 9,526,773 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 142,610 | |||
Net Asset Value (offering and redemption price per share) | $ | 66.80 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 84,106 | ||
Interest | 292 | |||
Foreign tax withholding | (369 | ) | ||
TOTAL INVESTMENT INCOME | 84,029 | |||
EXPENSES: | ||||
Advisory fees | 54,767 | |||
Management services fees | 7,302 | |||
Administration fees | 6,639 | |||
Transfer agency fees | 5,692 | |||
Administrative services fees | 17,286 | |||
Distribution fees | 18,256 | |||
Custody fees | 991 | |||
Fund accounting fees | 3,748 | |||
Trustee fees | 192 | |||
Compliance services fees | 37 | |||
Other fees | 9,034 | |||
TOTAL NET EXPENSES | 123,944 | |||
NET INVESTMENT INCOME (LOSS) | (39,915 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (31,980 | ) | ||
Net realized gains (losses) on swap agreements | (85,671 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (6,994,228 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 2,498 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (7,109,381 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,149,296 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Semiconductor :: 185
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (39,915 | ) | $ | (85,077 | ) | ||
Net realized gains (losses) on investments | (117,651 | ) | 409,229 | |||||
Change in net unrealized appreciation/depreciation on investments | (6,991,730 | ) | 5,557,190 | |||||
Change in net assets resulting from operations | (7,149,296 | ) | 5,881,342 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (697,508 | ) | (1,055,565 | ) | ||||
Change in net assets resulting from distributions | (697,508 | ) | (1,055,565 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 20,397,621 | 37,060,548 | ||||||
Distributions reinvested | 697,508 | 1,055,565 | ||||||
Value of shares redeemed | (25,031,449 | ) | (34,738,070 | ) | ||||
Change in net assets resulting from capital transactions | (3,936,320 | ) | 3,378,043 | |||||
Change in net assets | (11,783,124 | ) | 8,203,820 | |||||
NET ASSETS: | ||||||||
Beginning of period | 21,309,897 | 13,106,077 | ||||||
End of period | $ | 9,526,773 | $ | 21,309,897 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 227,678 | 395,856 | ||||||
Reinvested | 9,089 | 14,005 | ||||||
Redeemed | (285,213 | ) | (377,619 | ) | ||||
Change in shares | (48,446 | ) | 32,242 |
See accompanying notes to financial statements.
186 :: ProFund VP Semiconductor :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 111.54 | $ | 82.52 | $ | 60.61 | $ | 44.36 | $ | 52.82 | $ | 39.06 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.25 | ) | (0.51 | ) | (0.06 | ) | 0.22 | 0.17 | (0.06 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (39.97 | ) | 36.96 | 26.68 | 20.66 | (4.81 | ) | 13.95 | ||||||||||||||||
Total income (loss) from investment activities | (40.22 | ) | 36.45 | 26.62 | 20.88 | (4.64 | ) | 13.89 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.23 | ) | (0.15 | ) | — | (0.13 | ) | |||||||||||||||
Net realized gains on investments | (4.52 | ) | (7.43 | ) | (4.48 | ) | (4.48 | ) | (3.82 | ) | — | |||||||||||||
Total distributions | (4.52 | ) | (7.43 | ) | (4.71 | ) | (4.63 | ) | (3.82 | ) | (0.13 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 66.80 | $ | 111.54 | $ | 82.52 | $ | 60.61 | $ | 44.36 | $ | 52.82 | ||||||||||||
Total Return(b)(c) | (36.58 | )% | 48.49 | % | 44.85 | % | 49.77 | % | (10.23 | )% | 35.55 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.70 | % | 1.64 | % | 1.72 | % | 1.67 | % | 1.65 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.70 | %(e) | 1.64 | % | 1.70 | %(e) | 1.66 | % | 1.65 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.55 | )% | (0.55 | )% | (0.09 | )% | 0.41 | % | 0.31 | % | (0.12 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 9,527 | $ | 21,310 | $ | 13,106 | $ | 9,517 | $ | 5,364 | $ | 11,060 | ||||||||||||
Portfolio turnover rate(b)(f) | 175 | % | 230 | % | 348 | % | 561 | % | 249 | % | 297 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Dow 30 :: 187
Investment Objective: The ProFund VP Short Dow 30 seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Dow Jones Industrial Average® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (99 | )% | ||
Total Exposure | (99 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average® Index – Composition
% of Index | ||||
Health Care | 23 | % | ||
Information Technology | 21 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Industrials | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 3 | % | ||
Energy | 3 | % | ||
Materials | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (91.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.41%, dated 6/30/22, due 7/1/22, total to be received $7,000 | $ | 7,000 | $ | 7,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $7,000) | 7,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,000)—91.2% | 7,000 | |||||||
Net other assets (liabilities)—8.8% | 674 | |||||||
NET ASSETS—100.0% | $ | 7,674 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $4,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones Industrial Average | Goldman Sachs International | 7/27/22 | (1.93 | )% | $ | (2,242 | ) | $ | 43 | |||||||
Dow Jones Industrial Average | UBS AG | 7/27/22 | (1.78 | )% | (5,381 | ) | 116 | |||||||||
$ | (7,623 | ) | $ | 159 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
188 :: ProFund VP Short Dow 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 7,000 | ||
Repurchase agreements, at value | 7,000 | |||
Total Investment Securities, at value | 7,000 | |||
Cash | 520 | |||
Unrealized appreciation on swap agreements | 159 | |||
Receivable from Advisor under an expense limitation agreement | 5 | |||
Prepaid expenses | — | (a) | ||
TOTAL ASSETS | 7,684 | |||
LIABILITIES: | ||||
Advisory fees payable | — | (a) | ||
Management services fees payable | — | (a) | ||
Administration fees payable | 1 | |||
Administrative services fees payable | 1 | |||
Distribution fees payable | 2 | |||
Transfer agency fees payable | 1 | |||
Fund accounting fees payable | — | (a) | ||
Compliance services fees payable | — | (a) | ||
Other accrued expenses | 5 | |||
TOTAL LIABILITIES | 10 | |||
NET ASSETS | $ | 7,674 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 126,091 | ||
Total distributable earnings (loss) | (118,417 | ) | ||
NET ASSETS | $ | 7,674 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 301 | |||
Net Asset Value (offering and redemption price per share) | $ | 25.50 |
(a) | Amount is less than $0.50. |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 12 | ||
EXPENSES: | ||||
Advisory fees | 27 | |||
Management services fees | 4 | |||
Administration fees | 3 | |||
Transfer agency fees | 3 | |||
Administrative services fees | 2 | |||
Distribution fees | 9 | |||
Custody fees | — | (a) | ||
Fund accounting fees | 2 | |||
Trustee fees | — | (a) | ||
Compliance services fees | ||||
Other fees | 5 | |||
Recoupment of prior expenses reduced by the Advisor | 15 | |||
Total Gross Expenses before reductions | 70 | |||
Expenses reduced and reimbursed by the Advisor | (10 | ) | ||
TOTAL NET EXPENSES | 60 | |||
NET INVESTMENT INCOME (LOSS) | (48 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 832 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 166 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 998 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 950 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Dow 30 :: 189
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (48 | ) | $ | (129 | ) | ||
Net realized gains (losses) on investments | 832 | (1,683 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 166 | 100 | ||||||
Change in net assets resulting from operations | 950 | (1,712 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Value of shares redeemed | (26 | ) | (7,564 | ) | ||||
Change in net assets resulting from capital transactions | (26 | ) | (7,564 | ) | ||||
Change in net assets | 924 | (9,276 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 6,750 | 16,026 | ||||||
End of period | $ | 7,674 | $ | 6,750 | ||||
SHARE TRANSACTIONS: | ||||||||
Redeemed | (1 | ) | (278 | ) | ||||
Change in shares | (1 | ) | (278 | ) |
See accompanying notes to financial statements.
190 :: ProFund VP Short Dow 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 22.35 | $ | 27.63 | $ | 35.04 | $ | 43.37 | $ | 42.35 | $ | 54.31 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.16 | ) | (0.41 | ) | (0.56 | ) | 0.13 | — | (c) | (0.44 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | 3.31 | (4.87 | ) | (6.78 | ) | (8.44 | ) | 1.02 | (11.52 | ) | ||||||||||||||
Total income (loss) from investment activities | 3.15 | (5.28 | ) | (7.34 | ) | (8.31 | ) | 1.02 | (11.96 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.07 | ) | (0.02 | ) | — | — | ||||||||||||||||
Net Asset Value, End of Period | $ | 25.50 | $ | 22.35 | $ | 27.63 | $ | 35.04 | $ | 43.37 | $ | 42.35 | ||||||||||||
Total Return(d)(e) | 14.10 | % | (19.12 | )%(f) | (20.89 | )% | (19.25 | )% | 2.36 | % | (22.02 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(e)(g) | 1.96 | % | 1.68 | % | 1.75 | % | 1.76 | % | 1.81 | % | 2.87 | % | ||||||||||||
Net expenses(e)(g) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(e)(g) | (1.35 | )% | (1.68 | )% | (1.63 | )% | 0.34 | % | 0.03 | % | (0.90 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 8 | $ | 7 | $ | 16 | $ | 12 | $ | 14 | $ | 14 | ||||||||||||
Portfolio turnover rate(h) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Amount is less than $0.005 |
(d) | Not annualized for periods less than one year. |
(e) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(f) | During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.60%. |
(g) | Annualized for periods less than one year. |
(h) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Emerging Markets :: 191
Investment Objective: The ProFund VP Short Emerging Markets seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the S&P Emerging 50 ADR Index (USD) for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short Emerging Markets primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P Emerging 50 ADR Index (USD) – Composition
Industry Breakdown | % of Index | |||
Information Technology | 28 | % | ||
Consumer Discretionary | 21 | % | ||
Financials | 20 | % | ||
Materials | 10 | % | ||
Communication Services | 10 | % | ||
Energy | 6 | % | ||
Industrials | 2 | % | ||
Consumer Staples | 2 | % | ||
Health Care | 1 | % |
Country Composition | ||||
China | 32 | % | ||
Taiwan | 23 | % | ||
India | 20 | % | ||
Brazil | 12 | % | ||
Other | 13 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (97.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $1,385,053 | $ | 1,385,000 | $ | 1,385,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,385,000) | 1,385,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,385,000)—97.4% | 1,385,000 | |||||||
Net other assets (liabilities)—2.6% | 37,448 | |||||||
NET ASSETS—100.0% | $ | 1,422,448 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $302,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 7/27/22 | (1.23 | )% | $ | (787,433 | ) | $ | 25,059 | |||||||
S&P Emerging 50 ADR Index (USD) | UBS AG | 7/27/22 | (1.08 | )% | (633,706 | ) | 20,748 | |||||||||
$ | (1,421,139 | ) | $ | 45,807 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
192 :: ProFund VP Short Emerging Markets :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,385,000 | ||
Repurchase agreements, at value | 1,385,000 | |||
Total Investment Securities, at value | 1,385,000 | |||
Cash | 282 | |||
Segregated cash balances for swap agreements with custodian | 4 | |||
Interest receivable | 53 | |||
Unrealized appreciation on swap agreements | 45,807 | |||
Receivable for capital shares issued | 2,227 | |||
Prepaid expenses | 91 | |||
TOTAL ASSETS | 1,433,464 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 7,841 | |||
Advisory fees payable | 812 | |||
Management services fees payable | 108 | |||
Administration fees payable | 104 | |||
Administrative services fees payable | 717 | |||
Distribution fees payable | 833 | |||
Transfer agency fees payable | 185 | |||
Fund accounting fees payable | 63 | |||
Compliance services fees payable | 8 | |||
Other accrued expenses | 345 | |||
TOTAL LIABILITIES | 11,016 | |||
NET ASSETS | $ | 1,422,448 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 4,026,608 | ||
Total distributable earnings (loss) | (2,604,160 | ) | ||
NET ASSETS | $ | 1,422,448 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 52,817 | |||
Net Asset Value (offering and redemption price per share) | $ | 26.93 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 2,186 | ||
EXPENSES: | ||||
Advisory fees | 4,585 | |||
Management services fees | 611 | |||
Administration fees | 490 | |||
Transfer agency fees | 474 | |||
Administrative services fees | 1,327 | |||
Distribution fees | 1,528 | |||
Custody fees | 90 | |||
Fund accounting fees | 307 | |||
Trustee fees | 17 | |||
Compliance services fees | 4 | |||
Other fees | 731 | |||
Total Gross Expenses before reductions | 10,164 | |||
Expenses reduced and reimbursed by the Advisor | (1 | ) | ||
TOTAL NET EXPENSES | 10,163 | |||
NET INVESTMENT INCOME (LOSS) | (7,977 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (14,929 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 57,389 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 42,460 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 34,483 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Emerging Markets :: 193
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (7,977 | ) | $ | (11,246 | ) | ||
Net realized gains (losses) on investments | (14,929 | ) | 4,707 | |||||
Change in net unrealized appreciation/depreciation on investments | 57,389 | 2,060 | ||||||
Change in net assets resulting from operations | 34,483 | (4,479 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (13,998 | ) | — | |||||
Change in net assets resulting from distributions | (13,998 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 10,608,963 | 19,451,966 | ||||||
Distributions reinvested | 13,998 | — | ||||||
Value of shares redeemed | (9,932,478 | ) | (19,101,772 | ) | ||||
Change in net assets resulting from capital transactions | 690,483 | 350,194 | ||||||
Change in net assets | 710,968 | 345,715 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 711,480 | 365,765 | ||||||
End of period | $ | 1,422,448 | $ | 711,480 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 404,607 | 823,716 | ||||||
Reinvested | 544 | — | ||||||
Redeemed | (380,217 | ) | (811,599 | ) | ||||
Change in shares | 24,934 | 12,117 |
See accompanying notes to financial statements.
194 :: ProFund VP Short Emerging Markets :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 25.52 | $ | 23.20 | $ | 34.35 | $ | 47.77 | $ | 42.43 | $ | 58.80 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.17 | ) | (0.39 | ) | (0.51 | ) | 0.20 | 0.15 | (0.44 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 2.05 | 2.71 | (10.35 | ) | (9.52 | ) | 5.19 | (15.93 | ) | |||||||||||||||
Total income (loss) from investment activities | 1.88 | 2.32 | (10.86 | ) | (9.32 | ) | 5.34 | (16.37 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.29 | ) | (0.23 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (0.47 | ) | — | — | (3.87 | ) | — | — | ||||||||||||||||
Total distributions | (0.47 | ) | — | (0.29 | ) | (4.10 | ) | — | — | |||||||||||||||
Net Asset Value, End of Period | $ | 26.93 | $ | 25.52 | $ | 23.20 | $ | 34.35 | $ | 47.77 | $ | 42.43 | ||||||||||||
Total Return(c)(d) | 7.49 | % | 9.96 | % | (31.76 | )% | (20.99 | )% | 12.59 | %(e) | (27.84 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(f) | 1.66 | % | 1.68 | % | 1.72 | % | 1.67 | % | 1.59 | % | 1.69 | % | ||||||||||||
Net expenses(d)(f) | 1.66 | % | 1.68 | % | 1.69 | %(g) | 1.67 | % | 1.52 | %(e) | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(f) | (1.30 | )% | (1.68 | )% | (1.43 | )% | 0.48 | % | 0.34 | %(e) | (0.91 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,422 | $ | 711 | $ | 366 | $ | 845 | $ | 1,988 | $ | 959 | ||||||||||||
Portfolio turnover rate(h) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 11, 2017. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.59% and 0.27%, respectively, and the total return would have been 12.51%. |
(f) | Annualized for periods less than one year. |
(g) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(h) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short International :: 195
Investment Objective: The ProFund VP Short International seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
MSCI EAFE Index – Composition
Industry Breakdown | % of Index | |||
Financials | 16 | % | ||
Industrials | 15 | % | ||
Health Care | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Consumer Staples | 11 | % | ||
Information Technology | 8 | % | ||
Materials | 8 | % | ||
Communication Services | 5 | % | ||
Energy | 5 | % | ||
Utilities | 4 | % | ||
Real Estate | 3 | % |
Country Composition | ||||
Japan | 22 | % | ||
United Kingdom | 16 | % | ||
France | 11 | % | ||
Switzerland | 10 | % | ||
Other | 41 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (78.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $1,485,057 | $ | 1,485,000 | $ | 1,485,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,485,000) | 1,485,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,485,000)—78.7% | 1,485,000 | |||||||
Net other assets (liabilities)—21.3% | 401,718 | |||||||
NET ASSETS—100.0% | $ | 1,886,718 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $220,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
MSCI EAFE Index | Goldman Sachs International | 7/27/22 | (1.38 | )% | $ | (974,421 | ) | $ | 9,202 | |||||||
MSCI EAFE Index | UBS AG | 7/27/22 | (1.28 | )% | (904,731 | ) | 12,767 | |||||||||
$ | (1,879,152 | ) | $ | 21,969 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
196 :: ProFund VP Short International :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,485,000 | ||
Repurchase agreements, at value | 1,485,000 | |||
Total Investment Securities, at value | 1,485,000 | |||
Cash | 34 | |||
Segregated cash balances for swap agreements with custodian | 4 | |||
Interest receivable | 56 | |||
Unrealized appreciation on swap agreements | 21,969 | |||
Receivable for capital shares issued | 382,492 | |||
Prepaid expenses | 8 | |||
TOTAL ASSETS | 1,889,563 | |||
LIABILITIES: | ||||
Advisory fees payable | 748 | |||
Management services fees payable | 100 | |||
Administration fees payable | 96 | |||
Administrative services fees payable | 593 | |||
Distribution fees payable | 669 | |||
Transfer agency fees payable | 178 | |||
Fund accounting fees payable | 58 | |||
Compliance services fees payable | 6 | |||
Other accrued expenses | 397 | |||
TOTAL LIABILITIES | 2,845 | |||
NET ASSETS | $ | 1,886,718 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 4,131,472 | ||
Total distributable earnings (loss) | (2,244,754 | ) | ||
NET ASSETS | $ | 1,886,718 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 62,991 | |||
Net Asset Value (offering and redemption price per share) | $ | 29.95 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 1,900 | ||
EXPENSES: | ||||
Advisory fees | 3,500 | |||
Management services fees | 467 | |||
Administration fees | 364 | |||
Transfer agency fees | 355 | |||
Administrative services fees | 1,020 | |||
Distribution fees | 1,167 | |||
Custody fees | 59 | |||
Fund accounting fees | 230 | |||
Trustee fees | 13 | |||
Compliance services fees | 4 | |||
Other fees | 418 | |||
TOTAL NET EXPENSES | 7,597 | |||
NET INVESTMENT INCOME (LOSS) | (5,697 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 92,249 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 19,661 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 111,910 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 106,213 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short International :: 197
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (5,697 | ) | $ | (9,294 | ) | ||
Net realized gains (losses) on investments | 92,249 | (111,588 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 19,661 | 1,482 | ||||||
Change in net assets resulting from operations | 106,213 | (119,400 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 5,641,697 | 2,980,066 | ||||||
Value of shares redeemed | (4,397,955 | ) | (3,008,511 | ) | ||||
Change in net assets resulting from capital transactions | 1,243,742 | (28,445 | ) | |||||
Change in net assets | 1,349,955 | (147,845 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 536,763 | 684,608 | ||||||
End of period | $ | 1,886,718 | $ | 536,763 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 202,216 | 112,771 | ||||||
Redeemed | (160,574 | ) | (115,005 | ) | ||||
Change in shares | 41,642 | (2,234 | ) |
See accompanying notes to financial statements.
198 :: ProFund VP Short International :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 25.14 | $ | 29.03 | $ | 35.17 | $ | 43.87 | $ | 37.99 | $ | 47.87 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.17 | ) | (0.43 | ) | (0.53 | ) | 0.19 | 0.16 | (0.36 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 4.98 | (3.46 | ) | (5.40 | ) | (7.70 | ) | 5.72 | (9.52 | ) | ||||||||||||||
Total income (loss) from investment activities | 4.81 | (3.89 | ) | (5.93 | ) | (7.51 | ) | 5.88 | (9.88 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.21 | ) | (0.20 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | — | — | (0.99 | ) | — | — | |||||||||||||||||
Total distributions | — | — | (0.21 | ) | (1.19 | ) | — | — | ||||||||||||||||
Net Asset Value, End of Period | $ | 29.95 | $ | 25.14 | $ | 29.03 | $ | 35.17 | $ | 43.87 | $ | 37.99 | ||||||||||||
Total Return(c)(d) | 19.13 | % | (13.40 | )% | (16.94 | )% | (17.42 | )% | 15.47 | %(e) | (20.63 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(f) | 1.63 | % | 1.63 | % | 1.70 | % | 1.69 | % | 1.54 | % | 1.69 | % | ||||||||||||
Net expenses(d)(f) | 1.63 | % | 1.63 | % | 1.68 | % | 1.68 | % | 1.46 | %(e) | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(f) | (1.22 | )% | (1.63 | )% | (1.43 | )% | 0.48 | % | 0.41 | %(e) | (0.90 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,887 | $ | 537 | $ | 685 | $ | 596 | $ | 2,183 | $ | 611 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.54% and 0.33%, respectively, and the total return would have been 15.39%. |
(f) | Annualized for periods less than one year. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Mid-Cap :: 199
Investment Objective: The ProFund VP Short Mid-Cap seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short Mid-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P MidCap 400® Index – Composition
% of Index | ||||
Industrials | 18 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Information Technology | 13 | % | ||
Health Care | 10 | % | ||
Real Estate | 9 | % | ||
Materials | 7 | % | ||
Utilities | 4 | % | ||
Consumer Staples | 4 | % | ||
Energy | 4 | % | ||
Communication Services | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (98.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $340,013 | $ | 340,000 | $ | 340,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $340,000) | 340,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $340,000)—98.0% | 340,000 | |||||||
Net other assets (liabilities)—2.0% | 6,893 | |||||||
NET ASSETS—100.0% | $ | 346,893 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $5,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P MidCap 400 | Goldman Sachs International | 7/27/22 | (1.68 | )% | $ | (306,204 | ) | $ | 9,162 | |||||||
S&P MidCap 400 | UBS AG | 7/27/22 | (1.58 | )% | (40,348 | ) | 1,710 | |||||||||
$ | (346,552 | ) | $ | 10,872 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
200 :: ProFund VP Short Mid-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 340,000 | ||
Repurchase agreements, at value | 340,000 | |||
Total Investment Securities, at value | 340,000 | |||
Cash | 756 | |||
Interest receivable | 13 | |||
Unrealized appreciation on swap agreements | 10,872 | |||
Prepaid expenses | 15 | |||
TOTAL ASSETS | 351,656 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 4,153 | |||
Advisory fees payable | 204 | |||
Management services fees payable | 27 | |||
Administration fees payable | 26 | |||
Administrative services fees payable | 94 | |||
Distribution fees payable | 101 | |||
Transfer agency fees payable | 47 | |||
Fund accounting fees payable | 16 | |||
Compliance services fees payable | 1 | |||
Other accrued expenses | 94 | |||
TOTAL LIABILITIES | 4,763 | |||
NET ASSETS | $ | 346,893 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,879,281 | ||
Total distributable earnings (loss) | (2,532,388 | ) | ||
NET ASSETS | $ | 346,893 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 38,266 | |||
Net Asset Value (offering and redemption price per share) | $ | 9.07 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 486 | ||
EXPENSES: | ||||
Advisory fees | 552 | |||
Management services fees | 73 | |||
Administration fees | 62 | |||
Transfer agency fees | 62 | |||
Administrative services fees | 197 | |||
Distribution fees | 184 | |||
Custody fees | 10 | |||
Fund accounting fees | 40 | |||
Trustee fees | 2 | |||
Compliance services fees | 1 | |||
Other fees | 68 | |||
Total Gross Expenses before reductions | 1,251 | |||
Expenses reduced and reimbursed by the Advisor | (15 | ) | ||
TOTAL NET EXPENSES | 1,236 | |||
NET INVESTMENT INCOME (LOSS) | (750 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 1,583 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 11,039 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 12,622 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,872 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Mid-Cap :: 201
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (750 | ) | $ | (1,224 | ) | ||
Net realized gains (losses) on investments | 1,583 | (37,685 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 11,039 | (87 | ) | |||||
Change in net assets resulting from operations | 11,872 | (38,996 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (139,495 | ) | |||||
Change in net assets resulting from distributions | — | (139,495 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 1,178,798 | 4,378,802 | ||||||
Distributions reinvested | — | 24,595 | ||||||
Value of shares redeemed | (888,313 | ) | (4,248,482 | ) | ||||
Change in net assets resulting from capital transactions | 290,485 | 154,915 | ||||||
Change in net assets | 302,357 | (23,576 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 44,536 | 68,112 | ||||||
End of period | $ | 346,893 | $ | 44,536 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 137,332 | 386,203 | ||||||
Reinvested | — | 3,022 | ||||||
Redeemed | (104,926 | ) | (386,749 | ) | ||||
Change in shares | 32,406 | 2,476 |
See accompanying notes to financial statements.
202 :: ProFund VP Short Mid-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.60 | $ | 20.13 | $ | 27.75 | $ | 35.30 | $ | 33.94 | $ | 40.17 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.18 | ) | (0.44 | ) | 0.18 | 0.05 | (0.30 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.51 | (4.08 | ) | (6.91 | ) | (7.64 | ) | 3.33 | (5.66 | ) | ||||||||||||||
Total income (loss) from investment activities | 1.47 | (4.26 | ) | (7.35 | ) | (7.46 | ) | 3.38 | (5.96 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.27 | ) | (0.09 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (8.27 | ) | — | — | (2.02 | ) | (0.27 | ) | |||||||||||||||
Total distributions | — | (8.27 | ) | (0.27 | ) | (0.09 | ) | (2.02 | ) | (0.27 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 9.07 | $ | 7.60 | $ | 20.13 | $ | 27.75 | $ | 35.30 | $ | 33.94 | ||||||||||||
Total Return(b)(c) | 19.34 | % | (23.87 | )%(d) | (26.65 | )% | (21.17 | )% | 10.97 | % | (14.85 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(e) | 1.70 | % | 1.69 | % | 1.76 | % | 1.66 | % | 1.67 | % | 1.68 | % | ||||||||||||
Net expenses(c)(e) | 1.68 | % | 1.68 | % | 1.69 | %(f) | 1.66 | % | 1.67 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(e) | (1.02 | )% | (1.68 | )% | (1.49 | )% | 0.59 | % | 0.17 | % | (0.81 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 347 | $ | 45 | $ | 68 | $ | 142 | $ | 657 | $ | 165 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.16%. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Nasdaq-100 :: 203
Investment Objective: The ProFund VP Short Nasdaq-100 seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short Nasdaq-100 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 51 | % | ||
Communication Services | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 6 | % | ||
Industrials | 3 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (95.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $8,074,308 | $ | 8,074,000 | $ | 8,074,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $8,074,000) | 8,074,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,074,000)—95.6% | 8,074,000 | |||||||
Net other assets (liabilities)—4.4% | 373,670 | |||||||
NET ASSETS—100.0% | $ | 8,447,670 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,607,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Nasdaq-100 Index | Goldman Sachs International | 7/27/22 | (1.93 | )% | $ | (2,703,374 | ) | $ | 40,194 | |||||||
Nasdaq-100 Index | UBS AG | 7/27/22 | (1.73 | )% | (5,740,356 | ) | 252,213 | |||||||||
$ | (8,443,730 | ) | $ | 292,407 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
204 :: ProFund VP Short Nasdaq-100 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 8,074,000 | ||
Repurchase agreements, at value | 8,074,000 | |||
Total Investment Securities, at value | 8,074,000 | |||
Cash | 27 | |||
Segregated cash balances for swap agreements with custodian | 641 | |||
Interest receivable | 308 | |||
Unrealized appreciation on swap agreements | 292,407 | |||
Receivable for capital shares issued | 114,955 | |||
Prepaid expenses | 87 | |||
TOTAL ASSETS | 8,482,425 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 5,237 | |||
Advisory fees payable | 7,947 | |||
Management services fees payable | 1,060 | |||
Administration fees payable | 1,151 | |||
Administrative services fees payable | 5,554 | |||
Distribution fees payable | 6,320 | |||
Transfer agency fees payable | 1,917 | |||
Fund accounting fees payable | 637 | |||
Compliance services fees payable | 58 | |||
Other accrued expenses | 4,874 | |||
TOTAL LIABILITIES | 34,755 | |||
NET ASSETS | $ | 8,447,670 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 21,551,314 | ||
Total distributable earnings (loss) | (13,103,644 | ) | ||
NET ASSETS | $ | 8,447,670 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 475,980 | |||
Net Asset Value (offering and redemption price per share) | $ | 17.75 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 21,303 | ||
EXPENSES: | ||||
Advisory fees | 35,234 | |||
Management services fees | 4,698 | |||
Administration fees | 4,034 | |||
Transfer agency fees | 3,644 | |||
Administrative services fees | 10,543 | |||
Distribution fees | 11,745 | |||
Custody fees | 607 | |||
Fund accounting fees | 2,354 | |||
Trustee fees | 125 | |||
Compliance services fees | 43 | |||
Other fees | 6,588 | |||
Total Gross Expenses before reductions | 79,615 | |||
Expenses reduced and reimbursed by the Advisor | (690 | ) | ||
TOTAL NET EXPENSES | 78,925 | |||
NET INVESTMENT INCOME (LOSS) | (57,622 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 651,985 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 264,848 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 916,833 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 859,211 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Nasdaq-100 :: 205
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (57,622 | ) | $ | (58,115 | ) | ||
Net realized gains (losses) on investments | 651,985 | (329,324 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 264,848 | 103,813 | ||||||
Change in net assets resulting from operations | 859,211 | (283,626 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (224,885 | ) | |||||
Change in net assets resulting from distributions | — | (224,885 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 397,654,910 | 279,257,492 | ||||||
Distributions reinvested | — | 224,885 | ||||||
Value of shares redeemed | (391,889,079 | ) | (282,271,549 | ) | ||||
Change in net assets resulting from capital transactions | 5,765,831 | (2,789,172 | ) | |||||
Change in net assets | 6,625,042 | (3,297,683 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 1,822,628 | 5,120,311 | ||||||
End of period | $ | 8,447,670 | $ | 1,822,628 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 25,308,628 | 17,721,531 | ||||||
Reinvested | — | 12,939 | ||||||
Redeemed | (24,967,766 | ) | (17,880,396 | ) | ||||
Change in shares | 340,862 | (145,926 | ) |
See accompanying notes to financial statements.
206 :: ProFund VP Short Nasdaq-100 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 13.49 | $ | 18.22 | $ | 31.90 | $ | 44.38 | $ | 45.72 | $ | 61.17 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.10 | ) | (0.27 | ) | (0.32 | ) | 0.12 | 0.04 | (0.44 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 4.36 | (4.26 | ) | (13.32 | ) | (12.55 | ) | (1.38 | ) | (15.01 | ) | |||||||||||||
Total income (loss) from investment activities | 4.26 | (4.53 | ) | (13.64 | ) | (12.43 | ) | (1.34 | ) | (15.45 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.04 | ) | (0.05 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (0.20 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (0.20 | ) | (0.04 | ) | (0.05 | ) | — | — | |||||||||||||||
Net Asset Value, End of Period | $ | 17.75 | $ | 13.49 | $ | 18.22 | $ | 31.90 | $ | 44.38 | $ | 45.72 | ||||||||||||
Total Return(c)(d) | 31.58 | % | (25.13 | )% | (42.77 | )% | (28.05 | )% | (2.89 | )%(e) | (25.25 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(f) | 1.69 | % | 1.68 | % | 1.75 | % | 1.73 | % | 1.76 | % | 1.72 | % | ||||||||||||
Net expenses(d)(f) | 1.68 | % | 1.68 | % | 1.68 | % | 1.69 | %(g) | 1.66 | %(e) | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(f) | (1.23 | )% | (1.68 | )% | (1.33 | )% | 0.32 | % | 0.08 | %(e) | (0.85 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 8,448 | $ | 1,823 | $ | 5,120 | $ | 7,353 | $ | 4,667 | $ | 3,593 | ||||||||||||
Portfolio turnover rate(h) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.07%, respectively, and the total return would have been (2.90)%. |
(f) | Annualized for periods less than one year. |
(g) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation in applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(h) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Small-Cap :: 207
Investment Objective: The ProFund VP Short Small-Cap seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Russell 2000® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (100 | )% | ||
Total Exposure | (100 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP Short Small-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Russell 2000® Index – Composition
% of Index | ||||
Financials | 17 | % | ||
Health Care | 16 | % | ||
Industrials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 10 | % | ||
Real Estate | 7 | % | ||
Energy | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 4 | % | ||
Communication Services | 3 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (98.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $2,175,083 | $ | 2,175,000 | $ | 2,175,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,175,000) | 2,175,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $2,175,000)—98.9% | 2,175,000 | |||||||
Net other assets (liabilities)—1.1% | 23,871 | |||||||
NET ASSETS—100.0% | $ | 2,198,871 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $452,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Russell 2000 Index | Goldman Sachs International | 7/27/22 | (1.58 | )% | $ | (1,340,772 | ) | $ | 44,596 | |||||||
Russell 2000 Index | UBS AG | 7/27/22 | (1.08 | )% | (857,411 | ) | 31,584 | |||||||||
$ | (2,198,183 | ) | $ | 76,180 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
208 :: ProFund VP Short Small-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 2,175,000 | ||
Repurchase agreements, at value | 2,175,000 | |||
Total Investment Securities, at value | 2,175,000 | |||
Cash | 202 | |||
Segregated cash balances for swap agreements with custodian | 5 | |||
Interest receivable | 83 | |||
Unrealized appreciation on swap agreements | 76,180 | |||
Receivable for capital shares issued | 7,155 | |||
Prepaid expenses | 11 | |||
TOTAL ASSETS | 2,258,636 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 55,058 | |||
Advisory fees payable | 1,092 | |||
Management services fees payable | 146 | |||
Administration fees payable | 167 | |||
Administrative services fees payable | 862 | |||
Distribution fees payable | 922 | |||
Transfer agency fees payable | 275 | |||
Fund accounting fees payable | 92 | |||
Compliance services fees payable | 10 | |||
Other accrued expenses | 1,141 | |||
TOTAL LIABILITIES | 59,765 | |||
NET ASSETS | $ | 2,198,871 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 7,889,939 | ||
Total distributable earnings (loss) | (5,691,068 | ) | ||
NET ASSETS | $ | 2,198,871 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 79,130 | |||
Net Asset Value (offering and redemption price per share) | $ | 27.79 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 2,989 | ||
EXPENSES: | ||||
Advisory fees | 5,728 | |||
Management services fees | 764 | |||
Administration fees | 648 | |||
Transfer agency fees | 579 | |||
Administrative services fees | 1,938 | |||
Distribution fees | 1,909 | |||
Custody fees | 94 | |||
Fund accounting fees | 376 | |||
Trustee fees | 22 | |||
Compliance services fees | 6 | |||
Other fees | 1,234 | |||
Total Gross Expenses before reductions | 13,298 | |||
Expenses reduced and reimbursed by the Advisor | (467 | ) | ||
TOTAL NET EXPENSES | 12,831 | |||
NET INVESTMENT INCOME (LOSS) | (9,842 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | 22,351 | |||
Net realized gains (losses) on swap agreements | 147,633 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 1,694 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 71,094 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 242,772 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 232,930 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Small-Cap :: 209
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (9,842 | ) | $ | (18,630 | ) | ||
Net realized gains (losses) on investments | 169,984 | (250,375 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 72,788 | 960 | ||||||
Change in net assets resulting from operations | 232,930 | (268,045 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 10,903,497 | 25,830,717 | ||||||
Value of shares redeemed | (9,933,208 | ) | (25,651,108 | ) | ||||
Change in net assets resulting from capital transactions | 970,289 | 179,609 | ||||||
Change in net assets | 1,203,219 | (88,436 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 995,652 | 1,084,088 | ||||||
End of period | $ | 2,198,871 | $ | 995,652 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 437,623 | 1,108,415 | ||||||
Redeemed | (403,050 | ) | (1,103,127 | ) | ||||
Change in shares | 34,573 | 5,288 |
See accompanying notes to financial statements.
210 :: ProFund VP Short Small-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 22.35 | $ | 27.61 | $ | 40.78 | $ | 57.35 | $ | 51.94 | $ | 60.57 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.16 | ) | (0.39 | ) | (0.56 | ) | 0.20 | 0.04 | (0.48 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.60 | (4.87 | ) | (12.42 | ) | (11.57 | ) | 5.37 | (8.15 | ) | ||||||||||||||
Total income (loss) from investment activities | 5.44 | (5.26 | ) | (12.98 | ) | (11.37 | ) | 5.41 | (8.63 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.19 | ) | (0.04 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | — | — | (5.16 | ) | — | — | |||||||||||||||||
Total distributions | — | — | (0.19 | ) | (5.20 | ) | — | — | ||||||||||||||||
Net Asset Value, End of Period | $ | 27.79 | $ | 22.35 | $ | 27.61 | $ | 40.78 | $ | 57.35 | $ | 51.94 | ||||||||||||
Total Return(c)(d) | 24.34 | % | (19.05 | )% | (31.96 | )% | (20.78 | )% | 10.39 | %(e) | (14.20 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(f) | 1.74 | % | 1.69 | % | 1.83 | % | 1.77 | % | 1.78 | % | 1.70 | % | ||||||||||||
Net expenses(d)(f) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | %(e) | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(f) | (1.29 | )% | (1.68 | )% | (1.36 | )% | 0.42 | % | 0.10 | %(e) | (0.87 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 2,199 | $ | 996 | $ | 1,084 | $ | 1,855 | $ | 2,931 | $ | 1,882 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The effect to the net expense ratio, net investment income (loss) ratio, and total return were each less than 0.005%. |
(f) | Annualized for periods less than one year. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 211
Investment Objective: The ProFund VP Small-Cap seeks investment results that, before fees and expenses, correspond to the performance of the Russell 2000® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 67 | % | ||
Swap Agreements | 33 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Biohaven Pharmaceutical Holding Co., Ltd. | 0.3 | % | ||
Shockwave Medical, Inc. | 0.2 | % | ||
Chart Industries, Inc. | 0.2 | % | ||
Halozyme Therapeutics, Inc. | 0.2 | % | ||
Sailpoint Technologies Holding, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Financials | 17 | % | ||
Health Care | 16 | % | ||
Industrials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 10 | % | ||
Real Estate | 7 | % | ||
Energy | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 4 | % | ||
Communication Services | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (66.9%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | 83 | $ | 789 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 554 | 4,343 | ||||||
1st Source Corp. (Banks) | 50 | 2,270 | ||||||
1stdibs.com, Inc.* (Internet & Direct Marketing Retail) | 72 | 410 | ||||||
22nd Century Group, Inc.* (Tobacco) | 497 | 1,059 | ||||||
23andMe Holding Co.*—Class A (Life Sciences Tools & Services) | 528 | 1,309 | ||||||
2seventy bio, Inc.* (Biotechnology) | 115 | 1,518 | ||||||
2U, Inc.* (Diversified Consumer Services) | 229 | 2,398 | ||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 389 | 3,773 | ||||||
4D Molecular Therapeutics, Inc.* (Biotechnology) | 92 | 642 | ||||||
5E Advanced Materials, Inc.* (Metals & Mining) | 99 | 1,206 | ||||||
8x8, Inc.* (Software) | 338 | 1,741 | ||||||
908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | 67 | 1,380 | ||||||
A10 Networks, Inc. (Software) | 202 | 2,905 | ||||||
Aadi Bioscience, Inc.* (Pharmaceuticals) | 44 | 542 | ||||||
AAON, Inc. (Building Products) | 135 | 7,393 | ||||||
AAR Corp.* (Aerospace & Defense) | 104 | 4,351 | ||||||
Aaron's Co., Inc. (The) (Specialty Retail) | 93 | 1,353 | ||||||
AbCellera Biologics, Inc.* (Life Sciences Tools & Services) | 636 | 6,773 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 152 | 2,572 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 206 | 8,945 | ||||||
Absci Corp.* (Life Sciences Tools & Services) | 162 | 538 | ||||||
Academy Sports & Outdoors, Inc. (Leisure Products) | 258 | 9,170 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 369 | 5,199 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 286 | 4,467 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 180 | 1,912 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 291 | 1,900 | ||||||
Accolade, Inc.* (Health Care Technology) | 179 | 1,325 | ||||||
ACI Worldwide, Inc.* (Software) | 352 | 9,113 | ||||||
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | 184 | 2,569 | ||||||
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 147 | 2,474 | ||||||
ACNB Corp. (Banks) | 26 | 772 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 105 | 4,376 | ||||||
ACV Auctions, Inc.*—Class A (Software) | 346 | 2,263 | ||||||
Adagio Therapeutics, Inc.* (Biotechnology) | 158 | 518 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 222 | 4,005 | ||||||
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services) | 342 | 2,767 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 47 | 3,914 | ||||||
Adicet Bio, Inc.* (Pharmaceuticals) | 87 | 1,270 | ||||||
Adient PLC* (Auto Components) | 292 | 8,652 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 571 | 1,131 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 138 | 4,964 | ||||||
AdTheorent Holding Co., Inc.* (Media) | 49 | 151 | ||||||
ADTRAN, Inc. (Communications Equipment) | 150 | 2,630 | ||||||
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | 115 | 8,393 | ||||||
AdvanSix, Inc. (Chemicals) | 84 | 2,809 |
See accompanying notes to financial statements.
212 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Advantage Solutions, Inc.* (Media) | 253 | $ | 961 | |||||
Aemetis, Inc.* (Oil, Gas & Consumable Fuels) | 90 | 442 | ||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 144 | 1,080 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 244 | 9,907 | ||||||
Aerovate Therapeutics, Inc.* (Biotechnology) | 28 | 438 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 71 | 5,836 | ||||||
AerSale Corp.* (Aerospace & Defense) | 49 | 711 | ||||||
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 298 | 933 | ||||||
AEye, Inc.* (Electronic Equipment, Instruments & Components) | 81 | 155 | ||||||
AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts) | 49 | 751 | ||||||
Affimed N.V.* (Biotechnology) | 437 | 1,210 | ||||||
Agenus, Inc.* (Biotechnology) | 830 | 1,610 | ||||||
Agiliti, Inc.* (Health Care Providers & Services) | 84 | 1,723 | ||||||
Agilysys, Inc.* (Software) | 60 | 2,836 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 168 | 3,725 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 228 | 16,446 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 181 | 5,200 | ||||||
AirSculpt Technologies, Inc.* (Health Care Providers & Services) | 38 | 225 | ||||||
aka Brands Holding Corp.* (Internet & Direct Marketing Retail) | 34 | 94 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 86 | 813 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 160 | 592 | ||||||
Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | 48 | 617 | ||||||
Alamo Group, Inc. (Machinery) | 31 | 3,609 | ||||||
Alarm.com Holdings, Inc.* (Software) | 148 | 9,155 | ||||||
Albany International Corp.—Class A (Machinery) | 97 | 7,643 | ||||||
Albireo Pharma, Inc.* (Biotechnology) | 53 | 1,053 | ||||||
Alector, Inc.* (Biotechnology) | 191 | 1,941 | ||||||
Alerus Financial Corp. (Diversified Financial Services) | 47 | 1,119 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 222 | 3,985 | ||||||
Alexander's, Inc. (Equity Real Estate Investment Trusts) | 7 | 1,555 | ||||||
Alico, Inc. (Food Products) | 19 | 677 | ||||||
Alight, Inc.*—Class A (Professional Services) | 1,043 | 7,040 | ||||||
Alignment Healthcare, Inc.* (Health Care Providers & Services) | 259 | 2,955 | ||||||
Alkami Technology, Inc.* (Software) | 110 | 1,528 | ||||||
Alkermes PLC* (Biotechnology) | 501 | 14,924 | ||||||
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 290 | 1,140 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 381 | 8,653 | ||||||
Allegiance Bancshares, Inc. (Banks) | 60 | 2,266 | ||||||
Allegiant Travel Co.* (Airlines) | 48 | 5,428 | ||||||
ALLETE, Inc. (Electric Utilities) | 176 | 10,345 | ||||||
Allied Motion Technologies, Inc. (Electrical Equipment) | 40 | 914 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 245 | 2,793 | ||||||
Allovir, Inc.* (Biotechnology) | 95 | 371 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 350 | 5,191 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 68 | 2,267 | ||||||
Alpha Metallurgical Resources, Inc. (Metals & Mining) | 55 | 7,102 | ||||||
Alpha Teknova, Inc.* (Biotechnology) | 19 | 160 | ||||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 216 | 1,413 | ||||||
Alpine Immune Sciences, Inc.* (Biotechnology) | 48 | 408 | ||||||
Alta Equipment Group, Inc.* (Trading Companies & Distributors) | 64 | 574 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 160 | 8,400 | ||||||
Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels) | 222 | 824 | ||||||
Altra Industrial Motion Corp. (Machinery) | 200 | 7,050 | ||||||
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers) | 129 | 814 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 66 | 534 | ||||||
Amalgamated Financial Corp. (Banks) | 43 | 851 | ||||||
A-Mark Precious Metals, Inc. (Diversified Financial Services) | 56 | 1,806 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 141 | 1,600 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 112 | 7,332 | ||||||
AMC Networks, Inc.*—Class A (Media) | 93 | 2,708 | ||||||
Amerant Bancorp, Inc. (Banks) | 86 | 2,418 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 98 | 4,465 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 152 | 4,514 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 347 | 2,613 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 474 | 5,299 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 239 | 8,740 | ||||||
American National Bankshares, Inc. (Banks) | 32 | 1,108 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 58 | 937 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 5 | 71 | ||||||
American Software, Inc.—Class A (Software) | 96 | 1,551 | ||||||
American States Water Co. (Water Utilities) | 113 | 9,211 | ||||||
American Vanguard Corp. (Chemicals) | 90 | 2,012 | ||||||
American Well Corp.*—Class A (Health Care Technology) | 705 | 3,046 | ||||||
American Woodmark Corp.* (Building Products) | 51 | 2,296 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 18 | 1,811 | ||||||
Ameris Bancorp (Banks) | 203 | 8,157 | ||||||
AMERISAFE, Inc. (Insurance) | 59 | 3,069 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 847 | 9,097 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 312 | 5,288 | ||||||
AMMO, Inc.* (Leisure Products) | 268 | 1,032 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 213
Common Stocks, continued
Shares | Value | |||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 137 | $ | 15,031 | |||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 316 | 1,005 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 118 | 4,105 | ||||||
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels) | 110 | 719 | ||||||
Amplitude, Inc.*—Class A (Software) | 172 | 2,458 | ||||||
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals) | 35 | 674 | ||||||
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | 605 | 1,119 | ||||||
AN2 Therapeutics, Inc.* (Pharmaceuticals) | 14 | 109 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 62 | 1,259 | ||||||
Anavex Life Sciences Corp.* (Biotechnology) | 210 | 2,102 | ||||||
Angel Oak Mortgage, Inc. (Mortgage Real Estate Investment Trusts) | 37 | 480 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 114 | 2,206 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 39 | 1,157 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 45 | 1,004 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 37 | 1,520 | ||||||
Apartment Investment and Management Co.* (Equity Real Estate Investment Trusts) | 460 | 2,944 | ||||||
Apellis Pharmaceuticals, Inc.* (Biotechnology) | 279 | 12,616 | ||||||
API Group Corp.* (Construction & Engineering) | 635 | 9,505 | ||||||
Apogee Enterprises, Inc. (Building Products) | 68 | 2,667 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 432 | 4,510 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 120 | 4,631 | ||||||
Appfolio, Inc.* (Software) | 59 | 5,348 | ||||||
AppHarvest, Inc.*(a) (Food Products) | 219 | 764 | ||||||
Appian Corp.* (Software) | 123 | 5,825 | ||||||
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | 661 | 9,697 | ||||||
Applied Blockchain, Inc.* (Software) | 25 | 26 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 118 | 11,347 | ||||||
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 477 | 6,253 | ||||||
Arbutus Biopharma Corp.* (Biotechnology) | 332 | 900 | ||||||
ArcBest Corp. (Road & Rail) | 75 | 5,278 | ||||||
Arcellx, Inc.* (Biotechnology) | 30 | 542 | ||||||
Arch Resources, Inc. (Oil, Gas & Consumable Fuels) | 47 | 6,725 | ||||||
Archaea Energy, Inc.* (Oil, Gas & Consumable Fuels) | 183 | 2,842 | ||||||
Archer Aviation, Inc.*—Class A (Aerospace & Defense) | 382 | 1,177 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 416 | 3,440 | ||||||
Arconic Corp.* (Metals & Mining) | 325 | 9,116 | ||||||
Arcosa, Inc. (Construction & Engineering) | 149 | 6,918 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 71 | 1,118 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 158 | 4,004 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 108 | 2,301 | ||||||
Ardmore Shipping Corp.* (Oil, Gas & Consumable Fuels) | 107 | 746 | ||||||
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | 137 | 1,676 | ||||||
Argan, Inc. (Construction & Engineering) | 43 | 1,605 | ||||||
Argo Group International Holdings, Ltd. (Insurance) | 98 | 3,612 | ||||||
Aris Water Solution, Inc.—Class A (Commercial Services & Supplies) | 68 | 1,134 | ||||||
Arko Corp. (Specialty Retail) | 261 | 2,130 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 261 | 1,636 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 206 | 2,645 | ||||||
ARMOUR Residential REIT, Inc.(a) (Mortgage Real Estate Investment Trusts) | 315 | 2,218 | ||||||
Array Technologies, Inc.* (Electrical Equipment) | 463 | 5,098 | ||||||
Arrow Financial Corp. (Banks) | 42 | 1,336 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 316 | 11,126 | ||||||
Arteris, Inc.* (Software) | 52 | 362 | ||||||
Artesian Resources Corp.—Class A (Water Utilities) | 25 | 1,229 | ||||||
Artisan Partners Asset Management, Inc. (Capital Markets) | 185 | 6,580 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 120 | 2,266 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 149 | 6,272 | ||||||
Asana, Inc.*—Class A (Software) | 226 | 3,973 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 68 | 11,514 | ||||||
ASGN, Inc.* (Professional Services) | 154 | 13,900 | ||||||
Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts) | 106 | 634 | ||||||
Aspen Aerogels, Inc.* (Energy Equipment & Services) | 84 | 830 | ||||||
Assetmark Financial Holdings, Inc.* (Capital Markets) | 66 | 1,239 | ||||||
Associated Banc-Corp. (Banks) | 458 | 8,363 | ||||||
Associated Capital Group, Inc.—Class A (Capital Markets) | 5 | 179 | ||||||
Astec Industries, Inc. (Machinery) | 70 | 2,855 | ||||||
Astra Space, Inc.* (Aerospace & Defense) | 442 | 575 | ||||||
Astronics Corp.* (Aerospace & Defense) | 78 | 793 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 282 | 2,197 | ||||||
Atea Pharmaceuticals, Inc.* (Biotechnology) | 234 | 1,661 | ||||||
Aterian, Inc.*(a) (Household Durables) | 187 | 404 | ||||||
Athira Pharma, Inc.* (Pharmaceuticals) | 104 | 317 | ||||||
ATI Physical Therapy, Inc.* (Health Care Providers & Services) | 230 | 324 | ||||||
Atkore, Inc.* (Electrical Equipment) | 132 | 10,957 | ||||||
Atlantic Union Bankshares (Banks) | 230 | 7,802 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 13 | 457 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 86 | 5,307 | ||||||
Atlas Technical Consultants, Inc.* (Professional Services) | 55 | 289 |
See accompanying notes to financial statements.
214 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
ATN International, Inc. (Diversified Telecommunication Services) | 34 | $ | 1,595 | |||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 63 | 591 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 140 | 5,720 | ||||||
Atrion Corp. (Health Care Equipment & Supplies) | 4 | 2,515 | ||||||
Aura Biosciences, Inc.* (Biotechnology) | 56 | 794 | ||||||
Aurinia Pharmaceuticals, Inc.* (Biotechnology) | 412 | 4,141 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 145 | 3,964 | ||||||
Avaya Holdings Corp.*—Class C (Software) | 256 | 573 | ||||||
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | 137 | 310 | ||||||
Avepoint, Inc.* (Software) | 396 | 1,719 | ||||||
Aviat Networks, Inc.* (Communications Equipment) | 34 | 851 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 188 | 2,869 | ||||||
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | 110 | 2,855 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 150 | 2,180 | ||||||
AvidXchange Holdings, Inc.* (Software) | 450 | 2,763 | ||||||
Avient Corp. (Chemicals) | 280 | 11,222 | ||||||
Avista Corp. (Multi-Utilities) | 223 | 9,703 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 100 | 5,484 | ||||||
AxoGen, Inc.* (Health Care Equipment & Supplies) | 125 | 1,024 | ||||||
Axonics, Inc.* (Health Care Equipment & Supplies) | 144 | 8,160 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | 176 | 6,310 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 88 | 3,370 | ||||||
AXT, Inc.* (Semiconductors & Semiconductor Equipment) | 125 | 733 | ||||||
AZZ, Inc. (Electrical Equipment) | 75 | 3,062 | ||||||
B Riley Financial, Inc. (Capital Markets) | 62 | 2,620 | ||||||
B&G Foods, Inc.(a) (Food Products) | 209 | 4,970 | ||||||
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | 183 | 1,103 | ||||||
Babylon Holdings, Ltd.*—Class A (Health Care Technology) | 334 | 327 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 90 | 7,280 | ||||||
Bakkt Holdings, Inc.* (Capital Markets) | 175 | 368 | ||||||
Balchem Corp. (Chemicals) | 98 | 12,715 | ||||||
Bally's Corp.* (Hotels, Restaurants & Leisure) | 122 | 2,413 | ||||||
Banc of California, Inc. (Banks) | 169 | 2,978 | ||||||
BancFirst Corp. (Banks) | 60 | 5,743 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | 84 | 1,115 | ||||||
Bandwidth, Inc.* (Diversified Telecommunication Services) | 71 | 1,336 | ||||||
Bank First Corp. (Banks) | 20 | 1,516 | ||||||
Bank of Marin Bancorp (Banks) | 48 | 1,525 | ||||||
BankUnited, Inc. (Banks) | 251 | 8,928 | ||||||
Bankwell Financial Group, Inc. (Banks) | 17 | 528 | ||||||
Banner Corp. (Banks) | 105 | 5,902 | ||||||
Bar Harbor Bankshares (Banks) | 45 | 1,164 | ||||||
BARK, Inc.* (Internet & Direct Marketing Retail) | 158 | 202 | ||||||
Barnes Group, Inc. (Machinery) | 150 | 4,671 | ||||||
Barrett Business Services, Inc. (Professional Services) | 22 | 1,603 | ||||||
Battalion Oil Corp.* (Oil, Gas & Consumable Fuels) | 8 | 68 | ||||||
BayCom Corp. (Banks) | 39 | 807 | ||||||
BCB Bancorp, Inc. (Banks) | 44 | 749 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 167 | 8,577 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 195 | 7,548 | ||||||
Beazer Homes USA, Inc.* (Household Durables) | 92 | 1,110 | ||||||
Bed Bath & Beyond, Inc.* (Specialty Retail) | 245 | 1,218 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 135 | 7,191 | ||||||
BellRing Brands, Inc.* (Personal Products) | 359 | 8,935 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 107 | 2,414 | ||||||
Benefitfocus, Inc.* (Software) | 79 | 615 | ||||||
Benson Hill, Inc.* (Software) | 526 | 1,441 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 172 | 855 | ||||||
Berkshire Grey, Inc.* (Machinery) | 150 | 218 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 142 | 3,517 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 246 | 1,875 | ||||||
Beyond Meat, Inc.* (Food Products) | 189 | 4,525 | ||||||
BGC Partners, Inc.—Class A (Capital Markets) | 981 | 3,306 | ||||||
Big 5 Sporting Goods Corp. (Specialty Retail) | 66 | 740 | ||||||
Big Lots, Inc. (Multiline Retail) | 86 | 1,803 | ||||||
BigCommerce Holdings, Inc.*—Class 1 (IT Services) | 197 | 3,191 | ||||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 2 | 245 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 570 | 6,031 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 191 | 27,830 | ||||||
BioLife Solutions, Inc.* (Health Care Equipment & Supplies) | 104 | 1,436 | ||||||
Bionano Genomics, Inc.*(a) (Life Sciences Tools & Services) | 897 | 1,238 | ||||||
Bioventus, Inc.*—Class A (Health Care Equipment & Supplies) | 97 | 662 | ||||||
Bioxcel Therapeutics, Inc.* (Biotechnology) | 59 | 779 | ||||||
Bird Global, Inc.*—Class A (Road & Rail) | 527 | 230 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 70 | 1,518 | ||||||
Black Hills Corp. (Multi-Utilities) | 200 | 14,555 | ||||||
Blackbaud, Inc.* (Software) | 143 | 8,304 | ||||||
Blackline, Inc.* (Software) | 170 | 11,322 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 523 | 14,472 | ||||||
Blade Air Mobility, Inc.* (Airlines) | 172 | 767 | ||||||
Blend Labs, Inc.*—Class A (Software) | 568 | 1,340 | ||||||
Blink Charging Co.* (Electrical Equipment) | 113 | 1,868 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 215
Common Stocks, continued
Shares | Value | |||||||
Bloom Energy Corp.* (Electrical Equipment) | 500 | $ | 8,250 | |||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 271 | 4,504 | ||||||
Blucora, Inc.* (Capital Markets) | 145 | 2,677 | ||||||
Blue Bird Corp.* (Machinery) | 54 | 497 | ||||||
Blue Foundry Bancorp* (Thrifts & Mortgage Finance) | 81 | 971 | ||||||
Blue Ridge Bankshares, Inc. (Banks) | 52 | 797 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 220 | 911 | ||||||
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure) | 39 | 973 | ||||||
BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | 29 | 1,937 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 184 | 9,294 | ||||||
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts) | 88 | 2,314 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 121 | 7,198 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 91 | 6,271 | ||||||
Borr Drilling, Ltd.* (Energy Equipment & Services) | 413 | 1,904 | ||||||
Boston Omaha Corp.*—Class A (Media) | 63 | 1,301 | ||||||
Bowlero Corp.* (Hotels, Restaurants & Leisure) | 119 | 1,260 | ||||||
Box, Inc.*—Class A (Software) | 397 | 9,981 | ||||||
Boxed, Inc.* (Internet & Direct Marketing Retail) | 36 | 67 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 144 | 6,803 | ||||||
Braemar Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 210 | 901 | ||||||
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | 521 | 5,022 | ||||||
BRC, Inc.*(a)—Class A (Food Products) | 79 | 645 | ||||||
Bread Financial Holdings, Inc. (IT Services) | 154 | 5,707 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 321 | 2,915 | ||||||
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance) | 63 | 1,017 | ||||||
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | 157 | 3,867 | ||||||
Bright Health Group, Inc.* (Insurance) | 593 | 1,079 | ||||||
Brightcove, Inc.* (IT Services) | 126 | 796 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 99 | 1,783 | ||||||
BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts) | 293 | 2,212 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 136 | 1,632 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 133 | 2,930 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 73 | 1,708 | ||||||
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | 400 | 2,684 | ||||||
Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts) | 520 | 10,665 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 571 | 2,592 | ||||||
Brookfield Business Corp.—Class A (Industrial Conglomerates) | 80 | 1,841 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 302 | 12,814 | ||||||
Brookline Bancorp, Inc. (Banks) | 233 | 3,101 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 180 | 4,347 | ||||||
BRT Apartments Corp. (Equity Real Estate Investment Trusts) | 36 | 774 | ||||||
BTRS Holdings, Inc.* (Software) | 308 | 1,534 | ||||||
Build-A-Bear Workshop, Inc. (Specialty Retail) | 44 | 722 | ||||||
Bumble, Inc.*—Class A (Interactive Media & Services) | 265 | 7,460 | ||||||
Business First Bancshares, Inc. (Banks) | 65 | 1,385 | ||||||
Butterfly Network, Inc.* (Health Care Equipment & Supplies) | 408 | 1,253 | ||||||
Byline Bancorp, Inc. (Banks) | 76 | 1,809 | ||||||
C3.ai, Inc.*—Class A (Software) | 211 | 3,853 | ||||||
C4 Therapeutics, Inc.* (Biotechnology) | 129 | 973 | ||||||
Cabot Corp. (Chemicals) | 171 | 10,908 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 181 | 7,289 | ||||||
Cadence Bank (Banks) | 563 | 13,219 | ||||||
Cadre Holdings, Inc. (Aerospace & Defense) | 51 | 1,003 | ||||||
Caesarstone, Ltd. (Building Products) | 70 | 639 | ||||||
Calavo Growers, Inc. (Food Products) | 53 | 2,211 | ||||||
Caleres, Inc. (Specialty Retail) | 112 | 2,939 | ||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 240 | 9,240 | ||||||
California Water Service Group (Water Utilities) | 165 | 9,166 | ||||||
Calix, Inc.* (Communications Equipment) | 174 | 5,940 | ||||||
Callaway Golf Co.* (Leisure Products) | 430 | 8,772 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 151 | 5,919 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 116 | 5,732 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 35 | 513 | ||||||
Cambridge Bancorp (Banks) | 21 | 1,737 | ||||||
Camden National Corp. (Banks) | 44 | 1,938 | ||||||
Camping World Holdings, Inc.(a)—Class A (Specialty Retail) | 118 | 2,548 | ||||||
Cannae Holdings, Inc.* (Diversified Financial Services) | 232 | 4,487 | ||||||
Cano Health, Inc.* (Health Care Providers & Services) | 497 | 2,177 | ||||||
Canoo, Inc.*(a) (Automobiles) | 354 | 655 | ||||||
Cantaloupe, Inc.* (IT Services) | 179 | 1,002 | ||||||
Capital Bancorp, Inc. (Banks) | 28 | 608 | ||||||
Capital City Bank Group, Inc. (Banks) | 42 | 1,171 | ||||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 399 | 3,663 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 62 | 1,216 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 138 | 1,260 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 122 | 1,752 | ||||||
Cardlytics, Inc.* (Media) | 102 | 2,276 | ||||||
CareDx, Inc.* (Biotechnology) | 156 | 3,351 | ||||||
CareMax, Inc.* (Health Care Providers & Services) | 183 | 664 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 297 | 5,477 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 313 | 6,726 |
See accompanying notes to financial statements.
216 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Caribou Biosciences, Inc.* (Biotechnology) | 166 | $ | 901 | |||||
CarParts.com, Inc.* (Internet & Direct Marketing Retail) | 156 | 1,083 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 147 | 4,103 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 41 | 1,626 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 213 | 2,009 | ||||||
Carter Bankshares, Inc.* (Banks) | 75 | 990 | ||||||
Casa Systems, Inc.* (Communications Equipment) | 109 | 428 | ||||||
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | 153 | 11,120 | ||||||
Cass Information Systems, Inc. (IT Services) | 41 | 1,386 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 117 | 3,290 | ||||||
Castle Biosciences, Inc.* (Biotechnology) | 73 | 1,602 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 294 | 2,061 | ||||||
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 150 | 1,509 | ||||||
Cathay General Bancorp (Banks) | 221 | 8,652 | ||||||
Cavco Industries, Inc.* (Household Durables) | 28 | 5,488 | ||||||
CBIZ, Inc.* (Professional Services) | 151 | 6,034 | ||||||
CBL & Associates Properties, Inc.* (Equity Real Estate Investment Trusts) | 82 | 1,926 | ||||||
CBTX, Inc. (Banks) | 56 | 1,489 | ||||||
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 33 | 950 | ||||||
Celldex Therapeutics, Inc.* (Biotechnology) | 141 | 3,801 | ||||||
Celsius Holdings, Inc.* (Beverages) | 168 | 10,963 | ||||||
Celularity, Inc.* (Biotechnology) | 48 | 163 | ||||||
Cenntro Electric Group, Ltd.*(a) (Automobiles) | 565 | 853 | ||||||
Centennial Resource Development, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 632 | 3,779 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 47 | 3,833 | ||||||
Central Garden & Pet Co.* (Household Products) | 30 | 1,273 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 125 | 5,001 | ||||||
Central Pacific Financial Corp. (Banks) | 83 | 1,780 | ||||||
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | 33 | 817 | ||||||
Century Aluminum Co.* (Metals & Mining) | 160 | 1,179 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 84 | 605 | ||||||
Century Communities, Inc. (Household Durables) | 90 | 4,047 | ||||||
Century Therapeutics, Inc.* (Biotechnology) | 62 | 521 | ||||||
Cepton, Inc.* (Electronic Equipment, Instruments & Components) | 24 | 37 | ||||||
Cerberus Cyber Sentinel Corp.* (IT Services) | 140 | 504 | ||||||
Cerence, Inc.* (Software) | 121 | 3,053 | ||||||
Cerevel Therapeutics Holdings, Inc.* (Biotechnology) | 167 | 4,415 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 530 | 2,804 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 70 | 2,349 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 628 | 12,465 | ||||||
ChannelAdvisor Corp.* (Software) | 92 | 1,341 | ||||||
Charge Enterprises, Inc.* (Diversified Telecommunication Services) | 332 | 1,584 | ||||||
Chart Industries, Inc.* (Machinery) | 113 | 18,914 | ||||||
Chase Corp. (Chemicals) | 23 | 1,790 | ||||||
Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | 147 | 1,536 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 382 | 7,173 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 194 | 4,807 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 53 | 6,866 | ||||||
Chicago Atlantic Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 21 | 316 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 376 | 1,869 | ||||||
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | 731 | 6,447 | ||||||
Chimerix, Inc.* (Biotechnology) | 259 | 539 | ||||||
Chinook Therapeutics, Inc.* (Biotechnology) | 134 | 2,344 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 58 | 1,155 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 54 | 2,101 | ||||||
CinCor Pharma, Inc.* (Pharmaceuticals) | 41 | 772 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 335 | 5,033 | ||||||
Cipher Mining, Inc.* (Software) | 120 | 164 | ||||||
CIRCOR International, Inc.* (Machinery) | 57 | 934 | ||||||
Citi Trends, Inc.* (Specialty Retail) | 26 | 615 | ||||||
Citizens & Northern Corp. (Banks) | 46 | 1,112 | ||||||
City Holding Co. (Banks) | 45 | 3,595 | ||||||
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | 131 | 1,696 | ||||||
Civista Bancshares, Inc. (Banks) | 45 | 957 | ||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | 227 | 11,870 | ||||||
Claros Mortgage Trust, Inc.(a) (Mortgage Real Estate Investment Trusts) | 283 | 4,740 | ||||||
Clarus Corp. (Leisure Products) | 89 | 1,690 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 521 | 2,334 | ||||||
Cleanspark, Inc.* (Software) | 123 | 482 | ||||||
Clear Channel Outdoor Holdings, Inc.* (Media) | 1,121 | 1,199 | ||||||
Clear Secure, Inc.*—Class A (Software) | 191 | 3,820 | ||||||
Clearfield, Inc.* (Communications Equipment) | 36 | 2,230 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 51 | 1,715 | ||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 107 | 3,421 | ||||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 252 | 8,780 | ||||||
Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | 37 | 286 | ||||||
Clover Health Investments Corp.* (Health Care Providers & Services) | 1,172 | 2,508 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 88 | 15,355 | ||||||
CNB Financial Corp. (Banks) | 49 | 1,185 | ||||||
CNO Financial Group, Inc. (Insurance) | 353 | 6,386 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 592 | 9,744 | ||||||
Coastal Financial Corp.* (Banks) | 32 | 1,220 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 14 | 7,895 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 188 | 1,966 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 217
Common Stocks, continued
Shares | Value | |||||||
Coeur Mining, Inc.* (Metals & Mining) | 856 | $ | 2,602 | |||||
Cogent Biosciences, Inc.* (Biotechnology) | 137 | 1,236 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 132 | 8,020 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 78 | 4,960 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 226 | 1,636 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 147 | 4,079 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 104 | 1,843 | ||||||
Colony Bankcorp, Inc. (Banks) | 50 | 755 | ||||||
Columbia Banking System, Inc. (Banks) | 242 | 6,933 | ||||||
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | 106 | 2,312 | ||||||
Columbus McKinnon Corp. (Machinery) | 86 | 2,440 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 109 | 9,063 | ||||||
Commercial Metals Co. (Metals & Mining) | 372 | 12,313 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 630 | 3,856 | ||||||
Community Bank System, Inc. (Banks) | 164 | 10,378 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 384 | 1,440 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 73 | 2,643 | ||||||
Community Trust Bancorp, Inc. (Banks) | 48 | 1,941 | ||||||
CommVault Systems, Inc.* (Software) | 137 | 8,617 | ||||||
Compass Diversified Holdings (Diversified Financial Services) | 186 | 3,984 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 105 | 3,716 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 801 | 2,892 | ||||||
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals) | 24 | 125 | ||||||
Computer Programs and Systems, Inc.* (Health Care Technology) | 44 | 1,407 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 5 | 116 | ||||||
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | 282 | 3,407 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 79 | 717 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 81 | 491 | ||||||
Conduent, Inc.* (IT Services) | 521 | 2,251 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 87 | 8,331 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 114 | 2,787 | ||||||
Conn's, Inc.* (Specialty Retail) | 40 | 321 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 49 | 2,140 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 105 | 5,185 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 228 | 1,596 | ||||||
Constellium SE* (Metals & Mining) | 381 | 5,033 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 123 | 2,576 | ||||||
Consumer Portfolio Services, Inc.* (Consumer Finance) | 44 | 451 | ||||||
ContextLogic, Inc.*—Class A (Internet & Direct Marketing Retail) | 1,748 | 2,797 | ||||||
Convey Health Solutions Holdings, Inc.* (Health Care Technology) | 50 | 520 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 262 | 6,230 | ||||||
Core Scientific, Inc.* (IT Services) | 672 | 1,001 | ||||||
CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | 371 | 4,122 | ||||||
Cornerstone Building Brands, Inc.* (Building Products) | 194 | 4,751 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 346 | 9,062 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 118 | 1,549 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 28 | 4,124 | ||||||
Costamare, Inc. (Marine) | 165 | 1,997 | ||||||
Couchbase, Inc.* (Software) | 81 | 1,330 | ||||||
Coursera, Inc.* (Diversified Consumer Services) | 346 | 4,906 | ||||||
Covenant Logistics Group, Inc.—Class A (Road & Rail) | 34 | 853 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 325 | 6,744 | ||||||
Cowen, Inc.—Class A (Capital Markets) | 81 | 1,919 | ||||||
CRA International, Inc. (Professional Services) | 22 | 1,965 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 71 | 5,928 | ||||||
Crawford & Co.—Class A (Insurance) | 52 | 406 | ||||||
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment) | 72 | 841 | ||||||
Crescent Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 100 | 1,248 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 162 | 3,021 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 186 | 9,052 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 112 | 2,333 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 140 | 1,848 | ||||||
CryoPort, Inc.* (Health Care Equipment & Supplies) | 137 | 4,244 | ||||||
Cryptyde, Inc.* (Containers & Packaging) | 56 | 114 | ||||||
CS Disco, Inc.* (Software) | 68 | 1,227 | ||||||
CSG Systems International, Inc. (IT Services) | 98 | 5,849 | ||||||
CSW Industrials, Inc. (Building Products) | 46 | 4,739 | ||||||
CTI BioPharma Corp.* (Biotechnology) | 284 | 1,695 | ||||||
CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts) | 18 | 1,100 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 97 | 3,303 | ||||||
Cue Health, Inc.*(a) (Health Care Equipment & Supplies) | 331 | 1,059 | ||||||
Cullinan Oncology, Inc.* (Biotechnology) | 92 | 1,179 | ||||||
Cumulus Media, Inc.*—Class A (Media) | 57 | 441 | ||||||
Curo Group Holdings Corp. (Consumer Finance) | 67 | 371 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 488 | 7,438 | ||||||
Custom Truck One Source, Inc.* (Trading Companies & Distributors) | 183 | 1,025 |
See accompanying notes to financial statements.
218 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Customers Bancorp, Inc.* (Banks) | 95 | $ | 3,221 | |||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 51 | 1,913 | ||||||
CVB Financial Corp. (Banks) | 415 | 10,296 | ||||||
Cvent Holding Corp.* (Software) | 258 | 1,192 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 91 | 3,049 | ||||||
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment) | 22 | 769 | ||||||
Cytek Biosciences, Inc.* (Life Sciences Tools & Services) | 351 | 3,766 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 252 | 9,901 | ||||||
Cyxtera Technologies, Inc.* (IT Services) | 131 | 1,486 | ||||||
Daily Journal Corp.* (Media) | 4 | 1,035 | ||||||
Dakota Gold Corp.* (Metals & Mining) | 156 | 523 | ||||||
Dana, Inc. (Auto Components) | 397 | 5,586 | ||||||
Danimer Scientific, Inc.*(a) (Chemicals) | 278 | 1,268 | ||||||
Daseke, Inc.* (Road & Rail) | 125 | 799 | ||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 132 | 4,327 | ||||||
Day One Biopharmaceuticals, Inc.* (Biotechnology) | 72 | 1,289 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 138 | 1,815 | ||||||
Delek US Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 217 | 5,607 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 133 | 2,882 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 303 | 8,917 | ||||||
Denbury, Inc.* (Oil, Gas & Consumable Fuels) | 156 | 9,358 | ||||||
Denny's Corp.* (Hotels, Restaurants & Leisure) | 184 | 1,597 | ||||||
Design Therapeutics, Inc.* (Biotechnology) | 104 | 1,456 | ||||||
Designer Brands, Inc. (Specialty Retail) | 178 | 2,325 | ||||||
Desktop Metal, Inc.*—Class A (Machinery) | 812 | 1,786 | ||||||
Destination XL Group, Inc.* (Specialty Retail) | 184 | 624 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 131 | 651 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 431 | 2,642 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 9 | 1,563 | ||||||
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | 307 | 1,808 | ||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 644 | 5,287 | ||||||
DICE Therapeutics, Inc.* (Pharmaceuticals) | 87 | 1,350 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 224 | 508 | ||||||
Digi International, Inc.* (Communications Equipment) | 105 | 2,543 | ||||||
Digimarc Corp.* (Software) | 42 | 594 | ||||||
Digital Turbine, Inc.* (Software) | 283 | 4,944 | ||||||
DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts) | 1,816 | 8,862 | ||||||
DigitalOcean Holdings, Inc.* (IT Services) | 234 | 9,678 | ||||||
Dillard's, Inc.(a)—Class A (Multiline Retail) | 13 | 2,868 | ||||||
Dime Community Bancshares, Inc. (Banks) | 102 | 3,024 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 48 | 3,124 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 137 | 8,846 | ||||||
Diversey Holdings, Ltd.* (Chemicals) | 240 | 1,584 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 731 | 1,330 | ||||||
DMC Global, Inc.* (Energy Equipment & Services) | 58 | 1,046 | ||||||
DocGo, Inc.* (Health Care Providers & Services) | 247 | 1,764 | ||||||
Doma Holdings, Inc.* (Real Estate Management & Development) | 421 | 434 | ||||||
Domo, Inc.* (Software) | 93 | 2,585 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 46 | 784 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 85 | 2,490 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 94 | 1,429 | ||||||
Dorman Products, Inc.* (Auto Components) | 81 | 8,887 | ||||||
Douglas Dynamics, Inc. (Machinery) | 69 | 1,983 | ||||||
Douglas Elliman, Inc. (Real Estate Management & Development) | 232 | 1,111 | ||||||
Dream Finders Homes, Inc.*—Class A (Household Durables) | 64 | 681 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 105 | 2,709 | ||||||
Duck Creek Technologies, Inc.* (Software) | 237 | 3,519 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 34 | 1,463 | ||||||
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | 40 | 382 | ||||||
Duolingo, Inc.* (Diversified Consumer Services) | 72 | 6,304 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 47 | 1,440 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 89 | 8,281 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 363 | 4,570 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 97 | 666 | ||||||
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | 112 | 1,783 | ||||||
DZS, Inc.* (Communications Equipment) | 54 | 879 | ||||||
E2open Parent Holdings, Inc.* (Software) | 612 | 4,761 | ||||||
Eagle Bancorp, Inc. (Banks) | 97 | 4,599 | ||||||
Eagle Bulk Shipping, Inc. (Marine) | 41 | 2,127 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 32 | 1,422 | ||||||
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 133 | 1,815 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 280 | 5,331 | ||||||
Eastern Bankshares, Inc. (Banks) | 494 | 9,119 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 176 | 817 | ||||||
Ebix, Inc. (Software) | 81 | 1,369 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 108 | 2,084 | ||||||
Ecovyst, Inc. (Chemicals) | 197 | 1,940 | ||||||
Edgewell Personal Care Co. (Personal Products) | 165 | 5,696 | ||||||
Edgewise Therapeutics, Inc.* (Pharmaceuticals) | 91 | 724 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 212 | 2,508 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 219
Common Stocks, continued
Shares | Value | |||||||
eGain Corp.* (Software) | 64 | $ | 624 | |||||
eHealth, Inc.* (Insurance) | 75 | 700 | ||||||
Eiger Biopharmaceuticals, Inc.* (Biotechnology) | 126 | 794 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 60 | 590 | ||||||
elf Beauty, Inc.* (Personal Products) | 149 | 4,571 | ||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 175 | 2,567 | ||||||
Embecta Corp.* (Health Care Equipment & Supplies) | 176 | 4,456 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 156 | 16,061 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 155 | 4,811 | ||||||
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 21 | 249 | ||||||
Empire State Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 424 | 2,981 | ||||||
Employers Holdings, Inc. (Insurance) | 85 | 3,561 | ||||||
Enact Holdings, Inc. (Thrifts & Mortgage Finance) | 92 | 1,976 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 60 | 2,836 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 74 | 4,275 | ||||||
Encore Wire Corp. (Electrical Equipment) | 58 | 6,027 | ||||||
Endo International PLC* (Pharmaceuticals) | 720 | 335 | ||||||
Energizer Holdings, Inc. (Household Products) | 205 | 5,812 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 479 | 2,352 | ||||||
Energy Recovery, Inc.* (Machinery) | 171 | 3,321 | ||||||
Energy Vault Holdings, Inc.* (Electrical Equipment) | 77 | 772 | ||||||
Enerpac Tool Group Corp. (Machinery) | 187 | 3,557 | ||||||
EnerSys (Electrical Equipment) | 127 | 7,488 | ||||||
Eneti, Inc. (Marine) | 70 | 430 | ||||||
Enfusion, Inc.*—Class A (Software) | 78 | 796 | ||||||
EngageSmart, Inc.* (Software) | 107 | 1,721 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 78 | 1,578 | ||||||
Enochian Biosciences, Inc.* (Biotechnology) | 61 | 118 | ||||||
Enova International, Inc.* (Consumer Finance) | 98 | 2,824 | ||||||
Enovix Corp.* (Electrical Equipment) | 334 | 2,976 | ||||||
EnPro Industries, Inc. (Machinery) | 64 | 5,244 | ||||||
Enstar Group, Ltd.* (Insurance) | 36 | 7,703 | ||||||
Entercom Communications Corp.* (Media) | 367 | 346 | ||||||
Enterprise Bancorp, Inc. (Banks) | 29 | 934 | ||||||
Enterprise Financial Services Corp. (Banks) | 108 | 4,482 | ||||||
Entravision Communications Corp.—Class A (Media) | 182 | 830 | ||||||
Envestnet, Inc.* (Software) | 169 | 8,918 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 81 | 4,303 | ||||||
EQRx, Inc.* (Biotechnology) | 420 | 1,970 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,263 | 8,033 | ||||||
Equity Bancshares, Inc.—Class A (Banks) | 47 | 1,371 | ||||||
Equity Commonwealth* (Equity Real Estate Investment Trusts) | 331 | 9,112 | ||||||
Erasca, Inc.* (Biotechnology) | 199 | 1,108 | ||||||
Ermenegildo Zegna Holditalia SpA*(a) (Consumer Discretionary Products) | 145 | 1,530 | ||||||
ESCO Technologies, Inc. (Machinery) | 79 | 5,401 | ||||||
Esperion Therapeutics, Inc.* (Biotechnology) | 194 | 1,234 | ||||||
Esquire Financial Holdings, Inc. (Banks) | 21 | 699 | ||||||
ESS Tech, Inc.* (Electrical Equipment) | 248 | 697 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 324 | 12,603 | ||||||
Essential Properties Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 401 | 8,617 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 69 | 1,394 | ||||||
European Wax Center, Inc.—Class A (Diversified Consumer Services) | 65 | 1,145 | ||||||
Eventbrite, Inc.* (Interactive Media & Services) | 237 | 2,434 | ||||||
Everbridge, Inc.* (Software) | 122 | 3,403 | ||||||
EverCommerce, Inc.* (Software) | 74 | 669 | ||||||
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure) | 270 | 4,404 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 60 | 530 | ||||||
EVERTEC, Inc. (IT Services) | 185 | 6,823 | ||||||
EVgo, Inc.*(a) (Specialty Retail) | 209 | 1,256 | ||||||
Evo Payments, Inc.* (IT Services) | 145 | 3,410 | ||||||
Evolent Health, Inc.* (Health Care Technology) | 252 | 7,739 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 109 | 1,264 | ||||||
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components) | 258 | 686 | ||||||
Evoqua Water Technologies Corp.* (Machinery) | 361 | 11,736 | ||||||
Excelerate Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 57 | 1,135 | ||||||
ExlService Holdings, Inc.* (IT Services) | 99 | 14,586 | ||||||
eXp World Holdings, Inc. (Real Estate Management & Development) | 211 | 2,483 | ||||||
Exponent, Inc. (Professional Services) | 158 | 14,453 | ||||||
Express, Inc.* (Specialty Retail) | 197 | 386 | ||||||
Expro Group Holdings N.V.* (Energy Equipment & Services) | 238 | 2,742 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 393 | 3,506 | ||||||
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | 80 | 630 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 153 | 1,149 | ||||||
F45 Training Holdings, Inc.* (Hotels, Restaurants & Leisure) | 111 | 436 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 113 | 9,164 | ||||||
Faraday Future Intelligent Electric, Inc.*(a) (Automobiles) | 305 | 793 | ||||||
Farmers & Merchants Bancorp, Inc./Archbold Ohio (Banks) | 37 | 1,228 | ||||||
Farmers National Bancorp (Banks) | 97 | 1,455 | ||||||
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | 141 | 1,946 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 56 | 1,726 | ||||||
Fastly, Inc.*—Class A (IT Services) | 343 | 3,982 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 255 | 6,319 |
See accompanying notes to financial statements.
220 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Fathom Digital Manufacturing C* (Machinery) | 31 | $ | 120 | |||||
FB Financial Corp. (Banks) | 111 | 4,353 | ||||||
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | 28 | 2,734 | ||||||
Federal Signal Corp. (Machinery) | 183 | 6,515 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 270 | 8,583 | ||||||
FibroGen, Inc.* (Biotechnology) | 269 | 2,841 | ||||||
Figs, Inc.*—Class A (Health Care Equipment & Supplies) | 392 | 3,571 | ||||||
Finance Of America Cos., Inc.*—Class A (Thrifts & Mortgage Finance) | 119 | 187 | ||||||
Financial Institutions, Inc. (Banks) | 46 | 1,197 | ||||||
First Advantage Corp.* (Professional Services) | 181 | 2,293 | ||||||
First Bancorp (Banks) | 108 | 3,769 | ||||||
First Bancorp (Banks) | 602 | 7,772 | ||||||
First Bank/Hamilton NJ (Banks) | 48 | 671 | ||||||
First Busey Corp. (Banks) | 159 | 3,633 | ||||||
First Business Financial Services, Inc. (Banks) | 25 | 780 | ||||||
First Commonwealth Financial Corp. (Banks) | 287 | 3,852 | ||||||
First Community Bancshares, Inc. (Banks) | 50 | 1,471 | ||||||
First Financial Bancorp (Banks) | 286 | 5,548 | ||||||
First Financial Bankshares, Inc. (Banks) | 399 | 15,668 | ||||||
First Financial Corp. (Banks) | 35 | 1,558 | ||||||
First Foundation, Inc. (Banks) | 157 | 3,215 | ||||||
First Guaranty Bancshares, Inc. (Banks) | 19 | 462 | ||||||
First Internet Bancorp (Banks) | 28 | 1,031 | ||||||
First Interstate BancSystem, Inc.—Class A (Banks) | 288 | 10,976 | ||||||
First Merchants Corp. (Banks) | 176 | 6,269 | ||||||
First Mid Bancshares, Inc. (Banks) | 57 | 2,033 | ||||||
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 30 | 433 | ||||||
First Western Financial, Inc.* (Banks) | 24 | 653 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 119 | 8,271 | ||||||
Fisker, Inc.*(a) (Automobiles) | 499 | 4,276 | ||||||
Five Star Bancorp (Banks) | 39 | 1,030 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 161 | 5,707 | ||||||
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 88 | 2,410 | ||||||
Fluence Energy, Inc.* (Electrical Equipment) | 110 | 1,043 | ||||||
Fluor Corp.* (Construction & Engineering) | 437 | 10,636 | ||||||
Flushing Financial Corp. (Banks) | 88 | 1,871 | ||||||
Flywire Corp.* (IT Services) | 170 | 2,997 | ||||||
Focus Financial Partners, Inc.* (Capital Markets) | 178 | 6,063 | ||||||
Focus Universal, Inc.* (Electronic Equipment, Instruments & Components) | 54 | 617 | ||||||
Foghorn Therapeutics, Inc.* (Pharmaceuticals) | 62 | 843 | ||||||
Foot Locker, Inc. (Specialty Retail) | 255 | 6,439 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 56 | 767 | ||||||
ForgeRock, Inc.*—Class A (Software) | 86 | 1,842 | ||||||
Forma Therapeutics Holdings, Inc.* (Biotechnology) | 111 | 765 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 240 | 9,295 | ||||||
Forrester Research, Inc.* (Professional Services) | 35 | 1,674 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 83 | 7,632 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 143 | 739 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 246 | 6,541 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 130 | 10,471 | ||||||
Franchise Group, Inc. (Diversified Consumer Services) | 85 | 2,981 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 259 | 3,491 | ||||||
Franklin Covey Co.* (Professional Services) | 39 | 1,801 | ||||||
Franklin Electric Co., Inc. (Machinery) | 142 | 10,403 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 303 | 1,264 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 94 | 2,776 | ||||||
Frontdoor, Inc.*—Class A (Diversified Consumer Services) | 254 | 6,116 | ||||||
Frontier Group Holdings, Inc.* (Airlines) | 115 | 1,078 | ||||||
Frontline, Ltd.* (Oil, Gas & Consumable Fuels) | 383 | 3,393 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 21 | 1,267 | ||||||
FTC Solar, Inc.* (Electrical Equipment) | 127 | 460 | ||||||
fuboTV, Inc.* (Interactive Media & Services) | 547 | 1,351 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 1,135 | 4,256 | ||||||
Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | 105 | 515 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 66 | 3,599 | ||||||
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | 101 | 614 | ||||||
Fulton Financial Corp. (Banks) | 482 | 6,965 | ||||||
Funko, Inc.* (Distributors) | 98 | 2,187 | ||||||
FutureFuel Corp. (Chemicals) | 79 | 575 | ||||||
FVCBankcorp, Inc.* (Banks) | 37 | 697 | ||||||
Gambling.com Group, Ltd.* (Media) | 27 | 212 | ||||||
GAMCO Investors, Inc.—Class A (Capital Markets) | 15 | 314 | ||||||
Gannett Co., Inc.* (Media) | 442 | 1,282 | ||||||
GATX Corp. (Trading Companies & Distributors) | 109 | 10,263 | ||||||
GCM Grosvenor, Inc.—Class A (Capital Markets) | 131 | 897 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 153 | 4,786 | ||||||
Gelesis Holdings, Inc.* (Biotechnology) | 30 | 47 | ||||||
Genco Shipping & Trading, Ltd. (Marine) | 113 | 2,183 | ||||||
Generation Bio Co.* (Biotechnology) | 143 | 938 | ||||||
Genesco, Inc.* (Specialty Retail) | 40 | 1,996 | ||||||
Gentherm, Inc.* (Auto Components) | 102 | 6,366 | ||||||
Genworth Financial, Inc.* (Insurance) | 1,564 | 5,521 | ||||||
German American Bancorp, Inc. (Banks) | 85 | 2,905 | ||||||
Geron Corp.* (Biotechnology) | 1,103 | 1,710 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 130 | 3,445 | ||||||
Gevo, Inc.* (Oil, Gas & Consumable Fuels) | 605 | 1,422 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 101 | 3,914 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 134 | 2,711 | ||||||
Glacier Bancorp, Inc. (Banks) | 341 | 16,169 | ||||||
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | 117 | 2,204 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 221
Common Stocks, continued
Shares | Value | |||||||
Gladstone Land Corp. (Equity Real Estate Investment Trusts) | 99 | $ | 2,194 | |||||
Glatfelter Corp. (Paper & Forest Products) | 135 | 929 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 141 | 6,404 | ||||||
Global Blood Therapeutics, Inc.* (Biotechnology) | 191 | 6,102 | ||||||
Global Industrial Co. (Trading Companies & Distributors) | 40 | 1,351 | ||||||
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | 187 | 2,100 | ||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 320 | 4,531 | ||||||
Global Water Resources, Inc. (Water Utilities) | 40 | 528 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 2,101 | 2,584 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 133 | 5,919 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 154 | 2,493 | ||||||
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | 310 | 7,053 | ||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 63 | 2,492 | ||||||
Golden Ocean Group, Ltd. (Marine) | 377 | 4,388 | ||||||
Goosehead Insurance, Inc. (Insurance) | 59 | 2,695 | ||||||
GoPro, Inc.*—Class A (Household Durables) | 402 | 2,223 | ||||||
Gossamer Bio, Inc.* (Biotechnology) | 193 | 1,615 | ||||||
GrafTech International, Ltd. (Electrical Equipment) | 604 | 4,270 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 12 | 6,802 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 140 | 4,080 | ||||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 164 | 1,569 | ||||||
Gray Television, Inc. (Media) | 260 | 4,391 | ||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 201 | 2,635 | ||||||
Great Southern Bancorp, Inc. (Banks) | 29 | 1,698 | ||||||
Green Brick Partners, Inc.* (Household Durables) | 88 | 1,722 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 149 | 3,741 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 162 | 4,402 | ||||||
Greene County Bancorp, Inc. (Thrifts & Mortgage Finance) | 10 | 453 | ||||||
Greenidge Generation Holdings, Inc.* (Software) | 39 | 99 | ||||||
GreenLight Biosciences Holdings PBC* (Biotechnology) | 43 | 95 | ||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 80 | 618 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 79 | 4,928 | ||||||
Greif, Inc.—Class B (Containers & Packaging) | 17 | 1,059 | ||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 149 | 2,506 | ||||||
Griffon Corp. (Building Products) | 141 | 3,952 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 49 | 8,319 | ||||||
Groupon, Inc.* (Internet & Direct Marketing Retail) | 66 | 746 | ||||||
GrowGeneration Corp.* (Specialty Retail) | 176 | 632 | ||||||
GTY Technology Holdings, Inc.* (Software) | 125 | 783 | ||||||
Guaranty Bancshares, Inc. (Banks) | 25 | 906 | ||||||
Guess?, Inc.(a) (Specialty Retail) | 105 | 1,790 | ||||||
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | 37 | 2,942 | ||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 98 | 2,839 | ||||||
H.B. Fuller Co. (Chemicals) | 163 | 9,814 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 156 | 10,167 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 417 | 18,347 | ||||||
Hamilton Lane, Inc. (Capital Markets) | 108 | 7,255 | ||||||
Hancock Whitney Corp. (Banks) | 265 | 11,747 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 116 | 1,661 | ||||||
Hanmi Financial Corp. (Banks) | 93 | 2,087 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | 262 | 9,920 | ||||||
HarborOne Bancorp, Inc. (Banks) | 140 | 1,931 | ||||||
Harmonic, Inc.* (Communications Equipment) | 283 | 2,454 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 81 | 3,950 | ||||||
Harsco Corp.* (Machinery) | 241 | 1,714 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 46 | 1,066 | ||||||
Hawaiian Holdings, Inc.* (Airlines) | 156 | 2,232 | ||||||
Hawkins, Inc. (Chemicals) | 60 | 2,162 | ||||||
Haynes International, Inc. (Metals & Mining) | 38 | 1,245 | ||||||
HBT Financial, Inc. (Banks) | 31 | 554 | ||||||
HCI Group, Inc. (Insurance) | 22 | 1,491 | ||||||
Health Catalyst, Inc.* (Health Care Technology) | 166 | 2,405 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 465 | 12,648 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 228 | 3,969 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 255 | 15,655 | ||||||
HealthStream, Inc.* (Health Care Technology) | 74 | 1,607 | ||||||
Heartland Express, Inc. (Road & Rail) | 143 | 1,989 | ||||||
Heartland Financial USA, Inc. (Banks) | 126 | 5,234 | ||||||
Hecla Mining Co. (Metals & Mining) | 1,643 | 6,441 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 60 | 1,942 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 73 | 11,855 | ||||||
Heliogen, Inc.* (Electrical Equipment) | 59 | 124 | ||||||
Helios Technologies, Inc. (Machinery) | 100 | 6,625 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 439 | 1,361 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 316 | 13,606 | ||||||
Herbalife Nutrition, Ltd.* (Personal Products) | 304 | 6,217 | ||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 79 | 7,122 | ||||||
Heritage Commerce Corp. (Banks) | 180 | 1,924 | ||||||
Heritage Financial Corp. (Banks) | 106 | 2,667 | ||||||
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | 48 | 1,294 | ||||||
Heron Therapeutics, Inc.* (Biotechnology) | 316 | 882 | ||||||
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | 96 | 942 |
See accompanying notes to financial statements.
222 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Heska Corp.* (Health Care Equipment & Supplies) | 30 | $ | 2,835 | |||||
HF Foods Group, Inc.* (Food & Staples Retailing) | 111 | 579 | ||||||
Hibbett, Inc. (Specialty Retail) | 39 | 1,705 | ||||||
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels) | 20 | 512 | ||||||
Hillenbrand, Inc. (Machinery) | 223 | 9,134 | ||||||
HilleVax, Inc.* (Biotechnology) | 40 | 437 | ||||||
Hillman Solutions Corp.* (Machinery) | 413 | 3,568 | ||||||
Hilltop Holdings, Inc. (Banks) | 188 | 5,012 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 275 | 9,826 | ||||||
Hims & Hers Health, Inc.* (Health Care Providers & Services) | 373 | 1,690 | ||||||
Hingham Institution For Savings The (Thrifts & Mortgage Finance) | 4 | 1,135 | ||||||
Hippo Holdings, Inc.* (Insurance) | 782 | 687 | ||||||
HireRight Holdings Corp.* (Professional Services) | 65 | 924 | ||||||
HNI Corp. (Commercial Services & Supplies) | 130 | 4,510 | ||||||
Holley, Inc.* (Auto Components) | 158 | 1,659 | ||||||
Home Bancorp, Inc. (Thrifts & Mortgage Finance) | 22 | 751 | ||||||
Home BancShares, Inc. (Banks) | 584 | 12,130 | ||||||
Home Point Capital, Inc. (Thrifts & Mortgage Finance) | 24 | 94 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 55 | 1,907 | ||||||
HomeTrust Bancshares, Inc. (Banks) | 45 | 1,125 | ||||||
Hope Bancorp, Inc. (Banks) | 356 | 4,927 | ||||||
Horace Mann Educators Corp. (Insurance) | 128 | 4,913 | ||||||
Horizon Bancorp, Inc. (Banks) | 124 | 2,160 | ||||||
Hostess Brands, Inc.* (Food Products) | 424 | 8,993 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 157 | 12,392 | ||||||
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | 16 | 685 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 103 | 7,307 | ||||||
Hudson Technologies, Inc.* (Commercial Services & Supplies) | 132 | 991 | ||||||
Humacyte, Inc.* (Biotechnology) | 54 | 173 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 65 | 4,224 | ||||||
Hycroft Mining Holding Corp.* (Metals & Mining) | 464 | 515 | ||||||
Hydrofarm Holdings Group, Inc.* (Machinery) | 134 | 466 | ||||||
Hyliion Holdings Corp.* (Machinery) | 408 | 1,314 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 33 | 1,063 | ||||||
Hyzon Motors, Inc.* (Machinery) | 270 | 794 | ||||||
I3 Verticals, Inc.*—Class A (IT Services) | 68 | 1,701 | ||||||
IBEX Holdings, Ltd.* (Commercial Services & Supplies) | 17 | 287 | ||||||
ICF International, Inc. (Professional Services) | 57 | 5,415 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 86 | 2,234 | ||||||
Icosavax, Inc.* (Biotechnology) | 68 | 390 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 109 | 1,504 | ||||||
Identiv, Inc.* (Electronic Equipment, Instruments & Components) | 68 | 787 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 45 | 1,132 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 27 | 815 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 31 | 559 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 370 | 2,919 | ||||||
Imago Biosciences, Inc.* (Biotechnology) | 81 | 1,085 | ||||||
IMAX Corp.* (Entertainment) | 151 | 2,550 | ||||||
ImmunityBio, Inc.* (Biotechnology) | 251 | 934 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 659 | 2,966 | ||||||
Immunovant, Inc.* (Biotechnology) | 123 | 480 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 65 | 3,814 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 148 | 10,063 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 681 | 14,117 | ||||||
Independent Bank Corp. (Banks) | 143 | 11,358 | ||||||
Independent Bank Corp. (Banks) | 62 | 1,195 | ||||||
Independent Bank Group, Inc. (Banks) | 113 | 7,674 | ||||||
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 306 | 1,744 | ||||||
Indus Realty Trust, Inc. (Real Estate Management & Development) | 16 | 950 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 200 | 2,816 | ||||||
Infinera Corp.* (Communications Equipment) | 581 | 3,114 | ||||||
Information Services Group, Inc. (IT Services) | 109 | 737 | ||||||
Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering) | 93 | 747 | ||||||
Ingevity Corp.* (Chemicals) | 120 | 7,577 | ||||||
Ingles Markets, Inc. (Food & Staples Retailing) | 44 | 3,817 | ||||||
Inhibrx, Inc.* (Biotechnology) | 90 | 1,022 | ||||||
Innospec, Inc. (Chemicals) | 76 | 7,280 | ||||||
Innovage Holding Corp.* (Health Care Providers & Services) | 59 | 258 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 85 | 9,339 | ||||||
Innovid Corp.* (Media) | 69 | 115 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 194 | 2,863 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 71 | 1,717 | ||||||
Inotiv, Inc.* (Life Sciences Tools & Services) | 53 | 509 | ||||||
Inovio Pharmaceuticals, Inc.* (Biotechnology) | 675 | 1,168 | ||||||
Inseego Corp.* (Communications Equipment) | 265 | 501 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 96 | 8,283 | ||||||
Insmed, Inc.* (Biotechnology) | 366 | 7,218 | ||||||
Insperity, Inc. (Professional Services) | 111 | 11,081 | ||||||
Inspirato, Inc.* (Hotels, Restaurants & Leisure) | 32 | 148 | ||||||
Inspire Medical Systems, Inc.* (Health Care Technology) | 84 | 15,343 | ||||||
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 68 | 585 | ||||||
Installed Building Products, Inc. (Household Durables) | 75 | 6,237 | ||||||
Insteel Industries, Inc. (Building Products) | 57 | 1,919 | ||||||
Instil Bio, Inc.* (Biotechnology) | 214 | 989 | ||||||
Instructure Holdings, Inc.* (Software) | 53 | 1,203 | ||||||
Intapp, Inc.* (Software) | 43 | 630 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 223
Common Stocks, continued
Shares | Value | |||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 101 | $ | 7,137 | |||||
Integral Ad Science Holding Corp.* (Technology Hardware, Storage & Peripherals) | 117 | 1,162 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 232 | 12,008 | ||||||
Inter Parfums, Inc. (Personal Products) | 55 | 4,018 | ||||||
Intercept Pharmaceuticals, Inc.* (Biotechnology) | 75 | 1,036 | ||||||
InterDigital, Inc. (Communications Equipment) | 95 | 5,776 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 180 | 2,257 | ||||||
International Bancshares Corp. (Banks) | 167 | 6,693 | ||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 306 | 5,679 | ||||||
International Money Express, Inc.* (IT Services) | 100 | 2,047 | ||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 151 | 3,201 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 281 | 16,040 | ||||||
Intrepid Potash, Inc.* (Chemicals) | 34 | 1,540 | ||||||
InvenTrust Properties Corp. (Equity Real Estate Investment Trusts) | 208 | 5,364 | ||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 102 | 1,499 | ||||||
Investors Title Co. (Insurance) | 4 | 628 | ||||||
Invitae Corp.* (Biotechnology) | 707 | 1,725 | ||||||
IonQ, Inc.* (Technology Hardware, Storage & Peripherals) | 365 | 1,599 | ||||||
Iovance Biotherapeutics, Inc.* (Biotechnology) | 463 | 5,112 | ||||||
iRadimed Corp. (Health Care Equipment & Supplies) | 22 | 747 | ||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 92 | 9,939 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 391 | 14,685 | ||||||
iRobot Corp.* (Household Durables) | 82 | 3,014 | ||||||
IronNet, Inc.* (Software) | 199 | 440 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 420 | 4,843 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 204 | 2,797 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 72 | 1,483 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 139 | 6,871 | ||||||
IVERIC bio, Inc.* (Biotechnology) | 359 | 3,454 | ||||||
J & J Snack Foods Corp. (Food Products) | 47 | 6,564 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 65 | 3,644 | ||||||
Jackson Financial, Inc.—Class A (Diversified Financial Services) | 232 | 6,206 | ||||||
James River Group Holdings, Ltd. (Insurance) | 113 | 2,800 | ||||||
Janus International Group, Inc.* (Building Products) | 251 | 2,267 | ||||||
Janux Therapeutics, Inc.* (Biotechnology) | 53 | 647 | ||||||
JELD-WEN Holding, Inc.* (Building Products) | 265 | 3,866 | ||||||
JOANN, Inc. (Specialty Retail) | 34 | 264 | ||||||
Joby Aviation, Inc.*(a) (Airlines) | 771 | 3,786 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 27 | 1,957 | ||||||
John Bean Technologies Corp. (Machinery) | 97 | 10,711 | ||||||
John Marshall Bancorp, Inc. (Banks) | 35 | 789 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 132 | 6,305 | ||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 16 | 979 | ||||||
Jounce Therapeutics, Inc.* (Biotechnology) | 129 | 391 | ||||||
Kadant, Inc. (Machinery) | 36 | 6,565 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 49 | 3,875 | ||||||
Kaleyra, Inc.* (Software) | 91 | 186 | ||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 75 | 738 | ||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 86 | 2,688 | ||||||
KAR Auction Services, Inc.* (Commercial Services & Supplies) | 370 | 5,465 | ||||||
Karat Packaging, Inc.* (Trading Companies & Distributors) | 17 | 290 | ||||||
Karuna Therapeutics, Inc.* (Biotechnology) | 81 | 10,247 | ||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 234 | 1,055 | ||||||
KB Home (Household Durables) | 246 | 7,001 | ||||||
Kearny Financial Corp. (Thrifts & Mortgage Finance) | 190 | 2,111 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 108 | 2,142 | ||||||
Kennametal, Inc. (Machinery) | 254 | 5,900 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 363 | 6,876 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 52 | 1,437 | ||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 143 | 1,183 | ||||||
Kforce, Inc. (Professional Services) | 63 | 3,864 | ||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 74 | 1,487 | ||||||
Kimball International, Inc.—Class B (Commercial Services & Supplies) | 111 | 851 | ||||||
Kinetik Holdings, Inc.—Class A (Oil, Gas & Consumable Fuels) | 51 | 1,741 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 96 | 930 | ||||||
Kinnate Biopharma, Inc.* (Biotechnology) | 90 | 1,135 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 66 | 15,156 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 669 | 11,567 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 159 | 2,775 | ||||||
KnowBe4, Inc.*—Class A (Software) | 224 | 3,499 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 275 | 4,766 | ||||||
Kodiak Sciences, Inc.* (Biotechnology) | 102 | 779 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 173 | 5,773 | ||||||
Koppers Holdings, Inc. (Chemicals) | 63 | 1,426 | ||||||
Kore Group Holdings, Inc.* (Wireless Telecommunication Services) | 108 | 332 | ||||||
Korn Ferry (Professional Services) | 165 | 9,573 | ||||||
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | 1,387 | 8,586 | ||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 380 | 5,274 |
See accompanying notes to financial statements.
224 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure) | 221 | $ | 3,006 | |||||
Kronos Bio, Inc.* (Chemicals) | 125 | 455 | ||||||
Kronos Worldwide, Inc. (Chemicals) | 68 | 1,251 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 64 | 4,202 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 179 | 7,663 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 195 | 3,574 | ||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 14 | 693 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 116 | 2,284 | ||||||
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | 349 | 3,678 | ||||||
Lakeland Bancorp, Inc. (Banks) | 191 | 2,792 | ||||||
Lakeland Financial Corp. (Banks) | 75 | 4,982 | ||||||
Lancaster Colony Corp. (Food Products) | 60 | 7,727 | ||||||
Landec Corp.* (Food Products) | 80 | 798 | ||||||
Lands' End, Inc.* (Internet & Direct Marketing Retail) | 47 | 499 | ||||||
Landsea Homes Corp.* (Household Durables) | 32 | 213 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 210 | 13,865 | ||||||
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | 52 | 3,585 | ||||||
Latch, Inc.* (Software) | 216 | 246 | ||||||
Latham Group, Inc.* (Leisure Products) | 135 | 936 | ||||||
Laureate Education, Inc.—Class A (Diversified Consumer Services) | 348 | 4,026 | ||||||
Lawson Products, Inc.* (Trading Companies & Distributors) | 15 | 771 | ||||||
La-Z-Boy, Inc. (Household Durables) | 132 | 3,130 | ||||||
LCI Industries (Auto Components) | 76 | 8,503 | ||||||
Leafly Holdings, Inc.* (Interactive Media & Services) | 13 | 59 | ||||||
Legacy Housing Corp.* (Household Durables) | 27 | 352 | ||||||
Legalzoom Com, Inc.* (Professional Services) | 301 | 3,308 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 60 | 2,733 | ||||||
Lemonade, Inc.*(a) (Insurance) | 124 | 2,264 | ||||||
LendingClub Corp.* (Consumer Finance) | 311 | 3,636 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 32 | 1,402 | ||||||
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | 224 | 417 | ||||||
LGI Homes, Inc.* (Household Durables) | 64 | 5,562 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 92 | 14,328 | ||||||
Liberty Energy, Inc.* (Energy Equipment & Services) | 439 | 5,602 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 119 | 928 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 470 | 3,661 | ||||||
Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | 31 | 780 | ||||||
Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | 116 | 2,784 | ||||||
Li-Cycle Holdings Corp.* (Commercial Services & Supplies) | 406 | 2,793 | ||||||
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure) | 129 | 1,662 | ||||||
LifeStance Health Group, Inc.* (Health Care Providers & Services) | 222 | 1,234 | ||||||
Lifetime Brands, Inc. (Household Durables) | 39 | 431 | ||||||
Ligand Pharmaceuticals, Inc.* (Biotechnology) | 46 | 4,104 | ||||||
Lightning eMotors, Inc.* (Machinery) | 120 | 332 | ||||||
Lightwave Logic, Inc.*(a) (Electronic Equipment, Instruments & Components) | 343 | 2,243 | ||||||
Limelight Networks, Inc.* (IT Services) | 422 | 975 | ||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 99 | 802 | ||||||
Lindsay Corp. (Machinery) | 34 | 4,516 | ||||||
Lions Gate Entertainment Corp.*—Class A (Entertainment) | 179 | 1,666 | ||||||
Lions Gate Entertainment Corp.*—Class B (Entertainment) | 358 | 3,161 | ||||||
Liquidia Corp.* (Pharmaceuticals) | 147 | 641 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 76 | 1,021 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 165 | 10,307 | ||||||
Live Oak Bancshares, Inc. (Banks) | 101 | 3,423 | ||||||
Livent Corp.* (Chemicals) | 498 | 11,300 | ||||||
LivePerson, Inc.* (Software) | 216 | 3,054 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 206 | 5,317 | ||||||
LiveVox Holdings, Inc.* (Software) | 68 | 113 | ||||||
LL Flooring Holdings, Inc.* (Specialty Retail) | 90 | 843 | ||||||
Local Bounti Corp.* (Food Products) | 58 | 184 | ||||||
Lordstown Motors Corp.*—Class A (Automobiles) | 490 | 774 | ||||||
Loyalty Ventures, Inc.* (Media) | 62 | 221 | ||||||
LSB Industries, Inc.* (Chemicals) | 97 | 1,344 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 120 | 4,607 | ||||||
Lulu's Fashion Lounge Holdings, Inc.* (Internet & Direct Marketing Retail) | 18 | 195 | ||||||
Luminar Technologies, Inc.* (Auto Components) | 733 | 4,347 | ||||||
Luther Burbank Corp. (Thrifts & Mortgage Finance) | 46 | 600 | ||||||
Luxfer Holdings PLC (Machinery) | 86 | 1,300 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 869 | 9,333 | ||||||
Lyell Immunopharma, Inc.* (Biotechnology) | 531 | 3,462 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 176 | 5,687 | ||||||
M/I Homes, Inc.* (Household Durables) | 84 | 3,331 | ||||||
Macatawa Bank Corp. (Banks) | 81 | 716 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 155 | 7,146 | ||||||
MacroGenics, Inc.* (Biotechnology) | 185 | 546 | ||||||
Madison Square Garden Entertainment Corp.* (Entertainment) | 79 | 4,157 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 39 | 2,792 | ||||||
Magnite, Inc.* (Media) | 402 | 3,570 | ||||||
Magnolia Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 513 | 10,768 | ||||||
Malibu Boats, Inc.* (Leisure Products) | 64 | 3,373 | ||||||
Manning & Napier, Inc. (Capital Markets) | 49 | 611 | ||||||
MannKind Corp.* (Biotechnology) | 764 | 2,911 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 225
Common Stocks, continued
Shares | Value | |||||||
ManTech International Corp.—Class A (Professional Services) | 92 | $ | 8,781 | |||||
Marathon Digital Holdings, Inc.*(a) (IT Services) | 310 | 1,655 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 76 | 2,811 | ||||||
Marine Products Corp. (Leisure Products) | 26 | 247 | ||||||
MarineMax, Inc.* (Specialty Retail) | 65 | 2,348 | ||||||
MarketWise, Inc.* (Capital Markets) | 52 | 187 | ||||||
Markforged Holding Corp.* (Machinery) | 338 | 625 | ||||||
Marqeta, Inc.*—Class A (IT Services) | 1,333 | 10,811 | ||||||
Marten Transport, Ltd. (Road & Rail) | 181 | 3,044 | ||||||
Masonite International Corp.* (Building Products) | 69 | 5,301 | ||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 56 | 1,179 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 346 | 16,119 | ||||||
Materion Corp. (Metals & Mining) | 63 | 4,645 | ||||||
Matson, Inc. (Marine) | 123 | 8,964 | ||||||
Matterport, Inc.* (Software) | 672 | 2,460 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 94 | 2,695 | ||||||
Maxar Technologies, Inc. (Aerospace & Defense) | 223 | 5,818 | ||||||
MaxCyte, Inc.* (Biotechnology) | 267 | 1,263 | ||||||
MAXIMUS, Inc. (IT Services) | 189 | 11,814 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 221 | 7,510 | ||||||
MBIA, Inc.* (Insurance) | 148 | 1,828 | ||||||
McGrath RentCorp (Commercial Services & Supplies) | 74 | 5,624 | ||||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 73 | 719 | ||||||
Medifast, Inc. (Personal Products) | 35 | 6,318 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 264 | 5,547 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 85 | 12,723 | ||||||
MeiraGTx Holdings PLC* (Biotechnology) | 93 | 704 | ||||||
Mercantile Bank Corp. (Banks) | 47 | 1,502 | ||||||
Merchants Bancorp (Thrifts & Mortgage Finance) | 48 | 1,088 | ||||||
Mercury General Corp. (Insurance) | 82 | 3,633 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 132 | 4,015 | ||||||
MeridianLink, Inc.* (Software) | 71 | 1,186 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 172 | 9,334 | ||||||
Meritage Homes Corp.* (Household Durables) | 112 | 8,120 | ||||||
Meritor, Inc.* (Machinery) | 216 | 7,847 | ||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 269 | 1,243 | ||||||
Mesa Laboratories, Inc. (Health Care Equipment & Supplies) | 15 | 3,059 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 89 | 3,442 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 111 | 4,111 | ||||||
Metrocity Bankshares, Inc. (Banks) | 57 | 1,158 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 32 | 2,221 | ||||||
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | 315 | 3,386 | ||||||
MGE Energy, Inc. (Electric Utilities) | 112 | 8,717 | ||||||
MGP Ingredients, Inc. (Beverages) | 43 | 4,304 | ||||||
MicroStrategy, Inc.* (Software) | 29 | 4,765 | ||||||
Microvast Holdings, Inc.* (Machinery) | 524 | 1,163 | ||||||
MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | 509 | 1,955 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 44 | 1,187 | ||||||
Middlesex Water Co. (Water Utilities) | 53 | 4,647 | ||||||
Midland States Bancorp, Inc. (Banks) | 65 | 1,563 | ||||||
MidWestOne Financial Group, Inc. (Banks) | 43 | 1,278 | ||||||
Miller Industries, Inc. (Machinery) | 34 | 771 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 233 | 6,121 | ||||||
MiMedx Group, Inc.* (Biotechnology) | 347 | 1,204 | ||||||
Minerals Technologies, Inc. (Chemicals) | 101 | 6,195 | ||||||
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 421 | 2,425 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 49 | 954 | ||||||
Mission Produce, Inc.* (Food Products) | 123 | 1,753 | ||||||
Mitek System, Inc.* (Software) | 130 | 1,201 | ||||||
Model N, Inc.* (Software) | 111 | 2,839 | ||||||
Modine Manufacturing Co.* (Auto Components) | 153 | 1,611 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 39 | 3,296 | ||||||
Moelis & Co. (Capital Markets) | 198 | 7,791 | ||||||
Momentive Global, Inc.* (Software) | 407 | 3,582 | ||||||
Momentus, Inc.* (Aerospace & Defense) | 167 | 361 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 41 | 2,405 | ||||||
MoneyGram International, Inc.* (IT Services) | 288 | 2,880 | ||||||
Moneylion, Inc.* (IT Services) | 444 | 586 | ||||||
Monro, Inc. (Specialty Retail) | 102 | 4,374 | ||||||
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers) | 198 | 1,990 | ||||||
Monte Rosa Therapeutics, Inc.* (Biotechnology) | 88 | 851 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 84 | 2,836 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 88 | 6,987 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 79 | 1,714 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 57 | 748 | ||||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 48 | 1,485 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 223 | 8,193 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 255 | 2,540 | ||||||
Mueller Industries, Inc. (Machinery) | 172 | 9,166 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 479 | 5,619 | ||||||
Mullen Automotive, Inc.* (Software) | 47 | 48 | ||||||
Multiplan Corp.* (Health Care Technology) | 1,161 | 6,374 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 453 | 13,676 | ||||||
Murphy USA, Inc. (Specialty Retail) | 69 | 16,067 | ||||||
MVB Financial Corp. (Banks) | 31 | 964 |
See accompanying notes to financial statements.
226 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Myers Industries, Inc. (Containers & Packaging) | 111 | $ | 2,523 | |||||
MYR Group, Inc.* (Construction & Engineering) | 51 | 4,495 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 244 | 4,433 | ||||||
N-Able, Inc.* (Software) | 209 | 1,881 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 28 | 3,749 | ||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 12 | 455 | ||||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 143 | 1,816 | ||||||
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies) | 129 | 1,458 | ||||||
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 90 | 1,853 | ||||||
National Bank Holdings Corp. (Banks) | 90 | 3,444 | ||||||
National Beverage Corp. (Beverages) | 73 | 3,573 | ||||||
National Energy Services Reunited Corp.* (Energy Equipment & Services) | 117 | 793 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 136 | 8,243 | ||||||
National Healthcare Corp. (Health Care Providers & Services) | 39 | 2,726 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 16 | 1,050 | ||||||
National Research Corp. (Health Care Providers & Services) | 44 | 1,684 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 249 | 6,847 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 7 | 1,419 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | 28 | 447 | ||||||
Nature's Sunshine Products, Inc.* (Personal Products) | 42 | 448 | ||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 106 | 3,474 | ||||||
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services) | 146 | 393 | ||||||
Navient Corp. (Consumer Finance) | 357 | 4,994 | ||||||
NBT Bancorp, Inc. (Banks) | 128 | 4,812 | ||||||
Neenah, Inc. (Paper & Forest Products) | 52 | 1,775 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 557 | 2,117 | ||||||
Nelnet, Inc.—Class A (Consumer Finance) | 46 | 3,922 | ||||||
NEOGAMES SA* (Hotels, Restaurants & Leisure) | 40 | 536 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 332 | 7,998 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 381 | 3,105 | ||||||
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | 161 | 2,533 | ||||||
NerdWallet, Inc.*—Class A (Interactive Media & Services) | 79 | 626 | ||||||
Nerdy, Inc.* (Diversified Consumer Services) | 166 | 354 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 87 | 1,611 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 217 | 7,345 | ||||||
NETSTREIT Corp. (Equity Real Estate Investment Trusts) | 148 | 2,793 | ||||||
Nevro Corp.* (Health Care Equipment & Supplies) | 107 | 4,690 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 296 | 13,181 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,168 | 3,224 | ||||||
Newmark Group, Inc. (Real Estate Management & Development) | 454 | 4,390 | ||||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 260 | 803 | ||||||
Nexpoint Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 24 | 486 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 70 | 4,376 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 95 | 422 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 171 | 2,982 | ||||||
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | 541 | 5,145 | ||||||
NextNav, Inc.* (Software) | 150 | 341 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 120 | 1,538 | ||||||
NI Holdings, Inc.* (Insurance) | 26 | 427 | ||||||
Nicolet Bankshares, Inc.* (Banks) | 38 | 2,749 | ||||||
Nikola Corp.*(a) (Machinery) | 897 | 4,270 | ||||||
Nkarta, Inc.* (Biotechnology) | 100 | 1,232 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 26 | 257 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 135 | 1,380 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 260 | 4,329 | ||||||
Noble Corp.* (Energy Equipment & Services) | 116 | 2,941 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 126 | 592 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 584 | 1,244 | ||||||
Northeast Bank (Banks) | 21 | 767 | ||||||
Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels) | 201 | 5,077 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 134 | 1,746 | ||||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 373 | 4,774 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 105 | 5,576 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 30 | 898 | ||||||
NorthWestern Corp. (Multi-Utilities) | 167 | 9,841 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 735 | 3,535 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 109 | 13,218 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 339 | 3,315 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 153 | 6,625 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 136 | 1,723 | ||||||
NuScale Power Corp.* (Electrical Equipment) | 53 | 529 | ||||||
Nutex Health, Inc.* (Health Care Technology) | 119 | 384 | ||||||
Nuvalent, Inc.*—Class A (Biotechnology) | 52 | 705 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 227
Common Stocks, continued
Shares | Value | |||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 161 | $ | 7,915 | |||||
Nuvation Bio, Inc.* (Pharmaceuticals) | 357 | 1,157 | ||||||
NV5 Global, Inc.* (Construction & Engineering) | 42 | 4,903 | ||||||
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | 130 | 15,815 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 307 | 3,279 | ||||||
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | 178 | 3,405 | ||||||
Ocugen, Inc.*(a) (Biotechnology) | 657 | 1,491 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 237 | 953 | ||||||
Offerpad Solutions, Inc.* (Real Estate Management & Development) | 210 | 458 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 147 | 2,933 | ||||||
OFG Bancorp (Banks) | 146 | 3,708 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 478 | 6,692 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 187 | 1,014 | ||||||
Old National Bancorp (Banks) | 901 | 13,325 | ||||||
Old Second Bancorp, Inc. (Banks) | 130 | 1,739 | ||||||
Olo, Inc.*—Class A (Software) | 276 | 2,724 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 29 | 747 | ||||||
Omega Flex, Inc. (Machinery) | 10 | 1,076 | ||||||
Omnicell, Inc.* (Health Care Technology) | 135 | 15,355 | ||||||
ON24, Inc.* (Software) | 128 | 1,215 | ||||||
Ondas Holdings, Inc.* (Communications Equipment) | 105 | 566 | ||||||
ONE Gas, Inc. (Gas Utilities) | 165 | 13,396 | ||||||
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | 50 | 1,299 | ||||||
OneSpan, Inc.* (Software) | 123 | 1,464 | ||||||
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | 204 | 1,463 | ||||||
Onewater Marine, Inc.* (Specialty Retail) | 34 | 1,124 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 152 | 10,600 | ||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 70 | 829 | ||||||
Open Lending Corp.*—Class A (Capital Markets) | 324 | 3,315 | ||||||
OPKO Health, Inc.* (Biotechnology) | 1,240 | 3,137 | ||||||
Oportun Financial Corp.* (Consumer Finance) | 85 | 703 | ||||||
Oppenheimer Holdings, Inc.—Class A (Capital Markets) | 27 | 892 | ||||||
OppFi, Inc.* (Consumer Finance) | 41 | 135 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 54 | 1,479 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 441 | 12,255 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 224 | 607 | ||||||
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | 547 | 1,559 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 215 | 1,049 | ||||||
Origin Bancorp, Inc. (Banks) | 69 | 2,677 | ||||||
Origin Materials, Inc.* (Chemicals) | 327 | 1,674 | ||||||
Orion Engineered Carbons SA (Chemicals) | 186 | 2,889 | ||||||
Orion Office REIT, Inc. (Equity Real Estate Investment Trusts) | 175 | 1,918 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 139 | 10,890 | ||||||
Orrstown Financial Services, Inc. (Banks) | 33 | 798 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 59 | 1,389 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 44 | 1,899 | ||||||
Oscar Health, Inc.*—Class A (Insurance) | 363 | 1,543 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 50 | 4,272 | ||||||
Otter Tail Corp. (Electric Utilities) | 126 | 8,458 | ||||||
Ouster, Inc.* (Electronic Equipment, Instruments & Components) | 419 | 679 | ||||||
Outbrain, Inc.* (Interactive Media & Services) | 123 | 619 | ||||||
Outfront Media, Inc. (Equity Real Estate Investment Trusts) | 450 | 7,628 | ||||||
Outlook Therapeutics, Inc.* (Biotechnology) | 364 | 371 | ||||||
Outset Medical, Inc.* (Health Care Equipment & Supplies) | 147 | 2,184 | ||||||
Overstock.com, Inc.* (Internet & Direct Marketing Retail) | 131 | 3,276 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 227 | 7,139 | ||||||
Owlet, Inc.* (Health Care Equipment & Supplies) | 51 | 87 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 48 | 4,260 | ||||||
P3 Health Partners, Inc.* (Health Care Providers & Services) | 78 | 290 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 694 | 3,067 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 288 | 8,421 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 138 | 8,046 | ||||||
Pactiv Evergreen, Inc. (Containers & Packaging) | 133 | 1,325 | ||||||
PagerDuty, Inc.* (Software) | 261 | 6,468 | ||||||
Palomar Holdings, Inc.* (Insurance) | 75 | 4,830 | ||||||
PAM Transportation Services, Inc.* (Road & Rail) | 20 | 548 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 101 | 8,436 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 150 | 2,339 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 81 | 3,037 | ||||||
Paragon 28, Inc.* (Health Care Equipment & Supplies) | 142 | 2,254 | ||||||
Paramount Group, Inc. (Equity Real Estate Investment Trusts) | 573 | 4,143 | ||||||
Pardes Biosciences, Inc.* (Biotechnology) | 87 | 267 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 60 | 766 | ||||||
Park National Corp. (Banks) | 44 | 5,335 | ||||||
Parke Bancorp, Inc. (Banks) | 31 | 650 | ||||||
Parsons Corp.* (Aerospace & Defense) | 103 | 4,163 | ||||||
Party City Holdco, Inc.* (Specialty Retail) | 335 | 442 | ||||||
Patrick Industries, Inc. (Auto Components) | 67 | 3,473 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 268 | 8,120 |
See accompanying notes to financial statements.
228 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 659 | $ | 10,386 | |||||
Paya Holdings, Inc.* (IT Services) | 269 | 1,767 | ||||||
Payoneer Global, Inc.* (IT Services) | 665 | 2,607 | ||||||
Paysafe, Ltd.* (IT Services) | 1,039 | 2,026 | ||||||
PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 297 | 8,619 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 35 | 1,542 | ||||||
PCB Bancorp (Banks) | 36 | 672 | ||||||
PCSB Financial Corp. (Thrifts & Mortgage Finance) | 38 | 725 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 93 | 2,000 | ||||||
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | 362 | 7,721 | ||||||
Peapack Gladstone Financial Corp. (Banks) | 53 | 1,574 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 399 | 6,611 | ||||||
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | 91 | 3,978 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 283 | 3,914 | ||||||
Peoples Bancorp, Inc. (Banks) | 85 | 2,261 | ||||||
Peoples Financial Services Corp. (Banks) | 21 | 1,173 | ||||||
PepGen, Inc.* (Biotechnology) | 26 | 258 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 210 | 2,474 | ||||||
Perella Weinberg Partners (Capital Markets) | 143 | 834 | ||||||
Perficient, Inc.* (IT Services) | 105 | 9,627 | ||||||
Perimeter Solutions SA* (Chemicals) | 374 | 4,054 | ||||||
Petiq, Inc.* (Health Care Providers & Services) | 84 | 1,410 | ||||||
PetMed Express, Inc. (Internet & Direct Marketing Retail) | 62 | 1,234 | ||||||
PFSweb, Inc.* (IT Services) | 51 | 600 | ||||||
PGT Innovations, Inc.* (Building Products) | 181 | 3,012 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 71 | 599 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 63 | 1,205 | ||||||
Phillips Edison & Co., Inc. (Equity Real Estate Investment Trusts) | 351 | 11,727 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 184 | 3,584 | ||||||
Phreesia, Inc.* (Health Care Technology) | 151 | 3,777 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 691 | 12,058 | ||||||
Piedmont Lithium, Inc.* (Metals & Mining) | 53 | 1,930 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 378 | 4,959 | ||||||
Ping Identity Holding Corp.* (Software) | 237 | 4,299 | ||||||
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | 36 | 353 | ||||||
Piper Sandler Cos. (Capital Markets) | 53 | 6,008 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 532 | 1,926 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 74 | 5,201 | ||||||
Planet Labs PBC* (Professional Services) | 478 | 2,070 | ||||||
Plantronics, Inc.* (Communications Equipment) | 130 | 5,158 | ||||||
Playstudios, Inc.* (Entertainment) | 243 | 1,040 | ||||||
PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods) | 96 | 614 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 84 | 6,594 | ||||||
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | 116 | 2,035 | ||||||
PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | 113 | 1,610 | ||||||
PNM Resources, Inc. (Electric Utilities) | 263 | 12,566 | ||||||
Point BioPharma Global, Inc.* (Biotechnology) | 227 | 1,546 | ||||||
PolyMet Mining Corp.* (Metals & Mining) | 90 | 248 | ||||||
Porch Group, Inc.* (Internet & Direct Marketing Retail) | 248 | 635 | ||||||
Portillo's, Inc.*(a)—Class A (Hotels, Restaurants & Leisure) | 61 | 997 | ||||||
Portland General Electric Co. (Electric Utilities) | 275 | 13,292 | ||||||
Poshmark, Inc.*—Class A (Internet & Direct Marketing Retail) | 141 | 1,426 | ||||||
Postal Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 54 | 805 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 210 | 9,280 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 28 | 654 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 178 | 13,352 | ||||||
PowerSchool Holdings, Inc.* (Diversified Consumer Services) | 140 | 1,687 | ||||||
PRA Group, Inc.* (Consumer Finance) | 122 | 4,436 | ||||||
Praxis Precision Medicines, Inc.* (Biotechnology) | 116 | 284 | ||||||
Precigen, Inc.* (Biotechnology) | 310 | 415 | ||||||
Preferred Bank (Banks) | 42 | 2,857 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 8 | 492 | ||||||
Premier Financial Corp. (Thrifts & Mortgage Finance) | 109 | 2,763 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 155 | 9,115 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 76 | 5,444 | ||||||
Primis Financial Corp. (Banks) | 68 | 927 | ||||||
Primo Water Corp. (Beverages) | 484 | 6,476 | ||||||
Primoris Services Corp. (Construction & Engineering) | 163 | 3,547 | ||||||
Priority Technology Holdings, Inc.* (IT Services) | 55 | 182 | ||||||
Privia Health Group, Inc.* (Health Care Providers & Services) | 133 | 3,873 | ||||||
ProAssurance Corp. (Insurance) | 166 | 3,923 | ||||||
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies) | 79 | 2,583 | ||||||
Professional Holding Corp.*—Class A (Banks) | 40 | 802 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 166 | 2,739 | ||||||
Progress Software Corp. (Software) | 134 | 6,070 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 230 | 6,682 | ||||||
Prometheus Biosciences, Inc.* (Biotechnology) | 90 | 2,541 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 268 | 2,680 | ||||||
PROS Holdings, Inc.* (Software) | 126 | 3,305 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 229
Common Stocks, continued
Shares | Value | |||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 141 | $ | 1,115 | |||||
Proterra, Inc.* (Machinery) | 679 | 3,151 | ||||||
Prothena Corp. PLC* (Biotechnology) | 109 | 2,959 | ||||||
Proto Labs, Inc.* (Machinery) | 85 | 4,066 | ||||||
Provention Bio, Inc.* (Pharmaceuticals) | 172 | 688 | ||||||
Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | 44 | 691 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 229 | 5,098 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 62 | 11,603 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 216 | 8,653 | ||||||
PubMatic, Inc.*—Class A (Media) | 128 | 2,034 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 105 | 1,546 | ||||||
Pure Cycle Corp.* (Water Utilities) | 60 | 632 | ||||||
PureCycle Technologies, Inc.* (Chemicals) | 326 | 2,419 | ||||||
Purple Innovation, Inc.* (Household Durables) | 169 | 517 | ||||||
Pzena Investment Management, Inc.—Class A (Capital Markets) | 51 | 336 | ||||||
Q2 Holdings, Inc.* (Software) | 172 | 6,634 | ||||||
QCR Holdings, Inc. (Banks) | 51 | 2,753 | ||||||
Quad/Graphics, Inc.* (Commercial Services & Supplies) | 107 | 294 | ||||||
Quaker Chemical Corp. (Chemicals) | 42 | 6,280 | ||||||
Qualys, Inc.* (Software) | 120 | 15,137 | ||||||
Quanex Building Products Corp. (Building Products) | 102 | 2,321 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 104 | 1,684 | ||||||
Quantum-Si, Inc.* (Life Sciences Tools & Services) | 281 | 652 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | — | (b) | 9 | |||||
QuinStreet, Inc.* (Interactive Media & Services) | 159 | 1,600 | ||||||
Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | 274 | 814 | ||||||
Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail) | 1,075 | 3,085 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 415 | 8,698 | ||||||
Rackspace Technology, Inc.* (IT Services) | 177 | 1,269 | ||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 532 | 10,454 | ||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 116 | 861 | ||||||
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | 229 | 3,495 | ||||||
Radius Health, Inc.* (Biotechnology) | 144 | 1,493 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 150 | 2,592 | ||||||
Rallybio Corp.* (Biotechnology) | 49 | 370 | ||||||
Ramaco Resources, Inc. (Metals & Mining) | 69 | 907 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 337 | 7,242 | ||||||
Ranger Oil Corp.* (Oil, Gas & Consumable Fuels) | 65 | 2,137 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 133 | 931 | ||||||
Rapid7, Inc.* (Software) | 178 | 11,890 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 80 | 1,460 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 190 | 498 | ||||||
RBB Bancorp (Banks) | 46 | 951 | ||||||
RBC Bearings, Inc.* (Machinery) | 88 | 16,276 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 27 | 1,306 | ||||||
RE/MAX Holdings, Inc. (Real Estate Management & Development) | 58 | 1,422 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 228 | 2,718 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 356 | 3,499 | ||||||
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | 85 | 2,583 | ||||||
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | 415 | 3,378 | ||||||
Red River Bancshares, Inc. (Banks) | 13 | 703 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 164 | 5,471 | ||||||
Red Violet, Inc.* (Professional Services) | 29 | 552 | ||||||
Redbox Entertainment, Inc.* (Entertainment) | 20 | 148 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 323 | 2,662 | ||||||
Redwire Corp.* (Aerospace & Defense) | 59 | 179 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 369 | 2,845 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 123 | 3,038 | ||||||
Regional Management Corp. (Consumer Finance) | 24 | 897 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 235 | 3,936 | ||||||
Relmada Therapeutics, Inc.* (Pharmaceuticals) | 84 | 1,595 | ||||||
Remitly Global, Inc.* (IT Services) | 258 | 1,976 | ||||||
Renasant Corp. (Banks) | 168 | 4,840 | ||||||
Rent the Runway, Inc.*—Class A (Internet & Direct Marketing Retail) | 143 | 439 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 163 | 3,170 | ||||||
Repay Holdings Corp.* (IT Services) | 269 | 3,457 | ||||||
Replimune Group, Inc.* (Biotechnology) | 93 | 1,626 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 27 | 1,303 | ||||||
Republic First Bancorp, Inc.* (Banks) | 149 | 568 | ||||||
Reservoir Media, Inc.* (Entertainment) | 63 | 411 | ||||||
Resideo Technologies, Inc.* (Building Products) | 444 | 8,622 | ||||||
Resolute Forest Products, Inc.* (Paper & Forest Products) | 141 | 1,799 | ||||||
Resources Connection, Inc. (Professional Services) | 98 | 1,996 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 370 | 5,839 | ||||||
REV Group, Inc. (Machinery) | 107 | 1,163 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 215 | 2,971 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 194 | 3,781 | ||||||
Revolve Group, Inc.* (Internet & Direct Marketing Retail) | 125 | 3,239 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 16 | 1,357 |
See accompanying notes to financial statements.
230 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Ribbon Communications, Inc.* (Communications Equipment) | 222 | $ | 675 | |||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 530 | 599 | ||||||
Rigetti Computing, Inc.* (Semiconductors & Semiconductor Equipment) | 98 | 360 | ||||||
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | 32 | 774 | ||||||
Rimini Street, Inc.* (Software) | 149 | 895 | ||||||
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | 266 | 708 | ||||||
Riot Blockchain, Inc.* (Software) | 360 | 1,508 | ||||||
Rite Aid Corp.* (Food & Staples Retailing) | 168 | 1,132 | ||||||
RLI Corp. (Insurance) | 120 | 13,991 | ||||||
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | 505 | 5,570 | ||||||
Rocket Lab USA, Inc.* (Aerospace & Defense) | 655 | 2,482 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 134 | 1,844 | ||||||
Rockley Photonics Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 313 | 682 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 21 | 718 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 58 | 15,202 | ||||||
Root, Inc.*—Class A (Insurance) | 429 | 511 | ||||||
Rover Group, Inc.* (Diversified Consumer Services) | 285 | 1,072 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 228 | 1,575 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 256 | 2,516 | ||||||
RumbleON, Inc.*—Class B (Internet & Direct Marketing Retail) | 32 | 471 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 130 | 6,266 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 21 | 1,042 | ||||||
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | 187 | 873 | ||||||
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 100 | 1,626 | ||||||
RxSight, Inc.* (Health Care Equipment & Supplies) | 63 | 887 | ||||||
Ryerson Holding Corp. (Metals & Mining) | 51 | 1,086 | ||||||
Ryman Hospitality Properties, Inc.*—Class I (Equity Real Estate Investment Trusts) | 165 | 12,545 | ||||||
S&T Bancorp, Inc. (Banks) | 120 | 3,292 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 709 | 9,905 | ||||||
Sabre Corp.* (IT Services) | 1,002 | 5,842 | ||||||
Safe Bulkers, Inc. (Marine) | 225 | 860 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 67 | 2,370 | ||||||
Safety Insurance Group, Inc. (Insurance) | 44 | 4,272 | ||||||
Sage Therapeutics, Inc.* (Biotechnology) | 160 | 5,168 | ||||||
Saia, Inc.* (Road & Rail) | 82 | 15,415 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 286 | 17,925 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 329 | 3,922 | ||||||
Sana Biotechnology, Inc.* (Biotechnology) | 273 | 1,755 | ||||||
Sanderson Farms, Inc. (Food Products) | 66 | 14,224 | ||||||
SandRidge Energy, Inc.* (Oil, Gas & Consumable Fuels) | 98 | 1,536 | ||||||
Sandy Spring Bancorp, Inc. (Banks) | 136 | 5,314 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 368 | 1,524 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 184 | 7,494 | ||||||
Sapiens International Corp. N.V. (Software) | 94 | 2,274 | ||||||
Sarcos Technology and Robotics Corp.* (Machinery) | 233 | 620 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 36 | 1,696 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 79 | 2,460 | ||||||
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | 80 | 2,627 | ||||||
Scholastic Corp. (Media) | 85 | 3,057 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 166 | 4,384 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 97 | 2,437 | ||||||
Science 37 Holdings, Inc.* (Life Sciences Tools & Services) | 191 | 384 | ||||||
Scientific Games Corp. A* (Hotels, Restaurants & Leisure) | 301 | 14,144 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 153 | 5,280 | ||||||
Sculptor Capital Management, Inc. (Capital Markets) | 81 | 676 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 186 | 6,145 | ||||||
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | 109 | 616 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 139 | 6,141 | ||||||
SecureWorks Corp.*—Class A (Software) | 30 | 326 | ||||||
Seer, Inc.* (Life Sciences Tools & Services) | 159 | 1,423 | ||||||
Select Energy Services, Inc.* (Energy Equipment & Services) | 219 | 1,494 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 332 | 7,842 | ||||||
Selective Insurance Group, Inc. (Insurance) | 183 | 15,909 | ||||||
Selectquote, Inc.* (Insurance) | 411 | 1,019 | ||||||
Sema4 Holdings Corp.* (Health Care Technology) | 486 | 612 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 194 | 10,664 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 18 | 1,000 | ||||||
Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | 1,407 | 1,449 | ||||||
Sensient Technologies Corp. (Chemicals) | 129 | 10,392 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 216 | 741 | ||||||
Seritage Growth Properties*—Class A (Equity Real Estate Investment Trusts) | 135 | 703 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 505 | 2,641 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 154 | 12,154 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 353 | 3,350 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 115 | 4,540 | ||||||
Sharecare, Inc.* (Health Care Technology) | 188 | 297 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 149 | 3,308 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 231
Common Stocks, continued
Shares | Value | |||||||
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | 344 | $ | 5,669 | |||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 109 | 20,837 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 54 | 1,167 | ||||||
Shore Bancshares, Inc. (Banks) | 55 | 1,018 | ||||||
ShotSpotter, Inc.* (Software) | 27 | 727 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 74 | 4,240 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 103 | 1,360 | ||||||
Sierra Bancorp (Banks) | 42 | 913 | ||||||
SIGA Technologies, Inc. (Pharmaceuticals) | 145 | 1,679 | ||||||
Sight Sciences, Inc.* (Health Care Equipment & Supplies) | 66 | 593 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 143 | 7,644 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 111 | 15,565 | ||||||
Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | 106 | 3,857 | ||||||
Silverbow Resources, Inc.* (Oil, Gas & Consumable Fuels) | 36 | 1,021 | ||||||
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets) | 30 | 492 | ||||||
Silvergate Capital Corp.*—Class A (Banks) | 96 | 5,139 | ||||||
Simmons First National Corp.—Class A (Banks) | 384 | 8,164 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 133 | 13,381 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 48 | 2,368 | ||||||
Sinclair Broadcast Group, Inc.—Class A (Media) | 128 | 2,611 | ||||||
Singular Genomics Systems, Inc.* (Life Sciences Tools & Services) | 171 | 653 | ||||||
SiriusPoint, Ltd.* (Insurance) | 283 | 1,534 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 598 | 8,055 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 49 | 7,988 | ||||||
Sitio Royalties Corp. (Oil, Gas & Consumable Fuels) | 36 | 834 | ||||||
SJW Corp. (Water Utilities) | 83 | 5,180 | ||||||
Skillsoft Corp.* (Professional Services) | 249 | 876 | ||||||
Skillz, Inc.* (Entertainment) | 939 | 1,164 | ||||||
Skyline Champion Corp.* (Household Durables) | 164 | 7,777 | ||||||
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 33 | 199 | ||||||
SkyWest, Inc.* (Airlines) | 153 | 3,251 | ||||||
Sleep Number Corp.* (Specialty Retail) | 66 | 2,043 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 372 | 12,719 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 151 | 2,472 | ||||||
SmartFinancial, Inc. (Banks) | 48 | 1,160 | ||||||
SmartRent, Inc.* (Electronic Equipment, Instruments & Components) | 365 | 1,650 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 139 | 1,825 | ||||||
Snap One Holdings Corp.* (Household Durables) | 55 | 504 | ||||||
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | 97 | 1,055 | ||||||
SolarWinds Corp. (IT Services) | 148 | 1,517 | ||||||
Solid Power, Inc.* (Auto Components) | 174 | 936 | ||||||
Solo Brands, Inc.*—Class A (Leisure Products) | 67 | 272 | ||||||
Somalogic, Inc.* (Life Sciences Tools & Services) | 460 | 2,079 | ||||||
Sonder Holdings, Inc.* (Hotels, Restaurants & Leisure) | 134 | 139 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 62 | 2,271 | ||||||
Sonos, Inc.* (Household Durables) | 392 | 7,072 | ||||||
Sorrento Therapeutics, Inc.* (Biotechnology) | 1,168 | 2,348 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 377 | 12,871 | ||||||
South Plains Financial, Inc. (Banks) | 31 | 748 | ||||||
Southern First Bancshares, Inc.* (Banks) | 23 | 1,003 | ||||||
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | 24 | 1,086 | ||||||
Southside Bancshares, Inc. (Banks) | 94 | 3,517 | ||||||
SouthState Corp. (Banks) | 230 | 17,744 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 203 | 17,677 | ||||||
Sovos Brands, Inc.* (Food Products) | 87 | 1,381 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 71 | 2,181 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 110 | 3,319 | ||||||
Spire Global, Inc.* (Technology Hardware, Storage & Peripherals) | 384 | 445 | ||||||
Spire, Inc. (Gas Utilities) | 157 | 11,676 | ||||||
Spirit Airlines, Inc.* (Airlines) | 335 | 7,986 | ||||||
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | 134 | 1,285 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 107 | 2,634 | ||||||
Sprout Social, Inc.*—Class A (Software) | 141 | 8,188 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 337 | 8,533 | ||||||
SPS Commerce, Inc.* (Software) | 111 | 12,549 | ||||||
SPX Corp.* (Machinery) | 136 | 7,186 | ||||||
Squarespace, Inc.*—Class A (IT Services) | 96 | 2,008 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 147 | 10,426 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 554 | 17,109 | ||||||
Stagwell, Inc.* (Media) | 240 | 1,303 | ||||||
Standard Motor Products, Inc. (Auto Components) | 63 | 2,834 | ||||||
Standex International Corp. (Machinery) | 37 | 3,137 | ||||||
Starry Group Holdings, Inc.*—Class A (Diversified Telecommunication Services) | 73 | 301 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 265 | 2,843 | ||||||
Stem, Inc.* (Electrical Equipment) | 443 | 3,172 | ||||||
Stepan Co. (Chemicals) | 66 | 6,689 | ||||||
StepStone Group, Inc.—Class A (Capital Markets) | 162 | 4,217 | ||||||
Sterling Bancorp, Inc.* (Thrifts & Mortgage Finance) | 53 | 302 |
See accompanying notes to financial statements.
232 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Sterling Check Corp.* (Professional Services) | 73 | $ | 1,191 | |||||
Sterling Construction Co., Inc.* (Construction & Engineering) | 90 | 1,973 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 242 | 7,795 | ||||||
Stewart Information Services Corp. (Insurance) | 82 | 4,080 | ||||||
Stitch Fix, Inc.*—Class A (Internet & Direct Marketing Retail) | 250 | 1,235 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 88 | 5,264 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 69 | 911 | ||||||
StoneCo, Ltd.*—Class A (IT Services) | 851 | 6,553 | ||||||
StoneMor, Inc.* (Diversified Consumer Services) | 84 | 287 | ||||||
Stoneridge, Inc.* (Auto Components) | 81 | 1,389 | ||||||
StoneX Group, Inc.* (Capital Markets) | 53 | 4,138 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 71 | 5,011 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 18 | 580 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 125 | 5,099 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 53 | 3,373 | ||||||
Summit Financial Group, Inc. (Banks) | 34 | 945 | ||||||
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | 322 | 2,341 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 364 | 8,477 | ||||||
Sumo Logic, Inc.* (Software) | 262 | 1,962 | ||||||
Sun Country Airlines Holdings, Inc.* (Airlines) | 102 | 1,871 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 256 | 1,743 | ||||||
Sunlight Financial Holdings, Inc.* (Consumer Finance) | 75 | 221 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 305 | 5,621 | ||||||
SunOpta, Inc.* (Food Products) | 300 | 2,334 | ||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 251 | 3,968 | ||||||
Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts) | 660 | 6,547 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 139 | 5,609 | ||||||
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | 36 | 639 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 151 | 4,367 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 122 | 3,528 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 42 | 1,564 | ||||||
Sutro BioPharma, Inc.* (Biotechnology) | 135 | 703 | ||||||
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure) | 41 | 478 | ||||||
SWK Holdings Corp.* (Diversified Financial Services) | 11 | 192 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 109 | 3,562 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 122 | 14,402 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 159 | 3,059 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 60 | 438 | ||||||
Talaris Therapeutics, Inc.* (Biotechnology) | 69 | 311 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 203 | 3,140 | ||||||
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | 311 | 4,422 | ||||||
Tango Therapeutics, Inc.* (Biotechnology) | 143 | 648 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 94 | 537 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 56 | 818 | ||||||
Tattooed Chef, Inc.*(a) (Food Products) | 150 | 945 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 355 | 8,293 | ||||||
TechTarget, Inc.* (Media) | 84 | 5,521 | ||||||
Teekay Corp.* (Oil, Gas & Consumable Fuels) | 214 | 616 | ||||||
Teekay Tankers, Ltd.*—Class A (Oil, Gas & Consumable Fuels) | 70 | 1,234 | ||||||
TEGNA, Inc. (Media) | 685 | 14,365 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 64 | 993 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 310 | 4,895 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 1,567 | 4,670 | ||||||
Telos Corp.* (Software) | 165 | 1,333 | ||||||
Tenable Holdings, Inc.* (Software) | 338 | 15,348 | ||||||
Tenaya Therapeutics, Inc.* (Biotechnology) | 86 | 484 | ||||||
Tennant Co. (Machinery) | 57 | 3,377 | ||||||
Tenneco, Inc.* (Auto Components) | 253 | 4,341 | ||||||
Tenon Medical, Inc.* (Health Care Equipment & Supplies) | 10 | 23 | ||||||
Terawulf, Inc.* (Software) | 66 | 79 | ||||||
Terex Corp. (Machinery) | 209 | 5,720 | ||||||
Terran Orbital Corp.* (Aerospace & Defense) | 74 | 339 | ||||||
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | 228 | 12,706 | ||||||
TETRA Technologies, Inc.* (Energy Equipment & Services) | 382 | 1,551 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 156 | 8,212 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 210 | 15,373 | ||||||
Textainer Group Holdings, Ltd. (Trading Companies & Distributors) | 143 | 3,920 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 409 | 1,738 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 98 | 3,233 | ||||||
The Arena Group Holdings Inc* (Interactive Media & Services) | 35 | 315 | ||||||
The Bancorp, Inc.* (Banks) | 171 | 3,338 | ||||||
The Bank of NT Butterfield & Son, Ltd. (Banks) | 153 | 4,772 | ||||||
The Beachbody Co. Inc* (Diversified Consumer Services) | 321 | 385 | ||||||
The Beauty Health Co.* (Personal Products) | 306 | 3,935 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 143 | 8,682 | ||||||
The Buckle, Inc. (Specialty Retail) | 93 | 2,575 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 56 | 650 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 153 | 4,042 | ||||||
The Chefs' Warehouse, Inc.* (Food & Staples Retailing) | 105 | 4,083 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 40 | 1,557 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 233
Common Stocks, continued
Shares | Value | |||||||
The Container Store Group, Inc.* (Specialty Retail) | 100 | $ | 623 | |||||
The Duckhorn Portfolio, Inc.* (Beverages) | 113 | 2,380 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 180 | 2,245 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 165 | 12,123 | ||||||
The First Bancorp, Inc. (Banks) | 30 | 904 | ||||||
The First Bancshares, Inc. (Banks) | 60 | 1,716 | ||||||
The First of Long Island Corp. (Banks) | 68 | 1,192 | ||||||
The GEO Group, Inc.* (Equity Real Estate Investment Trusts) | 364 | 2,402 | ||||||
The Goodyear Tire & Rubber Co.* (Auto Components) | 862 | 9,232 | ||||||
The Gorman-Rupp Co. (Machinery) | 70 | 1,981 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 98 | 3,527 | ||||||
The Hackett Group, Inc. (IT Services) | 83 | 1,575 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 231 | 5,484 | ||||||
The Honest Co., Inc.* (Personal Products) | 200 | 584 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 43 | 658 | ||||||
The Lovesac Co.* (Household Durables) | 43 | 1,183 | ||||||
The Macerich Co. (Equity Real Estate Investment Trusts) | 662 | 5,766 | ||||||
The Manitowoc Co., Inc.* (Machinery) | 107 | 1,127 | ||||||
The Marcus Corp.* (Entertainment) | 73 | 1,078 | ||||||
The Necessity Retail REIT, Inc. (Equity Real Estate Investment Trusts) | 410 | 2,985 | ||||||
The ODP Corp.* (Specialty Retail) | 132 | 3,992 | ||||||
The Oncology Institute Inc* (Health Care Providers & Services) | 58 | 293 | ||||||
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure) | 69 | 509 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 80 | 1,025 | ||||||
The RealReal, Inc.* (Internet & Direct Marketing Retail) | 261 | 650 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 47 | 1,332 | ||||||
The Shyft Group, Inc. (Machinery) | 106 | 1,971 | ||||||
The Simply Good Foods Co.* (Food Products) | 277 | 10,461 | ||||||
The St Joe Co. (Real Estate Management & Development) | 106 | 4,193 | ||||||
The Vita Coco Co., Inc.* (Beverages) | 86 | 842 | ||||||
The York Water Co. (Water Utilities) | 44 | 1,779 | ||||||
TherapeuticsMD, Inc.* (Pharmaceuticals) | 1 | 10 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 198 | 1,794 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 102 | 1,433 | ||||||
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals) | 52 | 288 | ||||||
Third Coast Bancshares, Inc.* (Banks) | 39 | 854 | ||||||
Thorne HealthTech, Inc.* (Personal Products) | 42 | 203 | ||||||
Thredup, Inc.*—Class A (Internet & Direct Marketing Retail) | 180 | 450 | ||||||
Thryv Holdings, Inc.* (Media) | 78 | 1,746 | ||||||
Tidewater, Inc.* (Energy Equipment & Services) | 117 | 2,468 | ||||||
Tile Shop Holdings, Inc. (Specialty Retail) | 112 | 344 | ||||||
Tilly's, Inc.—Class A (Specialty Retail) | 71 | 498 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 142 | 2,657 | ||||||
Tiptree, Inc. (Insurance) | 73 | 775 | ||||||
Titan International, Inc.* (Machinery) | 157 | 2,371 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 62 | 1,389 | ||||||
Tompkins Financial Corp. (Banks) | 43 | 3,100 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 47 | 1,661 | ||||||
Torrid Holdings, Inc.* (Specialty Retail) | 46 | 199 | ||||||
TowneBank (Banks) | 207 | 5,620 | ||||||
TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | 212 | 1,910 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 112 | 1,400 | ||||||
Traeger, Inc.* (Household Durables) | 98 | 417 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 22 | 1,250 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 4 | 159 | ||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 83 | 2,610 | ||||||
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment) | 66 | 251 | ||||||
TravelCenters of America, Inc.* (Specialty Retail) | 39 | 1,344 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 187 | 4,531 | ||||||
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | 102 | 1,463 | ||||||
Trean Insurance Group, Inc.* (Insurance) | 69 | 430 | ||||||
Tredegar Corp. (Chemicals) | 83 | 830 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 156 | 6,524 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 315 | 5,314 | ||||||
Tricida, Inc.* (Pharmaceuticals) | 102 | 987 | ||||||
TriCo Bancshares (Banks) | 97 | 4,427 | ||||||
TriMas Corp. (Containers & Packaging) | 130 | 3,600 | ||||||
TriNet Group, Inc.* (Professional Services) | 115 | 8,926 | ||||||
Trinity Industries, Inc. (Machinery) | 256 | 6,200 | ||||||
Trinseo PLC (Chemicals) | 111 | 4,269 | ||||||
Triton International, Ltd. (Trading Companies & Distributors) | 195 | 10,267 | ||||||
Triumph Bancorp, Inc.* (Banks) | 74 | 4,629 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 197 | 2,618 | ||||||
Tronox Holdings PLC—Class A (Chemicals) | 359 | 6,031 | ||||||
TrueBlue, Inc.* (Professional Services) | 101 | 1,808 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 285 | 738 | ||||||
Trupanion, Inc.* (Insurance) | 120 | 7,231 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 58 | 1,789 | ||||||
Trustmark Corp. (Banks) | 188 | 5,488 | ||||||
TTEC Holdings, Inc. (IT Services) | 58 | 3,938 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 311 | 3,888 | ||||||
Tucows, Inc.* (IT Services) | 30 | 1,335 | ||||||
Tupperware Brands Corp.* (Household Durables) | 140 | 888 | ||||||
Turning Point Brands, Inc. (Tobacco) | 47 | 1,275 | ||||||
Turning Point Therapeutics, Inc.* (Biotechnology) | 141 | 10,610 | ||||||
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals) | 48 | 587 | ||||||
TuSimple Holdings, Inc.*—Class A (Road & Rail) | 430 | 3,109 |
See accompanying notes to financial statements.
234 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Tutor Perini Corp.* (Construction & Engineering) | 129 | $ | 1,133 | |||||
Twist Bioscience Corp.* (Biotechnology) | 172 | 6,013 | ||||||
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | 1,061 | 5,284 | ||||||
Tyra Biosciences, Inc.* (Biotechnology) | 40 | 286 | ||||||
U.S. Cellular Corp.* (Wireless Telecommunication Services) | 46 | 1,332 | ||||||
U.S. Lime & Minerals, Inc. (Construction Materials) | 6 | 634 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 39 | 4,259 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 228 | 2,604 | ||||||
Udemy, Inc.* (Diversified Consumer Services) | 222 | 2,267 | ||||||
UFP Industries, Inc. (Building Products) | 187 | 12,742 | ||||||
UFP Technologies, Inc.* (Containers & Packaging) | 21 | 1,671 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 139 | 4,138 | ||||||
UMB Financial Corp. (Banks) | 135 | 11,624 | ||||||
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | 152 | 2,684 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 43 | 605 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 46 | 7,920 | ||||||
Unisys Corp.* (IT Services) | 203 | 2,442 | ||||||
United Bankshares, Inc. (Banks) | 407 | 14,272 | ||||||
United Community Banks, Inc. (Banks) | 327 | 9,872 | ||||||
United Fire Group, Inc. (Insurance) | 66 | 2,259 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 179 | 7,053 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 729 | 6,867 | ||||||
Unitil Corp. (Multi-Utilities) | 49 | 2,877 | ||||||
Unity Bancorp, Inc. (Banks) | 22 | 583 | ||||||
Universal Corp. (Tobacco) | 74 | 4,477 | ||||||
Universal Electronics, Inc.* (Household Durables) | 37 | 946 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 39 | 2,075 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 80 | 1,042 | ||||||
Universal Logistics Holdings, Inc. (Road & Rail) | 22 | 601 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 99 | 706 | ||||||
Univest Financial Corp. (Banks) | 90 | 2,290 | ||||||
Upland Software, Inc.* (Software) | 89 | 1,292 | ||||||
Upwork, Inc.* (Professional Services) | 368 | 7,610 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 858 | 2,643 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 351 | 5,339 | ||||||
Urban One, Inc.* (Media) | 37 | 158 | ||||||
Urban One, Inc.* (Media) | 25 | 137 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 203 | 3,788 | ||||||
Ur-Energy, Inc.* (Oil, Gas & Consumable Fuels) | 643 | 682 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 91 | 1,474 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 35 | 2,533 | ||||||
USCB Financial Holdings, Inc.* (Banks) | 33 | 381 | ||||||
UserTesting, Inc.* (Software) | 145 | 728 | ||||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 11 | 945 | ||||||
Utz Brands, Inc. (Food Products) | 202 | 2,792 | ||||||
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels) | 180 | 1,249 | ||||||
Vacasa, Inc.*—Class A (Hotels, Restaurants & Leisure) | 126 | 363 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 187 | 7,899 | ||||||
Valhi, Inc. (Chemicals) | 7 | 317 | ||||||
Valley National Bancorp (Banks) | 1,323 | 13,771 | ||||||
Value Line, Inc. (Capital Markets) | 3 | 198 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 170 | 1,853 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 119 | 2,545 | ||||||
Varonis Systems, Inc.* (Software) | 335 | 9,822 | ||||||
Vaxart, Inc.* (Biotechnology) | 380 | 1,330 | ||||||
Vaxcyte, Inc.* (Pharmaceuticals) | 162 | 3,525 | ||||||
VBI Vaccines, Inc.* (Biotechnology) | 592 | 479 | ||||||
Vector Group, Ltd. (Tobacco) | 442 | 4,641 | ||||||
Vectrus, Inc.* (Aerospace & Defense) | 35 | 1,171 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 153 | 2,968 | ||||||
Velo3D, Inc.* (Technology Hardware, Storage & Peripherals) | 173 | 239 | ||||||
Velocity Financial, Inc.* (Thrifts & Mortgage Finance) | 26 | 286 | ||||||
Velodyne Lidar, Inc.* (Electronic Equipment, Instruments & Components) | 593 | 566 | ||||||
Ventyx Biosciences, Inc.* (Pharmaceuticals) | 69 | 844 | ||||||
Vera Therapeutics, Inc.* (Biotechnology) | 43 | 585 | ||||||
Veracyte, Inc.* (Biotechnology) | 220 | 4,378 | ||||||
Vericel Corp.* (Biotechnology) | 145 | 3,651 | ||||||
Verint Systems, Inc.* (Software) | 195 | 8,258 | ||||||
Veris Residential, Inc.* (Equity Real Estate Investment Trusts) | 265 | 3,509 | ||||||
Veritex Holdings, Inc. (Banks) | 161 | 4,711 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 45 | 4,885 | ||||||
Veritone, Inc.* (Software) | 96 | 627 | ||||||
Verra Mobility Corp.*—Class C (IT Services) | 449 | 7,054 | ||||||
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels) | 166 | 1,746 | ||||||
Veru, Inc.* (Personal Products) | 200 | 2,260 | ||||||
Verve Therapeutics, Inc.* (Biotechnology) | 113 | 1,727 | ||||||
Via Renewables, Inc. (Multi-Utilities) | 37 | 283 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 62 | 1,712 | ||||||
Viant Technology, Inc.*—Class A (Software) | 43 | 218 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 699 | 9,247 | ||||||
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies) | 168 | 494 | ||||||
Vicor Corp.* (Electrical Equipment) | 68 | 3,722 | ||||||
Victory Capital Holdings, Inc.—Class A (Capital Markets) | 51 | 1,229 | ||||||
View, Inc.*(a) (Building Products) | 343 | 556 | ||||||
ViewRay, Inc.* (Health Care Equipment & Supplies) | 455 | 1,206 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 235
Common Stocks, continued
Shares | Value | |||||||
Village Super Market, Inc.—Class A (Food & Staples Retailing) | 26 | $ | 593 | |||||
Vimeo, Inc.* (Interactive Media & Services) | 440 | 2,649 | ||||||
Vinco Ventures, Inc.*(a) (Leisure Products) | 564 | 778 | ||||||
Vintage Wine Estates, Inc.* (Beverages) | 99 | 778 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 223 | 5,680 | ||||||
Virgin Galactic Holdings, Inc.*(a) (Aerospace & Defense) | 701 | 4,220 | ||||||
Viridian Therapeutics, Inc.* (Biotechnology) | 79 | 914 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 22 | 3,762 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 406 | 7,235 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 38 | 1,107 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 172 | 4,799 | ||||||
VistaGen Therapeutics, Inc.* (Biotechnology) | 598 | 526 | ||||||
Visteon Corp.* (Auto Components) | 85 | 8,804 | ||||||
Vital Farms, Inc.* (Food Products) | 92 | 805 | ||||||
Vivid Seats, Inc.—Class A (Internet & Direct Marketing Retail) | 76 | 568 | ||||||
Vivint Smart Home, Inc.* (Diversified Consumer Services) | 292 | 1,016 | ||||||
Vizio Holding Corp.*—Class A (Semiconductors & Semiconductor Equipment) | 208 | 1,419 | ||||||
Volta, Inc.* (Specialty Retail) | 375 | 488 | ||||||
Vonage Holdings Corp.* (Software) | 789 | 14,865 | ||||||
VSE Corp. (Commercial Services & Supplies) | 33 | 1,240 | ||||||
Vuzix Corp.*(a) (Household Durables) | 182 | 1,292 | ||||||
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | 291 | 1,257 | ||||||
Wabash National Corp. (Machinery) | 149 | 2,023 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 94 | 9,056 | ||||||
Warby Parker, Inc.*—Class A (Specialty Retail) | 256 | 2,883 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 158 | 4,836 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 199 | 5,974 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 269 | 5,732 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 53 | 2,564 | ||||||
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | 62 | 1,057 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 84 | 10,319 | ||||||
WD-40 Co. (Household Products) | 42 | 8,457 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 217 | 4,594 | ||||||
Weave Communications, Inc.* (Software) | 15 | 46 | ||||||
Weber, Inc.—Class A (Household Durables) | 83 | 598 | ||||||
Weis Markets, Inc. (Food & Staples Retailing) | 50 | 3,727 | ||||||
Wejo Group, Ltd.* (Interactive Media & Services) | 70 | 83 | ||||||
Welbilt, Inc.* (Machinery) | 404 | 9,619 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 200 | 7,708 | ||||||
WesBanco, Inc. (Banks) | 179 | 5,676 | ||||||
West Bancorp, Inc. (Banks) | 50 | 1,217 | ||||||
Westamerica Bancorp (Banks) | 80 | 4,453 | ||||||
Weyco Group, Inc. (Distributors) | 18 | 440 | ||||||
Wheels Up Experience, Inc.* (Airlines) | 489 | 954 | ||||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 144 | 1,548 | ||||||
Whole Earth Brands, Inc.* (Food Products) | 125 | 775 | ||||||
WideOpenWest, Inc.* (Media) | 165 | 3,005 | ||||||
Willdan Group, Inc.* (Professional Services) | 36 | 993 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 92 | 6,879 | ||||||
Winmark Corp. (Specialty Retail) | 9 | 1,760 | ||||||
Winnebago Industries, Inc. (Automobiles) | 98 | 4,760 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 418 | 2,119 | ||||||
WM Technology, Inc.* (Software) | 220 | 724 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 246 | 4,959 | ||||||
Workhorse Group, Inc.* (Automobiles) | 450 | 1,170 | ||||||
Workiva, Inc.* (Software) | 146 | 9,635 | ||||||
World Acceptance Corp.* (Consumer Finance) | 12 | 1,347 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 192 | 3,928 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 98 | 4,322 | ||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 198 | 7,938 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 167 | 1,067 | ||||||
Xencor, Inc.* (Biotechnology) | 177 | 4,844 | ||||||
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | 351 | 5,100 | ||||||
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals) | 407 | 627 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 351 | 5,212 | ||||||
Xometry, Inc.*—Class A (Internet & Direct Marketing Retail) | 104 | 3,528 | ||||||
Xos, Inc.* (Machinery) | 168 | 309 | ||||||
XPEL, Inc.* (Auto Components) | 66 | 3,031 | ||||||
Xperi Holding Corp. (Software) | 320 | 4,618 | ||||||
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 52 | 653 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 211 | 5,859 | ||||||
Yext, Inc.* (Software) | 369 | 1,764 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 113 | 1,710 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 118 | 3,316 | ||||||
Zeta Global Holdings Corp.*—Class A (Software) | 96 | 434 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 140 | 10,434 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 64 | 1,025 | ||||||
ZipRecruiter, Inc.* (Interactive Media & Services) | 245 | 3,631 | ||||||
Zumiez, Inc.* (Specialty Retail) | 48 | 1,248 | ||||||
Zuora, Inc.*—Class A (Software) | 347 | 3,106 | ||||||
Zurn Water Solutions Corp. (Building Products) | 381 | 10,378 | ||||||
Zynex, Inc. (Health Care Equipment & Supplies) | 69 | 551 | ||||||
TOTAL COMMON STOCKS (Cost $6,369,574) | 6,987,204 |
See accompanying notes to financial statements.
236 :: ProFund VP Small-Cap :: Financial Statements
Contingent Right(NM)
Shares | Value | |||||||
Zogenix, Inc., CVR*+ (Health Care)(c) | 178 | $ | 121 | |||||
TOTAL CONTINGENT RIGHT (Cost $—) | 121 |
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 250 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Repurchase Agreements(d)(e) (29.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $3,064,117 | $ | 3,064,000 | $ | 3,064,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $3,064,000) | 3,064,000 |
Collateral for Securities Loaned(f) (0.6%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(g) | 60,670 | $ | 60,670 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $60,670) | 60,670 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,494,244)—96.9% | 10,111,995 | |||||||
Net other assets (liabilities)—3.1% | 321,356 | |||||||
NET ASSETS—100.0% | $ | 10,433,351 |
* | Non-income producing security. |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2022, these securities represented less than 0.005% of the net assets of the Fund. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $57,668. |
(b) | Number of shares is less than 0.50. |
(c) | On March 9, 2022, UCB SA acquired Zogenix Inc. As part of the acquisition, shareholders of Zogenix Inc. are entitled to a CVR per share of Zogenix Inc. held. The CVR has a potential cash payment of $2.00 upon EU approval by December 31, 2023, of FINTEPLA® as an orphan medicine for treatment of Lennox-Gastaut syndrome (LGS). |
(d) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $727,000. |
(e) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(f) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(g) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
CVR | Contingent Value Rights |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Russell 2000 Index | Goldman Sachs International | 7/27/22 | 1.98 | % | $ | 625,124 | $ | (3,692 | ) | |||||||
Russell 2000 Index | UBS AG | 7/27/22 | 1.58 | % | 2,816,476 | (103,871 | ) | |||||||||
$ | 3,441,600 | $ | (107,563 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 237
ProFund VP Small-Cap invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 61,244 | 0.6 | % | ||||
Air Freight & Logistics | 26,307 | 0.3 | % | |||||
Airlines | 27,353 | 0.3 | % | |||||
Auto Components | 93,483 | 0.9 | % | |||||
Automobiles | 13,281 | 0.1 | % | |||||
Banks | 647,871 | 6.1 | % | |||||
Beverages | 37,211 | 0.4 | % | |||||
Biotechnology | 501,298 | 4.7 | % | |||||
Building Products | 94,716 | 0.9 | % | |||||
Capital Markets | 107,194 | 1.0 | % | |||||
Chemicals | 148,295 | 1.5 | % | |||||
Commercial Services & Supplies | 104,959 | 1.0 | % | |||||
Communications Equipment | 60,540 | 0.6 | % | |||||
Construction & Engineering | 94,827 | 0.9 | % | |||||
Construction Materials | 9,111 | 0.1 | % | |||||
Consumer Discretionary Products | 1,530 | NM | ||||||
Consumer Finance | 44,569 | 0.4 | % | |||||
Containers & Packaging | 22,843 | 0.2 | % | |||||
Distributors | 2,627 | NM | ||||||
Diversified Consumer Services | 72,266 | 0.7 | % | |||||
Diversified Financial Services | 18,909 | 0.2 | % | |||||
Diversified Telecommunication Services | 40,761 | 0.4 | % | |||||
Electric Utilities | 53,378 | 0.5 | % | |||||
Electrical Equipment | 76,436 | 0.7 | % | |||||
Electronic Equipment, Instruments & Components | 146,522 | 1.4 | % | |||||
Energy Equipment & Services | 110,540 | 1.1 | % | |||||
Entertainment | 23,972 | 0.2 | % | |||||
Equity Real Estate Investment Trusts | 472,835 | 4.6 | % | |||||
Food & Staples Retailing | 41,960 | 0.4 | % | |||||
Food Products | 98,662 | 0.9 | % | |||||
Gas Utilities | 94,057 | 0.9 | % | |||||
Health Care | 121 | NM | ||||||
Health Care Equipment & Supplies | 243,057 | 2.3 | % | |||||
Health Care Providers & Services | 194,272 | 1.9 | % | |||||
Health Care Technology | 76,922 | 0.7 | % | |||||
Hotels, Restaurants & Leisure | 143,545 | 1.4 | % | |||||
Household Durables | 107,488 | 1.0 | % | |||||
Household Products | 20,543 | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 31,516 | 0.3 | % | |||||
Industrial Conglomerates | 1,841 | NM | ||||||
Insurance | 149,416 | 1.4 | % | |||||
Interactive Media & Services | 48,493 | 0.5 | % | |||||
Internet & Direct Marketing Retail | 33,575 | 0.3 | % | |||||
IT Services | 161,453 | 1.5 | % | |||||
Leisure Products | 42,801 | 0.4 | % | |||||
Life Sciences Tools & Services | 48,317 | 0.5 | % | |||||
Machinery | 267,579 | 2.6 | % | |||||
Marine | 20,949 | 0.2 | % | |||||
Media | 71,034 | 0.7 | % | |||||
Metals & Mining | 96,905 | 0.9 | % | |||||
Mortgage Real Estate Investment Trusts | 99,367 | 1.0 | % | |||||
Multiline Retail | 4,671 | NM | ||||||
Multi-Utilities | 37,259 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 280,822 | 2.7 | % | |||||
Paper & Forest Products | 12,217 | 0.1 | % | |||||
Personal Products | 52,343 | 0.5 | % | |||||
Pharmaceuticals | 112,876 | 1.1 | % | |||||
Professional Services | 128,328 | 1.2 | % | |||||
Real Estate Management & Development | 46,788 | 0.4 | % | |||||
Road & Rail | 39,574 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 208,594 | 2.0 | % | |||||
Software | 367,053 | 3.6 | % | |||||
Specialty Retail | 144,220 | 1.5 | % | |||||
Technology Hardware, Storage & Peripherals | 24,480 | 0.2 | % | |||||
Textiles, Apparel & Luxury Goods | 40,490 | 0.4 | % | |||||
Thrifts & Mortgage Finance | 124,460 | 1.2 | % | |||||
Tobacco | 11,452 | 0.1 | % | |||||
Trading Companies & Distributors | 98,215 | 0.9 | % | |||||
Water Utilities | 32,372 | 0.3 | % | |||||
Wireless Telecommunication Services | 12,360 | 0.1 | % | |||||
Other** | 3,446,026 | 33.1 | % | |||||
Total | $ | 10,433,351 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
238 :: ProFund VP Small-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,494,244 | ||
Securities, at value(a) | 7,047,995 | |||
Repurchase agreements, at value | 3,064,000 | |||
Total Investment Securities, at value | 10,111,995 | |||
Cash | 672 | |||
Segregated cash balances for swap agreements with custodian | 69 | |||
Dividends and interest receivable | 7,409 | |||
Receivable for capital shares issued | 514,508 | |||
Receivable for investments sold | 10,705 | |||
Prepaid expenses | 161 | |||
TOTAL ASSETS | 10,645,519 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 60,670 | |||
Payable for capital shares redeemed | 1,810 | |||
Payable for investments purchased | 8,517 | |||
Unrealized depreciation on swap agreements | 107,563 | |||
Advisory fees payable | 6,063 | |||
Management services fees payable | 808 | |||
Administration fees payable | 993 | |||
Administrative services fees payable | 6,985 | |||
Distribution fees payable | 7,609 | |||
Transfer agency fees payable | 1,756 | |||
Fund accounting fees payable | 1,145 | |||
Compliance services fees payable | 82 | |||
Other accrued expenses | 8,167 | |||
TOTAL LIABILITIES | 212,168 | |||
NET ASSETS | $ | 10,433,351 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 11,060,691 | ||
Total distributable earnings (loss) | (627,340 | ) | ||
NET ASSETS | $ | 10,433,351 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 359,900 | |||
Net Asset Value (offering and redemption price per share) | $ | 28.99 |
(a) Includes securities on loan valued at: | $ | 57,668 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 49,869 | ||
Interest | 7,655 | |||
Foreign tax withholding | (56 | ) | ||
Net income from securities lending | 83 | |||
TOTAL INVESTMENT INCOME | 57,551 | |||
EXPENSES: | ||||
Advisory fees | 47,565 | |||
Management services fees | 6,342 | |||
Administration fees | 5,177 | |||
Transfer agency fees | 4,474 | |||
Administrative services fees | 14,552 | |||
Distribution fees | 15,855 | |||
Custody fees | 850 | |||
Fund accounting fees | 6,231 | |||
Trustee fees | 152 | |||
Compliance services fees | 32 | |||
Other fees | 9,297 | |||
Total Gross Expenses before reductions | 110,527 | |||
Expenses reduced and reimbursed by the Advisor | (3,983 | ) | ||
TOTAL NET EXPENSES | 106,544 | |||
NET INVESTMENT INCOME (LOSS) | (48,993 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (142,519 | ) | ||
Net realized gains (losses) on swap agreements | (937,869 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,160,851 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (73,990 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,315,229 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,364,222 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 239
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (48,993 | ) | $ | (217,006 | ) | ||
Net realized gains (losses) on investments | (1,080,388 | ) | 1,759,774 | |||||
Change in net unrealized appreciation/depreciation on investments | (2,234,841 | ) | 406,365 | |||||
Change in net assets resulting from operations | (3,364,222 | ) | 1,949,133 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,534,469 | ) | (767,607 | ) | ||||
Change in net assets resulting from distributions | (1,534,469 | ) | (767,607 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 8,557,394 | 34,196,772 | ||||||
Distributions reinvested | 1,534,469 | 767,607 | ||||||
Value of shares redeemed | (9,347,080 | ) | (39,944,075 | ) | ||||
Change in net assets resulting from capital transactions | 744,783 | (4,979,696 | ) | |||||
Change in net assets | (4,153,908 | ) | (3,798,170 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 14,587,259 | 18,385,429 | ||||||
End of period | $ | 10,433,351 | $ | 14,587,259 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 237,591 | 772,224 | ||||||
Reinvested | 48,853 | 18,600 | ||||||
Redeemed | (264,188 | ) | (914,846 | ) | ||||
Change in shares | 22,256 | (124,022 | ) |
See accompanying notes to financial statements.
240 :: ProFund VP Small-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 43.20 | $ | 39.82 | $ | 35.40 | $ | 28.64 | $ | 35.03 | $ | 35.32 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.50 | ) | (0.28 | ) | 0.01 | (0.04 | ) | (0.29 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (9.95 | ) | 5.55 | 6.01 | 6.75 | (3.99 | ) | 4.63 | ||||||||||||||||
Total income (loss) from investment activities | (10.09 | ) | 5.05 | 5.73 | 6.76 | (4.03 | ) | 4.34 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.02 | ) | — | — | — | |||||||||||||||||
Net realized gains on investments | (4.12 | ) | (1.67 | ) | (1.29 | ) | — | (2.36 | ) | (4.63 | ) | |||||||||||||
Total distributions | (4.12 | ) | (1.67 | ) | (1.31 | ) | — | (2.36 | ) | (4.63 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 28.99 | $ | 43.20 | $ | 39.82 | $ | 35.40 | $ | 28.64 | $ | 35.03 | ||||||||||||
Total Return(b)(c) | (24.10 | )% | 12.88 | % | 17.06 | % | 23.60 | % | (12.89 | )% | 12.43 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.75 | % | 1.70 | % | 1.82 | % | 1.74 | % | 1.76 | % | 1.72 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.77 | )% | (1.13 | )% | (0.85 | )% | 0.03 | % | (0.10 | )% | (0.81 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 10,433 | $ | 14,587 | $ | 18,385 | $ | 16,075 | $ | 10,303 | $ | 14,191 | ||||||||||||
Portfolio turnover rate(b)(e) | 10 | % | 24 | % | 26 | % | 22 | % | 18 | % | 12 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 241
Investment Objective: The ProFund VP Small-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P SmallCap 600® Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Omnicell, Inc. | 1.2 | % | ||
Rogers Corp. | 1.2 | % | ||
ExlService Holdings, Inc. | 1.2 | % | ||
AMN Healthcare Services, Inc. | 1.2 | % | ||
Vonage Holdings Corp. | 1.2 | % |
S&P SmallCap 600® Growth Index – Composition
% of Index | ||||
Information Technology | 20 | % | ||
Health Care | 16 | % | ||
Financials | 15 | % | ||
Industrials | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Real Estate | 7 | % | ||
Consumer Staples | 6 | % | ||
Energy | 4 | % | ||
Materials | 4 | % | ||
Communication Services | 2 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.8%)
Shares | Value | |||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 4,782 | $ | 46,385 | |||||
8x8, Inc.* (Software) | 4,341 | 22,356 | ||||||
A10 Networks, Inc. (Software) | 2,142 | 30,802 | ||||||
AAON, Inc. (Building Products) | 1,030 | 56,403 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 870 | 14,720 | ||||||
Academy Sports & Outdoors, Inc. (Leisure Products) | 1,848 | 65,678 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 1,534 | 23,961 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 253 | 21,070 | ||||||
ADTRAN, Inc. (Communications Equipment) | 1,802 | 31,589 | ||||||
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | 1,377 | 100,493 | ||||||
AdvanSix, Inc. (Chemicals) | 558 | 18,660 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 1,429 | 58,017 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 458 | 37,648 | ||||||
Agilysys, Inc.* (Software) | 451 | 21,319 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 1,241 | 89,513 | ||||||
Alamo Group, Inc. (Machinery) | 153 | 17,814 | ||||||
Alarm.com Holdings, Inc.* (Software) | 1,690 | 104,543 | ||||||
Albany International Corp.—Class A (Machinery) | 578 | 45,541 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 2,051 | 46,579 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 1,660 | 24,617 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 613 | 20,437 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 831 | 24,681 | ||||||
American States Water Co. (Water Utilities) | 895 | 72,951 | ||||||
Ameris Bancorp (Banks) | 1,380 | 55,448 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 1,640 | 179,925 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 938 | 32,633 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 1,423 | 27,535 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 283 | 8,397 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 282 | 6,294 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 1,398 | 53,949 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 606 | 58,279 | ||||||
ArcBest Corp. (Road & Rail) | 898 | 63,192 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 1,714 | 43,433 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 1,785 | 11,192 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 1,516 | 19,465 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 365 | 61,809 | ||||||
Assured Guaranty, Ltd. (Insurance) | 989 | 55,176 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 2,265 | 34,564 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 1,221 | 66,960 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | 1,972 | 70,696 | ||||||
B Riley Financial, Inc. (Capital Markets) | 594 | 25,097 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 698 | 56,461 | ||||||
Balchem Corp. (Chemicals) | 1,178 | 152,833 |
See accompanying notes to financial statements.
242 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Banc of California, Inc. (Banks) | 876 | $ | 15,435 | |||||
BancFirst Corp. (Banks) | 370 | 35,413 | ||||||
Banner Corp. (Banks) | 542 | 30,466 | ||||||
BioLife Solutions, Inc.* (Health Care Equipment & Supplies) | 1,124 | 15,522 | ||||||
Blucora, Inc.* (Capital Markets) | 763 | 14,085 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 694 | 41,286 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 1,092 | 75,250 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 813 | 38,406 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 1,185 | 21,342 | ||||||
Brookline Bancorp, Inc. (Banks) | 1,250 | 16,638 | ||||||
California Water Service Group (Water Utilities) | 1,164 | 64,660 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 1,743 | 68,326 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 1,555 | 14,197 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 629 | 9,032 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 1,673 | 30,850 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 1,176 | 11,090 | ||||||
Cavco Industries, Inc.* (Household Durables) | 313 | 61,345 | ||||||
Celsius Holdings, Inc.* (Beverages) | 1,410 | 92,017 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 360 | 29,358 | ||||||
Central Pacific Financial Corp. (Banks) | 626 | 13,428 | ||||||
Century Aluminum Co.* (Metals & Mining) | 844 | 6,220 | ||||||
Century Communities, Inc. (Household Durables) | 1,063 | 47,803 | ||||||
Cerence, Inc.* (Software) | 750 | 18,923 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 851 | 28,560 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 338 | 43,788 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 2,047 | 30,746 | ||||||
City Holding Co. (Banks) | 263 | 21,008 | ||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | 2,650 | 138,569 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 169 | 95,299 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 1,049 | 63,737 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 2,362 | 17,101 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 1,034 | 28,694 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 1,246 | 22,079 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 1,320 | 109,758 | ||||||
Community Bank System, Inc. (Banks) | 912 | 57,711 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 4,652 | 17,445 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 510 | 18,467 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 693 | 66,362 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 2,140 | 50,889 | ||||||
Core Laboratories N.V. (Energy Equipment & Services) | 714 | 14,144 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 479 | 6,289 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 343 | 50,514 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 1,305 | 27,183 | ||||||
CSG Systems International, Inc. (IT Services) | 675 | 40,284 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 600 | 20,430 | ||||||
Customers Bancorp, Inc.* (Banks) | 1,113 | 37,731 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 382 | 14,325 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 3,145 | 123,568 | ||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 643 | 21,078 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 2,695 | 6,118 | ||||||
Digi International, Inc.* (Communications Equipment) | 605 | 14,653 | ||||||
Digital Turbine, Inc.* (Software) | 3,236 | 56,533 | ||||||
Dime Community Bancshares, Inc. (Banks) | 568 | 16,841 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 332 | 21,607 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 1,662 | 107,315 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 1,028 | 30,110 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 1,016 | 15,443 | ||||||
Dorman Products, Inc.* (Auto Components) | 695 | 76,248 | ||||||
Douglas Elliman, Inc. (Real Estate Management & Development) | 2,534 | 12,138 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 4,310 | 54,263 | ||||||
Eagle Bancorp, Inc. (Banks) | 696 | 32,997 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 200 | 8,886 | ||||||
elf Beauty, Inc.* (Personal Products) | 1,762 | 54,058 | ||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 915 | 13,423 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 406 | 19,192 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 428 | 24,726 | ||||||
Encore Wire Corp. (Electrical Equipment) | 724 | 75,238 | ||||||
Enerpac Tool Group Corp. (Machinery) | 1,066 | 20,275 | ||||||
Enova International, Inc.* (Consumer Finance) | 1,195 | 34,440 | ||||||
Essential Properties Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,503 | 53,789 | ||||||
EVERTEC, Inc. (IT Services) | 1,465 | 54,029 | ||||||
ExlService Holdings, Inc.* (IT Services) | 1,224 | 180,332 | ||||||
Exponent, Inc. (Professional Services) | 1,901 | 173,884 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 4,800 | 42,816 | ||||||
Fabrinet* (Electronic Equipment, Instruments &Components) | 1,349 | 109,404 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 322 | 9,927 | ||||||
FB Financial Corp. (Banks) | 623 | 24,434 | ||||||
Federal Signal Corp. (Machinery) | 1,360 | 48,416 | ||||||
First Bancorp (Banks) | 7,246 | 93,545 | ||||||
First Bancorp (Banks) | 635 | 22,162 | ||||||
First Commonwealth Financial Corp. (Banks) | 1,906 | 25,579 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 243
Common Stocks, continued
Shares | Value | |||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,959 | $ | 69,447 | |||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 1,807 | 69,985 | ||||||
Forrester Research, Inc.* (Professional Services) | 402 | 19,232 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 986 | 90,673 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 1,445 | 38,423 | ||||||
Franklin Electric Co., Inc. (Machinery) | 956 | 70,037 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 723 | 39,425 | ||||||
Gannett Co., Inc.* (Media) | 2,047 | 5,936 | ||||||
Genesco, Inc.* (Specialty Retail) | 228 | 11,379 | ||||||
Gentherm, Inc.* (Auto Components) | 1,223 | 76,327 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 686 | 18,179 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 566 | 21,933 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 903 | 41,014 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 885 | 39,383 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 1,228 | 19,881 | ||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 502 | 19,854 | ||||||
H.B. Fuller Co. (Chemicals) | 898 | 54,069 | ||||||
Hanmi Financial Corp. (Banks) | 625 | 14,025 | ||||||
Harmonic, Inc.* (Communications Equipment) | 3,841 | 33,301 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 473 | 23,068 | ||||||
Hawkins, Inc. (Chemicals) | 372 | 13,403 | ||||||
Haynes International, Inc. (Metals & Mining) | 260 | 8,520 | ||||||
HCI Group, Inc. (Insurance) | 290 | 19,650 | ||||||
HealthStream, Inc.* (Health Care Technology) | 484 | 10,508 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 725 | 23,461 | ||||||
Heska Corp.* (Health Care Equipment & Supplies) | 396 | 37,426 | ||||||
Hibbett, Inc. (Specialty Retail) | 447 | 19,538 | ||||||
Hillenbrand, Inc. (Machinery) | 1,421 | 58,204 | ||||||
Hilltop Holdings, Inc. (Banks) | 930 | 24,794 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 686 | 23,784 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 598 | 15,536 | ||||||
Independent Bank Corp. (Banks) | 722 | 57,348 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 983 | 13,841 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 1,026 | 112,728 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 2,306 | 34,037 | ||||||
Installed Building Products, Inc. (Household Durables) | 852 | 70,852 | ||||||
Insteel Industries, Inc. (Building Products) | 714 | 24,040 | ||||||
Inter Parfums, Inc. (Personal Products) | 656 | 47,927 | ||||||
InterDigital, Inc. (Communications Equipment) | 591 | 35,933 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 985 | 12,352 | ||||||
iRobot Corp.* (Household Durables) | 547 | 20,102 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 4,233 | 48,806 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 1,703 | 23,348 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 744 | 15,326 | ||||||
J & J Snack Foods Corp. (Food Products) | 242 | 33,798 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 533 | 29,880 | ||||||
John Bean Technologies Corp. (Machinery) | 749 | 82,705 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 710 | 12,390 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 1,347 | 23,344 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 870 | 29,032 | ||||||
Korn Ferry (Professional Services) | 1,978 | 114,764 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 2,172 | 92,983 | ||||||
Lakeland Financial Corp. (Banks) | 931 | 61,837 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 1,487 | 98,187 | ||||||
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | 359 | 24,749 | ||||||
LCI Industries (Auto Components) | 624 | 69,813 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 711 | 32,386 | ||||||
LGI Homes, Inc.* (Household Durables) | 765 | 66,479 | ||||||
Ligand Pharmaceuticals, Inc.* (Biotechnology) | 618 | 55,138 | ||||||
Lindsay Corp. (Machinery) | 238 | 31,611 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 982 | 13,198 | ||||||
Livent Corp.* (Chemicals) | 5,936 | 134,688 | ||||||
LivePerson, Inc.* (Software) | 1,578 | 22,313 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 2,501 | 64,551 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 5,258 | 56,471 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 503 | 18,606 | ||||||
MarineMax, Inc.* (Specialty Retail) | 789 | 28,499 | ||||||
Materion Corp. (Metals & Mining) | 436 | 32,146 | ||||||
Matson, Inc. (Marine) | 1,488 | 108,445 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 2,611 | 88,722 | ||||||
Medifast, Inc. (Personal Products) | 422 | 76,176 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 1,023 | 31,120 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 1,067 | 57,906 | ||||||
Meritage Homes Corp.* (Household Durables) | 633 | 45,893 | ||||||
Mesa Laboratories, Inc. (Health Care Equipment & Supplies) | 114 | 23,249 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 1,077 | 41,648 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 596 | 22,076 | ||||||
MGP Ingredients, Inc. (Beverages) | 461 | 46,141 | ||||||
Middlesex Water Co. (Water Utilities) | 444 | 38,930 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 258 | 21,801 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 485 | 28,455 |
See accompanying notes to financial statements.
244 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Monro, Inc. (Specialty Retail) | 530 | $ | 22,726 | |||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 591 | 18,280 | ||||||
Mueller Industries, Inc. (Machinery) | 2,087 | 111,215 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 573 | 13,024 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 623 | 54,905 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 1,532 | 27,836 | ||||||
National Bank Holdings Corp. (Banks) | 641 | 24,531 | ||||||
National Beverage Corp. (Beverages) | 488 | 23,883 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 1,344 | 36,960 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 3,076 | 11,689 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 2,521 | 20,546 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 848 | 53,008 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 916 | 11,935 | ||||||
NV5 Global, Inc.* (Construction & Engineering) | 437 | 51,015 | ||||||
OFG Bancorp (Banks) | 893 | 22,682 | ||||||
Omnicell, Inc.* (Health Care Technology) | 1,621 | 184,388 | ||||||
OneSpan, Inc.* (Software) | 619 | 7,366 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 1,820 | 126,928 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 668 | 18,297 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 2,322 | 11,331 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 250 | 21,360 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 360 | 31,946 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 1,534 | 44,854 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 1,017 | 59,291 | ||||||
Palomar Holdings, Inc.* (Insurance) | 880 | 56,672 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 314 | 4,007 | ||||||
Park National Corp. (Banks) | 335 | 40,619 | ||||||
Patrick Industries, Inc. (Auto Components) | 377 | 19,544 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 683 | 14,691 | ||||||
Perficient, Inc.* (IT Services) | 1,271 | 116,538 | ||||||
PGT Innovations, Inc.* (Building Products) | 989 | 16,457 | ||||||
Piper Sandler Cos. (Capital Markets) | 521 | 59,060 | ||||||
Plantronics, Inc.* (Communications Equipment) | 753 | 29,879 | ||||||
Preferred Bank (Banks) | 500 | 34,010 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 978 | 57,506 | ||||||
Progress Software Corp. (Software) | 1,605 | 72,707 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 1,271 | 28,292 | ||||||
Quaker Chemical Corp. (Chemicals) | 285 | 42,613 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 1,712 | 29,583 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 4,044 | 86,906 | ||||||
Ranger Oil Corp.* (Oil, Gas & Consumable Fuels) | 777 | 25,540 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 4,423 | 34,101 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 626 | 15,462 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 948 | 18,439 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 2,233 | 35,237 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 690 | 180,842 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 1,595 | 15,679 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 568 | 20,090 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 1,727 | 20,586 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 333 | 15,688 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 1,168 | 38,591 | ||||||
Selectquote, Inc.* (Insurance) | 2,247 | 5,573 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 1,795 | 141,660 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 791 | 31,228 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 628 | 13,571 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 851 | 48,771 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 1,740 | 93,021 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 347 | 17,118 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 3,667 | 49,394 | ||||||
Sleep Number Corp.* (Specialty Retail) | 816 | 25,255 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 4,471 | 152,863 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 1,061 | 17,369 | ||||||
Sonos, Inc.* (Household Durables) | 2,303 | 41,546 | ||||||
Southside Bancshares, Inc. (Banks) | 742 | 27,766 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 26,187 | 163,669 | ||||||
SPS Commerce, Inc.* (Software) | 1,324 | 149,678 | ||||||
SPX Corp.* (Machinery) | 705 | 37,252 | ||||||
Standex International Corp. (Machinery) | 213 | 18,058 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 1,847 | 59,492 | ||||||
Stewart Information Services Corp. (Insurance) | 486 | 24,179 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 646 | 41,118 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,959 | 56,654 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 334 | 12,435 | ||||||
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | 3,830 | 54,463 | ||||||
TechTarget, Inc.* (Media) | 976 | 64,144 | ||||||
Tennant Co. (Machinery) | 294 | 17,420 | ||||||
The Bancorp, Inc.* (Banks) | 2,082 | 40,641 | ||||||
The Buckle, Inc. (Specialty Retail) | 1,084 | 30,016 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 473 | 18,409 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 978 | 12,196 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 1,045 | 76,776 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 531 | 8,130 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 507 | 6,495 | ||||||
The Simply Good Foods Co.* (Food Products) | 3,240 | 122,375 | ||||||
The St Joe Co. (Real Estate Management & Development) | 1,216 | 48,105 | ||||||
Thryv Holdings, Inc.* (Media) | 629 | 14,083 | ||||||
Tompkins Financial Corp. (Banks) | 190 | 13,699 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 245
Common Stocks, continued
Shares | Value | |||||||
Tootsie Roll Industries, Inc. (Food Products) | 327 | $ | 11,559 | |||||
Trinity Industries, Inc. (Machinery) | 1,284 | 31,098 | ||||||
Triumph Bancorp, Inc.* (Banks) | 867 | 54,240 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 2,370 | 31,497 | ||||||
Trupanion, Inc.* (Insurance) | 1,270 | 76,530 | ||||||
TTEC Holdings, Inc. (IT Services) | 673 | 45,690 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 215 | 23,478 | ||||||
UFP Industries, Inc. (Building Products) | 2,302 | 156,858 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 1,659 | 49,388 | ||||||
uniQure N.V.* (Biotechnology) | 1,337 | 24,922 | ||||||
Unisys Corp.* (IT Services) | 1,192 | 14,340 | ||||||
United Community Banks, Inc. (Banks) | 2,471 | 74,599 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 2,138 | 84,237 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 5,046 | 47,533 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 254 | 13,515 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 1,822 | 27,713 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 597 | 9,671 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 283 | 20,478 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 1,329 | 14,486 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 934 | 19,978 | ||||||
Vector Group, Ltd. (Tobacco) | 4,834 | 50,757 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 1,880 | 36,472 | ||||||
Vericel Corp.* (Biotechnology) | 1,736 | 43,712 | ||||||
Veritex Holdings, Inc. (Banks) | 1,984 | 58,052 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 401 | 11,072 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 5,182 | 68,558 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 2,724 | 69,381 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 258 | 44,123 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 2,058 | 57,418 | ||||||
Vonage Holdings Corp.* (Software) | 9,262 | 174,495 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 1,120 | 107,901 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 1,414 | 30,132 | ||||||
WD-40 Co. (Household Products) | 290 | 58,394 | ||||||
Winnebago Industries, Inc. (Automobiles) | 613 | 29,767 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 2,501 | 12,680 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 1,362 | 27,458 | ||||||
World Acceptance Corp.* (Consumer Finance) | 134 | 15,040 | ||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 1,045 | 41,894 | ||||||
Xencor, Inc.* (Biotechnology) | 2,188 | 59,886 | ||||||
XPEL, Inc.* (Auto Components) | 607 | 27,880 | ||||||
Xperi Holding Corp. (Software) | 1,983 | 28,615 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 1,197 | 33,240 | ||||||
Zynex, Inc. (Health Care Equipment & Supplies) | 822 | 6,560 | ||||||
TOTAL COMMON STOCKS (Cost $11,610,448) | 14,775,206 |
Repurchase Agreements(a) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $52,002 | $ | 52,000 | $ | 52,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $52,000) | 52,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,662,448)—100.2% | 14,827,206 | |||||||
Net other assets (liabilities)—(0.2)% | (27,830 | ) | ||||||
NET ASSETS—100.0% | $ | 14,799,376 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
246 :: ProFund VP Small-Cap Growth :: Financial Statements
ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 131,169 | 0.9 | % | ||||
Air Freight & Logistics | 90,673 | 0.6 | % | |||||
Auto Components | 269,812 | 1.8 | % | |||||
Automobiles | 29,767 | 0.2 | % | |||||
Banks | 1,272,784 | 8.6 | % | |||||
Beverages | 257,340 | 1.8 | % | |||||
Biotechnology | 701,490 | 4.7 | % | |||||
Building Products | 275,691 | 1.9 | % | |||||
Capital Markets | 206,497 | 1.4 | % | |||||
Chemicals | 416,266 | 2.8 | % | |||||
Commercial Services & Supplies | 61,830 | 0.4 | % | |||||
Communications Equipment | 256,729 | 1.7 | % | |||||
Construction & Engineering | 215,678 | 1.5 | % | |||||
Consumer Finance | 74,206 | 0.5 | % | |||||
Containers & Packaging | 13,024 | 0.1 | % | |||||
Diversified Telecommunication Services | 63,737 | 0.4 | % | |||||
Electrical Equipment | 75,238 | 0.5 | % | |||||
Electronic Equipment, Instruments & Components | 455,036 | 3.1 | % | |||||
Energy Equipment & Services | 14,144 | 0.1 | % | |||||
Entertainment | 30,746 | 0.2 | % | |||||
Equity Real Estate Investment Trusts | 925,197 | 6.3 | % | |||||
Food & Staples Retailing | 84,237 | 0.6 | % | |||||
Food Products | 167,732 | 1.1 | % | |||||
Gas Utilities | 43,788 | 0.3 | % | |||||
Health Care Equipment & Supplies | 499,331 | 3.4 | % | |||||
Health Care Providers & Services | 555,774 | 3.8 | % | |||||
Health Care Technology | 254,928 | 1.7 | % | |||||
Hotels, Restaurants & Leisure | 152,102 | 1.0 | % | |||||
Household Durables | 354,020 | 2.4 | % | |||||
Household Products | 58,394 | 0.4 | % | |||||
Insurance | 237,780 | 1.6 | % | |||||
Interactive Media & Services | 44,330 | 0.3 | % | |||||
Internet & Direct Marketing Retail | 61,969 | 0.4 | % | |||||
IT Services | 515,764 | 3.5 | % | |||||
Leisure Products | 164,214 | 1.1 | % | |||||
Life Sciences Tools & Services | 20,546 | 0.1 | % | |||||
Machinery | 589,646 | 4.1 | % | |||||
Marine | 108,445 | 0.7 | % | |||||
Media | 96,359 | 0.7 | % | |||||
Metals & Mining | 93,465 | 0.6 | % | |||||
Mortgage Real Estate Investment Trusts | 59,914 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 589,159 | 4.0 | % | |||||
Personal Products | 198,639 | 1.3 | % | |||||
Pharmaceuticals | 356,243 | 2.4 | % | |||||
Professional Services | 331,341 | 2.2 | % | |||||
Real Estate Management & Development | 78,849 | 0.5 | % | |||||
Road & Rail | 63,192 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 951,439 | 6.4 | % | |||||
Software | 709,650 | 4.8 | % | |||||
Specialty Retail | 490,178 | 3.4 | % | |||||
Technology Hardware, Storage & Peripherals | 58,792 | 0.4 | % | |||||
Textiles, Apparel & Luxury Goods | 166,208 | 1.1 | % | |||||
Thrifts & Mortgage Finance | 395,597 | 2.7 | % | |||||
Tobacco | 50,757 | 0.3 | % | |||||
Trading Companies & Distributors | 138,948 | 0.9 | % | |||||
Water Utilities | 176,541 | 1.2 | % | |||||
Wireless Telecommunication Services | 19,881 | 0.1 | % | |||||
Other** | 24,170 | 0.2 | % | |||||
Total | $ | 14,799,376 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 247
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 11,662,448 | ||
Securities, at value | 14,775,206 | |||
Repurchase agreements, at value | 52,000 | |||
Total Investment Securities, at value | 14,827,206 | |||
Cash | 658 | |||
Dividends and interest receivable | 13,409 | |||
Receivable for capital shares issued | 1,368 | |||
Prepaid expenses | 953 | |||
TOTAL ASSETS | 14,843,594 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 5,726 | |||
Advisory fees payable | 9,450 | |||
Management services fees payable | 1,260 | |||
Administration fees payable | 1,312 | |||
Administrative services fees payable | 4,495 | |||
Distribution fees payable | 5,731 | |||
Transfer agency fees payable | 2,317 | |||
Fund accounting fees payable | 825 | |||
Compliance services fees payable | 119 | |||
Other accrued expenses | 12,983 | |||
TOTAL LIABILITIES | 44,218 | |||
NET ASSETS | $ | 14,799,376 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,075,644 | ||
Total distributable earnings (loss) | 2,723,732 | |||
NET ASSETS | $ | 14,799,376 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 566,063 | |||
Net Asset Value (offering and redemption price per share) | $ | 26.14 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 100,226 | ||
Interest | 82 | |||
Foreign tax withholding | (3 | ) | ||
Net income from securities lending | 5 | |||
TOTAL INVESTMENT INCOME | 100,310 | |||
EXPENSES: | ||||
Advisory fees | 70,277 | |||
Management services fees | 9,370 | |||
Administration fees | 8,740 | |||
Transfer agency fees | 7,534 | |||
Administrative services fees | 24,335 | |||
Distribution fees | 23,426 | |||
Custody fees | 3,082 | |||
Fund accounting fees | 5,505 | |||
Trustee fees | 260 | |||
Compliance services fees | 49 | |||
Other fees | 9,862 | |||
Total Gross Expenses before reductions | 162,440 | |||
Expenses reduced and reimbursed by the Advisor | (5,148 | ) | ||
TOTAL NET EXPENSES | 157,292 | |||
NET INVESTMENT INCOME (LOSS) | (56,982 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 640,751 | |||
Change in net unrealized appreciation/depreciation on investment securities | (6,093,540 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (5,452,789 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,509,771 | ) |
See accompanying notes to financial statements.
248 :: ProFund VP Small-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (56,982 | ) | $ | (212,838 | ) | ||
Net realized gains (losses) on investments | 640,751 | 3,179,664 | ||||||
Change in net unrealized appreciation/depreciation on investments | (6,093,540 | ) | 1,532,721 | |||||
Change in net assets resulting from operations | (5,509,771 | ) | 4,499,547 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,541,552 | ) | (1,751,943 | ) | ||||
Change in net assets resulting from distributions | (2,541,552 | ) | (1,751,943 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 2,470,374 | 23,826,116 | ||||||
Distributions reinvested | 2,541,552 | 1,751,943 | ||||||
Value of shares redeemed | (7,375,820 | ) | (25,640,769 | ) | ||||
Change in net assets resulting from capital transactions | (2,363,894 | ) | (62,710 | ) | ||||
Change in net assets | (10,415,217 | ) | 2,684,894 | |||||
NET ASSETS: | ||||||||
Beginning of period | 25,214,593 | 22,529,699 | ||||||
End of period | $ | 14,799,376 | $ | 25,214,593 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 71,096 | 594,889 | ||||||
Reinvested | 90,447 | 48,104 | ||||||
Redeemed | (210,591 | ) | (644,056 | ) | ||||
Change in shares | (49,048 | ) | (1,063 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Growth :: 249
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 40.99 | $ | 36.56 | $ | 35.85 | $ | 34.55 | $ | 39.34 | $ | 37.88 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.11 | ) | (0.33 | ) | (0.22 | ) | (0.19 | ) | (0.32 | ) | (0.22 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (9.52 | ) | 7.53 | 5.52 | 6.37 | (1.42 | ) | 5.07 | ||||||||||||||||
Total income (loss) from investment activities | (9.63 | ) | 7.20 | 5.30 | 6.18 | (1.74 | ) | 4.85 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (5.22 | ) | (2.77 | ) | (4.59 | ) | (4.88 | ) | (3.05 | ) | (3.39 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 26.14 | $ | 40.99 | $ | 36.56 | $ | 35.85 | $ | 34.55 | $ | 39.34 | ||||||||||||
Total Return(b)(c) | (24.38 | )% | 20.64 | % | 17.39 | % | 19.12 | % | (5.75 | )% | 12.97 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.74 | % | 1.68 | % | 1.74 | % | 1.73 | % | 1.69 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.61 | )% | (0.82 | )% | (0.69 | )% | (0.51 | )% | (0.78 | )% | (0.56 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 14,799 | $ | 25,215 | $ | 22,530 | $ | 18,070 | $ | 19,185 | $ | 25,788 | ||||||||||||
Portfolio turnover rate(b)(e) | 16 | % | 112 | % | 148 | % | 108 | % | 155 | % | 134 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
250 :: ProFund VP Small-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Small-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P SmallCap 600® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Helmerich & Payne, Inc. | 1.0 | % | ||
South Jersey Industries, Inc. | 0.9 | % | ||
Patterson-UTI Energy, Inc. | 0.8 | % | ||
CVB Financial Corp. | 0.7 | % | ||
Avista Corp. | 0.7 | % |
S&P SmallCap 600® Value Index – Composition
% of Index | ||||
Financials | 22 | % | ||
Industrials | 18 | % | ||
Consumer Discretionary | 11 | % | ||
Health Care | 9 | % | ||
Real Estate | 8 | % | ||
Information Technology | 8 | % | ||
Materials | 7 | % | ||
Energy | 6 | % | ||
Consumer Staples | 6 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.2%)
Shares | Value | |||||||
AAON, Inc. (Building Products) | 630 | $ | 34,499 | |||||
AAR Corp.* (Aerospace & Defense) | 1,507 | 63,053 | ||||||
Aaron's Co., Inc. (The) (Specialty Retail) | 1,396 | 20,312 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 1,217 | 20,592 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 3,045 | 132,215 | ||||||
Academy Sports & Outdoors, Inc. (Leisure Products) | 1,594 | 56,651 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 2,423 | 37,847 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 417 | 34,728 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 2,056 | 73,955 | ||||||
AdvanSix, Inc. (Chemicals) | 589 | 19,696 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 1,637 | 66,462 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 485 | 39,867 | ||||||
Agilysys, Inc.* (Software) | 329 | 15,552 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 1,882 | 135,748 | ||||||
Alamo Group, Inc. (Machinery) | 262 | 30,505 | ||||||
Albany International Corp.—Class A (Machinery) | 717 | 56,492 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 3,310 | 59,415 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 3,110 | 70,628 | ||||||
Allegiance Bancshares, Inc. (Banks) | 863 | 32,587 | ||||||
Allegiant Travel Co.* (Airlines) | 694 | 78,485 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 3,223 | 47,796 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 227 | 7,568 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 2,051 | 23,279 | ||||||
AMC Networks, Inc.*—Class A (Media) | 1,360 | 39,603 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 1,368 | 40,630 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 5,220 | 39,307 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 3,517 | 128,617 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 859 | 13,881 | ||||||
American States Water Co. (Water Utilities) | 572 | 46,624 | ||||||
American Vanguard Corp. (Chemicals) | 1,221 | 27,289 | �� | |||||
American Woodmark Corp.* (Building Products) | 755 | 33,983 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 273 | 27,464 | ||||||
Ameris Bancorp (Banks) | 1,292 | 51,913 | ||||||
AMERISAFE, Inc. (Insurance) | 880 | 45,769 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 548 | 19,065 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 245 | 7,269 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 311 | 6,942 | ||||||
Apogee Enterprises, Inc. (Building Products) | 1,013 | 39,730 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 6,027 | 62,922 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 998 | 95,977 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 6,157 | 50,918 | ||||||
Arconic Corp.* (Metals & Mining) | 4,817 | 135,116 | ||||||
Arcosa, Inc. (Construction & Engineering) | 2,200 | 102,146 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 1,740 | 10,910 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 1,202 | 15,434 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 251
Common Stocks, continued
Shares | Value | |||||||
ARMOUR Residential REIT, Inc.(a) (Mortgage Real Estate Investment Trusts) | 4,706 | $ | 33,130 | |||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 1,838 | 34,701 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 554 | 93,813 | ||||||
Assured Guaranty, Ltd. (Insurance) | 1,695 | 94,564 | ||||||
Astec Industries, Inc. (Machinery) | 1,041 | 42,452 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 1,196 | 73,805 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 495 | 23,220 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 2,166 | 59,218 | ||||||
Avista Corp. (Multi-Utilities) | 3,299 | 143,539 | ||||||
AZZ, Inc. (Electrical Equipment) | 1,127 | 46,004 | ||||||
B&G Foods, Inc.(a) (Food Products) | 3,137 | 74,598 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 466 | 37,695 | ||||||
Banc of California, Inc. (Banks) | 1,328 | 23,399 | ||||||
BancFirst Corp. (Banks) | 407 | 38,954 | ||||||
BankUnited, Inc. (Banks) | 3,724 | 132,462 | ||||||
Banner Corp. (Banks) | 892 | 50,139 | ||||||
Barnes Group, Inc. (Machinery) | 2,124 | 66,141 | ||||||
Bed Bath & Beyond, Inc.* (Specialty Retail) | 3,633 | 18,056 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 1,600 | 36,096 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 2,158 | 53,454 | ||||||
Big Lots, Inc. (Multiline Retail) | 1,300 | 27,261 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 1,070 | 23,198 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 3,678 | 61,127 | ||||||
Blucora, Inc.* (Capital Markets) | 1,205 | 22,244 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 934 | 55,564 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 1,184 | 55,932 | ||||||
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | 7,812 | 75,308 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 1,996 | 43,972 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 1,057 | 24,734 | ||||||
Brookline Bancorp, Inc. (Banks) | 1,975 | 26,287 | ||||||
CalAmp Corp.* (Communications Equipment) | 1,645 | 6,860 | ||||||
Calavo Growers, Inc. (Food Products) | 808 | 33,710 | ||||||
Caleres, Inc. (Specialty Retail) | 1,731 | 45,421 | ||||||
California Water Service Group (Water Utilities) | 1,004 | 55,772 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 1,708 | 84,392 | ||||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 5,880 | 53,978 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 1,077 | 15,466 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 2,342 | 43,186 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 2,210 | 61,681 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 1,519 | 14,324 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 252 | 20,551 | ||||||
Central Garden & Pet Co.* (Household Products) | 444 | 18,834 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 1,791 | 71,658 | ||||||
Central Pacific Financial Corp. (Banks) | 477 | 10,232 | ||||||
Century Aluminum Co.* (Metals & Mining) | 1,280 | 9,434 | ||||||
Cerence, Inc.* (Software) | 859 | 21,673 | ||||||
Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | 2,222 | 23,220 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 387 | 50,136 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 5,698 | 28,319 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 862 | 17,171 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 2,345 | 35,222 | ||||||
CIRCOR International, Inc.* (Machinery) | 922 | 15,112 | ||||||
City Holding Co. (Banks) | 354 | 28,278 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 773 | 25,996 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 641 | 38,948 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 930 | 25,808 | ||||||
Columbia Banking System, Inc. (Banks) | 3,550 | 101,708 | ||||||
Community Bank System, Inc. (Banks) | 1,328 | 84,036 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 440 | 15,932 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 1,558 | 55,138 | ||||||
Computer Programs and Systems, Inc.* (Health Care Technology) | 672 | 21,484 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 1,211 | 10,984 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 484 | 46,348 | ||||||
Conn's, Inc.* (Specialty Retail) | 704 | 5,646 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 731 | 31,930 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 1,458 | 71,996 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 3,323 | 23,261 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 1,698 | 40,378 | ||||||
Core Laboratories N.V. (Energy Equipment & Services) | 1,223 | 24,228 | ||||||
CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | 5,537 | 61,516 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 929 | 12,198 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 4,761 | 98,791 | ||||||
CSG Systems International, Inc. (IT Services) | 582 | 34,734 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 716 | 24,380 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 278 | 10,425 | ||||||
CVB Financial Corp. (Banks) | 6,038 | 149,802 | ||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 975 | 31,961 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 1,961 | 42,495 | ||||||
Designer Brands, Inc. (Specialty Retail) | 2,765 | 36,111 |
See accompanying notes to financial statements.
252 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 9,602 | $ | 78,831 | |||||
Digi International, Inc.* (Communications Equipment) | 847 | 20,514 | ||||||
Dime Community Bancshares, Inc. (Banks) | 763 | 22,623 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 351 | 22,843 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 10,882 | 19,805 | ||||||
DMC Global, Inc.* (Energy Equipment & Services) | 884 | 15,939 | ||||||
Dorman Products, Inc.* (Auto Components) | 425 | 46,626 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 1,574 | 40,609 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 781 | 23,922 | ||||||
Eagle Bancorp, Inc. (Banks) | 601 | 28,493 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 260 | 11,552 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 4,134 | 78,711 | ||||||
Ebix, Inc. (Software) | 1,081 | 18,269 | ||||||
Edgewell Personal Care Co. (Personal Products) | 2,407 | 83,090 | ||||||
eHealth, Inc.* (Insurance) | 1,100 | 10,263 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 891 | 8,767 | ||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 1,445 | 21,198 | ||||||
Embecta Corp.* (Health Care Equipment & Supplies) | 2,632 | 66,642 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 2,036 | 63,197 | ||||||
Employers Holdings, Inc. (Insurance) | 1,263 | 52,907 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 336 | 15,883 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 576 | 33,276 | ||||||
Enerpac Tool Group Corp. (Machinery) | 1,434 | 27,275 | ||||||
EnPro Industries, Inc. (Machinery) | 947 | 77,587 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 1,224 | 65,019 | ||||||
ESCO Technologies, Inc. (Machinery) | 1,177 | 80,470 | ||||||
Essential Properties Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,868 | 61,633 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 1,005 | 20,311 | ||||||
EVERTEC, Inc. (IT Services) | 896 | 33,044 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 2,451 | 18,407 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 432 | 13,319 | ||||||
FB Financial Corp. (Banks) | 839 | 32,906 | ||||||
Federal Signal Corp. (Machinery) | 1,079 | 38,412 | ||||||
First Bancorp (Banks) | 787 | 27,466 | ||||||
First Commonwealth Financial Corp. (Banks) | 1,936 | 25,981 | ||||||
First Financial Bancorp (Banks) | 4,307 | 83,556 | ||||||
First Hawaiian, Inc. (Banks) | 5,834 | 132,489 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 1,317 | 51,007 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 2,149 | 11,110 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 1,867 | 49,644 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 3,811 | 51,372 | ||||||
Franklin Electric Co., Inc. (Machinery) | 585 | 42,857 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 4,227 | 17,627 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 1,524 | 45,004 | ||||||
FutureFuel Corp. (Chemicals) | 1,176 | 8,561 | ||||||
Gannett Co., Inc.* (Media) | 4,145 | 12,021 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 2,458 | 76,886 | ||||||
Genesco, Inc.* (Specialty Retail) | 306 | 15,272 | ||||||
Genworth Financial, Inc.* (Insurance) | 23,279 | 82,175 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 1,000 | 26,500 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 791 | 30,651 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 1,964 | 39,732 | ||||||
Glatfelter Corp. (Paper & Forest Products) | 2,042 | 14,049 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 1,035 | 47,010 | ||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 4,719 | 66,821 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 862 | 38,359 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 1,587 | 25,694 | ||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 307 | 12,142 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 2,069 | 60,291 | ||||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 2,452 | 23,466 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 2,469 | 61,997 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 2,454 | 66,675 | ||||||
Griffon Corp. (Building Products) | 2,187 | 61,302 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 756 | 128,368 | ||||||
Guess?, Inc.(a) (Specialty Retail) | 1,635 | 27,877 | ||||||
H.B. Fuller Co. (Chemicals) | 1,308 | 78,755 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 1,688 | 24,172 | ||||||
Hanmi Financial Corp. (Banks) | 610 | 13,688 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 461 | 22,483 | ||||||
Harsco Corp.* (Machinery) | 3,626 | 25,781 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 633 | 14,673 | ||||||
Hawaiian Holdings, Inc.* (Airlines) | 2,337 | 33,442 | ||||||
Hawkins, Inc. (Chemicals) | 394 | 14,196 | ||||||
Haynes International, Inc. (Metals & Mining) | 244 | 7,996 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 3,371 | 58,689 | ||||||
HealthStream, Inc.* (Health Care Technology) | 511 | 11,094 | ||||||
Heartland Express, Inc. (Road & Rail) | 2,121 | 29,503 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 6,491 | 20,122 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 4,794 | 206,429 | ||||||
Heritage Financial Corp. (Banks) | 1,598 | 40,206 | ||||||
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | 1,505 | 14,764 | ||||||
Hillenbrand, Inc. (Machinery) | 1,502 | 61,522 | ||||||
Hilltop Holdings, Inc. (Banks) | 1,109 | 29,566 | ||||||
HNI Corp. (Commercial Services & Supplies) | 1,930 | 66,952 | ||||||
Hope Bancorp, Inc. (Banks) | 5,482 | 75,871 | ||||||
Horace Mann Educators Corp. (Insurance) | 1,894 | 72,692 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 253
Common Stocks, continued
Shares | Value | |||||||
Hostess Brands, Inc.* (Food Products) | 6,305 | $ | 133,729 | |||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 1,548 | 109,815 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 561 | 14,575 | ||||||
Independent Bank Corp. (Banks) | 1,238 | 98,334 | ||||||
Independent Bank Group, Inc. (Banks) | 1,655 | 112,391 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 1,756 | 24,724 | ||||||
Innospec, Inc. (Chemicals) | 1,133 | 108,531 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 936 | 22,632 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 1,597 | 137,788 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 1,507 | 106,485 | ||||||
InterDigital, Inc. (Communications Equipment) | 677 | 41,162 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 1,494 | 18,735 | ||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 1,502 | 22,051 | ||||||
iRobot Corp.* (Household Durables) | 555 | 20,396 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 1,751 | 20,189 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 1,660 | 22,759 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 2,051 | 101,380 | ||||||
J & J Snack Foods Corp. (Food Products) | 383 | 53,490 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 298 | 16,706 | ||||||
James River Group Holdings, Ltd. (Insurance) | 1,705 | 42,250 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 407 | 29,503 | ||||||
John Bean Technologies Corp. (Machinery) | 523 | 57,750 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 724 | 57,261 | ||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 1,274 | 39,813 | ||||||
KAR Auction Services, Inc.* (Commercial Services & Supplies) | 5,553 | 82,018 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 1,573 | 31,193 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,377 | 24,029 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 2,508 | 43,464 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 1,038 | 34,638 | ||||||
Koppers Holdings, Inc. (Chemicals) | 963 | 21,802 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 1,283 | 84,716 | ||||||
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | 220 | 15,167 | ||||||
La-Z-Boy, Inc. (Household Durables) | 1,968 | 46,661 | ||||||
LCI Industries (Auto Components) | 382 | 42,738 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 500 | 21,910 | ||||||
Lindsay Corp. (Machinery) | 205 | 27,228 | ||||||
LivePerson, Inc.* (Software) | 1,201 | 16,982 | ||||||
LL Flooring Holdings, Inc.* (Specialty Retail) | 1,356 | 12,706 | ||||||
Loyalty Ventures, Inc.* (Media) | 908 | 3,242 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 1,797 | 68,987 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 6,526 | 70,089 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 2,594 | 83,813 | ||||||
M/I Homes, Inc.* (Household Durables) | 1,291 | 51,201 | ||||||
ManTech International Corp.—Class A (Professional Services) | 1,254 | 119,694 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 491 | 18,162 | ||||||
Marten Transport, Ltd. (Road & Rail) | 2,692 | 45,280 | ||||||
Materion Corp. (Metals & Mining) | 392 | 28,902 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 1,426 | 40,883 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 3,921 | 82,380 | ||||||
Mercer International, Inc. (Paper & Forest Products) | 1,837 | 24,157 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 714 | 21,720 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 999 | 54,216 | ||||||
Meritage Homes Corp.* (Household Durables) | 886 | 64,235 | ||||||
Meritor, Inc.* (Machinery) | 3,223 | 117,091 | ||||||
Mesa Laboratories, Inc. (Health Care Equipment & Supplies) | 98 | 19,986 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 942 | 34,892 | ||||||
Middlesex Water Co. (Water Utilities) | 248 | 21,745 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 242 | 20,449 | ||||||
Monro, Inc. (Specialty Retail) | 872 | 37,391 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 1,321 | 104,874 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 871 | 11,428 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 3,369 | 123,776 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 943 | 21,434 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 1,756 | 31,907 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 403 | 53,962 | ||||||
National Bank Holdings Corp. (Banks) | 575 | 22,005 | ||||||
National Beverage Corp. (Beverages) | 457 | 22,366 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 231 | 15,163 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 2,039 | 56,073 | ||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 1,577 | 51,678 | ||||||
NBT Bancorp, Inc. (Banks) | 1,950 | 73,301 | ||||||
Neenah, Inc. (Paper & Forest Products) | 764 | 26,083 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 4,665 | 17,727 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 2,560 | 20,864 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 1,316 | 24,372 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 3,362 | 113,803 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 17,397 | 48,016 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 2,558 | 44,612 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 3,927 | 65,385 |
See accompanying notes to financial statements.
254 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 823 | $ | 10,724 | |||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 5,770 | 73,856 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 1,562 | 82,942 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 5,054 | 49,428 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 4,565 | 48,754 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 2,205 | 43,990 | ||||||
OFG Bancorp (Banks) | 1,109 | 28,169 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 7,113 | 99,582 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 2,818 | 15,274 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 426 | 10,970 | ||||||
OneSpan, Inc.* (Software) | 799 | 9,508 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 3,299 | 8,940 | ||||||
Orion Office REIT, Inc. (Equity Real Estate Investment Trusts) | 2,585 | 28,332 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 907 | 21,351 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 412 | 35,201 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 3,470 | 109,132 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 252 | 22,362 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 2,424 | 70,878 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 807 | 47,048 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 2,081 | 32,443 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 496 | 6,329 | ||||||
Park National Corp. (Banks) | 244 | 29,585 | ||||||
Patrick Industries, Inc. (Auto Components) | 527 | 27,320 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 9,853 | 155,283 | ||||||
PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 4,347 | 126,149 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 502 | 22,113 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 498 | 10,712 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 4,187 | 57,906 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 3,132 | 36,895 | ||||||
PetMed Express, Inc. (Internet & Direct Marketing Retail) | 955 | 19,005 | ||||||
PGT Innovations, Inc.* (Building Products) | 1,501 | 24,977 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 926 | 17,714 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 2,815 | 54,836 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 7,454 | 26,983 | ||||||
Plantronics, Inc.* (Communications Equipment) | 1,013 | 40,196 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 1,262 | 99,067 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 413 | 9,652 | ||||||
PRA Group, Inc.* (Consumer Finance) | 1,812 | 65,883 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 1,076 | 63,270 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 1,097 | 78,578 | ||||||
ProAssurance Corp. (Insurance) | 2,461 | 58,153 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 2,461 | 40,607 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 3,901 | 39,010 | ||||||
Proto Labs, Inc.* (Machinery) | 1,253 | 59,944 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 1,852 | 41,226 | ||||||
Quaker Chemical Corp. (Chemicals) | 257 | 38,427 | ||||||
Quanex Building Products Corp. (Building Products) | 1,520 | 34,580 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 2,296 | 23,098 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 2,933 | 7,684 | ||||||
RE/MAX Holdings, Inc. (Real Estate Management & Development) | 877 | 21,504 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 3,069 | 36,582 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 5,380 | 52,886 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 950 | 23,465 | ||||||
Renasant Corp. (Banks) | 2,545 | 73,321 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 1,275 | 24,799 | ||||||
Resideo Technologies, Inc.* (Building Products) | 6,634 | 128,831 | ||||||
Resources Connection, Inc. (Professional Services) | 1,420 | 28,925 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 2,884 | 45,510 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 237 | 20,098 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 3,210 | 22,181 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 1,901 | 18,687 | ||||||
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 1,426 | 23,187 | ||||||
S&T Bancorp, Inc. (Banks) | 1,790 | 49,100 | ||||||
Safety Insurance Group, Inc. (Insurance) | 638 | 61,950 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 2,729 | 32,530 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 2,771 | 112,862 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 186 | 8,762 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 1,149 | 35,780 | ||||||
Scholastic Corp. (Media) | 1,387 | 49,889 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 1,452 | 36,474 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 1,339 | 44,241 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 4,699 | 110,990 | ||||||
Selectquote, Inc.* (Insurance) | 2,902 | 7,197 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 276 | 15,329 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 7,518 | 39,319 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 804 | 31,742 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 2,279 | 50,594 | ||||||
Simmons First National Corp.—Class A (Banks) | 5,771 | 122,691 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 255
Common Stocks, continued
Shares | Value | |||||||
Simulations Plus, Inc. (Health Care Technology) | 287 | $ | 14,158 | |||||
SiriusPoint, Ltd.* (Insurance) | 3,940 | 21,355 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 3,724 | 50,162 | ||||||
SkyWest, Inc.* (Airlines) | 2,301 | 48,896 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 842 | 13,784 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 892 | 32,674 | ||||||
Sonos, Inc.* (Household Durables) | 2,975 | 53,669 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 5,575 | 190,330 | ||||||
Southside Bancshares, Inc. (Banks) | 541 | 20,244 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 18,284 | 114,274 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 1,648 | 49,720 | ||||||
SPX Corp.* (Machinery) | 1,209 | 63,884 | ||||||
Standard Motor Products, Inc. (Auto Components) | 866 | 38,961 | ||||||
Standex International Corp. (Machinery) | 286 | 24,247 | ||||||
Stepan Co. (Chemicals) | 969 | 98,208 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 1,129 | 36,365 | ||||||
Stewart Information Services Corp. (Insurance) | 627 | 31,193 | ||||||
StoneX Group, Inc.* (Capital Markets) | 781 | 60,973 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 1,046 | 73,827 | ||||||
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | 4,889 | 35,543 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 3,797 | 25,858 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 223 | 8,302 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 1,610 | 52,615 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 1,880 | 29,084 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 4,493 | 70,944 | ||||||
Tennant Co. (Machinery) | 482 | 28,559 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 1,432 | 47,242 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 799 | 9,276 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 2,235 | 59,049 | ||||||
The Chefs' Warehouse, Inc.* (Food & Staples Retailing) | 1,497 | 58,218 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 1,425 | 17,770 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 1,104 | 81,111 | ||||||
The GEO Group, Inc.* (Equity Real Estate Investment Trusts) | 5,651 | 37,297 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 1,484 | 53,409 | ||||||
The Marcus Corp.* (Entertainment) | 1,005 | 14,844 | ||||||
The ODP Corp.* (Specialty Retail) | 1,994 | 60,299 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 605 | 7,750 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 1,890 | 35,362 | ||||||
Titan International, Inc.* (Machinery) | 2,340 | 35,334 | ||||||
Tompkins Financial Corp. (Banks) | 300 | 21,630 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 406 | 14,352 | ||||||
Tredegar Corp. (Chemicals) | 1,172 | 11,720 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 2,551 | 106,683 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 4,713 | 79,508 | ||||||
Trinity Industries, Inc. (Machinery) | 1,594 | 38,607 | ||||||
Trinseo PLC (Chemicals) | 1,646 | 63,305 | ||||||
TrueBlue, Inc.* (Professional Services) | 1,515 | 27,119 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 874 | 26,954 | ||||||
Trustmark Corp. (Banks) | 2,799 | 81,703 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 4,601 | 57,513 | ||||||
Tupperware Brands Corp.* (Household Durables) | 2,091 | 13,257 | ||||||
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | 15,671 | 78,042 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 325 | 35,490 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 3,437 | 39,251 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 631 | 8,872 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 691 | 118,976 | ||||||
Unisys Corp.* (IT Services) | 1,602 | 19,272 | ||||||
United Community Banks, Inc. (Banks) | 1,725 | 52,078 | ||||||
United Fire Group, Inc. (Insurance) | 984 | 33,682 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 4,535 | 42,720 | ||||||
Unitil Corp. (Multi-Utilities) | 730 | 42,866 | ||||||
Universal Corp. (Tobacco) | 1,124 | 68,002 | ||||||
Universal Electronics, Inc.* (Household Durables) | 575 | 14,703 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 269 | 14,313 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 1,269 | 16,535 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 2,764 | 42,040 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 2,919 | 54,469 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 632 | 10,238 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 173 | 12,518 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 928 | 10,115 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 652 | 13,946 | ||||||
Veris Residential, Inc.* (Equity Real Estate Investment Trusts) | 3,648 | 48,300 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 635 | 68,929 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 441 | 12,176 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 3,942 | 52,153 | ||||||
Wabash National Corp. (Machinery) | 2,233 | 30,324 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 2,353 | 72,025 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 2,234 | 47,607 | ||||||
WD-40 Co. (Household Products) | 261 | 52,555 | ||||||
Westamerica Bancorp (Banks) | 1,224 | 68,128 | ||||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 2,104 | 22,618 | ||||||
Winnebago Industries, Inc. (Automobiles) | 731 | 35,497 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 1,902 | 9,643 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 1,985 | 40,018 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 2,875 | 58,823 |
See accompanying notes to financial statements.
256 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 1,651 | $ | 66,189 | |||||
WW International, Inc.* (Diversified Consumer Services) | 2,434 | 15,553 | ||||||
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | 5,207 | 75,658 | ||||||
Xperi Holding Corp. (Software) | 2,272 | 32,785 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 1,547 | 42,960 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 950 | 15,210 | ||||||
Zumiez, Inc.* (Specialty Retail) | 752 | 19,552 | ||||||
TOTAL COMMON STOCKS (Cost $17,965,510) | 20,670,782 |
Repurchase Agreements(b) (0.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $10,000 | $ | 10,000 | $ | 10,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,000) | 10,000 |
Collateral for Securities Loaned(c) (0.7%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(d) | 143,058 | $ | 143,058 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $143,058) | 143,058 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $18,118,568)—101.0% | 20,823,840 | |||||||
Net other assets (liabilities)—(1.0)% | (199,525 | ) | ||||||
NET ASSETS—100.0% | $ | 20,624,315 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $141,520. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(c) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
ProFund VP Small-Cap Value invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 295,748 | 1.4 | % | ||||
Air Freight & Logistics | 183,620 | 0.9 | % | |||||
Airlines | 160,823 | 0.8 | % | |||||
Auto Components | 206,380 | 1.0 | % | |||||
Automobiles | 35,497 | 0.2 | % | |||||
Banks | 2,263,895 | 10.9 | % | |||||
Beverages | 22,366 | 0.1 | % | |||||
Biotechnology | 176,308 | 0.9 | % | |||||
Building Products | 388,553 | 1.9 | % | |||||
Capital Markets | 92,860 | 0.5 | % | |||||
Chemicals | 575,060 | 2.7 | % | |||||
Commercial Services & Supplies | 656,054 | 3.3 | % | |||||
Communications Equipment | 310,044 | 1.5 | % | |||||
Construction & Engineering | 162,437 | 0.8 | % | |||||
Consumer Finance | 220,170 | 1.1 | % | |||||
Containers & Packaging | 121,016 | 0.6 | % | |||||
Diversified Consumer Services | 214,111 | 1.0 | % | |||||
Diversified Telecommunication Services | 85,429 | 0.4 | % | |||||
Electrical Equipment | 55,656 | 0.3 | % | |||||
Electronic Equipment, Instruments & Components | 867,479 | 4.2 | % | |||||
Energy Equipment & Services | 756,694 | 3.7 | % | |||||
Entertainment | 50,066 | 0.2 | % | |||||
Equity Real Estate Investment Trusts | 1,740,778 | 8.5 | % | |||||
Food & Staples Retailing | 233,758 | 1.1 | % | |||||
Food Products | 590,790 | 2.9 | % | |||||
Gas Utilities | 323,408 | 1.6 | % | |||||
Health Care Equipment & Supplies | 715,934 | 3.5 | % | |||||
Health Care Providers & Services | 604,993 | 2.9 | % | |||||
Health Care Technology | 139,144 | 0.7 | % | |||||
Hotels, Restaurants & Leisure | 351,865 | 1.7 | % | |||||
Household Durables | 447,754 | 2.2 | % | |||||
Household Products | 143,047 | 0.7 | % | |||||
Insurance | 782,581 | 3.8 | % | |||||
Interactive Media & Services | 80,382 | 0.4 | % | |||||
Internet & Direct Marketing Retail | 19,005 | 0.1 | % | |||||
IT Services | 87,050 | 0.4 | % | |||||
Leisure Products | 56,651 | 0.3 | % | |||||
Life Sciences Tools & Services | 20,864 | 0.1 | % | |||||
Machinery | 1,100,983 | 5.2 | % | |||||
Media | 122,525 | 0.6 | % | |||||
Metals & Mining | 570,371 | 2.8 | % | |||||
Mortgage Real Estate Investment Trusts | 458,714 | 2.2 | % | |||||
Multiline Retail | 27,261 | 0.1 | % | |||||
Multi-Utilities | 186,405 | 0.9 | % | |||||
Oil, Gas & Consumable Fuels | 534,709 | 2.6 | % | |||||
Paper & Forest Products | 179,374 | 0.9 | % | |||||
Personal Products | 95,608 | 0.5 | % | |||||
Pharmaceuticals | 234,954 | 1.1 | % | |||||
Professional Services | 206,931 | 1.0 | % | |||||
Real Estate Management & Development | 92,552 | 0.4 | % | |||||
Road & Rail | 74,783 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 178,290 | 0.9 | % | |||||
Software | 146,699 | 0.7 | % | |||||
Specialty Retail | 821,693 | 4.0 | % | |||||
Technology Hardware, Storage & Peripherals | 12,198 | 0.1 | % | |||||
Textiles, Apparel & Luxury Goods | 193,097 | 0.9 | % | |||||
Thrifts & Mortgage Finance | 483,998 | 2.3 | % | |||||
Tobacco | 68,002 | 0.3 | % | |||||
Trading Companies & Distributors | 371,992 | 1.8 | % | |||||
Water Utilities | 124,141 | 0.6 | % | |||||
Wireless Telecommunication Services | 147,232 | 0.8 | % | |||||
Other** | (46,467 | ) | (0.2 | )% | ||||
Total | $ | 20,624,315 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 257
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 18,118,568 | ||
Securities, at value(a) | 20,813,840 | |||
Repurchase agreements, at value | 10,000 | |||
Total Investment Securities, at value | 20,823,840 | |||
Cash | 616 | |||
Dividends and interest receivable | 29,108 | |||
Receivable for capital shares issued | 510 | |||
Prepaid expenses | 1,332 | |||
TOTAL ASSETS | 20,855,406 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 143,058 | |||
Payable for capital shares redeemed | 26,439 | |||
Advisory fees payable | 13,465 | |||
Management services fees payable | 1,795 | |||
Administration fees payable | 1,868 | |||
Administrative services fees payable | 9,813 | |||
Distribution fees payable | 10,141 | |||
Transfer agency fees payable | 3,294 | |||
Fund accounting fees payable | 1,170 | |||
Compliance services fees payable | 152 | |||
Other accrued expenses | 19,896 | |||
TOTAL LIABILITIES | 231,091 | |||
NET ASSETS | $ | 20,624,315 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 21,698,061 | ||
Total distributable earnings (loss) | (1,073,746 | ) | ||
NET ASSETS | $ | 20,624,315 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 532,728 | |||
Net Asset Value (offering and redemption price per share) | $ | 38.71 |
(a) Includes securities on loan valued at: | $ | 141,520 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 191,162 | ||
Interest | 52 | |||
Foreign tax withholding | (4 | ) | ||
Net income from securities lending | 84 | |||
TOTAL INVESTMENT INCOME | 191,294 | |||
EXPENSES: | ||||
Advisory fees | 93,409 | |||
Management services fees | 12,454 | |||
Administration fees | 11,889 | |||
Transfer agency fees | 10,355 | |||
Administrative services fees | 31,956 | |||
Distribution fees | 31,136 | |||
Custody fees | 3,336 | |||
Fund accounting fees | 7,571 | |||
Trustee fees | 360 | |||
Compliance services fees | 77 | |||
Other fees | 12,499 | |||
Total Gross Expenses before reductions | 215,042 | |||
Expenses reduced and reimbursed by the Advisor | (6,007 | ) | ||
TOTAL NET EXPENSES | 209,035 | |||
NET INVESTMENT INCOME (LOSS) | (17,741 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (428,473 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (3,507,901 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,936,374 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,954,115 | ) |
See accompanying notes to financial statements.
258 :: ProFund VP Small-Cap Value :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (17,741 | ) | $ | (3,917 | ) | ||
Net realized gains (losses) on investments | (428,473 | ) | 4,951,267 | |||||
Change in net unrealized appreciation/depreciation on investments | (3,507,901 | ) | 1,542,762 | |||||
Change in net assets resulting from operations | (3,954,115 | ) | 6,490,112 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,824,325 | ) | (29,211 | ) | ||||
Change in net assets resulting from distributions | (3,824,325 | ) | (29,211 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 13,692,713 | 44,566,319 | ||||||
Distributions reinvested | 3,824,325 | 29,211 | ||||||
Value of shares redeemed | (16,234,398 | ) | (45,725,453 | ) | ||||
Change in net assets resulting from capital transactions | 1,282,640 | (1,129,923 | ) | |||||
Change in net assets | (6,495,800 | ) | 5,330,978 | |||||
NET ASSETS: | ||||||||
Beginning of period | 27,120,115 | 21,789,137 | ||||||
End of period | $ | 20,624,315 | $ | 27,120,115 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 263,439 | 862,205 | ||||||
Reinvested | 90,817 | 558 | ||||||
Redeemed | (319,220 | ) | (878,670 | ) | ||||
Change in shares | 35,036 | (15,907 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Value :: 259
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 54.49 | $ | 42.42 | $ | 48.67 | $ | 39.71 | $ | 50.27 | $ | 46.23 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.01 | ) | 0.09 | 0.03 | (0.01 | ) | (0.15 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (7.39 | ) | 12.12 | (0.82 | ) | 8.93 | (6.21 | ) | 4.63 | |||||||||||||||
Total income (loss) from investment activities | (7.43 | ) | 12.11 | (0.73 | ) | 8.96 | (6.22 | ) | 4.48 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | (b) | (0.04 | ) | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||
Net realized gains on investments | (8.35 | ) | — | (5.51 | ) | — | (4.34 | ) | (0.43 | ) | ||||||||||||||
Total distributions | (8.35 | ) | (0.04 | ) | (5.52 | ) | — | (4.34 | ) | (0.44 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 38.71 | $ | 54.49 | $ | 42.42 | $ | 48.67 | $ | 39.71 | $ | 50.27 | ||||||||||||
Total Return(c)(d) | (14.88 | )% | 28.56 | % | 1.06 | % | 22.56 | % | (14.21 | )% | 9.71 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.73 | % | 1.69 | % | 1.78 | % | 1.75 | % | 1.75 | % | 1.73 | % | ||||||||||||
Net expenses(d)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(e) | (0.14 | )% | (0.01 | )% | 0.23 | % | 0.07 | % | (0.01 | )% | (0.32 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 20,624 | $ | 27,120 | $ | 21,789 | $ | 21,288 | $ | 16,346 | $ | 24,856 | ||||||||||||
Portfolio turnover rate(c)(f) | 42 | % | 147 | % | 192 | % | 147 | % | 141 | % | 91 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
260 :: ProFund VP Technology :: Financial Statements
Investment Objective: The ProFund VP Technology seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. TechnologySM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 89 | % | ||
Swap Agreements | 10 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 19.2 | % | ||
Microsoft Corp. | 17.6 | % | ||
Alphabet, Inc. | 11.5 | % | ||
NVIDIA Corp. | 3.5 | % | ||
Meta Platforms, Inc. | 3.4 | % |
Dow Jones U.S. TechnologySM Index – Composition
% of Index | ||||
Software & Services | 39 | % | ||
Technology Hardware & Equipment | 26 | % | ||
Semiconductors & Semiconductor Equipment | 18 | % | ||
Media & Entertainment | 17 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (89.5%)
Shares | Value | |||||||
ACI Worldwide, Inc.* (Software) | 331 | $ | 8,570 | |||||
Adobe, Inc.* (Software) | 1,364 | 499,307 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 4,678 | 357,727 | ||||||
Akamai Technologies, Inc.* (IT Services) | 463 | 42,286 | ||||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 159 | 3,290 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 868 | 1,891,598 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 796 | 1,741,210 | ||||||
Alteryx, Inc.* (Software) | 175 | 8,474 | ||||||
Amdocs, Ltd. (IT Services) | 360 | 29,992 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 290 | 4,916 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 1,511 | 220,742 | ||||||
Angi, Inc.* (Interactive Media & Services) | 216 | 989 | ||||||
ANSYS, Inc.* (Software) | 251 | 60,062 | ||||||
Appian Corp.* (Software) | 118 | 5,588 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 44,386 | 6,068,455 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 2,550 | 231,999 | ||||||
AppLovin Corp.*—Class A (Software) | 104 | 3,582 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 650 | 60,931 | ||||||
Asana, Inc.*—Class A (Software) | 242 | 4,254 | ||||||
Aspen Technology, Inc.* (Software) | 81 | 14,878 | ||||||
Autodesk, Inc.* (Software) | 628 | 107,991 | ||||||
Avalara, Inc.* (Software) | 254 | 17,932 | ||||||
Bentley Systems, Inc.—Class B (Software) | 542 | 18,049 | ||||||
Bill.com Holdings, Inc.* (Software) | 268 | 29,464 | ||||||
Black Knight, Inc.* (IT Services) | 450 | 29,426 | ||||||
Blackbaud, Inc.* (Software) | 131 | 7,607 | ||||||
Blackline, Inc.* (Software) | 156 | 10,390 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 1,179 | 572,769 | ||||||
Bumble, Inc.*—Class A (Interactive Media & Services) | 209 | 5,883 | ||||||
Cadence Design Systems, Inc.* (Software) | 796 | 119,424 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 254 | 5,458 | ||||||
CCC Intelligent Solutions Holdings, Inc.* (Software) | 177 | 1,628 | ||||||
CDK Global, Inc. (Software) | 337 | 18,457 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 390 | 61,448 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 397 | 18,691 | ||||||
Chewy, Inc.*—Class A (Internet & Direct Marketing Retail) | 262 | 9,097 | ||||||
Ciena Corp.* (Communications Equipment) | 439 | 20,062 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 165 | 11,969 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 11,992 | 511,338 | ||||||
Citrix Systems, Inc. (Software) | 360 | 34,981 | ||||||
Clear Secure, Inc.*—Class A (Software) | 41 | 820 | ||||||
Cloudflare, Inc.*—Class A (Software) | 812 | 35,525 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 1,504 | 101,504 | ||||||
Confluent, Inc.*—Class A (Software) | 338 | 7,855 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 46 | 2,009 | ||||||
Coupa Software, Inc.* (Software) | 217 | 12,391 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 616 | 103,833 | ||||||
Datadog, Inc.*—Class A (Software) | 743 | 70,763 | ||||||
Dell Technologies, Inc.—Class C (Technology Hardware, Storage & Peripherals) | 792 | 36,598 | ||||||
Digital Turbine, Inc.* (Software) | 255 | 4,455 | ||||||
DocuSign, Inc.* (Software) | 577 | 33,108 | ||||||
Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components) | 187 | 13,382 | ||||||
DoorDash, Inc.*—Class A (Internet & Direct Marketing Retail) | 482 | 30,930 | ||||||
Dropbox, Inc.* (Software) | 773 | 16,225 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 261
Common Stocks, continued
Shares | Value | |||||||
Duck Creek Technologies, Inc.* (Software) | 218 | $ | 3,237 | |||||
DXC Technology Co.* (IT Services) | 706 | 21,399 | ||||||
Dynatrace, Inc.* (Software) | 569 | 22,441 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 1,616 | 67,338 | ||||||
Elastic NV* (Software) | 210 | 14,211 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 390 | 76,144 | ||||||
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 392 | 36,115 | ||||||
EPAM Systems, Inc.* (IT Services) | 165 | 48,639 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 367 | 26,868 | ||||||
F5, Inc.* (Communications Equipment) | 175 | 26,782 | ||||||
Fair Isaac Corp.* (Software) | 75 | 30,068 | ||||||
Fastly, Inc.*—Class A (IT Services) | 317 | 3,680 | ||||||
Five9, Inc.* (Software) | 201 | 18,319 | ||||||
Fortinet, Inc.* (Software) | 1,923 | 108,803 | ||||||
Garmin, Ltd. (Household Durables) | 440 | 43,230 | ||||||
Gartner, Inc.* (IT Services) | 232 | 56,104 | ||||||
Gitlab, Inc.*—Class A (Software) | 106 | 5,633 | ||||||
GLOBALFOUNDRIES, Inc.* (Semiconductors & Semiconductor Equipment) | 154 | 6,212 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 467 | 32,485 | ||||||
Guidewire Software, Inc.* (Software) | 241 | 17,109 | ||||||
Hashicorp, Inc.*—Class A (Software & Tech Services) | 92 | 2,708 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 3,753 | 49,765 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 3,041 | 99,685 | ||||||
HubSpot, Inc.* (Software) | 131 | 39,385 | ||||||
IAC/InterActive Corp.* (Interactive Media & Services) | 243 | 18,461 | ||||||
Informatica, Inc.*—Class A (Software) | 89 | 1,849 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 11,804 | 441,587 | ||||||
International Business Machines Corp. (IT Services) | 2,596 | 366,528 | ||||||
Intuit, Inc. (Software) | 816 | 314,519 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 933 | 26,591 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 431 | 137,523 | ||||||
Kyndryl Holdings, Inc.* (IT Services) | 519 | 5,076 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 400 | 170,460 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 397 | 19,255 | ||||||
Liberty Global PLC*—Class A (Media) | 506 | 10,651 | ||||||
Liberty Global PLC*—Class C (Diversified Telecommunication Services) | 859 | 18,975 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 197 | 5,085 | ||||||
Lumen Technologies, Inc. (Diversified Telecommunication Services) | 2,684 | 29,283 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 199 | 15,805 | ||||||
Mandiant, Inc.* (Software) | 693 | 15,121 | ||||||
Manhattan Associates, Inc.* (Software) | 182 | 20,857 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 2,456 | 106,910 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 824 | 57,425 | ||||||
Matterport, Inc.* (Software) | 619 | 2,266 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 6,621 | 1,067,636 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,605 | 93,218 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 3,224 | 178,223 | ||||||
Microsoft Corp. (Software) | 21,590 | 5,544,961 | ||||||
MicroStrategy, Inc.* (Software) | 27 | 4,436 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 161 | 16,523 | ||||||
MongoDB, Inc.* (IT Services) | 195 | 50,603 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 127 | 48,773 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 483 | 101,237 | ||||||
nCino, Inc.* (Software) | 165 | 5,102 | ||||||
NCR Corp.* (Technology Hardware, Storage & Peripherals) | 394 | 12,257 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 642 | 41,884 | ||||||
New Relic, Inc.* (Software) | 172 | 8,609 | ||||||
NortonLifelock, Inc. (Software) | 1,680 | 36,893 | ||||||
Nutanix, Inc.*—Class A (Software) | 637 | 9,319 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 7,228 | 1,095,692 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 758 | 112,207 | ||||||
Okta, Inc.* (IT Services) | 435 | 39,324 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,254 | 63,089 | ||||||
Oracle Corp. (Software) | 4,544 | 317,489 | ||||||
Palantir Technologies, Inc.*—Class A (Software) | 4,720 | 42,810 | ||||||
Palo Alto Networks, Inc.* (Software) | 284 | 140,279 | ||||||
Paycom Software, Inc.* (Software) | 139 | 38,937 | ||||||
Paylocity Holding Corp.* (Software) | 115 | 20,058 | ||||||
Pegasystems, Inc. (Software) | 118 | 5,645 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 168 | 12,602 | ||||||
Procore Technologies, Inc.* (Software) | 27 | 1,226 | ||||||
PTC, Inc.* (Software) | 304 | 32,327 | ||||||
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals) | 810 | 20,825 | ||||||
Q2 Holdings, Inc.* (Software) | 165 | 6,364 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 313 | 29,522 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 3,233 | 412,983 | ||||||
Qualtrics International, Inc.*—Class A (Software) | 299 | 3,740 | ||||||
Rapid7, Inc.* (Software) | 168 | 11,222 | ||||||
RingCentral, Inc.*—Class A (Software) | 245 | 12,804 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 306 | 120,763 | ||||||
Salesforce, Inc.* (Software) | 2,868 | 473,335 | ||||||
Samsara, Inc.*(a)—Class A (Software) | 197 | 2,200 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 571 | 40,792 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 183 | 10,060 | ||||||
SentinelOne, Inc.*—Class A (Software) | 536 | 12,505 | ||||||
ServiceNow, Inc.* (Software) | 579 | 275,326 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 106 | 14,863 |
See accompanying notes to financial statements.
262 :: ProFund VP Technology :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 465 | $ | 43,078 | |||||
Smartsheet, Inc.* (Software) | 372 | 11,692 | ||||||
Snap, Inc.* (Interactive Media & Services) | 3,152 | 41,386 | ||||||
Snowflake, Inc.*—Class A (IT Services) | 699 | 97,202 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 160 | 43,789 | ||||||
SolarWinds Corp. (IT Services) | 130 | 1,333 | ||||||
Splunk, Inc.* (Software) | 465 | 41,134 | ||||||
Squarespace, Inc.*—Class A (IT Services) | 82 | 1,715 | ||||||
Synopsys, Inc.* (Software) | 442 | 134,235 | ||||||
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 119 | 10,841 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 462 | 41,372 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 2,662 | 409,016 | ||||||
Thoughtworks Holding, Inc.* (IT Services) | 107 | 1,510 | ||||||
Trade Desk, Inc. (The)* (Software) | 1,276 | 53,452 | ||||||
Twilio, Inc.* (IT Services) | 496 | 41,570 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 2,202 | 82,333 | ||||||
Tyler Technologies, Inc.* (Software) | 120 | 39,898 | ||||||
Ubiquiti, Inc. (Communications Equipment) | 17 | 4,220 | ||||||
UiPath, Inc.*—Class A (Software) | 801 | 14,570 | ||||||
Unity Software, Inc.* (Software) | 479 | 17,637 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 125 | 12,643 | ||||||
Varonis Systems, Inc.* (Software) | 316 | 9,265 | ||||||
Veeva Systems, Inc.*—Class A (Health Care Technology) | 404 | 80,008 | ||||||
Verint Systems, Inc.* (Software) | 187 | 7,919 | ||||||
VeriSign, Inc.* (IT Services) | 275 | 46,016 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 658 | 8,705 | ||||||
Vimeo, Inc.* (Interactive Media & Services) | 453 | 2,727 | ||||||
VMware, Inc.—Class A (Software) | 583 | 66,450 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 904 | 40,526 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 357 | 22,652 | ||||||
Workday, Inc.*—Class A (Software) | 573 | 79,979 | ||||||
Workiva, Inc.* (Software) | 139 | 9,173 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 344 | 5,108 | ||||||
Zendesk, Inc.* (Software) | 354 | 26,221 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 137 | 10,211 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 656 | 70,828 | ||||||
Zscaler, Inc.* (Software) | 232 | 34,686 | ||||||
TOTAL COMMON STOCKS (Cost $5,022,172) | 28,234,662 |
Collateral for Securities Loaned(b)(NM)
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(c) | 2,362 | 2,362 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,362) | 2,362 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,024,534)—89.5% | 28,237,024 | |||||||
Net other assets (liabilities)—10.5% | 3,329,963 | |||||||
NET ASSETS—100.0% | $ | 31,566,987 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $2,245. |
(b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Technology Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 3,305,953 | $ | (20,175 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 263
ProFund VP Technology invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 775,671 | 2.5 | % | ||||
Diversified Telecommunication Services | 48,258 | 0.2 | % | |||||
Electronic Equipment, Instruments & Components | 85,671 | 0.3 | % | |||||
Health Care Technology | 80,008 | 0.3 | % | |||||
Household Durables | 43,230 | 0.1 | % | |||||
Industrial Conglomerates | 120,763 | 0.4 | % | |||||
Interactive Media & Services | 4,925,317 | 15.6 | % | |||||
Internet & Direct Marketing Retail | 134,233 | 0.5 | % | |||||
IT Services | 1,021,477 | 3.2 | % | |||||
Media | 10,651 | NM | ||||||
Semiconductors & Semiconductor Equipment | 5,057,923 | 16.0 | % | |||||
Software | 9,512,857 | 30.1 | % | |||||
Software & Tech Services | 2,708 | NM | ||||||
Technology Hardware, Storage & Peripherals | 6,415,895 | 20.3 | % | |||||
Other** | 3,332,325 | 10.5 | % | |||||
Total | $ | 31,566,987 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
264 :: ProFund VP Technology :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,024,534 | ||
Securities, at value(a) | 28,237,024 | |||
Total Investment Securities, at value | 28,237,024 | |||
Segregated cash balances for swap agreements with custodian | 1,480,000 | |||
Dividends receivable | 4,384 | |||
Receivable for capital shares issued | 89,757 | |||
Receivable for investments sold | 2,014,248 | |||
Prepaid expenses | 407 | |||
TOTAL ASSETS | 31,825,820 | |||
LIABILITIES: | ||||
Cash overdraft | 158,420 | |||
Payable for collateral for securities loaned | 2,362 | |||
Payable for capital shares redeemed | 1,255 | |||
Unrealized depreciation on swap agreements | 20,175 | |||
Advisory fees payable | 20,471 | |||
Management services fees payable | 2,730 | |||
Administration fees payable | 2,837 | |||
Administrative services fees payable | 10,392 | |||
Distribution fees payable | 18,527 | |||
Trustee fees payable | 11 | |||
Transfer agency fees payable | 4,972 | |||
Fund accounting fees payable | 1,623 | |||
Compliance services fees payable | 259 | |||
Other accrued expenses | 14,799 | |||
TOTAL LIABILITIES | 258,833 | |||
NET ASSETS | $ | 31,566,987 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 5,886,925 | ||
Total distributable earnings (loss) | 25,680,062 | |||
NET ASSETS | $ | 31,566,987 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 602,814 | |||
Net Asset Value (offering and redemption price per share) | $ | 52.37 |
(a) Includes securities on loan valued at: | $ | 2,245 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 135,262 | ||
Interest | 533 | |||
Foreign tax withholding | (198 | ) | ||
Net income from securities lending | 45 | |||
TOTAL INVESTMENT INCOME | 135,642 | |||
EXPENSES: | ||||
Advisory fees | 151,092 | |||
Management services fees | 20,145 | |||
Administration fees | 15,987 | |||
Transfer agency fees | 13,782 | |||
Administrative services fees | 34,768 | |||
Distribution fees | 50,364 | |||
Custody fees | 2,480 | |||
Fund accounting fees | 9,199 | |||
Trustee fees | 475 | |||
Compliance services fees | 89 | |||
Other fees | 20,897 | |||
TOTAL NET EXPENSES | 319,278 | |||
NET INVESTMENT INCOME (LOSS) | (183,636 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,719,026 | |||
Net realized gains (losses) on swap agreements | (135,690 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (19,884,727 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (7,453 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (15,308,844 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (15,492,480 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 265
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (183,636 | ) | $ | (452,675 | ) | ||
Net realized gains (losses) on investments | 4,583,336 | 6,932,797 | ||||||
Change in net unrealized appreciation/depreciation on investments | (19,892,180 | ) | 8,128,076 | |||||
Change in net assets resulting from operations | (15,492,480 | ) | 14,608,198 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (6,489,800 | ) | (3,594,551 | ) | ||||
Change in net assets resulting from distributions | (6,489,800 | ) | (3,594,551 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 42,372,338 | 82,428,746 | ||||||
Distributions reinvested | 6,489,800 | 3,594,551 | ||||||
Value of shares redeemed | (49,900,277 | ) | (87,710,917 | ) | ||||
Change in net assets resulting from capital transactions | (1,038,139 | ) | (1,687,620 | ) | ||||
Change in net assets | (23,020,419 | ) | 9,326,027 | |||||
NET ASSETS: | ||||||||
Beginning of period | 54,587,406 | 45,261,379 | ||||||
End of period | $ | 31,566,987 | $ | 54,587,406 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 546,180 | 990,708 | ||||||
Reinvested | 115,580 | 51,139 | ||||||
Redeemed | (646,537 | ) | (1,054,956 | ) | ||||
Change in shares | 15,223 | (13,109 | ) |
See accompanying notes to financial statements.
266 :: ProFund VP Technology :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 92.90 | $ | 75.35 | $ | 56.87 | $ | 40.10 | $ | 42.06 | $ | 31.12 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.34 | ) | (0.76 | ) | (0.43 | ) | (0.20 | ) | (0.12 | ) | (0.09 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (27.37 | ) | 24.96 | 25.75 | 18.09 | (0.66 | ) | 11.05 | ||||||||||||||||
Total income (loss) from investment activities | (27.71 | ) | 24.20 | 25.32 | 17.89 | (0.78 | ) | 10.96 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Net realized gains on investments | (12.82 | ) | (6.65 | ) | (6.84 | ) | (1.12 | ) | (1.18 | ) | — | |||||||||||||
Total distributions | (12.82 | ) | (6.65 | ) | (6.84 | ) | (1.12 | ) | (1.18 | ) | (0.02 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 52.37 | $ | 92.90 | $ | 75.35 | $ | 56.87 | $ | 40.10 | $ | 42.06 | ||||||||||||
Total Return(b)(c) | (30.75 | )% | 34.96 | % | 44.80 | % | 45.11 | % | (2.25 | )% | 35.18 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.59 | % | 1.58 | % | 1.65 | % | 1.62 | % | 1.58 | % | 1.56 | % | ||||||||||||
Net expenses(c)(d) | 1.59 | % | 1.58 | % | 1.65 | % | 1.62 | % | 1.58 | % | 1.56 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.91 | )% | (0.92 | )% | (0.66 | )% | (0.41 | )% | (0.27 | )% | (0.25 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 31,567 | $ | 54,587 | $ | 45,261 | $ | 33,951 | $ | 26,279 | $ | 33,731 | ||||||||||||
Portfolio turnover rate(b)(e) | 112 | % | 163 | % | 187 | % | 75 | % | 58 | % | 86 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 267
Investment Objective: The ProFund VP Telecommunications seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Select TelecommunicationsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 97 | % | ||
Swap Agreements | 3 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Verizon Communications, Inc. | 22.5 | % | ||
Cisco Systems, Inc. | 21.7 | % | ||
AT&T, Inc. | 4.6 | % | ||
T-Mobile U.S., Inc. | 4.6 | % | ||
Motorola Solutions, Inc. | 4.4 | % |
Dow Jones U.S. Select TelecommunicationsSM Index – Composition
% of Index | ||||
Communications Equipment | 49 | % | ||
Diversified Telecommunication Services | 41 | % | ||
Wireless Telecommunication Services | 6 | % | ||
Household Durables | 4 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (96.7%)
Shares | Value | |||||||
ADTRAN, Inc. (Communications Equipment) | 888 | $ | 15,567 | |||||
Anterix, Inc.* (Diversified Telecommunication Services) | 332 | 13,635 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 2,294 | 215,039 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 11,230 | 235,381 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 197 | 9,241 | ||||||
Ciena Corp.* (Communications Equipment) | 2,750 | 125,675 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 26,314 | 1,122,028 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 3,747 | 22,932 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 481 | 4,363 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 1,314 | 9,198 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 673 | 12,989 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 2,365 | 21,096 | ||||||
F5, Inc.* (Communications Equipment) | 1,094 | 167,425 | ||||||
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services) | 3,764 | 88,605 | ||||||
Garmin, Ltd. (Household Durables) | 2,282 | 224,207 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 12,035 | 14,803 | ||||||
Harmonic, Inc.* (Communications Equipment) | 1,889 | 16,378 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 316 | 7,947 | ||||||
Inseego Corp.* (Communications Equipment) | 1,455 | 2,750 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 2,314 | 86,914 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 5,841 | 166,469 | ||||||
Liberty Global PLC*—Class A (Media) | 3,166 | 66,644 | ||||||
Liberty Global PLC*—Class C (Diversified Telecommunication Services) | 5,382 | 118,888 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 707 | 5,515 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 2,759 | 21,493 | ||||||
Lumen Technologies, Inc. (Diversified Telecommunication Services) | 16,808 | 183,375 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 1,247 | 99,037 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 1,085 | 227,415 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 521 | 9,649 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 1,335 | 45,190 | ||||||
Plantronics, Inc.* (Communications Equipment) | 773 | 30,673 | ||||||
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | 1,291 | 19,701 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 2,198 | 6,682 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 905 | 20,091 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 1,784 | 28,169 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 1,748 | 235,177 | ||||||
U.S. Cellular Corp.* (Wireless Telecommunication Services) | 266 | 7,703 | ||||||
Ubiquiti, Inc. (Communications Equipment) | 109 | 27,055 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 22,930 | 1,163,697 | ||||||
ViaSat, Inc.* (Communications Equipment) | 1,346 | 41,228 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 4,119 | 54,494 | ||||||
TOTAL COMMON STOCKS (Cost $4,012,224) | 4,994,518 |
See accompanying notes to financial statements.
268 :: ProFund VP Telecommunications :: Financial Statements
Repurchase Agreements(a) (3.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $183,007 | $ | 183,000 | $ | 183,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $183,000) | 183,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $4,195,224)—100.2% | 5,177,518 | |||||||
Net other assets (liabilities)—(0.2)% | (11,971 | ) | ||||||
NET ASSETS—100.0% | $ | 5,165,547 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Select Telecommunications Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 162,940 | $ | (1,719 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Telecommunications invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 2,421,145 | 46.9 | % | ||||
Diversified Telecommunication Services | 1,964,374 | 38.1 | % | |||||
Household Durables | 224,207 | 4.3 | % | |||||
Media | 93,652 | 1.8 | % | |||||
Wireless Telecommunication Services | 291,140 | 5.6 | % | |||||
Other** | 171,029 | 3.3 | % | |||||
Total | $ | 5,165,547 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 269
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 4,195,224 | ||
Securities, at value | 4,994,518 | |||
Repurchase agreements, at value | 183,000 | |||
Total Investment Securities, at value | 5,177,518 | |||
Cash | 95 | |||
Dividends and interest receivable | 997 | |||
Receivable for capital shares issued | 2,184 | |||
Prepaid expenses | 59 | |||
TOTAL ASSETS | 5,180,853 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 794 | |||
Unrealized depreciation on swap agreements | 1,719 | |||
Advisory fees payable | 3,181 | |||
Management services fees payable | 424 | |||
Administration fees payable | 462 | |||
Administrative services fees payable | 2,156 | |||
Distribution fees payable | 2,247 | |||
Transfer agency fees payable | 795 | |||
Fund accounting fees payable | 268 | |||
Compliance services fees payable | 36 | |||
Other accrued expenses | 3,224 | |||
TOTAL LIABILITIES | 15,306 | |||
NET ASSETS | $ | 5,165,547 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 5,798,306 | ||
Total distributable earnings (loss) | (632,759 | ) | ||
NET ASSETS | $ | 5,165,547 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 172,559 | |||
Net Asset Value (offering and redemption price per share) | $ | 29.93 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 79,099 | ||
Interest | 190 | |||
TOTAL INVESTMENT INCOME | 79,289 | |||
EXPENSES: | ||||
Advisory fees | 21,720 | |||
Management services fees | 2,896 | |||
Administration fees | 2,516 | |||
Transfer agency fees | 2,196 | |||
Administrative services fees | 7,960 | |||
Distribution fees | 7,240 | |||
Custody fees | 402 | |||
Fund accounting fees | 1,488 | |||
Trustee fees | 77 | |||
Compliance services fees | 16 | |||
Other fees | 3,012 | |||
Total Gross Expenses before reductions | 49,523 | |||
Expenses reduced and reimbursed by the Advisor | (871 | ) | ||
TOTAL NET EXPENSES | 48,652 | |||
NET INVESTMENT INCOME (LOSS) | 30,637 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (15,294 | ) | ||
Net realized gains (losses) on swap agreements | (21,578 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,305,059 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (2,091 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,344,022 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,313,385 | ) |
See accompanying notes to financial statements.
270 :: ProFund VP Telecommunications :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 30,637 | $ | 103,492 | ||||
Net realized gains (losses) on investments | (36,872 | ) | 384,347 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,307,150 | ) | 643,339 | |||||
Change in net assets resulting from operations | (1,313,385 | ) | 1,131,178 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (103,492 | ) | (81,611 | ) | ||||
Change in net assets resulting from distributions | (103,492 | ) | (81,611 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 3,768,041 | 7,468,687 | ||||||
Distributions reinvested | 103,492 | 81,611 | ||||||
Value of shares redeemed | (4,726,674 | ) | (7,788,325 | ) | ||||
Change in net assets resulting from capital transactions | (855,141 | ) | (238,027 | ) | ||||
Change in net assets | (2,272,018 | ) | 811,540 | |||||
NET ASSETS: | ||||||||
Beginning of period | 7,437,565 | 6,626,025 | ||||||
End of period | $ | 5,165,547 | $ | 7,437,565 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 112,012 | 210,825 | ||||||
Reinvested | 3,343 | 2,336 | ||||||
Redeemed | (139,718 | ) | (221,721 | ) | ||||
Change in shares | (24,363 | ) | (8,560 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Telecommunications :: 271
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 37.77 | $ | 32.25 | $ | 31.53 | $ | 28.42 | $ | 35.52 | $ | 40.78 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.18 | 0.53 | 0.41 | 0.28 | 0.94 | 1.29 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (7.43 | ) | 5.38 | 0.57 | 3.87 | (6.22 | ) | (2.27 | ) | |||||||||||||||
Total income (loss) from investment activities | (7.25 | ) | 5.91 | 0.98 | 4.15 | (5.28 | ) | (0.98 | ) | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.59 | ) | (0.39 | ) | (0.26 | ) | (1.04 | ) | (1.82 | ) | (1.92 | ) | ||||||||||||
Net realized gains on investments | — | — | — | — | — | (2.36 | ) | |||||||||||||||||
Total distributions | (0.59 | ) | (0.39 | ) | (0.26 | ) | (1.04 | ) | (1.82 | ) | (4.28 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 29.93 | $ | 37.77 | $ | 32.25 | $ | 31.53 | $ | 28.42 | $ | 35.52 | ||||||||||||
Total Return(b)(c) | (19.25 | )% | 18.41 | % | 3.15 | % | 14.77 | % | (15.10 | )% | (2.12 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.71 | % | 1.69 | % | 1.77 | % | 1.76 | % | 1.76 | % | 1.72 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 1.06 | % | 1.50 | % | 1.36 | % | 0.89 | % | 2.96 | % | 3.43 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 5,166 | $ | 7,438 | $ | 6,626 | $ | 6,167 | $ | 5,272 | $ | 9,372 | ||||||||||||
Portfolio turnover rate(b)(e) | 28 | % | 105 | % | 107 | % | 165 | % | 328 | % | 388 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
272 :: ProFund VP UltraBull :: Financial Statements
Investment Objective: The ProFund VP UltraBull seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the S&P 500® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 69 | % | ||
Swap Agreements | 131 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 4.6 | % | ||
Microsoft Corp. | 4.2 | % | ||
Alphabet, Inc. | 2.7 | % | ||
Amazon.com, Inc. | 2.0 | % | ||
Tesla, Inc. | 1.2 | % |
S&P 500® Index – Composition
% of Index | ||||
Information Technology | 26 | % | ||
Health Care | 15 | % | ||
Financials | 11 | % | ||
Consumer Discretionary | 11 | % | ||
Communication Services | 9 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Energy | 4 | % | ||
Utilities | 3 | % | ||
Real Estate | 3 | % | ||
Materials | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (69.1%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 125 | $ | 16,176 | |||||
A.O. Smith Corp. (Building Products) | 29 | 1,586 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 386 | 41,940 | ||||||
AbbVie, Inc. (Biotechnology) | 389 | 59,579 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 10 | 2,475 | ||||||
Accenture PLC – Class A (IT Services) | 140 | 38,871 | ||||||
Activision Blizzard, Inc. (Entertainment) | 172 | 13,392 | ||||||
Adobe, Inc.* (Software) | 104 | 38,070 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 13 | 2,250 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 357 | 27,300 | ||||||
Aflac, Inc. (Insurance) | 131 | 7,248 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 66 | 7,839 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 49 | 11,784 | ||||||
Akamai Technologies, Inc.* (IT Services) | 35 | 3,197 | ||||||
Alaska Air Group, Inc.* (Airlines) | 28 | 1,121 | ||||||
Albemarle Corp. (Chemicals) | 26 | 5,433 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 33 | 4,786 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 16 | 3,787 | ||||||
Allegion PLC (Building Products) | 19 | 1,860 | ||||||
Alliant Energy Corp. (Electric Utilities) | 55 | 3,224 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 66 | 143,832 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 61 | 133,434 | ||||||
Altria Group, Inc. (Tobacco) | 399 | 16,666 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 1,927 | 204,666 | ||||||
Amcor PLC (Containers & Packaging) | 331 | 4,114 | ||||||
Ameren Corp. (Multi-Utilities) | 57 | 5,151 | ||||||
American Airlines Group, Inc.* (Airlines) | 143 | 1,813 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 113 | 10,841 | ||||||
American Express Co. (Consumer Finance) | 134 | 18,575 | ||||||
American International Group, Inc. (Insurance) | 174 | 8,897 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 102 | 26,069 | ||||||
American Water Works Co., Inc. (Water Utilities) | 40 | 5,951 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 24 | 5,704 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 33 | 4,669 | ||||||
AMETEK, Inc. (Electrical Equipment) | 51 | 5,604 | ||||||
Amgen, Inc. (Biotechnology) | 118 | 28,709 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 132 | 8,498 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 115 | 16,800 | ||||||
ANSYS, Inc.* (Software) | 19 | 4,547 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 53 | 25,577 | ||||||
Aon PLC (Insurance) | 47 | 12,675 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 75 | 2,618 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 3,387 | 463,071 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 195 | 17,741 | ||||||
Aptiv PLC* (Auto Components) | 60 | 5,344 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 124 | 9,622 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 50 | 4,687 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 46 | 7,500 | ||||||
Assurant, Inc. (Insurance) | 12 | 2,074 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 273
Common Stocks, continued
Shares | Value | |||||||
AT&T, Inc. (Diversified Telecommunication Services) | 1,578 | $ | 33,075 | |||||
Atmos Energy Corp. (Gas Utilities) | 31 | 3,475 | ||||||
Autodesk, Inc.* (Software) | 48 | 8,254 | ||||||
Automatic Data Processing, Inc. (IT Services) | 92 | 19,324 | ||||||
AutoZone, Inc.* (Specialty Retail) | 4 | 8,596 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 31 | 6,022 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 18 | 2,914 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 206 | 5,947 | ||||||
Ball Corp. (Containers & Packaging) | 71 | 4,882 | ||||||
Bank of America Corp. (Banks) | 1,562 | 48,624 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 53 | 1,427 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 111 | 7,130 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 63 | 15,531 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 398 | 108,662 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 45 | 2,934 | ||||||
Biogen, Inc.* (Biotechnology) | 32 | 6,526 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 5 | 2,475 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 9 | 3,120 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 31 | 18,880 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 9 | 15,741 | ||||||
BorgWarner, Inc. (Auto Components) | 53 | 1,769 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 31 | 2,758 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 315 | 11,740 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 469 | 36,113 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 90 | 43,723 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 26 | 3,706 | ||||||
Brown & Brown, Inc. (Insurance) | 52 | 3,034 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 40 | 2,806 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 28 | 2,838 | ||||||
Cadence Design Systems, Inc.* (Software) | 61 | 9,152 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 47 | 1,800 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 23 | 3,093 | ||||||
Campbell Soup Co. (Food Products) | 45 | 2,162 | ||||||
Capital One Financial Corp. (Consumer Finance) | 87 | 9,065 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 60 | 3,136 | ||||||
CarMax, Inc.* (Specialty Retail) | 35 | 3,167 | ||||||
Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | 179 | 1,548 | ||||||
Carrier Global Corp. (Building Products) | 187 | 6,668 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 39 | 4,184 | ||||||
Caterpillar, Inc. (Machinery) | 118 | 21,095 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 23 | 2,603 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 72 | 5,300 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 30 | 4,727 | ||||||
Celanese Corp. (Chemicals) | 24 | 2,823 | ||||||
Centene Corp.* (Health Care Providers & Services) | 129 | 10,915 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 139 | 4,112 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 30 | 1,412 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 46 | 3,944 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 11 | 2,354 | ||||||
Charter Communications, Inc.*—Class A (Media) | 26 | 12,182 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 434 | 62,834 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 6 | 7,844 | ||||||
Chubb, Ltd. (Insurance) | 93 | 18,281 | ||||||
Church & Dwight Co., Inc. (Household Products) | 53 | 4,911 | ||||||
Cigna Corp. (Health Care Providers & Services) | 70 | 18,446 | ||||||
Cincinnati Financial Corp. (Insurance) | 33 | 3,926 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 19 | 7,097 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 915 | 39,015 | ||||||
Citigroup, Inc. (Banks) | 428 | 19,683 | ||||||
Citizens Financial Group, Inc. (Banks) | 108 | 3,855 | ||||||
Citrix Systems, Inc. (Software) | 27 | 2,624 | ||||||
CME Group, Inc. (Capital Markets) | 79 | 16,171 | ||||||
CMS Energy Corp. (Multi-Utilities) | 64 | 4,320 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 115 | 7,761 | ||||||
Colgate-Palmolive Co. (Household Products) | 185 | 14,826 | ||||||
Comcast Corp.—Class A (Media) | 985 | 38,652 | ||||||
Comerica, Inc. (Banks) | 29 | 2,128 | ||||||
Conagra Brands, Inc. (Food Products) | 106 | 3,629 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 285 | 25,596 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 78 | 7,418 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 36 | 8,390 | ||||||
Constellation Energy Corp. (Electric Utilities) | 72 | 4,123 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 47 | 5,107 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 167 | 5,262 | ||||||
Corteva, Inc. (Chemicals) | 160 | 8,662 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 98 | 46,969 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 177 | 4,565 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 95 | 15,996 | ||||||
CSX Corp. (Road & Rail) | 480 | 13,949 | ||||||
Cummins, Inc. (Machinery) | 31 | 5,999 |
See accompanying notes to financial statements.
274 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
CVS Health Corp. (Health Care Providers & Services) | 289 | $ | 26,779 | |||||
D.R. Horton, Inc. (Household Durables) | 71 | 4,700 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 143 | 36,253 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 27 | 3,054 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 13 | 1,039 | ||||||
Deere & Co. (Machinery) | 61 | 18,269 | ||||||
Delta Air Lines, Inc.* (Airlines) | 141 | 4,085 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 47 | 1,679 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 135 | 7,440 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 87 | 6,484 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 37 | 4,483 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 63 | 8,179 | ||||||
Discover Financial Services (Consumer Finance) | 62 | 5,864 | ||||||
DISH Network Corp.*—Class A (Media) | 55 | 986 | ||||||
Dollar General Corp. (Multiline Retail) | 50 | 12,272 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 50 | 7,793 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 179 | 14,285 | ||||||
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 8 | 3,118 | ||||||
Dover Corp. (Machinery) | 32 | 3,882 | ||||||
Dow, Inc. (Chemicals) | 160 | 8,258 | ||||||
DTE Energy Co. (Multi-Utilities) | 43 | 5,450 | ||||||
Duke Energy Corp. (Electric Utilities) | 170 | 18,226 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 85 | 4,671 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 112 | 6,225 | ||||||
DXC Technology Co.* (IT Services) | 54 | 1,637 | ||||||
Eastman Chemical Co. (Chemicals) | 28 | 2,514 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 88 | 11,087 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 124 | 5,167 | ||||||
Ecolab, Inc. (Chemicals) | 55 | 8,457 | ||||||
Edison International (Electric Utilities) | 84 | 5,312 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 137 | 13,027 | ||||||
Electronic Arts, Inc. (Entertainment) | 62 | 7,542 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 174 | 56,416 | ||||||
Emerson Electric Co. (Electrical Equipment) | 131 | 10,420 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 30 | 5,857 | ||||||
Entergy Corp. (Electric Utilities) | 45 | 5,069 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 129 | 14,247 | ||||||
EPAM Systems, Inc.* (IT Services) | 13 | 3,832 | ||||||
Equifax, Inc. (Professional Services) | 27 | 4,935 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 20 | 13,140 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 76 | 5,489 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 14 | 3,661 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 28 | 2,050 | ||||||
Everest Re Group, Ltd. (Insurance) | 9 | 2,523 | ||||||
Evergy, Inc. (Electric Utilities) | 51 | 3,328 | ||||||
Eversource Energy (Electric Utilities) | 76 | 6,420 | ||||||
Exelon Corp. (Electric Utilities) | 216 | 9,789 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 33 | 3,129 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 37 | 3,606 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 30 | 5,104 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 929 | 79,559 | ||||||
F5, Inc.* (Communications Equipment) | 13 | 1,990 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 8 | 3,077 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 127 | 6,339 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 16 | 1,532 | ||||||
FedEx Corp. (Air Freight & Logistics) | 53 | 12,016 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 135 | 12,375 | ||||||
Fifth Third Bancorp (Banks) | 151 | 5,074 | ||||||
First Horizon Corp. (Banks) | — | (a) | 7 | |||||
First Republic Bank (Banks) | 40 | 5,768 | ||||||
FirstEnergy Corp. (Electric Utilities) | 126 | 4,837 | ||||||
Fiserv, Inc.* (IT Services) | 128 | 11,388 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 17 | 3,572 | ||||||
FMC Corp. (Chemicals) | 28 | 2,996 | ||||||
Ford Motor Co. (Automobiles) | 871 | 9,694 | ||||||
Fortinet, Inc.* (Software) | 145 | 8,204 | ||||||
Fortive Corp. (Machinery) | 79 | 4,296 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 29 | 1,737 | ||||||
Fox Corp.—Class A (Media) | 69 | 2,219 | ||||||
Fox Corp.—Class B (Media) | 32 | 950 | ||||||
Franklin Resources, Inc. (Capital Markets) | 62 | 1,445 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 320 | 9,363 | ||||||
Garmin, Ltd. (Household Durables) | 34 | 3,341 | ||||||
Gartner, Inc.* (IT Services) | 18 | 4,353 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 14 | 2,948 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 51 | 11,284 | ||||||
General Electric Co. (Industrial Conglomerates) | 242 | 15,408 | ||||||
General Mills, Inc. (Food Products) | 133 | 10,035 | ||||||
General Motors Co.* (Automobiles) | 321 | 10,195 | ||||||
Genuine Parts Co. (Distributors) | 31 | 4,123 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 276 | 17,060 | ||||||
Global Payments, Inc. (IT Services) | 62 | 6,860 | ||||||
Globe Life, Inc. (Insurance) | 20 | 1,949 | ||||||
Halliburton Co. (Energy Equipment & Services) | 199 | 6,241 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 72 | 4,711 | ||||||
Hasbro, Inc. (Leisure Products) | 29 | 2,375 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 50 | 8,403 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 275
Common Stocks, continued
Shares | Value | |||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 119 | $ | 3,083 | |||||
Henry Schein, Inc.* (Health Care Providers & Services) | 30 | 2,302 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 61 | 6,462 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 286 | 3,792 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 61 | 6,798 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 55 | 3,812 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 150 | 26,072 | ||||||
Hormel Foods Corp. (Food Products) | 62 | 2,936 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 157 | 2,462 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 83 | 2,610 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 232 | 7,605 | ||||||
Humana, Inc. (Health Care Providers & Services) | 28 | 13,106 | ||||||
Huntington Bancshares, Inc. (Banks) | 317 | 3,814 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 9 | 1,960 | ||||||
IDEX Corp. (Machinery) | 17 | 3,088 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 18 | 6,313 | ||||||
Illinois Tool Works, Inc. (Machinery) | 62 | 11,300 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 35 | 6,453 | ||||||
Incyte Corp.* (Biotechnology) | 41 | 3,115 | ||||||
Ingersoll Rand, Inc. (Machinery) | 89 | 3,745 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 902 | 33,744 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 123 | 11,567 | ||||||
International Business Machines Corp. (IT Services) | 198 | 27,956 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 56 | 6,671 | ||||||
International Paper Co. (Containers & Packaging) | 82 | 3,430 | ||||||
Intuit, Inc. (Software) | 62 | 23,897 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 79 | 15,856 | ||||||
Invesco, Ltd. (Capital Markets) | 74 | 1,194 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 42 | 9,113 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 64 | 3,116 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 18 | 2,834 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 16 | 2,880 | ||||||
Jacobs Engineering Group, Inc. (Professional Services) | 28 | 3,560 | ||||||
Johnson & Johnson (Pharmaceuticals) | 580 | 102,955 | ||||||
Johnson Controls International PLC (Building Products) | 153 | 7,326 | ||||||
JPMorgan Chase & Co. (Banks) | 647 | 72,858 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 71 | 2,024 | ||||||
Kellogg Co. (Food Products) | 56 | 3,995 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 162 | 5,733 | ||||||
KeyCorp (Banks) | 206 | 3,549 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 40 | 5,514 | ||||||
Kimberly-Clark Corp. (Household Products) | 74 | 10,001 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 136 | 2,689 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 430 | 7,207 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 33 | 10,530 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 43 | 10,393 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 20 | 4,687 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 31 | 13,211 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 32 | 2,287 | ||||||
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | 76 | 2,553 | ||||||
Leidos Holdings, Inc. (Professional Services) | 30 | 3,021 | ||||||
Lennar Corp.—Class A (Household Durables) | 57 | 4,022 | ||||||
Lincoln National Corp. (Insurance) | 36 | 1,684 | ||||||
Linde PLC (Chemicals) | 111 | 31,915 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 30 | 2,477 | ||||||
LKQ Corp. (Distributors) | 57 | 2,798 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 52 | 22,359 | ||||||
Loews Corp. (Insurance) | 43 | 2,548 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 146 | 25,501 | ||||||
Lumen Technologies, Inc. (Diversified Telecommunication Services) | 205 | 2,237 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 57 | 4,985 | ||||||
M&T Bank Corp. (Banks) | 40 | 6,376 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 156 | 3,507 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 119 | 9,783 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 8 | 2,048 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 61 | 8,331 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 111 | 17,233 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 14 | 4,189 | ||||||
Masco Corp. (Building Products) | 52 | 2,631 | ||||||
Mastercard, Inc.—Class A (IT Services) | 189 | 59,626 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 63 | 4,390 | ||||||
McCormick & Co., Inc. (Food Products) | 55 | 4,579 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 163 | 40,241 | ||||||
McKesson Corp. (Health Care Providers & Services) | 32 | 10,439 |
See accompanying notes to financial statements.
276 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Medtronic PLC (Health Care Equipment & Supplies) | 295 | $ | 26,476 | |||||
Merck & Co., Inc. (Pharmaceuticals) | 557 | 50,782 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 506 | 81,593 | ||||||
MetLife, Inc. (Insurance) | 152 | 9,544 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 5 | 5,744 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 78 | 2,258 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 123 | 7,144 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 246 | 13,599 | ||||||
Microsoft Corp. (Software) | 1,649 | 423,513 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 25 | 4,367 | ||||||
Moderna, Inc.* (Biotechnology) | 76 | 10,857 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 11 | 1,365 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 13 | 3,635 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 41 | 2,235 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 305 | 18,938 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 10 | 3,840 | ||||||
Monster Beverage Corp.* (Beverages) | 83 | 7,694 | ||||||
Moody's Corp. (Capital Markets) | 35 | 9,519 | ||||||
Morgan Stanley (Capital Markets) | 309 | 23,502 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 37 | 7,755 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 18 | 7,419 | ||||||
Nasdaq, Inc. (Capital Markets) | 25 | 3,814 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 49 | 3,197 | ||||||
Netflix, Inc.* (Entertainment) | 98 | 17,137 | ||||||
Newell Brands, Inc. (Household Durables) | 81 | 1,542 | ||||||
Newmont Corp. (Metals & Mining) | 175 | 10,443 | ||||||
News Corp.—Class A (Media) | 86 | 1,340 | ||||||
News Corp.—Class B (Media) | 27 | 429 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 433 | 33,539 | ||||||
Nielsen Holdings PLC (Professional Services) | 79 | 1,834 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 279 | 28,513 | ||||||
NiSource, Inc. (Multi-Utilities) | 89 | 2,625 | ||||||
Nordson Corp. (Machinery) | 12 | 2,429 | ||||||
Norfolk Southern Corp. (Road & Rail) | 52 | 11,819 | ||||||
Northern Trust Corp. (Capital Markets) | 46 | 4,438 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 32 | 15,314 | ||||||
NortonLifelock, Inc. (Software) | 128 | 2,811 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 92 | 1,023 | ||||||
NRG Energy, Inc. (Electric Utilities) | 52 | 1,985 | ||||||
Nucor Corp. (Metals & Mining) | 59 | 6,160 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 552 | 83,677 | ||||||
NVR, Inc.* (Household Durables) | 1 | 4,004 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 58 | 8,586 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 196 | 11,540 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 20 | 5,126 | ||||||
Omnicom Group, Inc. (Media) | 45 | 2,862 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 96 | 4,830 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 99 | 5,495 | ||||||
Oracle Corp. (Software) | 347 | 24,245 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 14 | 8,845 | ||||||
Organon & Co. (Pharmaceuticals) | 56 | 1,890 | ||||||
Otis Worldwide Corp. (Machinery) | 93 | 6,572 | ||||||
PACCAR, Inc. (Machinery) | 77 | 6,340 | ||||||
Packaging Corp. of America (Containers & Packaging) | 21 | 2,888 | ||||||
Paramount Global—Class B (Media) | 134 | 3,307 | ||||||
Parker-Hannifin Corp. (Machinery) | 28 | 6,889 | ||||||
Paychex, Inc. (IT Services) | 71 | 8,085 | ||||||
Paycom Software, Inc.* (Software) | 11 | 3,081 | ||||||
PayPal Holdings, Inc.* (IT Services) | 255 | 17,809 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 36 | 1,095 | ||||||
Pentair PLC (Machinery) | 36 | 1,648 | ||||||
PepsiCo, Inc. (Beverages) | 305 | 50,831 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 28 | 3,982 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 1,236 | 64,803 | ||||||
Philip Morris International, Inc. (Tobacco) | 342 | 33,769 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 106 | 8,691 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 25 | 1,828 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 50 | 11,154 | ||||||
Pool Corp. (Distributors) | 9 | 3,161 | ||||||
PPG Industries, Inc. (Chemicals) | 52 | 5,946 | ||||||
PPL Corp. (Electric Utilities) | 162 | 4,395 | ||||||
Principal Financial Group, Inc. (Insurance) | 52 | 3,473 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 163 | 19,176 | ||||||
Prudential Financial, Inc. (Insurance) | 83 | 7,941 | ||||||
PTC, Inc.* (Software) | 23 | 2,446 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 110 | 6,961 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 34 | 10,631 | ||||||
PulteGroup, Inc. (Household Durables) | 52 | 2,061 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 15 | 854 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 24 | 2,264 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 247 | 31,552 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 32 | 4,011 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 277
Common Stocks, continued
Shares | Value | |||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 26 | $ | 3,457 | |||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 10 | 897 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 43 | 3,845 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 328 | 31,525 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 133 | 9,079 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 34 | 2,017 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 24 | 14,187 | ||||||
Regions Financial Corp. (Banks) | 206 | 3,863 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 46 | 6,020 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 32 | 6,708 | ||||||
Robert Half International, Inc. (Professional Services) | 24 | 1,797 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 26 | 5,182 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 50 | 1,746 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 23 | 9,077 | ||||||
Ross Stores, Inc. (Specialty Retail) | 77 | 5,408 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 50 | 1,746 | ||||||
S&P Global, Inc. (Capital Markets) | 77 | 25,953 | ||||||
Salesforce, Inc.* (Software) | 219 | 36,144 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 24 | 7,681 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 311 | 11,121 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 44 | 3,143 | ||||||
Sealed Air Corp. (Containers & Packaging) | 32 | 1,847 | ||||||
Sempra Energy (Multi-Utilities) | 69 | 10,368 | ||||||
ServiceNow, Inc.* (Software) | 44 | 20,923 | ||||||
Signature Bank (Banks) | 14 | 2,509 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 72 | 6,834 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 35 | 3,242 | ||||||
Snap-on, Inc. (Machinery) | 12 | 2,364 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 12 | 3,284 | ||||||
Southwest Airlines Co.* (Airlines) | 131 | 4,732 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 33 | 3,460 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 253 | 19,327 | ||||||
State Street Corp. (Capital Markets) | 81 | 4,994 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 22 | 4,535 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 74 | 14,721 | ||||||
SVB Financial Group* (Banks) | 13 | 5,135 | ||||||
Synchrony Financial (Consumer Finance) | 110 | 3,038 | ||||||
Synopsys, Inc.* (Software) | 34 | 10,326 | ||||||
Sysco Corp. (Food & Staples Retailing) | 112 | 9,488 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 50 | 5,681 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 35 | 4,289 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 56 | 1,709 | ||||||
Target Corp. (Multiline Retail) | 102 | 14,405 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 71 | 8,034 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 10 | 3,751 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 10 | 2,459 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 35 | 3,134 | ||||||
Tesla, Inc.* (Automobiles) | 185 | 124,583 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 203 | 31,191 | ||||||
Textron, Inc. (Aerospace & Defense) | 47 | 2,870 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 147 | 3,088 | ||||||
The Allstate Corp. (Insurance) | 61 | 7,731 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 164 | 6,840 | ||||||
The Boeing Co.* (Aerospace & Defense) | 122 | 16,680 | ||||||
The Charles Schwab Corp. (Capital Markets) | 332 | 20,976 | ||||||
The Clorox Co. (Household Products) | 27 | 3,806 | ||||||
The Coca-Cola Co. (Beverages) | 860 | 54,104 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 11 | 3,444 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 51 | 12,988 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 76 | 22,574 | ||||||
The Hershey Co. (Food Products) | 32 | 6,885 | ||||||
The Home Depot, Inc. (Specialty Retail) | 228 | 62,533 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 87 | 2,395 | ||||||
The JM Smucker Co.—Class A (Food Products) | 24 | 3,072 | ||||||
The Kraft Heinz Co. (Food Products) | 157 | 5,988 | ||||||
The Kroger Co. (Food & Staples Retailing) | 145 | 6,863 | ||||||
The Mosaic Co. (Chemicals) | 80 | 3,778 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 91 | 14,357 | ||||||
The Procter & Gamble Co. (Household Products) | 528 | 75,922 | ||||||
The Progressive Corp. (Insurance) | 129 | 14,999 | ||||||
The Sherwin-Williams Co. (Chemicals) | 53 | 11,867 | ||||||
The Southern Co. (Electric Utilities) | 234 | 16,687 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 259 | 14,465 | ||||||
The Travelers Cos., Inc. (Insurance) | 53 | 8,964 | ||||||
The Walt Disney Co.* (Entertainment) | 402 | 37,949 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 269 | 8,395 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 86 | 46,721 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 130 | 17,490 |
See accompanying notes to financial statements.
278 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Tractor Supply Co. (Specialty Retail) | 25 | $ | 4,846 | |||||
Trane Technologies PLC (Building Products) | 52 | 6,753 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 11 | 5,903 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 55 | 3,203 | ||||||
Truist Financial Corp. (Banks) | 293 | 13,897 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 168 | 6,282 | ||||||
Tyler Technologies, Inc.* (Software) | 9 | 2,992 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 64 | 5,508 | ||||||
U.S. Bancorp (Banks) | 298 | 13,714 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 66 | 3,039 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 12 | 4,626 | ||||||
Union Pacific Corp. (Road & Rail) | 138 | 29,433 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 72 | 2,550 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 162 | 29,571 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 16 | 3,887 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 207 | 106,322 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 15 | 1,511 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 90 | 9,565 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 88 | 4,526 | ||||||
VeriSign, Inc.* (IT Services) | 21 | 3,514 | ||||||
Verisk Analytics, Inc. (Professional Services) | 35 | 6,059 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 925 | 46,943 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 56 | 15,780 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 71 | 3,136 | ||||||
Viatris, Inc. (Pharmaceuticals) | 268 | 2,806 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 212 | 6,315 | ||||||
Visa, Inc.—Class A (IT Services) | 362 | 71,274 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 35 | 1,001 | ||||||
Vulcan Materials Co. (Construction Materials) | 29 | 4,121 | ||||||
W.R. Berkley Corp. (Insurance) | 46 | 3,140 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 9 | 4,090 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 158 | 5,988 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 309 | 37,568 | ||||||
Warner Bros Discovery, Inc.* (Entertainment) | 487 | 6,536 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 84 | 12,850 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 13 | 4,303 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 69 | 6,944 | ||||||
Wells Fargo & Co. (Banks) | 836 | 32,745 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 100 | 8,235 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 16 | 4,838 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 69 | 3,093 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 40 | 3,283 | ||||||
WestRock Co. (Containers & Packaging) | 56 | 2,231 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 164 | 5,432 | ||||||
Whirlpool Corp. (Household Durables) | 12 | 1,858 | ||||||
Willis Towers Watson PLC (Insurance) | 25 | 4,935 | ||||||
Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | 23 | 1,311 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 120 | 8,491 | ||||||
Xylem, Inc. (Machinery) | 40 | 3,127 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 63 | 7,151 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 12 | 3,527 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 46 | 4,833 | ||||||
Zions Bancorp (Banks) | 33 | 1,680 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 104 | 17,877 | ||||||
TOTAL COMMON STOCKS (Cost $1,610,686) | 7,030,356 |
Repurchase Agreements(b)(c) (34.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $3,531,135 | $ | 3,531,000 | $ | 3,531,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $3,523,338) | 3,531,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,134,024)—103.8% | 10,561,356 | |||||||
Net other assets (liabilities)—(3.8)% | (386,798 | ) | ||||||
NET ASSETS—100.0% | $ | 10,174,558 |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50 |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $2,026,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 279
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P 500 | Goldman Sachs International | 7/27/22 | 2.18 | % | $ | 6,522,210 | $ | (200,076 | ) | |||||||
SPDR S&P 500 ETF | Goldman Sachs International | 7/27/22 | 2.09 | % | 1,248,984 | (37,764 | ) | |||||||||
$ | 7,771,194 | $ | (237,840 | ) | ||||||||||||
S&P 500 | UBS AG | 7/27/22 | 2.08 | % | $ | 3,414,413 | $ | (99,801 | ) | |||||||
SPDR S&P 500 ETF | UBS AG | 7/27/22 | 1.68 | % | 2,125,796 | (65,873 | ) | |||||||||
$ | 5,540,209 | $ | (165,674 | ) | ||||||||||||
$ | 13,311,403 | $ | (403,514 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraBull invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 120,898 | 1.3 | % | ||||
Air Freight & Logistics | 48,031 | 0.5 | % | |||||
Airlines | 14,301 | 0.1 | % | |||||
Auto Components | 7,113 | 0.1 | % | |||||
Automobiles | 144,472 | 1.4 | % | |||||
Banks | 259,636 | 2.5 | % | |||||
Beverages | 131,793 | 1.2 | % | |||||
Biotechnology | 155,813 | 1.5 | % | |||||
Building Products | 28,561 | 0.3 | % | |||||
Capital Markets | 202,244 | 2.0 | % | |||||
Chemicals | 126,258 | 1.2 | % | |||||
Commercial Services & Supplies | 32,820 | 0.3 | % | |||||
Communications Equipment | 55,471 | 0.5 | % | |||||
Construction & Engineering | 4,011 | NM | ||||||
Construction Materials | 8,310 | 0.1 | % | |||||
Consumer Finance | 36,542 | 0.4 | % | |||||
Containers & Packaging | 22,306 | 0.2 | % | |||||
Distributors | 10,082 | 0.1 | % | |||||
Diversified Financial Services | 108,662 | 1.1 | % | |||||
Diversified Telecommunication Services | 82,255 | 0.8 | % | |||||
Electric Utilities | 138,094 | 1.3 | % | |||||
Electrical Equipment | 35,241 | 0.3 | % | |||||
Electronic Equipment, Instruments & Components | 42,516 | 0.4 | % | |||||
Energy Equipment & Services | 23,309 | 0.2 | % | |||||
Entertainment | 89,322 | 0.9 | % | |||||
Equity Real Estate Investment Trusts | 200,183 | 1.9 | % | |||||
Food & Staples Retailing | 106,876 | 1.1 | % | |||||
Food Products | 79,636 | 0.8 | % | |||||
Gas Utilities | 3,475 | NM | ||||||
Health Care Equipment & Supplies | 234,041 | 2.3 | % | |||||
Health Care Providers & Services | 244,423 | 2.4 | % | |||||
Hotels, Restaurants & Leisure | 128,068 | 1.3 | % | |||||
Household Durables | 22,893 | 0.2 | % | |||||
Household Products | 109,466 | 1.1 | % | |||||
Independent Power and Renewable Electricity Producers | 3,088 | NM | ||||||
Industrial Conglomerates | 66,733 | 0.7 | % | |||||
Insurance | 155,010 | 1.5 | % | |||||
Interactive Media & Services | 369,531 | 3.6 | % | |||||
Internet & Direct Marketing Retail | 211,883 | 2.2 | % | |||||
IT Services | 308,020 | 3.0 | % | |||||
Leisure Products | 2,375 | NM | ||||||
Life Sciences Tools & Services | 92,104 | 0.9 | % | |||||
Machinery | 107,786 | 1.1 | % | |||||
Media | 65,322 | 0.6 | % | |||||
Metals & Mining | 25,966 | 0.3 | % | |||||
Multiline Retail | 34,470 | 0.3 | % | |||||
Multi-Utilities | 67,634 | 0.7 | % | |||||
Oil, Gas & Consumable Fuels | 283,141 | 2.8 | % | |||||
Personal Products | 12,988 | 0.1 | % | |||||
Pharmaceuticals | 337,826 | 3.4 | % | |||||
Professional Services | 21,206 | 0.2 | % | |||||
Real Estate Management & Development | 5,300 | 0.1 | % | |||||
Road & Rail | 63,161 | 0.6 | % | |||||
Semiconductors & Semiconductor Equipment | 365,249 | 3.6 | % | |||||
Software | 622,641 | 6.2 | % | |||||
Specialty Retail | 144,598 | 1.4 | % | |||||
Technology Hardware, Storage & Peripherals | 483,901 | 4.8 | % | |||||
Textiles, Apparel & Luxury Goods | 35,109 | 0.3 | % | |||||
Tobacco | 50,435 | 0.5 | % | |||||
Trading Companies & Distributors | 14,316 | 0.1 | % | |||||
Water Utilities | 5,951 | 0.1 | % | |||||
Wireless Telecommunication Services | 17,490 | 0.2 | % | |||||
Other** | 3,144,202 | 30.9 | % | |||||
Total | $ | 10,174,558 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. | |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
280 :: ProFund VP UltraBull :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,134,024 | ||
Securities, at value | 7,030,356 | |||
Repurchase agreements, at value | 3,531,000 | |||
Total Investment Securities, at value | 10,561,356 | |||
Cash | 538 | |||
Segregated cash balances for swap agreements with custodian | 30 | |||
Dividends and interest receivable | 6,106 | |||
Receivable for capital shares issued | 45,545 | |||
Prepaid expenses | 696 | |||
TOTAL ASSETS | 10,614,271 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 3,470 | |||
Unrealized depreciation on swap agreements | 403,514 | |||
Advisory fees payable | 6,606 | |||
Management services fees payable | 881 | |||
Administration fees payable | 910 | |||
Administrative services fees payable | 3,700 | |||
Distribution fees payable | 4,327 | |||
Transfer agency fees payable | 1,656 | |||
Fund accounting fees payable | 654 | |||
Compliance services fees payable | 94 | |||
Other accrued expenses | 13,901 | |||
TOTAL LIABILITIES | 439,713 | |||
NET ASSETS | $ | 10,174,558 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 22,517,496 | ||
Total distributable earnings (loss) | (12,342,938 | ) | ||
NET ASSETS | $ | 10,174,558 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 488,770 | |||
Net Asset Value (offering and redemption price per share) | $ | 20.82 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 78,801 | ||
Interest | 6,874 | |||
Foreign tax withholding | (17 | ) | ||
TOTAL INVESTMENT INCOME | 85,658 | |||
EXPENSES: | ||||
Advisory fees | 53,928 | |||
Management services fees | 7,190 | |||
Administration fees | 7,950 | |||
Transfer agency fees | 6,767 | |||
Administrative services fees | 18,867 | |||
Distribution fees | 17,976 | |||
Custody fees | 1,474 | |||
Fund accounting fees | 5,569 | |||
Trustee fees | 233 | |||
Compliance services fees | 38 | |||
Other fees | 9,200 | |||
TOTAL NET EXPENSES | 129,192 | |||
NET INVESTMENT INCOME (LOSS) | (43,534 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 640,014 | |||
Net realized gains (losses) on futures contracts | (21,026 | ) | ||
Net realized gains (losses) on swap agreements | (4,233,978 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (3,226,181 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (22,325 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (294,532 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (7,158,028 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,201,562 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 281
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (43,534 | ) | $ | (145,351 | ) | ||
Net realized gains (losses) on investments | (3,614,990 | ) | 7,140,700 | |||||
Change in net unrealized appreciation/depreciation on investments | (3,543,038 | ) | 1,296,127 | |||||
Change in net assets resulting from operations | (7,201,562 | ) | 8,291,476 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,026,939 | ) | — | |||||
Change in net assets resulting from distributions | (3,026,939 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 23,369,781 | 132,380,968 | ||||||
Distributions reinvested | 3,026,939 | — | ||||||
Value of shares redeemed | (25,774,136 | ) | (137,964,214 | ) | ||||
Change in net assets resulting from capital transactions | 622,584 | (5,583,246 | ) | |||||
Change in net assets | (9,605,917 | ) | 2,708,230 | |||||
NET ASSETS: | ||||||||
Beginning of period | 19,780,475 | 17,072,245 | ||||||
End of period | $ | 10,174,558 | $ | 19,780,475 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 629,207 | 3,455,045 | ||||||
Reinvested | 128,260 | — | ||||||
Redeemed | (694,697 | ) | (3,610,503 | ) | ||||
Change in shares | 62,770 | (155,458 | ) |
See accompanying notes to financial statements.
282 :: ProFund VP UltraBull :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 46.43 | $ | 29.36 | $ | 64.84 | $ | 40.60 | $ | 59.07 | $ | 53.91 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.11 | ) | (0.28 | ) | (0.07 | ) | 0.20 | 0.20 | (0.08 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (16.83 | ) | 17.35 | 8.84 | 24.20 | (7.07 | ) | 20.72 | ||||||||||||||||
Total income (loss) from investment activities | (16.94 | ) | 17.07 | 8.77 | 24.40 | (6.87 | ) | 20.64 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.49 | ) | (0.16 | ) | — | — | ||||||||||||||||
Net realized gains on investments | (8.67 | ) | — | (43.76 | ) | — | (11.60 | ) | (15.48 | ) | ||||||||||||||
Total distributions | (8.67 | ) | — | (44.25 | ) | (0.16 | ) | (11.60 | ) | (15.48 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 20.82 | $ | 46.43 | $ | 29.36 | $ | 64.84 | $ | 40.60 | $ | 59.07 | ||||||||||||
Total Return(c)(d) | (38.68 | )% | 58.14 | % | 19.83 | % | 60.17 | % | (15.50 | )% | 41.02 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.80 | % | 1.67 | % | 1.69 | % | 1.62 | % | 1.53 | % | 1.60 | % | ||||||||||||
Net expenses(d)(e) | 1.80 | %(f) | 1.67 | % | 1.69 | %(f) | 1.62 | % | 1.53 | % | 1.60 | % | ||||||||||||
Net investment income (loss)(d)(e) | (0.61 | )% | (0.76 | )% | (0.16 | )% | 0.41 | % | 0.37 | % | (0.12 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 10,175 | $ | 19,780 | $ | 17,072 | $ | 30,287 | $ | 23,465 | $ | 34,995 | ||||||||||||
Portfolio turnover rate(c)(g) | 1 | % | 443 | % | 1,415 | % | 2,393 | % | 3,297 | % | 2,993 | % |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 283
Investment Objective: The ProFund VP UltraMid-Cap seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the S&P MidCap 400® for a single day, not any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 70 | % | ||
Swap Agreements | 130 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Targa Resources Corp. | 0.5 | % | ||
Carlisle Cos., Inc. | 0.4 | % | ||
Steel Dynamics, Inc. | 0.4 | % | ||
First Horizon Corp. | 0.4 | % | ||
Alleghany Corp. | 0.4 | % |
S&P MidCap 400® Index – Composition
% of Index | ||||
Industrials | 18 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Information Technology | 13 | % | ||
Health Care | 10 | % | ||
Real Estate | 9 | % | ||
Materials | 7 | % | ||
Utilities | 4 | % | ||
Consumer Staples | 4 | % | ||
Energy | 4 | % | ||
Communication Services | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (70.3%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 271 | $ | 18,327 | |||||
ACI Worldwide, Inc.* (Software) | 344 | 8,906 | ||||||
Acuity Brands, Inc. (Electrical Equipment) | 104 | 16,020 | ||||||
Adient PLC* (Auto Components) | 284 | 8,415 | ||||||
AECOM (Construction & Engineering) | 423 | 27,587 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 116 | 13,526 | ||||||
AGCO Corp. (Machinery) | 183 | 18,062 | ||||||
Alcoa Corp. (Metals & Mining) | 554 | 25,251 | ||||||
Alleghany Corp.* (Insurance) | 40 | 33,325 | ||||||
ALLETE, Inc. (Electric Utilities) | 171 | 10,051 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 98 | 10,302 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 418 | 26,948 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 461 | 5,154 | ||||||
American Financial Group, Inc. (Insurance) | 199 | 27,623 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 301 | 5,102 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 974 | 8,815 | ||||||
Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | 470 | 19,552 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 197 | 20,333 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 198 | 22,194 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 317 | 11,162 | ||||||
ASGN, Inc.* (Professional Services) | 153 | 13,808 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 152 | 15,664 | ||||||
Aspen Technology, Inc.* (Software) | 84 | 15,429 | ||||||
Associated Banc-Corp. (Banks) | 450 | 8,217 | ||||||
AutoNation, Inc.* (Specialty Retail) | 106 | 11,847 | ||||||
Avient Corp. (Chemicals) | 274 | 10,982 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 103 | 15,149 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 293 | 12,564 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 213 | 19,845 | ||||||
Azenta, Inc. (Semiconductors & Semiconductor Equipment) | 224 | 16,150 | ||||||
Bank of Hawaii Corp. (Banks) | 121 | 9,002 | ||||||
Bank OZK (Banks) | 338 | 12,685 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 132 | 7,032 | ||||||
BellRing Brands, Inc.* (Personal Products) | 327 | 8,139 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 404 | 25,176 | ||||||
Black Hills Corp. (Multi-Utilities) | 194 | 14,117 | ||||||
Blackbaud, Inc.* (Software) | 136 | 7,898 | ||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 240 | 11,940 | ||||||
Bread Financial Holdings, Inc. (IT Services) | 150 | 5,559 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 224 | 9,188 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 899 | 18,169 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 299 | 18,765 | ||||||
Brunswick Corp. (Leisure Products) | 227 | 14,841 | ||||||
Builders FirstSource, Inc.* (Building Products) | 518 | 27,817 | ||||||
Cable One, Inc. (Media) | 15 | 19,340 | ||||||
Cabot Corp. (Chemicals) | 169 | 10,781 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 70 | 19,725 | ||||||
Cadence Bank (Banks) | 551 | 12,937 | ||||||
Calix, Inc.* (Communications Equipment) | 166 | 5,667 | ||||||
Callaway Golf Co.* (Leisure Products) | 349 | 7,120 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 442 | 18,126 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 155 | 36,985 |
See accompanying notes to financial statements.
284 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 121 | $ | 8,528 | |||||
Casey's General Stores, Inc. (Food & Staples Retailing) | 111 | 20,533 | ||||||
Cathay General Bancorp (Banks) | 225 | 8,809 | ||||||
CDK Global, Inc. (Software) | 350 | 19,170 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 609 | 12,089 | ||||||
Chart Industries, Inc.* (Machinery) | 107 | 17,910 | ||||||
Chemed Corp. (Health Care Providers & Services) | 45 | 21,122 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 99 | 11,051 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 103 | 19,728 | ||||||
Ciena Corp.* (Communications Equipment) | 456 | 20,840 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 171 | 12,404 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 150 | 13,151 | ||||||
Cleveland-Cliffs, Inc.* (Metals & Mining) | 1,433 | 22,025 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 86 | 15,006 | ||||||
CNO Financial Group, Inc. (Insurance) | 347 | 6,277 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 585 | 9,629 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 520 | 22,110 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 74 | 19,700 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 100 | 7,158 | ||||||
Commerce Bancshares, Inc. (Banks) | 329 | 21,599 | ||||||
Commercial Metals Co. (Metals & Mining) | 364 | 12,048 | ||||||
CommVault Systems, Inc.* (Software) | 134 | 8,429 | ||||||
Concentrix Corp. (IT Services) | 129 | 17,498 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 337 | 8,826 | ||||||
Coty, Inc.*—Class A (Personal Products) | 1,032 | 8,266 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 445 | 13,007 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 70 | 5,844 | ||||||
Crane Holdings Co. (Machinery) | 143 | 12,521 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 185 | 9,004 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 171 | 19,913 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 115 | 15,187 | ||||||
Dana, Inc. (Auto Components) | 429 | 6,036 | ||||||
Darling Ingredients, Inc.* (Food Products) | 484 | 28,943 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 82 | 20,940 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 174 | 13,114 | ||||||
Donaldson Co., Inc. (Machinery) | 370 | 17,812 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 527 | 11,794 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 290 | 14,216 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 89 | 8,281 | ||||||
Eagle Materials, Inc. (Construction Materials) | 118 | 12,973 | ||||||
East West Bancorp, Inc. (Banks) | 426 | 27,605 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 125 | 19,291 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 154 | 15,856 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 299 | 16,759 | ||||||
Energizer Holdings, Inc. (Household Products) | 196 | 5,557 | ||||||
EnerSys (Electrical Equipment) | 124 | 7,311 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 141 | 7,755 | ||||||
Envestnet, Inc.* (Software) | 165 | 8,707 | ||||||
Envista Holdings Corp.* (Health Care Equipment & Supplies) | 487 | 18,769 | ||||||
EPR Properties (Equity Real Estate Investment Trusts) | 224 | 10,512 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 887 | 30,513 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,218 | 7,746 | ||||||
Esab Corp. (Machinery) | 137 | 5,994 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 322 | 12,526 | ||||||
Essential Utilities, Inc. (Water Utilities) | 690 | 31,637 | ||||||
Euronet Worldwide, Inc.* (IT Services) | 151 | 15,189 | ||||||
Evercore Partners, Inc.—Class A (Capital Markets) | 122 | 11,420 | ||||||
Exelixis, Inc.* (Biotechnology) | 960 | 19,987 | ||||||
F.N.B. Corp. (Banks) | 1,011 | 10,979 | ||||||
Fair Isaac Corp.* (Software) | 78 | 31,269 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 275 | 8,742 | ||||||
First American Financial Corp. (Insurance) | 322 | 17,040 | ||||||
First Financial Bankshares, Inc. (Banks) | 385 | 15,119 | ||||||
First Horizon Corp. (Banks) | 1,603 | 35,043 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 395 | 18,755 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 297 | 20,235 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 118 | 8,202 | ||||||
Five Below, Inc.* (Specialty Retail) | 166 | 18,829 | ||||||
Flowers Foods, Inc. (Food Products) | 597 | 15,713 | ||||||
Flowserve Corp. (Machinery) | 391 | 11,194 | ||||||
Fluor Corp.* (Construction & Engineering) | 426 | 10,369 | ||||||
Foot Locker, Inc. (Specialty Retail) | 251 | 6,338 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 126 | 10,148 | ||||||
FTI Consulting, Inc.* (Professional Services) | 103 | 18,628 | ||||||
Fulton Financial Corp. (Banks) | 482 | 6,965 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 185 | 22,626 | ||||||
GATX Corp. (Trading Companies & Distributors) | 107 | 10,075 | ||||||
Genpact, Ltd. (IT Services) | 511 | 21,646 | ||||||
Gentex Corp. (Auto Components) | 702 | 19,635 | ||||||
Glacier Bancorp, Inc. (Banks) | 325 | 15,412 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 237 | 13,305 | ||||||
Graco, Inc. (Machinery) | 507 | 30,120 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 12 | 6,802 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 97 | 9,136 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 80 | 4,990 | ||||||
Grocery Outlet Holding Corp.* (Food & Staples Retailing) | 263 | 11,212 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 305 | 13,197 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 285
Common Stocks, continued
Shares | Value | |||||||
H&R Block, Inc. (Diversified Consumer Services) | 478 | $ | 16,883 | |||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 153 | 9,973 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 413 | 18,172 | ||||||
Hancock Whitney Corp. (Banks) | 259 | 11,481 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 1,046 | 10,763 | ||||||
Harley-Davidson, Inc. (Automobiles) | 441 | 13,963 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 328 | 13,415 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 454 | 12,349 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 253 | 15,532 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 71 | 11,531 | ||||||
Hexcel Corp. (Aerospace & Defense) | 252 | 13,182 | ||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 448 | 20,232 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 315 | 10,770 | ||||||
Home BancShares, Inc. (Banks) | 566 | 11,756 | ||||||
Hubbell, Inc. (Electrical Equipment) | 161 | 28,752 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 433 | 6,426 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 401 | 13,141 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 60 | 9,863 | ||||||
IDACORP, Inc. (Electric Utilities) | 151 | 15,994 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 319 | 16,253 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 102 | 6,935 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 663 | 13,744 | ||||||
Ingevity Corp.* (Chemicals) | 116 | 7,324 | ||||||
Ingredion, Inc. (Food Products) | 198 | 17,456 | ||||||
Insperity, Inc. (Professional Services) | 107 | 10,682 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 214 | 11,562 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 262 | 14,413 | ||||||
International Bancshares Corp. (Banks) | 159 | 6,373 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 104 | 9,790 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 383 | 14,385 | ||||||
ITT, Inc. (Machinery) | 250 | 16,810 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 423 | 21,662 | ||||||
Janus Henderson Group PLC (Capital Markets) | 502 | 11,802 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 187 | 29,174 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 326 | 7,707 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 574 | 15,854 | ||||||
JetBlue Airways Corp.* (Airlines) | 960 | 8,035 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 130 | 6,209 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 146 | 25,530 | ||||||
KB Home (Household Durables) | 260 | 7,400 | ||||||
KBR, Inc. (Professional Services) | 418 | 20,226 | ||||||
Kemper Corp. (Insurance) | 180 | 8,622 | ||||||
Kennametal, Inc. (Machinery) | 248 | 5,761 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 315 | 16,484 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 64 | 14,697 | ||||||
Kirby Corp.* (Marine) | 180 | 10,951 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 656 | 11,342 | ||||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 490 | 22,682 | ||||||
Kohl's Corp. (Multiline Retail) | 385 | 13,741 | ||||||
Kyndryl Holdings, Inc.* (IT Services) | 540 | 5,281 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 261 | 22,960 | ||||||
Lancaster Colony Corp. (Food Products) | 59 | 7,598 | ||||||
Landstar System, Inc. (Road & Rail) | 111 | 16,142 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 412 | 19,982 | ||||||
Lear Corp. (Auto Components) | 179 | 22,534 | ||||||
Leggett & Platt, Inc. (Household Durables) | 400 | 13,832 | ||||||
Lennox International, Inc. (Building Products) | 99 | 20,452 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 93 | 14,484 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 253 | 28,250 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 174 | 21,465 | ||||||
Lithia Motors, Inc. (Specialty Retail) | 87 | 23,908 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 74 | 18,799 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 160 | 9,995 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 246 | 12,893 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 207 | 16,440 | ||||||
Macy's, Inc. (Multiline Retail) | 854 | 15,646 | ||||||
Manhattan Associates, Inc.* (Software) | 189 | 21,659 | ||||||
ManpowerGroup, Inc. (Professional Services) | 158 | 12,073 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 124 | 14,409 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 153 | 19,993 | ||||||
MasTec, Inc.* (Construction & Engineering) | 171 | 12,254 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 332 | 15,468 | ||||||
Mattel, Inc.* (Leisure Products) | 1,055 | 23,557 | ||||||
MAXIMUS, Inc. (IT Services) | 184 | 11,502 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 609 | 16,437 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 1,797 | 27,440 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 81 | 12,123 | ||||||
Mercury General Corp. (Insurance) | 80 | 3,544 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 173 | 11,129 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 929 | 11,705 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 227 | 5,963 | ||||||
Minerals Technologies, Inc. (Chemicals) | 99 | 6,073 |
See accompanying notes to financial statements.
286 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 167 | $ | 17,139 | |||||
MSA Safety, Inc. (Commercial Services & Supplies) | 110 | 13,318 | ||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 141 | 10,591 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 437 | 13,193 | ||||||
Murphy USA, Inc. (Specialty Retail) | 67 | 15,602 | ||||||
National Fuel Gas Co. (Gas Utilities) | 274 | 18,097 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 393 | 12,273 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 527 | 22,661 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 252 | 12,618 | ||||||
Navient Corp. (Consumer Finance) | 444 | 6,212 | ||||||
NCR Corp.* (Technology Hardware, Storage & Peripherals) | 409 | 12,724 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 323 | 7,781 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 286 | 27,879 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 288 | 12,825 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,401 | 12,791 | ||||||
NewMarket Corp. (Chemicals) | 20 | 6,019 | ||||||
Nordstrom, Inc. (Multiline Retail) | 334 | 7,057 | ||||||
NorthWestern Corp. (Multi-Utilities) | 162 | 9,547 | ||||||
NOV, Inc. (Energy Equipment & Services) | 1,176 | 19,886 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 150 | 6,495 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 156 | 7,669 | ||||||
nVent Electric PLC (Electrical Equipment) | 498 | 15,602 | ||||||
OGE Energy Corp. (Electric Utilities) | 599 | 23,098 | ||||||
Old National Bancorp (Banks) | 877 | 12,971 | ||||||
Old Republic International Corp. (Insurance) | 860 | 19,230 | ||||||
Olin Corp. (Chemicals) | 416 | 19,252 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | 175 | 10,281 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 705 | 19,874 | ||||||
ONE Gas, Inc. (Gas Utilities) | 162 | 13,153 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 415 | 11,533 | ||||||
Oshkosh Corp. (Machinery) | 197 | 16,182 | ||||||
Owens Corning (Building Products) | 291 | 21,624 | ||||||
PacWest Bancorp (Banks) | 352 | 9,384 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 96 | 8,018 | ||||||
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 699 | 9,485 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 260 | 7,878 | ||||||
Paylocity Holding Corp.* (Software) | 119 | 20,756 | ||||||
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 286 | 17,620 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 394 | 6,529 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 106 | 13,199 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 465 | 21,381 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 403 | 16,350 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 676 | 11,796 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 144 | 4,497 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 229 | 16,559 | ||||||
PNM Resources, Inc. (Electric Utilities) | 257 | 12,279 | ||||||
Polaris, Inc. (Leisure Products) | 167 | 16,580 | ||||||
Portland General Electric Co. (Electric Utilities) | 267 | 12,904 | ||||||
Post Holdings, Inc.* (Food Products) | 168 | 13,835 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 208 | 9,192 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 174 | 13,052 | ||||||
Primerica, Inc. (Insurance) | 115 | 13,764 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 212 | 6,159 | ||||||
Prosperity Bancshares, Inc. (Banks) | 276 | 18,843 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 60 | 11,229 | ||||||
Qualys, Inc.* (Software) | 100 | 12,614 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | 150 | 14,577 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 403 | 8,447 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 776 | 19,206 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 438 | 16,372 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 201 | 22,818 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 201 | 23,575 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 186 | 31,594 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 132 | 20,641 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 154 | 25,010 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 494 | 28,448 | ||||||
RH* (Specialty Retail) | 53 | 11,250 | ||||||
RLI Corp. (Insurance) | 119 | 13,874 | ||||||
Royal Gold, Inc. (Metals & Mining) | 197 | 21,036 | ||||||
RPM International, Inc. (Chemicals) | 388 | 30,543 | ||||||
Ryder System, Inc. (Road & Rail) | 153 | 10,872 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 691 | 9,653 | ||||||
Sabre Corp.* (IT Services) | 977 | 5,696 | ||||||
Saia, Inc.* (Road & Rail) | 79 | 14,852 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 282 | 17,676 | ||||||
Sanderson Farms, Inc. (Food Products) | 64 | 13,794 | ||||||
Science Applications International Corp. (Professional Services) | 167 | 15,548 | ||||||
Scientific Games Corp. A* (Hotels, Restaurants & Leisure) | 287 | 13,486 | ||||||
SEI Investments Co. (Capital Markets) | 313 | 16,908 | ||||||
Selective Insurance Group, Inc. (Insurance) | 181 | 15,736 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 190 | 10,444 | ||||||
Sensient Technologies Corp. (Chemicals) | 126 | 10,151 | ||||||
Service Corp. International (Diversified Consumer Services) | 476 | 32,902 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 287
Common Stocks, continued
Shares | Value | |||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 107 | $ | 20,455 | |||||
Silgan Holdings, Inc. (Containers & Packaging) | 252 | 10,420 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 110 | 15,424 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 129 | 12,979 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 47 | 7,662 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 233 | 5,056 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 404 | 14,374 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 192 | 8,861 | ||||||
SLM Corp. (Consumer Finance) | 807 | 12,863 | ||||||
Sonoco Products Co. (Containers & Packaging) | 292 | 16,656 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 296 | 5,799 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 200 | 17,416 | ||||||
Spire, Inc. (Gas Utilities) | 156 | 11,602 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 402 | 15,188 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 328 | 8,305 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 143 | 10,143 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 537 | 35,522 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 276 | 12,103 | ||||||
Stifel Financial Corp. (Capital Markets) | 319 | 17,871 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 757 | 19,743 | ||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 250 | 3,953 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 630 | 14,717 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 119 | 14,048 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 307 | 22,006 | ||||||
Synovus Financial Corp. (Banks) | 435 | 15,682 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 192 | 11,364 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 683 | 40,754 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 359 | 8,386 | ||||||
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 124 | 11,296 | ||||||
TEGNA, Inc. (Media) | 662 | 13,882 | ||||||
Tempur Sealy International, Inc. (Household Durables) | 526 | 11,241 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 323 | 16,977 | ||||||
Teradata Corp.* (IT Services) | 313 | 11,584 | ||||||
Terex Corp. (Machinery) | 207 | 5,666 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 161 | 21,984 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 152 | 8,001 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 204 | 14,933 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 28 | 8,483 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 141 | 8,560 | ||||||
The Chemours Co. (Chemicals) | 466 | 14,921 | ||||||
The Gap, Inc. (Specialty Retail) | 631 | 5,199 | ||||||
The Goodyear Tire & Rubber Co.* (Auto Components) | 847 | 9,071 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 269 | 6,386 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 107 | 15,649 | ||||||
The Macerich Co. (Equity Real Estate Investment Trusts) | 643 | 5,601 | ||||||
The Middleby Corp.* (Machinery) | 163 | 20,434 | ||||||
The New York Times Co.—Class A (Media) | 500 | 13,950 | ||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 121 | 9,558 | ||||||
The Timken Co. (Machinery) | 202 | 10,716 | ||||||
The Toro Co. (Machinery) | 313 | 23,722 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 514 | 9,704 | ||||||
The Western Union Co. (IT Services) | 1,156 | 19,039 | ||||||
Thor Industries, Inc. (Automobiles) | 165 | 12,330 | ||||||
Toll Brothers, Inc. (Household Durables) | 330 | 14,718 | ||||||
TopBuild Corp.* (Household Durables) | 98 | 16,381 | ||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 256 | 9,938 | ||||||
Trex Co., Inc.* (Building Products) | 339 | 18,448 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 301 | 5,358 | ||||||
UGI Corp. (Gas Utilities) | 629 | 24,285 | ||||||
UMB Financial Corp. (Banks) | 129 | 11,107 | ||||||
Umpqua Holdings Corp. (Banks) | 651 | 10,917 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 565 | 4,706 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 607 | 4,601 | ||||||
United Bankshares, Inc. (Banks) | 407 | 14,273 | ||||||
United States Steel Corp. (Metals & Mining) | 780 | 13,970 | ||||||
United Therapeutics Corp.* (Biotechnology) | 136 | 32,047 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 507 | 12,609 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 130 | 13,148 | ||||||
Unum Group (Insurance) | 602 | 20,480 | ||||||
Valley National Bancorp (Banks) | 1,258 | 13,096 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 64 | 14,376 | ||||||
Valvoline, Inc. (Chemicals) | 534 | 15,395 | ||||||
ViaSat, Inc.* (Communications Equipment) | 223 | 6,830 | ||||||
Vicor Corp.* (Electrical Equipment) | 65 | 3,557 | ||||||
Victoria's Secret & Co.* (Specialty Retail) | 203 | 5,678 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 395 | 7,039 | ||||||
Visteon Corp.* (Auto Components) | 84 | 8,701 | ||||||
Vontier Corp. (Electronic Equipment, Instruments & Components) | 483 | 11,104 | ||||||
Voya Financial, Inc. (Diversified Financial Services) | 306 | 18,216 |
See accompanying notes to financial statements.
288 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 196 | $ | 5,884 | |||||
Watsco, Inc. (Trading Companies & Distributors) | 99 | 23,643 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 82 | 10,073 | ||||||
Webster Financial Corp. (Banks) | 533 | 22,466 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 177 | 6,822 | ||||||
WEX, Inc.* (IT Services) | 135 | 21,001 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 210 | 23,300 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 90 | 6,729 | ||||||
Wintrust Financial Corp. (Banks) | 181 | 14,507 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 370 | 23,478 | ||||||
Woodward, Inc. (Machinery) | 182 | 16,833 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 129 | 8,061 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 96 | 4,234 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 276 | 18,139 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 357 | 5,301 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 296 | 14,256 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 258 | 11,164 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 142 | 10,583 | ||||||
TOTAL COMMON STOCKS (Cost $3,915,844) | 5,799,322 |
Repurchase Agreements(b)(c) (34.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $2,824,108 | $ | 2,824,000 | $ | 2,824,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,824,000) | 2,824,000 |
Collateral for Securities Loaned(d) (0.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio— Institutional Shares, 1.42%(e) | 23,092 | $ | 23,092 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $23,092) | 23,092 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,762,936)—104.8% | 8,646,414 | |||||||
Net other assets (liabilities)—(4.8)% | (395,712 | ) | ||||||
NET ASSETS—100.0% | $ | 8,250,702 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $22,503. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $1,693,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(d) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P MidCap 400 | Goldman Sachs International | 7/27/22 | 2.08 | % | $ | 5,034,733 | $ | (169,921 | ) | |||||||
SPDR S&P MidCap 400 ETF | Goldman Sachs International | 7/27/22 | 1.85 | % | 772,726 | (25,334 | ) | |||||||||
$ | 5,807,459 | $ | (195,255 | ) | ||||||||||||
S&P MidCap 400 | UBS AG | 7/27/22 | 1.93 | % | $ | 2,670,519 | $ | (87,813 | ) | |||||||
SPDR S&P MidCap 400 ETF | UBS AG | 7/27/22 | 1.88 | % | 2,208,145 | (73,421 | ) | |||||||||
$ | 4,878,664 | $ | (161,234 | ) | ||||||||||||
$ | 10,686,123 | $ | (356,489 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 289
ProFund VP UltraMid-Cap invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 59,343 | 0.7 | % | ||||
Air Freight & Logistics | 27,453 | 0.3 | % | |||||
Airlines | 8,035 | 0.1 | % | |||||
Auto Components | 84,540 | 1.0 | % | |||||
Automobiles | 26,293 | 0.3 | % | |||||
Banks | 401,701 | 5.0 | % | |||||
Beverages | 8,483 | 0.1 | % | |||||
Biotechnology | 109,247 | 1.3 | % | |||||
Building Products | 101,320 | 1.2 | % | |||||
Capital Markets | 94,682 | 1.1 | % | |||||
Chemicals | 156,663 | 1.9 | % | |||||
Commercial Services & Supplies | 88,220 | 1.1 | % | |||||
Communications Equipment | 49,777 | 0.6 | % | |||||
Construction & Engineering | 88,723 | 1.1 | % | |||||
Construction Materials | 12,973 | 0.2 | % | |||||
Consumer Finance | 27,277 | 0.3 | % | |||||
Containers & Packaging | 52,399 | 0.6 | % | |||||
Diversified Consumer Services | 65,723 | 0.8 | % | |||||
Diversified Financial Services | 34,070 | 0.4 | % | |||||
Diversified Telecommunication Services | 14,385 | 0.2 | % | |||||
Electric Utilities | 87,741 | 1.1 | % | |||||
Electrical Equipment | 108,777 | 1.3 | % | |||||
Electronic Equipment, Instruments & Components | 191,816 | 2.3 | % | |||||
Energy Equipment & Services | 31,975 | 0.4 | % | |||||
Entertainment | 8,061 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 511,576 | 6.2 | % | |||||
Food & Staples Retailing | 86,607 | 1.0 | % | |||||
Food Products | 108,222 | 1.3 | % | |||||
Gas Utilities | 97,378 | 1.1 | % | |||||
Health Care Equipment & Supplies | 193,338 | 2.3 | % | |||||
Health Care Providers & Services | 147,520 | 1.8 | % | |||||
Hotels, Restaurants & Leisure | 148,975 | 1.8 | % | |||||
Household Durables | 83,489 | 1.0 | % | |||||
Household Products | 5,557 | 0.1 | % | |||||
Industrial Conglomerates | 36,985 | 0.4 | % | |||||
Insurance | 263,265 | 3.2 | % | |||||
Interactive Media & Services | 15,941 | 0.2 | % | |||||
IT Services | 133,995 | 1.6 | % | |||||
Leisure Products | 73,262 | 0.9 | % | |||||
Life Sciences Tools & Services | 83,703 | 1.0 | % | |||||
Machinery | 261,275 | 3.3 | % | |||||
Marine | 10,951 | 0.1 | % | |||||
Media | 53,381 | 0.6 | % | |||||
Metals & Mining | 165,680 | 2.0 | % | |||||
Multiline Retail | 46,725 | 0.6 | % | |||||
Multi-Utilities | 40,101 | 0.5 | % | |||||
Oil, Gas & Consumable Fuels | 197,392 | 2.4 | % | |||||
Paper & Forest Products | 12,893 | 0.2 | % | |||||
Personal Products | 22,900 | 0.3 | % | |||||
Pharmaceuticals | 45,524 | 0.6 | % | |||||
Professional Services | 110,690 | 1.3 | % | |||||
Real Estate Management & Development | 25,530 | 0.3 | % | |||||
Road & Rail | 86,519 | 1.0 | % | |||||
Semiconductors & Semiconductor Equipment | 207,227 | 2.6 | % | |||||
Software | 172,513 | 2.1 | % | |||||
Specialty Retail | 162,845 | 2.0 | % | |||||
Technology Hardware, Storage & Peripherals | 18,025 | 0.2 | % | |||||
Textiles, Apparel & Luxury Goods | 98,200 | 1.2 | % | |||||
Thrifts & Mortgage Finance | 42,906 | 0.5 | % | |||||
Trading Companies & Distributors | 56,918 | 0.7 | % | |||||
Water Utilities | 31,637 | 0.4 | % | |||||
Other** | 2,451,380 | 29.7 | % | |||||
Total | $ | 8,250,702 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
290 :: ProFund VP UltraMid-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,762,936 | ||
Securities, at value(a) | 5,822,414 | |||
Repurchase agreements, at value | 2,824,000 | |||
Total Investment Securities, at value | 8,646,414 | |||
Cash | 27 | |||
Segregated cash balances for swap agreements with custodian | 20 | |||
Dividends and interest receivable | 6,475 | |||
Receivable for capital shares issued | 1,129 | |||
Prepaid expenses | 581 | |||
TOTAL ASSETS | 8,654,646 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 23,092 | |||
Payable for capital shares redeemed | 311 | |||
Unrealized depreciation on swap agreements | 356,489 | |||
Advisory fees payable | 5,310 | |||
Management services fees payable | 708 | |||
Administration fees payable | 746 | |||
Administrative services fees payable | 3,483 | |||
Distribution fees payable | 2,323 | |||
Transfer agency fees payable | 1,335 | |||
Fund accounting fees payable | 532 | |||
Compliance services fees payable | 80 | |||
Other accrued expenses | 9,535 | |||
TOTAL LIABILITIES | 403,944 | |||
NET ASSETS | $ | 8,250,702 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 9,564,813 | ||
Total distributable earnings (loss) | (1,314,111 | ) | ||
NET ASSETS | $ | 8,250,702 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 317,542 | |||
Net Asset Value (offering and redemption price per share) | $ | 25.98 |
(a) Includes securities on loan valued at: | $ | 22,503 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 62,348 | ||
Interest | 6,473 | |||
Net income from securities lending | 20 | |||
TOTAL INVESTMENT INCOME | 68,841 | |||
EXPENSES: | ||||
Advisory fees | 46,350 | |||
Management services fees | 6,180 | |||
Administration fees | 6,077 | |||
Transfer agency fees | 5,165 | |||
Administrative services fees | 17,353 | |||
Distribution fees | 15,450 | |||
Custody fees | 1,193 | |||
Fund accounting fees | 4,197 | |||
Trustee fees | 176 | |||
Compliance services fees | 27 | |||
Other fees | 6,226 | |||
Total Gross Expenses before reductions | 108,394 | |||
Expenses reduced and reimbursed by the Advisor | (4,571 | ) | ||
TOTAL NET EXPENSES | 103,823 | |||
NET INVESTMENT INCOME (LOSS) | (34,982 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,016,945 | |||
Net realized gains (losses) on futures contracts | (1,058 | ) | ||
Net realized gains (losses) on swap agreements | (3,328,331 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (3,005,458 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (434,338 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (5,752,240 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,787,222 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 291
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (34,982 | ) | $ | (158,284 | ) | ||
Net realized gains (losses) on investments | (2,312,444 | ) | 5,102,458 | |||||
Change in net unrealized appreciation/depreciation on investments | (3,439,796 | ) | 1,521,980 | |||||
Change in net assets resulting from operations | (5,787,222 | ) | 6,466,154 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (4,057,524 | ) | — | |||||
Change in net assets resulting from distributions | (4,057,524 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 3,353,177 | 46,261,796 | ||||||
Distributions reinvested | 4,057,524 | — | ||||||
Value of shares redeemed | (7,185,072 | ) | (47,580,050 | ) | ||||
Change in net assets resulting from capital transactions | 225,629 | (1,318,254 | ) | |||||
Change in net assets | (9,619,117 | ) | 5,147,900 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,869,819 | 12,721,919 | ||||||
End of period | $ | 8,250,702 | $ | 17,869,819 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 61,970 | 733,490 | ||||||
Reinvested | 130,930 | — | ||||||
Redeemed | (117,017 | ) | (744,151 | ) | ||||
Change in shares | 75,883 | (10,661 | ) |
See accompanying notes to financial statements.
292 :: ProFund VP UltraMid-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 73.95 | $ | 50.42 | $ | 61.51 | $ | 41.62 | $ | 79.70 | $ | 68.60 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.16 | ) | (0.55 | ) | (0.21 | ) | 0.06 | (0.06 | ) | (0.32 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (24.60 | ) | 24.08 | (0.36 | ) | 19.83 | (13.41 | ) | 19.39 | |||||||||||||||
Total income (loss) from investment activities | (24.76 | ) | 23.53 | (0.57 | ) | 19.89 | (13.47 | ) | 19.07 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.12 | ) | — | — | — | |||||||||||||||||
Net realized gains on investments | (23.21 | ) | — | (10.40 | ) | — | (24.61 | ) | (7.97 | ) | ||||||||||||||
Total distributions | (23.21 | ) | — | (10.52 | ) | — | (24.61 | ) | (7.97 | ) | ||||||||||||||
Net Asset Value, End of Period | $ | 25.98 | $ | 73.95 | $ | 50.42 | $ | 61.51 | $ | 41.62 | $ | 79.70 | ||||||||||||
Total Return(b)(c) | (38.55 | )% | 46.67 | % | 5.22 | % | 47.79 | % | (26.77 | )% | 28.86 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.75 | % | 1.69 | % | 1.79 | % | 1.71 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)((d) | (0.57 | )% | (0.83 | )% | (0.48 | )% | 0.11 | % | (0.10 | )% | (0.43 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 8,251 | $ | 17,870 | $ | 12,722 | $ | 14,875 | $ | 14,676 | $ | 25,815 | ||||||||||||
Portfolio turnover rate(b)(e) | 23 | % | 66 | % | 488 | % | 603 | % | 617 | % | 594 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 293
Investment Objective: The ProFund VP UltraNasdaq-100 seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 75 | % | ||
Futures Contracts | 2 | % | ||
Swap Agreements | 123 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 9.5 | % | ||
Microsoft Corp. | 8.2 | % | ||
Alphabet, Inc. | 5.7 | % | ||
Amazon.com, Inc. | 4.6 | % | ||
Tesla, Inc. | 3.0 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 51 | % | ||
Communication Services | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 6 | % | ||
Industrials | 3 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (75.4%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 5,127 | $ | 399,188 | |||||
Adobe, Inc.* (Software) | 3,098 | 1,134,055 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 10,626 | 812,570 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,507 | 223,324 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 517 | 122,358 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,189 | 2,591,140 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,239 | 2,710,251 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 40,214 | 4,271,128 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 3,368 | 323,125 | ||||||
Amgen, Inc. (Biotechnology) | 3,503 | 852,280 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 3,409 | 498,021 | ||||||
ANSYS, Inc.* (Software) | 570 | 136,395 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 63,971 | 8,746,115 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 5,705 | 519,041 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 562 | 267,445 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 3,789 | 250,339 | ||||||
Atlassian Corp. PLC*—Class A (Software) | 938 | 175,781 | ||||||
Autodesk, Inc.* (Software) | 1,426 | 245,215 | ||||||
Automatic Data Processing, Inc. (IT Services) | 2,739 | 575,299 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 1,417 | 210,750 | ||||||
Biogen, Inc.* (Biotechnology) | 960 | 195,782 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 266 | 465,231 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 2,677 | 1,300,512 | ||||||
Cadence Design Systems, Inc.* (Software) | 1,808 | 271,254 | ||||||
Charter Communications, Inc.*—Class A (Media) | 1,101 | 515,852 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 671 | 250,639 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 27,154 | 1,157,847 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 3,418 | 230,681 | ||||||
Comcast Corp.—Class A (Media) | 29,315 | 1,150,321 | ||||||
Constellation Energy Corp. (Electric Utilities) | 2,141 | 122,594 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,559 | 169,401 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 2,906 | 1,392,787 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 1,399 | 235,815 | ||||||
CSX Corp. (Road & Rail) | 14,258 | 414,338 | ||||||
Datadog, Inc.*—Class A (Software) | 1,856 | 176,765 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 2,574 | 191,840 | ||||||
DocuSign, Inc.* (Software) | 1,311 | 75,225 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 1,473 | 229,567 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 3,671 | 152,971 | ||||||
Electronic Arts, Inc. (Entertainment) | 1,835 | 223,228 | ||||||
Exelon Corp. (Electric Utilities) | 6,428 | 291,317 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 3,774 | 188,398 | ||||||
Fiserv, Inc.* (IT Services) | 4,239 | 377,144 | ||||||
Fortinet, Inc.* (Software) | 5,265 | 297,894 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 8,225 | 508,387 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 4,464 | 775,887 |
See accompanying notes to financial statements.
294 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 551 | $ | 193,252 | |||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,030 | 189,891 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 26,813 | 1,003,074 | ||||||
Intuit, Inc. (Software) | 1,850 | 713,064 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 2,354 | 472,472 | ||||||
JD.com, Inc.ADR (Internet & Direct Marketing Retail) | 3,323 | 213,403 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 9,302 | 329,198 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 979 | 312,379 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 910 | 387,797 | ||||||
Lucid Group, Inc.* (Automobiles) | 10,937 | 187,679 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 805 | 219,451 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 2,146 | 291,877 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 5,573 | 242,593 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 1,873 | 130,529 | ||||||
Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | 330 | 210,167 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 13,574 | 2,188,808 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 3,636 | 211,179 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 7,322 | 404,760 | ||||||
Microsoft Corp. (Software) | 29,561 | 7,592,153 | ||||||
Moderna, Inc.* (Biotechnology) | 2,608 | 372,553 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 9,075 | 563,467 | ||||||
Monster Beverage Corp.* (Beverages) | 3,473 | 321,947 | ||||||
NetEase, Inc.ADR (Entertainment) | 1,191 | 111,192 | ||||||
Netflix, Inc.* (Entertainment) | 2,913 | 509,396 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 13,906 | 2,108,010 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,722 | 254,908 | ||||||
Okta, Inc.* (IT Services) | 989 | 89,406 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 743 | 190,416 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 431 | 272,288 | ||||||
PACCAR, Inc. (Machinery) | 2,280 | 187,735 | ||||||
Palo Alto Networks, Inc.* (Software) | 653 | 322,543 | ||||||
Paychex, Inc. (IT Services) | 2,367 | 269,530 | ||||||
PayPal Holdings, Inc.* (IT Services) | 7,594 | 530,365 | ||||||
PepsiCo, Inc. (Beverages) | 9,067 | 1,511,106 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 2,906 | 179,591 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 7,344 | 938,123 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 708 | 418,520 | ||||||
Ross Stores, Inc. (Specialty Retail) | 2,304 | 161,810 | ||||||
Seagen, Inc.* (Biotechnology) | 1,207 | 213,567 | ||||||
Sirius XM Holdings, Inc. (Media) | 25,811 | 158,221 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 1,055 | 97,735 | ||||||
Splunk, Inc.* (Software) | 1,055 | 93,325 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 7,521 | 574,530 | ||||||
Synopsys, Inc.* (Software) | 1,003 | 304,611 | ||||||
Tesla, Inc.* (Automobiles) | 4,095 | 2,757,655 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 6,047 | 929,122 | ||||||
The Kraft Heinz Co. (Food Products) | 8,027 | 306,150 | ||||||
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | 8,220 | 1,105,919 | ||||||
VeriSign, Inc.* (IT Services) | 718 | 120,143 | ||||||
Verisk Analytics, Inc. (Professional Services) | 1,035 | 179,148 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 1,677 | 472,562 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 5,664 | 214,666 | ||||||
Workday, Inc.*—Class A (Software) | 1,305 | 182,152 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 3,572 | 252,755 | ||||||
Zoom Video Communications, Inc.*— Class A (Software) | 1,651 | 178,258 | ||||||
Zscaler, Inc.* (Software) | 925 | 138,297 | ||||||
TOTAL COMMON STOCKS (Cost $20,592,695) | 69,510,945 |
Repurchase Agreements(a)(b) (45.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $42,234,610 | $ | 42,233,000 | $ | 42,233,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $42,233,000) | 42,233,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $62,825,695)—121.2% | 111,743,945 | |||||||
Net other assets (liabilities)—(21.2)% | (19,549,386 | ) | ||||||
NET ASSETS—100.0% | $ | 92,194,559 | ||||||
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $24,858,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ADR | American Depositary Receipt |
NYS | New York Shares |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 295
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini Nasdaq-100 Futures Contracts | 6 | 9/19/22 | $ | 1,383,540 | $ | (145,529 | ) |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 7/27/22 | 1.98 | % | $ | 34,644,801 | $ | (1,510,241 | ) | |||||||
Nasdaq-100 Index | Goldman Sachs International | 7/27/22 | 2.18 | % | 34,102,778 | (1,546,810 | ) | |||||||||
$ | 68,747,579 | $ | (3,057,051 | ) | ||||||||||||
Invesco QQQ Trust, Series 1 ETF | UBS AG | 7/27/22 | 1.98 | % | $ | 3,696,146 | $ | (161,123 | ) | |||||||
Nasdaq-100 Index | UBS AG | 7/27/22 | 2.38 | % | 41,016,514 | (3,085,806 | ) | |||||||||
$ | 44,712,660 | $ | (3,246,929 | ) | ||||||||||||
$ | 113,460,239 | $ | (6,303,980 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraNasdaq-100 invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Automobiles | $ | 2,945,334 | 3.2 | % | ||||
Beverages | 2,162,251 | 2.4 | % | |||||
Biotechnology | 3,033,651 | 3.2 | % | |||||
Commercial Services & Supplies | 420,040 | 0.5 | % | |||||
Communications Equipment | 1,157,847 | 1.3 | % | |||||
Electric Utilities | 989,791 | 1.1 | % | |||||
Entertainment | 1,243,004 | 1.3 | % | |||||
Food & Staples Retailing | 1,607,453 | 1.7 | % | |||||
Food Products | 869,617 | 0.9 | % | |||||
Health Care Equipment & Supplies | 979,922 | 1.1 | % | |||||
Hotels, Restaurants & Leisure | 1,554,962 | 1.7 | % | |||||
Industrial Conglomerates | 775,887 | 0.8 | % | |||||
Interactive Media & Services | 7,831,478 | 8.5 | % | |||||
Internet & Direct Marketing Retail | 5,027,260 | 5.5 | % | |||||
IT Services | 2,192,568 | 2.4 | % | |||||
Life Sciences Tools & Services | 189,891 | 0.2 | % | |||||
Machinery | 187,735 | 0.2 | % | |||||
Media | 1,824,394 | 2.0 | % | |||||
Multiline Retail | 229,567 | 0.2 | % | |||||
Pharmaceuticals | 250,339 | 0.3 | % | |||||
Professional Services | 179,148 | 0.2 | % | |||||
Road & Rail | 604,754 | 0.7 | % | |||||
Semiconductors & Semiconductor Equipment | 10,287,269 | 11.2 | % | |||||
Software | 12,272,802 | 13.2 | % | |||||
Specialty Retail | 434,098 | 0.5 | % | |||||
Technology Hardware, Storage & Peripherals | 8,746,115 | 9.5 | % | |||||
Textiles, Apparel & Luxury Goods | 219,451 | 0.2 | % | |||||
Trading Companies & Distributors | 188,398 | 0.2 | % | |||||
Wireless Telecommunication Services | 1,105,919 | 1.2 | % | |||||
Other** | 22,683,614 | 24.6 | % | |||||
Total | $ | 92,194,559 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
296 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 62,825,695 | ||
Securities, at value | 69,510,945 | |||
Repurchase agreements, at value | 42,233,000 | |||
Total Investment Securities, at value | 111,743,945 | |||
Cash | 3,007 | |||
Segregated cash balances for futures contracts with brokers | 99,000 | |||
Segregated cash balances for swap agreements with custodian | 1,290 | |||
Dividends and interest receivable | 15,554 | |||
Receivable for capital shares issued | 281,645 | |||
Prepaid expenses | 1,550 | |||
TOTAL ASSETS | 112,145,991 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 13,335,017 | |||
Unrealized depreciation on swap agreements | 6,303,980 | |||
Variation margin on futures contracts | 19,380 | |||
Advisory fees payable | 58,560 | |||
Management services fees payable | 7,808 | |||
Administration fees payable | 9,103 | |||
Administrative services fees payable | 56,998 | |||
Distribution fees payable | 58,918 | |||
Trustee fees payable | 34 | |||
Transfer agency fees payable | 16,264 | |||
Fund accounting fees payable | 5,070 | |||
Compliance services fees payable | 1,048 | |||
Other accrued expenses | 79,252 | |||
TOTAL LIABILITIES | 19,951,432 | |||
NET ASSETS | $ | 92,194,559 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 127,025,999 | ||
Total distributable earnings (loss) | (34,831,440 | ) | ||
NET ASSETS | $ | 92,194,559 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 5,435,760 | |||
Net Asset Value (offering and redemption price per share) | $ | 16.96 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 470,579 | ||
Interest | 65,897 | |||
Foreign tax withholding | (520 | ) | ||
Net income from securities lending | 3,828 | |||
TOTAL INVESTMENT INCOME | 539,784 | |||
EXPENSES: | ||||
Advisory fees | 586,704 | |||
Management services fees | 78,227 | |||
Administration fees | 65,714 | |||
Transfer agency fees | 55,363 | |||
Administrative services fees | 203,750 | |||
Distribution fees | 195,568 | |||
Custody fees | 37,630 | |||
Fund accounting fees | 35,995 | |||
Trustee fees | 1,881 | |||
Compliance services fees | 245 | |||
Other fees | 96,426 | |||
Total Gross Expenses before reductions | 1,357,503 | |||
Expenses reduced and reimbursed by the Advisor | (43,283 | ) | ||
TOTAL NET EXPENSES | 1,314,220 | |||
NET INVESTMENT INCOME (LOSS) | (774,436 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 7,966,142 | |||
Net realized gains (losses) on futures contracts | (1,269,037 | ) | ||
Net realized gains (losses) on swap agreements | (81,637,368 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (52,206,353 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (145,323 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (758,749 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (128,050,688 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (128,825,124 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 297
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (774,436 | ) | $ | (2,794,460 | ) | ||
Net realized gains (losses) on investments | (74,940,263 | ) | 76,851,646 | |||||
Change in net unrealized appreciation/depreciation on investments | (53,110,425 | ) | 27,817,509 | |||||
Change in net assets resulting from operations | (128,825,124 | ) | 101,874,695 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (73,707,166 | ) | (55,696,682 | ) | ||||
Change in net assets resulting from distributions | (73,707,166 | ) | (55,696,682 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 472,739,550 | 801,378,690 | ||||||
Distributions reinvested | 73,707,166 | 55,664,279 | ||||||
Value of shares redeemed | (519,953,957 | ) | (841,566,970 | ) | ||||
Change in net assets resulting from capital transactions | 26,492,759 | 15,475,999 | ||||||
Change in net assets | (176,039,531 | ) | 61,654,012 | |||||
NET ASSETS: | ||||||||
Beginning of period | 268,234,090 | 206,580,078 | ||||||
End of period | $ | 92,194,559 | $ | 268,234,090 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 9,555,042 | 8,971,821 | ||||||
Reinvested | 3,774,048 | 861,676 | ||||||
Redeemed | (10,593,924 | ) | (9,357,371 | ) | ||||
Change in shares | 2,735,166 | 476,126 |
See accompanying notes to financial statements.
298 :: ProFund VP UltraNasdaq-100 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 99.32 | $ | 92.87 | $ | 61.10 | $ | 34.00 | $ | 56.77 | $ | 34.50 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(b) | (0.29 | ) | (1.08 | ) | (0.76 | ) | (0.12 | ) | (0.21 | ) | (0.33 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (48.82 | ) | 35.05 | 52.59 | 27.22 | 1.11 | 23.75 | |||||||||||||||||
Total income (loss) from investment activities | (49.11 | ) | 33.97 | 51.83 | 27.10 | 0.90 | 23.42 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net realized gains on investments | (33.25 | ) | (27.52 | ) | (20.06 | ) | — | (23.67 | ) | (1.15 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 16.96 | $ | 99.32 | $ | 92.87 | $ | 61.10 | $ | 34.00 | $ | 56.77 | ||||||||||||
Total Return(c)(d) | (53.86 | )% | 52.51 | % | 86.30 | % | 79.66 | % | (9.63 | )% | 68.33 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(d)(e) | 1.74 | % | 1.69 | % | 1.74 | % | 1.76 | % | 1.74 | % | 1.69 | % | ||||||||||||
Net expenses(d)(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(d)(e) | (0.99 | )% | (1.20 | )% | (1.05 | )% | (0.25 | )% | (0.40 | )% | (0.68 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 92,195 | $ | 268,234 | $ | 206,580 | $ | 119,521 | $ | 82,454 | $ | 131,438 | ||||||||||||
Portfolio turnover rate(c)(f) | 10 | % | 20 | % | 55 | % | 44 | % | 29 | % | 4 | % |
(a) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(e) | Annualized for periods less than one year. |
(f) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Dow 30 :: 299
Investment Objective: The ProFund VP UltraShort Dow 30 seeks daily investment results that, before fees and expenses, correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (199 | )% | ||
Total Exposure | (199 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP UltraShort Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average® Index – Composition
% of Index | ||||
Health Care | 23 | % | ||
Information Technology | 21 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Industrials | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 3 | % | ||
Energy | 3 | % | ||
Materials | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a) (96.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.41%, dated 6/30/22, due 7/1/22, total to be received $5,000 | $ | 5,000 | $ | 5,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,000) | 5,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,000)—96.0% | 5,000 | |||||||
Net other assets (liabilities)—4.0% | 209 | |||||||
NET ASSETS—100.0% | $ | 5,209 |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones Industrial Average | Goldman Sachs International | 7/27/22 | (1.93 | )% | $ | (6,836 | ) | $ | 136 | |||||||
Dow Jones Industrial Average | UBS AG | 7/27/22 | (1.78 | )% | (3,549 | ) | 77 | |||||||||
$ | (10,385 | ) | $ | 213 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
300 :: ProFund VP UltraShort Dow 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,000 | ||
Repurchase agreements, at value | 5,000 | |||
Total Investment Securities, at value | 5,000 | |||
Cash | 7 | |||
Unrealized appreciation on swap agreements | 213 | |||
Prepaid expenses | — | (a) | ||
TOTAL ASSETS | 5,220 | |||
LIABILITIES: | ||||
Advisory fees payable | 3 | |||
Management services fees payable | — | (a) | ||
Administration fees payable | — | (a) | ||
Administrative services fees payable | — | (a) | ||
Distribution fees payable | 1 | |||
Transfer agency fees payable | 1 | |||
Fund accounting fees payable | — | (a) | ||
Compliance services fees payable | — | (a) | ||
Other accrued expenses | 6 | |||
TOTAL LIABILITIES | 11 | |||
NET ASSETS | $ | 5,209 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 972,952 | ||
Total distributable earnings (loss) | (967,743 | ) | ||
NET ASSETS | $ | 5,209 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,085 | |||
Net Asset Value (offering and redemption price per share) | $ | 4.80 |
(a) | Amount is less than $0.50. |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 7 | ||
EXPENSES: | ||||
Advisory fees | 17 | |||
Management services fees | 2 | |||
Administration fees | 2 | |||
Transfer agency fees | 2 | |||
Administrative services fees | 1 | |||
Distribution fees | 5 | |||
Custody fees | — | (a) | ||
Fund accounting fees | 1 | |||
Trustee fees | — | (a) | ||
Compliance services fees | — | (a) | ||
Other fees | — | (a) | ||
TOTAL NET EXPENSES | 30 | |||
NET INVESTMENT INCOME (LOSS) | (23 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 974 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 221 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,195 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,172 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Dow 30 :: 301
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (23 | ) | $ | (203 | ) | ||
Net realized gains (losses) on investments | 974 | (13,980 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 221 | 80 | ||||||
Change in net assets resulting from operations | 1,172 | (14,103 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (109,160 | ) | |||||
Change in net assets resulting from distributions | — | (109,160 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | — | 2,010,525 | ||||||
Distributions reinvested | — | 4,415 | ||||||
Value of shares redeemed | (67 | ) | (1,894,037 | ) | ||||
Change in net assets resulting from capital transactions | (67 | ) | 120,903 | |||||
Change in net assets | 1,105 | (2,360 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 4,104 | 6,464 | ||||||
End of period | $ | 5,209 | $ | 4,104 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | — | 246,164 | ||||||
Reinvested | — | 1,027 | ||||||
Redeemed | (18 | ) | (246,176 | ) | ||||
Change in shares | (18 | ) | 1,015 |
See accompanying notes to financial statements.
302 :: ProFund VP UltraShort Dow 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a)(b) | Year Ended Dec. 31, 2018(a)(b) | Year Ended Dec. 31, 2017(a)(b) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 3.72 | $ | 73.45 | $ | 147.61 | $ | 256.37 | $ | 250.06 | $ | 415.83 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(c) | (0.02 | ) | (0.09 | ) | (1.40 | ) | 1.60 | 1.34 | (3.45 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.10 | (19.00 | ) | (64.52 | ) | (95.56 | ) | 4.97 | (162.32 | ) | ||||||||||||||
Total income (loss) from investment activities | 1.08 | (19.09 | ) | (65.92 | ) | (93.96 | ) | 6.31 | (165.77 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (8.24 | ) | (6.30 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (50.64 | ) | — | (8.50 | ) | — | — | ||||||||||||||||
Total distributions | — | (50.64 | ) | (8.24 | ) | (14.80 | ) | — | — | |||||||||||||||
Net Asset Value, End of Period | $ | 4.80 | $ | 3.72 | $ | 73.45 | $ | 147.61 | $ | 256.37 | $ | 250.06 | ||||||||||||
Total Return(d)(e) | 29.03 | % | (35.11 | )%(f) | (45.44 | )% | (37.95 | )% | 2.56 | % | (39.90 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(e)(g) | 1.33 | % | 1.41 | % | 1.46 | % | 1.48 | % | 1.61 | % | 1.68 | % | ||||||||||||
Net expenses(e)(g) | 1.33 | % | 1.41 | % | 1.46 | % | 1.45 | % | 1.26 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(e)(g) | (1.01 | )% | (1.41 | )% | (1.28 | )% | 0.83 | % | 0.59 | % | (0.99 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 5 | $ | 4 | $ | 6 | $ | 3 | $ | 6 | $ | 8 | ||||||||||||
Portfolio turnover rate(h) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020. |
(b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019. |
(c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(d) | Not annualized for periods less than one year. |
(e) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(f) | During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.40%. |
(g) | Annualized for periods less than one year. |
(h) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Nasdaq-100 :: 303
Investment Objective: The ProFund VP UltraShort Nasdaq-100 seeks daily investment results that, before fees and expenses, correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (201 | )% | ||
Total Exposure | (201 | )% |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP UltraShort Nasdaq-100 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 51 | % | ||
Communication Services | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 6 | % | ||
Industrials | 3 | % | ||
Utilities | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (86.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $2,190,083 | $ | 2,190,000 | $ | 2,190,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,190,000) | 2,190,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $2,190,000)—86.3% | 2,190,000 | |||||||
Net other assets (liabilities)—13.7% | 347,300 | |||||||
NET ASSETS—100.0% | $ | 2,537,300 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $576,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Nasdaq-100 Index | Goldman Sachs International | 7/27/22 | (1.93 | )% | $ | (4,337,723 | ) | $ | 154,371 | |||||||
Nasdaq-100 Index | UBS AG | 7/27/22 | (1.73 | )% | (750,581 | ) | 32,978 | |||||||||
$ | (5,088,304 | ) | $ | 187,349 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
304 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 2,190,000 | ||
Repurchase agreements, at value | 2,190,000 | |||
Total Investment Securities, at value | 2,190,000 | |||
Cash | 54 | |||
Segregated cash balances for swap agreements with custodian | 4 | |||
Interest receivable | 83 | |||
Unrealized appreciation on swap agreements | 187,349 | |||
Receivable for capital shares issued | 177,452 | |||
Prepaid expenses | 40 | |||
TOTAL ASSETS | 2,554,982 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 38 | |||
Advisory fees payable | 4,790 | |||
Management services fees payable | 639 | |||
Administration fees payable | 689 | |||
Administrative services fees payable | 3,197 | |||
Distribution fees payable | 3,997 | |||
Transfer agency fees payable | 1,163 | |||
Fund accounting fees payable | 381 | |||
Compliance services fees payable | 32 | |||
Other accrued expenses | 2,756 | |||
TOTAL LIABILITIES | 17,682 | |||
NET ASSETS | $ | 2,537,300 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 6,450,853 | ||
Total distributable earnings (loss) | (3,913,553 | ) | ||
NET ASSETS | $ | 2,537,300 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 147,159 | |||
Net Asset Value (offering and redemption price per share) | $ | 17.24 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 12,720 | ||
EXPENSES: | ||||
Advisory fees | 20,116 | |||
Management services fees | 2,682 | |||
Administration fees | 2,231 | |||
Transfer agency fees | 2,039 | |||
Administrative services fees | 5,365 | |||
Distribution fees | 6,705 | |||
Custody fees | 628 | |||
Fund accounting fees | 1,315 | |||
Trustee fees | 69 | |||
Compliance services fees | 23 | |||
Other fees | 3,669 | |||
Recoupment of prior expenses reduced by the Advisor | 375 | |||
Total Gross Expenses before reductions | 45,217 | |||
Expenses reduced and reimbursed by the Advisor | (157 | ) | ||
TOTAL NET EXPENSES | 45,060 | |||
NET INVESTMENT INCOME (LOSS) | (32,340 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 1,310,419 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 176,469 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,486,888 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,454,548 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Nasdaq-100 :: 305
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (32,340 | ) | $ | (25,883 | ) | ||
Net realized gains (losses) on investments | 1,310,419 | (339,086 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 176,469 | 12,461 | ||||||
Change in net assets resulting from operations | 1,454,548 | (352,508 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (2,439,139 | ) | |||||
Change in net assets resulting from distributions | — | (2,439,139 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 321,721,721 | 242,521,359 | ||||||
Distributions reinvested | — | 2,439,139 | ||||||
Value of shares redeemed | (321,087,543 | ) | (241,957,148 | ) | ||||
Change in net assets resulting from capital transactions | 634,178 | 3,003,350 | ||||||
Change in net assets | 2,088,726 | 211,703 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 448,574 | 236,871 | ||||||
End of period | $ | 2,537,300 | $ | 448,574 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 22,880,076 | 15,773,081 | ||||||
Reinvested | — | 134,218 | ||||||
Redeemed | (22,774,970 | ) | (15,876,300 | ) | ||||
Change in shares | 105,106 | 30,999 |
See accompanying notes to financial statements.
306 :: ProFund VP UltraShort Nasdaq-100 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a)(b) | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.67 | $ | 21.43 | $ | 76.07 | $ | 155.01 | $ | 175.32 | $ | 318.37 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(c) | (0.08 | ) | (0.25 | ) | (0.59 | ) | 0.52 | 0.52 | (1.96 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 6.65 | (7.77 | ) | (53.72 | ) | (78.58 | ) | (20.83 | ) | (141.09 | ) | |||||||||||||
Total income (loss) from investment activities | 6.57 | (8.02 | ) | (54.31 | ) | (78.06 | ) | (20.31 | ) | (143.05 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.33 | ) | (0.88 | ) | — | — | ||||||||||||||||
Net realized gains on investments | — | (2.74 | ) | — | — | — | — | |||||||||||||||||
Total distributions | — | (2.74 | ) | (0.33 | ) | (0.88 | ) | — | — | |||||||||||||||
�� | ||||||||||||||||||||||||
Net Asset Value, End of Period | $ | 17.24 | $ | 10.67 | $ | 21.43 | $ | 76.07 | $ | 155.01 | $ | 175.32 | ||||||||||||
Total Return(d)(e) | 61.57 | % | (42.71 | )% | (71.46 | )% | (50.50 | )% | (11.59 | )% | (44.94 | )% | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(e)(f) | 1.68 | % | 1.74 | % | 1.78 | % | 1.68 | % | 1.66 | % | 1.68 | % | ||||||||||||
Net expenses(e)(f) | 1.68 | % | 1.68 | % | 1.68 | % | 1.67 | % | 1.66 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(e)(f) | (1.20 | )% | (1.68 | )% | (1.49 | )% | 0.50 | % | 0.40 | % | (0.88 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 2,537 | $ | 449 | $ | 237 | $ | 1,026 | $ | 666 | $ | 324 | ||||||||||||
Portfolio turnover rate(g) | — | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on December 11, 2017. |
(c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(d) | Not annualized for periods less than one year. |
(e) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(f) | Annualized for periods less than one year. |
(g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 307
Investment Objective: The ProFund VP UltraSmall-Cap seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the Russell 2000® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 66 | % | ||
Swap Agreements | 134 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Biohaven Pharmaceutical Holding Co., Ltd. | 0.3 | % | ||
Shockwave Medical, Inc. | 0.2 | % | ||
Chart Industries, Inc. | 0.2 | % | ||
Halozyme Therapeutics, Inc. | 0.2 | % | ||
Sailpoint Technologies Holding, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Financials | 17 | % | ||
Health Care | 16 | % | ||
Industrials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 10 | % | ||
Real Estate | 7 | % | ||
Energy | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 4 | % | ||
Communication Services | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (65.8%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | 98 | $ | 932 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 656 | 5,143 | ||||||
1st Source Corp. (Banks) | 59 | 2,679 | ||||||
1stdibs.com, Inc.* (Internet & Direct Marketing Retail) | 85 | 484 | ||||||
22nd Century Group, Inc.* (Tobacco) | 588 | 1,252 | ||||||
23andMe Holding Co.*—Class A (Life Sciences Tools & Services) | 624 | 1,548 | ||||||
2seventy bio, Inc.* (Biotechnology) | 136 | 1,795 | ||||||
2U, Inc.* (Diversified Consumer Services) | 271 | 2,837 | ||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 460 | 4,462 | ||||||
4D Molecular Therapeutics, Inc.* (Biotechnology) | 109 | 761 | ||||||
5E Advanced Materials, Inc.* (Metals & Mining) | 117 | 1,425 | ||||||
8x8, Inc.* (Software) | 399 | 2,055 | ||||||
908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | 79 | 1,627 | ||||||
A10 Networks, Inc. (Software) | 239 | 3,437 | ||||||
Aadi Bioscience, Inc.* (Pharmaceuticals) | 53 | 653 | ||||||
AAON, Inc. (Building Products) | 159 | 8,707 | ||||||
AAR Corp.* (Aerospace & Defense) | 123 | 5,146 | ||||||
Aaron's Co., Inc. (The) (Specialty Retail) | 110 | 1,601 | ||||||
AbCellera Biologics, Inc.* (Life Sciences Tools & Services) | 752 | 8,009 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 180 | 3,046 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 244 | 10,595 | ||||||
Absci Corp.* (Life Sciences Tools & Services) | 191 | 634 | ||||||
Academy Sports & Outdoors, Inc. (Leisure Products) | 305 | 10,841 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 437 | 6,157 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 338 | 5,280 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 213 | 2,262 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 344 | 2,246 | ||||||
Accolade, Inc.* (Health Care Technology) | 212 | 1,569 | ||||||
ACI Worldwide, Inc.* (Software) | 416 | 10,770 | ||||||
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | 217 | 3,029 | ||||||
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 174 | 2,928 | ||||||
ACNB Corp. (Banks) | 31 | 920 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 124 | 5,168 | ||||||
ACV Auctions, Inc.*—Class A (Software) | 409 | 2,675 | ||||||
Adagio Therapeutics, Inc.* (Biotechnology) | 186 | 610 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 262 | 4,726 | ||||||
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services) | 405 | 3,276 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 56 | 4,664 | ||||||
Adicet Bio, Inc.* (Pharmaceuticals) | 103 | 1,504 | ||||||
Adient PLC* (Auto Components) | 345 | 10,222 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 675 | 1,337 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 163 | 5,863 | ||||||
AdTheorent Holding Co., Inc.* (Media) | 58 | 179 | ||||||
ADTRAN, Inc. (Communications Equipment) | 177 | 3,103 | ||||||
Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | 136 | 9,925 |
See accompanying notes to financial statements.
308 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
AdvanSix, Inc. (Chemicals) | 99 | $ | 3,311 | |||||
Advantage Solutions, Inc.* (Media) | 300 | 1,140 | ||||||
Aemetis, Inc.* (Oil, Gas & Consumable Fuels) | 106 | 520 | ||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 170 | 1,275 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 288 | 11,692 | ||||||
Aerovate Therapeutics, Inc.* (Biotechnology) | 33 | 516 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 84 | 6,905 | ||||||
AerSale Corp.* (Aerospace & Defense) | 58 | 842 | ||||||
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 352 | 1,102 | ||||||
AEye, Inc.* (Electronic Equipment, Instruments & Components) | 96 | 183 | ||||||
AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts) | 57 | 874 | ||||||
Affimed N.V.* (Biotechnology) | 516 | 1,429 | ||||||
Agenus, Inc.* (Biotechnology) | 981 | 1,903 | ||||||
Agiliti, Inc.* (Health Care Providers & Services) | 100 | 2,051 | ||||||
Agilysys, Inc.* (Software) | 71 | 3,356 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 198 | 4,390 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 270 | 19,474 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 215 | 6,177 | ||||||
AirSculpt Technologies, Inc.* (Health Care Providers & Services) | 45 | 267 | ||||||
aka Brands Holding Corp.* (Internet & Direct Marketing Retail) | 41 | 113 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 102 | 964 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 189 | 699 | ||||||
Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | 57 | 732 | ||||||
Alamo Group, Inc. (Machinery) | 37 | 4,308 | ||||||
Alarm.com Holdings, Inc.* (Software) | 175 | 10,826 | ||||||
Albany International Corp.—Class A (Machinery) | 115 | 9,061 | ||||||
Albireo Pharma, Inc.* (Biotechnology) | 62 | 1,231 | ||||||
Alector, Inc.* (Biotechnology) | 226 | 2,296 | ||||||
Alerus Financial Corp. (Diversified Financial Services) | 55 | 1,310 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 264 | 4,739 | ||||||
Alexander's, Inc. (Equity Real Estate Investment Trusts) | 8 | 1,777 | ||||||
Alico, Inc. (Food Products) | 23 | 819 | ||||||
Alight, Inc.*—Class A (Professional Services) | 1,233 | 8,323 | ||||||
Alignment Healthcare, Inc.* (Health Care Providers & Services) | 306 | 3,491 | ||||||
Alkami Technology, Inc.* (Software) | 130 | 1,806 | ||||||
Alkermes PLC* (Biotechnology) | 592 | 17,635 | ||||||
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 343 | 1,348 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 451 | 10,242 | ||||||
Allegiance Bancshares, Inc. (Banks) | 70 | 2,643 | ||||||
Allegiant Travel Co.* (Airlines) | 56 | 6,333 | ||||||
ALLETE, Inc. (Electric Utilities) | 208 | 12,226 | ||||||
Allied Motion Technologies, Inc. (Electrical Equipment) | 47 | 1,073 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 289 | 3,295 | ||||||
Allovir, Inc.* (Biotechnology) | 113 | 441 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 414 | 6,140 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 80 | 2,667 | ||||||
Alpha Metallurgical Resources, Inc. (Metals & Mining) | 65 | 8,393 | ||||||
Alpha Teknova, Inc.* (Biotechnology) | 23 | 193 | ||||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 256 | 1,674 | ||||||
Alpine Immune Sciences, Inc.* (Biotechnology) | 57 | 485 | ||||||
Alta Equipment Group, Inc.* (Trading Companies & Distributors) | 76 | 682 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 189 | 9,923 | ||||||
Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels) | 262 | 972 | ||||||
Altra Industrial Motion Corp. (Machinery) | 236 | 8,319 | ||||||
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers) | 152 | 959 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 78 | 631 | ||||||
Amalgamated Financial Corp. (Banks) | 51 | 1,009 | ||||||
A-Mark Precious Metals, Inc. (Diversified Financial Services) | 66 | 2,129 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 166 | 1,884 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 132 | 8,641 | ||||||
AMC Networks, Inc.*—Class A (Media) | 110 | 3,203 | ||||||
Amerant Bancorp, Inc. (Banks) | 102 | 2,868 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 115 | 5,239 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 179 | 5,316 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 410 | 3,087 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 560 | 6,261 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 283 | 10,349 | ||||||
American National Bankshares, Inc. (Banks) | 38 | 1,315 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 68 | 1,099 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 5 | 71 | ||||||
American Software, Inc.—Class A (Software) | 114 | 1,842 | ||||||
American States Water Co. (Water Utilities) | 134 | 10,923 | ||||||
American Vanguard Corp. (Chemicals) | 106 | 2,369 | ||||||
American Well Corp.*—Class A (Health Care Technology) | 833 | 3,599 | ||||||
American Woodmark Corp.* (Building Products) | 60 | 2,701 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 22 | 2,213 | ||||||
Ameris Bancorp (Banks) | 240 | 9,643 | ||||||
AMERISAFE, Inc. (Insurance) | 69 | 3,589 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 1,001 | 10,751 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 369 | 6,255 | ||||||
AMMO, Inc.* (Leisure Products) | 317 | 1,220 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 309
Common Stocks, continued
Shares | Value | |||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 162 | $ | 17,773 | |||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 374 | 1,189 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 139 | 4,836 | ||||||
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels) | 130 | 850 | ||||||
Amplitude, Inc.*—Class A (Software) | 203 | 2,901 | ||||||
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals) | 42 | 809 | ||||||
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | 715 | 1,323 | ||||||
AN2 Therapeutics, Inc.* (Pharmaceuticals) | 17 | 132 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 74 | 1,502 | ||||||
Anavex Life Sciences Corp.* (Biotechnology) | 248 | 2,482 | ||||||
Angel Oak Mortgage, Inc. (Mortgage Real Estate Investment Trusts) | 43 | 557 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 135 | 2,612 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 46 | 1,365 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 53 | 1,183 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 44 | 1,807 | ||||||
Apartment Investment and Management Co.* (Equity Real Estate Investment Trusts) | 544 | 3,482 | ||||||
Apellis Pharmaceuticals, Inc.* (Biotechnology) | 330 | 14,922 | ||||||
API Group Corp.* (Construction & Engineering) | 750 | 11,228 | ||||||
Apogee Enterprises, Inc. (Building Products) | 81 | 3,177 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 511 | 5,335 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 141 | 5,441 | ||||||
Appfolio, Inc.* (Software) | 69 | 6,254 | ||||||
AppHarvest, Inc.*(a) (Food Products) | 259 | 904 | ||||||
Appian Corp.* (Software) | 145 | 6,867 | ||||||
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | 781 | 11,457 | ||||||
Applied Blockchain, Inc.* (Software) | 29 | 30 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 139 | 13,367 | ||||||
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 564 | 7,394 | ||||||
Arbutus Biopharma Corp.* (Biotechnology) | 392 | 1,062 | ||||||
ArcBest Corp. (Road & Rail) | 89 | 6,263 | ||||||
Arcellx, Inc.* (Biotechnology) | 36 | 651 | ||||||
Arch Resources, Inc. (Oil, Gas & Consumable Fuels) | 55 | 7,870 | ||||||
Archaea Energy, Inc.* (Oil, Gas & Consumable Fuels) | 216 | 3,354 | ||||||
Archer Aviation, Inc.*—Class A (Aerospace & Defense) | 452 | 1,392 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 492 | 4,069 | ||||||
Arconic Corp.* (Metals & Mining) | 384 | 10,772 | ||||||
Arcosa, Inc. (Construction & Engineering) | 176 | 8,172 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 84 | 1,322 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 187 | 4,739 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 127 | 2,706 | ||||||
Ardmore Shipping Corp.* (Oil, Gas & Consumable Fuels) | 127 | 885 | ||||||
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | 162 | 1,981 | ||||||
Argan, Inc. (Construction & Engineering) | 51 | 1,903 | ||||||
Argo Group International Holdings, Ltd. (Insurance) | 115 | 4,239 | ||||||
Aris Water Solution, Inc.—Class A (Commercial Services & Supplies) | 80 | 1,334 | ||||||
Arko Corp. (Specialty Retail) | 308 | 2,513 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 309 | 1,937 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 244 | 3,133 | ||||||
ARMOUR Residential REIT, Inc.(a) (Mortgage Real Estate Investment Trusts) | 373 | 2,626 | ||||||
Array Technologies, Inc.* (Electrical Equipment) | 548 | 6,033 | ||||||
Arrow Financial Corp. (Banks) | 50 | 1,591 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 374 | 13,168 | ||||||
Arteris, Inc.* (Software) | 61 | 425 | ||||||
Artesian Resources Corp.—Class A (Water Utilities) | 30 | 1,475 | ||||||
Artisan Partners Asset Management, Inc. (Capital Markets) | 218 | 7,754 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 141 | 2,662 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 177 | 7,450 | ||||||
Asana, Inc.*—Class A (Software) | 267 | 4,694 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 80 | 13,546 | ||||||
ASGN, Inc.* (Professional Services) | 182 | 16,426 | ||||||
Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts) | 125 | 748 | ||||||
Aspen Aerogels, Inc.* (Energy Equipment & Services) | 99 | 978 | ||||||
Assetmark Financial Holdings, Inc.* (Capital Markets) | 78 | 1,464 | ||||||
Associated Banc-Corp. (Banks) | 542 | 9,897 | ||||||
Associated Capital Group, Inc.—Class A (Capital Markets) | 6 | 215 | ||||||
Astec Industries, Inc. (Machinery) | 83 | 3,385 | ||||||
Astra Space, Inc.* (Aerospace & Defense) | 523 | 680 | ||||||
Astronics Corp.* (Aerospace & Defense) | 92 | 936 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 333 | 2,594 | ||||||
Atea Pharmaceuticals, Inc.* (Biotechnology) | 277 | 1,967 | ||||||
Aterian, Inc.*(a) (Household Durables) | 221 | 477 | ||||||
Athira Pharma, Inc.* (Pharmaceuticals) | 123 | 375 | ||||||
ATI Physical Therapy, Inc.* (Health Care Providers & Services) | 272 | 384 | ||||||
Atkore, Inc.* (Electrical Equipment) | 156 | 12,951 | ||||||
Atlantic Union Bankshares (Banks) | 272 | 9,226 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 16 | 563 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 102 | 6,294 | ||||||
Atlas Technical Consultants, Inc.* (Professional Services) | 65 | 342 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 40 | 1,876 | ||||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 74 | 694 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 166 | 6,783 |
See accompanying notes to financial statements.
310 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Atrion Corp. (Health Care Equipment & Supplies) | 5 | $ | 3,144 | |||||
Aura Biosciences, Inc.* (Biotechnology) | 67 | 949 | ||||||
Aurinia Pharmaceuticals, Inc.* (Biotechnology) | 487 | 4,894 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 171 | 4,675 | ||||||
Avaya Holdings Corp.*—Class C (Software) | 303 | 679 | ||||||
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | 162 | 366 | ||||||
Avepoint, Inc.* (Software) | 468 | 2,031 | ||||||
Aviat Networks, Inc.* (Communications Equipment) | 40 | 1,002 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 222 | 3,388 | ||||||
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | 130 | 3,374 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 178 | 2,586 | ||||||
AvidXchange Holdings, Inc.* (Software) | 532 | 3,266 | ||||||
Avient Corp. (Chemicals) | 331 | 13,266 | ||||||
Avista Corp. (Multi-Utilities) | 263 | 11,443 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 119 | 6,526 | ||||||
AxoGen, Inc.* (Health Care Equipment & Supplies) | 148 | 1,212 | ||||||
Axonics, Inc.* (Health Care Equipment & Supplies) | 171 | 9,691 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Finance) | 208 | 7,457 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 104 | 3,983 | ||||||
AXT, Inc.* (Semiconductors & Semiconductor Equipment) | 147 | 861 | ||||||
AZZ, Inc. (Electrical Equipment) | 89 | 3,633 | ||||||
B Riley Financial, Inc. (Capital Markets) | 74 | 3,127 | ||||||
B&G Foods, Inc.(a) (Food Products) | 247 | 5,874 | ||||||
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | 216 | 1,302 | ||||||
Babylon Holdings, Ltd.*—Class A (Health Care Technology) | 395 | 386 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 106 | 8,574 | ||||||
Bakkt Holdings, Inc.* (Capital Markets) | 206 | 433 | ||||||
Balchem Corp. (Chemicals) | 116 | 15,051 | ||||||
Bally's Corp.* (Hotels, Restaurants & Leisure) | 145 | 2,868 | ||||||
Banc of California, Inc. (Banks) | 200 | 3,524 | ||||||
BancFirst Corp. (Banks) | 71 | 6,795 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | 100 | 1,327 | ||||||
Bandwidth, Inc.* (Diversified Telecommunication Services) | 84 | 1,581 | ||||||
Bank First Corp. (Banks) | 24 | 1,819 | ||||||
Bank of Marin Bancorp (Banks) | 57 | 1,811 | ||||||
BankUnited, Inc. (Banks) | 297 | 10,564 | ||||||
Bankwell Financial Group, Inc. (Banks) | 20 | 621 | ||||||
Banner Corp. (Banks) | 124 | 6,970 | ||||||
Bar Harbor Bankshares (Banks) | 54 | 1,396 | ||||||
BARK, Inc.* (Internet & Direct Marketing Retail) | 187 | 239 | ||||||
Barnes Group, Inc. (Machinery) | 178 | 5,543 | ||||||
Barrett Business Services, Inc. (Professional Services) | 26 | 1,895 | ||||||
Battalion Oil Corp.* (Oil, Gas & Consumable Fuels) | 9 | 77 | ||||||
BayCom Corp. (Banks) | 47 | 972 | ||||||
BCB Bancorp, Inc. (Banks) | 52 | 886 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 197 | 10,118 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 231 | 8,942 | ||||||
Beazer Homes USA, Inc.* (Household Durables) | 108 | 1,304 | ||||||
Bed Bath & Beyond, Inc.* (Specialty Retail) | 289 | 1,436 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 159 | 8,470 | ||||||
BellRing Brands, Inc.* (Personal Products) | 425 | 10,578 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 127 | 2,865 | ||||||
Benefitfocus, Inc.* (Software) | 94 | 731 | ||||||
Benson Hill, Inc.* (Software) | 622 | 1,704 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 203 | 1,009 | ||||||
Berkshire Grey, Inc.* (Machinery) | 177 | 257 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 168 | 4,161 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 291 | 2,217 | ||||||
Beyond Meat, Inc.* (Food Products) | 223 | 5,339 | ||||||
BGC Partners, Inc.—Class A (Capital Markets) | 1,160 | 3,909 | ||||||
Big 5 Sporting Goods Corp. (Specialty Retail) | 78 | 874 | ||||||
Big Lots, Inc. (Multiline Retail) | 102 | 2,139 | ||||||
BigCommerce Holdings, Inc.*—Class 1 (IT Services) | 233 | 3,775 | ||||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 3 | 368 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 674 | 7,131 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 226 | 32,929 | ||||||
BioLife Solutions, Inc.* (Health Care Equipment & Supplies) | 122 | 1,685 | ||||||
Bionano Genomics, Inc.*(a) (Life Sciences Tools & Services) | 1,060 | 1,463 | ||||||
Bioventus, Inc.*—Class A (Health Care Equipment & Supplies) | 115 | 784 | ||||||
Bioxcel Therapeutics, Inc.* (Biotechnology) | 69 | 911 | ||||||
Bird Global, Inc.*—Class A (Road & Rail) | 623 | 272 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 82 | 1,778 | ||||||
Black Hills Corp. (Multi-Utilities) | 236 | 17,174 | ||||||
Blackbaud, Inc.* (Software) | 169 | 9,814 | ||||||
Blackline, Inc.* (Software) | 201 | 13,387 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 618 | 17,099 | ||||||
Blade Air Mobility, Inc.* (Airlines) | 204 | 910 | ||||||
Blend Labs, Inc.*—Class A (Software) | 672 | 1,586 | ||||||
Blink Charging Co.* (Electrical Equipment) | 134 | 2,215 | ||||||
Bloom Energy Corp.* (Electrical Equipment) | 591 | 9,752 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 321 | 5,335 | ||||||
Blucora, Inc.* (Capital Markets) | 171 | 3,157 | ||||||
Blue Bird Corp.* (Machinery) | 63 | 580 | ||||||
Blue Foundry Bancorp* (Thrifts & Mortgage Finance) | 95 | 1,139 | ||||||
Blue Ridge Bankshares, Inc. (Banks) | 62 | 950 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 260 | 1,076 | ||||||
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure) | 47 | 1,173 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 311
Common Stocks, continued
Shares | Value | |||||||
BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | 34 | $ | 2,272 | |||||
Blueprint Medicines Corp.* (Biotechnology) | 217 | 10,960 | ||||||
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts) | 104 | 2,734 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 143 | 8,507 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 107 | 7,373 | ||||||
Borr Drilling, Ltd.* (Energy Equipment & Services) | 488 | 2,250 | ||||||
Boston Omaha Corp.*—Class A (Media) | 74 | 1,528 | ||||||
Bowlero Corp.* (Hotels, Restaurants & Leisure) | 141 | 1,493 | ||||||
Box, Inc.*—Class A (Software) | 469 | 11,791 | ||||||
Boxed, Inc.* (Internet & Direct Marketing Retail) | 42 | 78 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 171 | 8,078 | ||||||
Braemar Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 249 | 1,068 | ||||||
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | 616 | 5,938 | ||||||
BRC, Inc.*(a)—Class A (Food Products) | 93 | 759 | ||||||
Bread Financial Holdings, Inc. (IT Services) | 182 | 6,745 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 380 | 3,450 | ||||||
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance) | 75 | 1,211 | ||||||
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | 185 | 4,557 | ||||||
Bright Health Group, Inc.* (Insurance) | 701 | 1,276 | ||||||
Brightcove, Inc.* (IT Services) | 149 | 942 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 117 | 2,107 | ||||||
BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts) | 346 | 2,612 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 161 | 1,932 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 158 | 3,481 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 86 | 2,012 | ||||||
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | 473 | 3,174 | ||||||
Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts) | 615 | 12,614 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 675 | 3,065 | ||||||
Brookfield Business Corp.—Class A (Industrial Conglomerates) | 94 | 2,163 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 357 | 15,151 | ||||||
Brookline Bancorp, Inc. (Banks) | 276 | 3,674 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 212 | 5,120 | ||||||
BRT Apartments Corp. (Equity Real Estate Investment Trusts) | 43 | 924 | ||||||
BTRS Holdings, Inc.* (Software) | 364 | 1,813 | ||||||
Build-A-Bear Workshop, Inc. (Specialty Retail) | 52 | 854 | ||||||
Bumble, Inc.*—Class A (Interactive Media & Services) | 313 | 8,811 | ||||||
Business First Bancshares, Inc. (Banks) | 77 | 1,641 | ||||||
Butterfly Network, Inc.* (Health Care Equipment & Supplies) | 483 | 1,483 | ||||||
Byline Bancorp, Inc. (Banks) | 89 | 2,118 | ||||||
C3.ai, Inc.*—Class A (Software) | 250 | 4,565 | ||||||
C4 Therapeutics, Inc.* (Biotechnology) | 153 | 1,154 | ||||||
Cabot Corp. (Chemicals) | 202 | 12,886 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 214 | 8,618 | ||||||
Cadence Bank (Banks) | 666 | 15,638 | ||||||
Cadre Holdings, Inc. (Aerospace & Defense) | 60 | 1,180 | ||||||
Caesarstone, Ltd. (Building Products) | 82 | 749 | ||||||
Calavo Growers, Inc. (Food Products) | 63 | 2,628 | ||||||
Caleres, Inc. (Specialty Retail) | 132 | 3,464 | ||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 284 | 10,934 | ||||||
California Water Service Group (Water Utilities) | 195 | 10,832 | ||||||
Calix, Inc.* (Communications Equipment) | 206 | 7,033 | ||||||
Callaway Golf Co.* (Leisure Products) | 508 | 10,364 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 179 | 7,017 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 138 | 6,819 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 42 | 615 | ||||||
Cambridge Bancorp (Banks) | 25 | 2,068 | ||||||
Camden National Corp. (Banks) | 52 | 2,291 | ||||||
Camping World Holdings, Inc.(a)—Class A (Specialty Retail) | 140 | 3,023 | ||||||
Cannae Holdings, Inc.* (Diversified Financial Services) | 274 | 5,299 | ||||||
Cano Health, Inc.* (Health Care Providers & Services) | 588 | 2,575 | ||||||
Canoo, Inc.*(a) (Automobiles) | 419 | 775 | ||||||
Cantaloupe, Inc.* (IT Services) | 212 | 1,187 | ||||||
Capital Bancorp, Inc. (Banks) | 33 | 716 | ||||||
Capital City Bank Group, Inc. (Banks) | 49 | 1,367 | ||||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 472 | 4,333 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 74 | 1,452 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 163 | 1,488 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 144 | 2,068 | ||||||
Cardlytics, Inc.* (Media) | 120 | 2,677 | ||||||
CareDx, Inc.* (Biotechnology) | 185 | 3,974 | ||||||
CareMax, Inc.* (Health Care Providers & Services) | 217 | 788 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 351 | 6,472 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 371 | 7,973 | ||||||
Caribou Biosciences, Inc.* (Biotechnology) | 196 | 1,064 | ||||||
CarParts.com, Inc.* (Internet & Direct Marketing Retail) | 184 | 1,277 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 174 | 4,856 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 49 | 1,943 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 252 | 2,376 | ||||||
Carter Bankshares, Inc.* (Banks) | 88 | 1,162 | ||||||
Casa Systems, Inc.* (Communications Equipment) | 128 | 503 | ||||||
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | 181 | 13,156 | ||||||
Cass Information Systems, Inc. (IT Services) | 49 | 1,656 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 139 | 3,909 | ||||||
Castle Biosciences, Inc.* (Biotechnology) | 86 | 1,888 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 348 | 2,439 |
See accompanying notes to financial statements.
312 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 178 | $ | 1,791 | |||||
Cathay General Bancorp (Banks) | 262 | 10,257 | ||||||
Cavco Industries, Inc.* (Household Durables) | 33 | 6,468 | ||||||
CBIZ, Inc.* (Professional Services) | 178 | 7,113 | ||||||
CBL & Associates Properties, Inc.* (Equity Real Estate Investment Trusts) | 97 | 2,279 | ||||||
CBTX, Inc. (Banks) | 67 | 1,782 | ||||||
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 39 | 1,123 | ||||||
Celldex Therapeutics, Inc.* (Biotechnology) | 166 | 4,475 | ||||||
Celsius Holdings, Inc.* (Beverages) | 199 | 12,987 | ||||||
Celularity, Inc.* (Biotechnology) | 57 | 194 | ||||||
Cenntro Electric Group, Ltd.*(a) (Automobiles) | 668 | 1,009 | ||||||
Centennial Resource Development, Inc.*— Class A (Oil, Gas & Consumable Fuels) | 747 | 4,467 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 56 | 4,567 | ||||||
Central Garden & Pet Co.* (Household Products) | 36 | 1,527 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 148 | 5,921 | ||||||
Central Pacific Financial Corp. (Banks) | 98 | 2,102 | ||||||
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | 39 | 965 | ||||||
Century Aluminum Co.* (Metals & Mining) | 189 | 1,393 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 99 | 713 | ||||||
Century Communities, Inc. (Household Durables) | 106 | 4,767 | ||||||
Century Therapeutics, Inc.* (Biotechnology) | 73 | 613 | ||||||
Cepton, Inc.* (Electronic Equipment, Instruments & Components) | 28 | 44 | ||||||
Cerberus Cyber Sentinel Corp.* (IT Services) | 166 | 598 | ||||||
Cerence, Inc.* (Software) | 143 | 3,608 | ||||||
Cerevel Therapeutics Holdings, Inc.* (Biotechnology) | 197 | 5,209 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 627 | 3,317 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 83 | 2,785 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 742 | 14,729 | ||||||
ChannelAdvisor Corp.* (Software) | 109 | 1,589 | ||||||
Charge Enterprises, Inc.* (Diversified Telecommunication Services) | 393 | 1,875 | ||||||
Chart Industries, Inc.* (Machinery) | 133 | 22,261 | ||||||
Chase Corp. (Chemicals) | 27 | 2,101 | ||||||
Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | 174 | 1,818 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 452 | 8,488 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 229 | 5,675 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 63 | 8,162 | ||||||
Chicago Atlantic Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 25 | 377 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 445 | 2,212 | ||||||
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | 864 | 7,620 | ||||||
Chimerix, Inc.* (Biotechnology) | 306 | 636 | ||||||
Chinook Therapeutics, Inc.* (Biotechnology) | 159 | 2,781 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 68 | 1,355 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 64 | 2,490 | ||||||
CinCor Pharma, Inc.* (Pharmaceuticals) | 49 | 923 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 396 | 5,948 | ||||||
Cipher Mining, Inc.* (Software) | 142 | 195 | ||||||
CIRCOR International, Inc.* (Machinery) | 67 | 1,098 | ||||||
Citi Trends, Inc.* (Specialty Retail) | 30 | 710 | ||||||
Citizens & Northern Corp. (Banks) | 55 | 1,329 | ||||||
City Holding Co. (Banks) | 53 | 4,234 | ||||||
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | 155 | 2,007 | ||||||
Civista Bancshares, Inc. (Banks) | 53 | 1,127 | ||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | 268 | 14,014 | ||||||
Claros Mortgage Trust, Inc.(a) (Mortgage Real Estate Investment Trusts) | 334 | 5,595 | ||||||
Clarus Corp. (Leisure Products) | 105 | 1,994 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 616 | 2,760 | ||||||
Cleanspark, Inc.* (Software) | 146 | 572 | ||||||
Clear Channel Outdoor Holdings, Inc.* (Media) | 1,326 | 1,419 | ||||||
Clear Secure, Inc.*—Class A (Software) | 226 | 4,520 | ||||||
Clearfield, Inc.* (Communications Equipment) | 42 | 2,602 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 61 | 2,051 | ||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 126 | 4,028 | ||||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 298 | 10,382 | ||||||
Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | 43 | 332 | ||||||
Clover Health Investments Corp.* (Health Care Providers & Services) | 1,386 | 2,966 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 104 | 18,147 | ||||||
CNB Financial Corp. (Banks) | 58 | 1,403 | ||||||
CNO Financial Group, Inc. (Insurance) | 418 | 7,562 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 700 | 11,522 | ||||||
Coastal Financial Corp.* (Banks) | 38 | 1,449 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 17 | 9,586 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 222 | 2,322 | ||||||
Coeur Mining, Inc.* (Metals & Mining) | 1,012 | 3,076 | ||||||
Cogent Biosciences, Inc.* (Biotechnology) | 162 | 1,461 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 156 | 9,479 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 92 | 5,850 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 267 | 1,933 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 174 | 4,829 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 123 | 2,180 | ||||||
Colony Bankcorp, Inc. (Banks) | 59 | 890 | ||||||
Columbia Banking System, Inc. (Banks) | 286 | 8,194 | ||||||
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | 126 | 2,748 | ||||||
Columbus McKinnon Corp. (Machinery) | 102 | 2,894 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 129 | 10,726 | ||||||
Commercial Metals Co. (Metals & Mining) | 440 | 14,565 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 313
Common Stocks, continued
Shares | Value | |||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 745 | $ | 4,559 | |||||
Community Bank System, Inc. (Banks) | 194 | 12,276 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 454 | 1,703 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 86 | 3,114 | ||||||
Community Trust Bancorp, Inc. (Banks) | 57 | 2,305 | ||||||
CommVault Systems, Inc.* (Software) | 162 | 10,190 | ||||||
Compass Diversified Holdings (Diversified Financial Services) | 220 | 4,712 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 125 | 4,424 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 947 | 3,419 | ||||||
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals) | 28 | 146 | ||||||
Computer Programs and Systems, Inc.* (Health Care Technology) | 52 | 1,662 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 6 | 139 | ||||||
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | 333 | 4,023 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 94 | 853 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 95 | 576 | ||||||
Conduent, Inc.* (IT Services) | 617 | 2,665 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 102 | 9,768 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 135 | 3,301 | ||||||
Conn's, Inc.* (Specialty Retail) | 47 | 377 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 58 | 2,533 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 125 | 6,173 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 270 | 1,890 | ||||||
Constellium SE* (Metals & Mining) | 451 | 5,958 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 145 | 3,036 | ||||||
Consumer Portfolio Services, Inc.* (Consumer Finance) | 52 | 533 | ||||||
ContextLogic, Inc.*—Class A (Internet & Direct Marketing Retail) | 2,067 | 3,307 | ||||||
Convey Health Solutions Holdings, Inc.* (Health Care Technology) | 59 | 614 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 310 | 7,372 | ||||||
Core Scientific, Inc.* (IT Services) | 795 | 1,185 | ||||||
CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | 438 | 4,866 | ||||||
Cornerstone Building Brands, Inc.* (Building Products) | 230 | 5,633 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 409 | 10,712 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 139 | 1,825 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 33 | 4,860 | ||||||
Costamare, Inc. (Marine) | 196 | 2,372 | ||||||
Couchbase, Inc.* (Software) | 96 | 1,576 | ||||||
Coursera, Inc.* (Diversified Consumer Services) | 410 | 5,814 | ||||||
Covenant Logistics Group, Inc.—Class A (Road & Rail) | 40 | 1,004 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 384 | 7,968 | ||||||
Cowen, Inc.—Class A (Capital Markets) | 95 | 2,251 | ||||||
CRA International, Inc. (Professional Services) | 26 | 2,322 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 84 | 7,013 | ||||||
Crawford & Co.—Class A (Insurance) | 61 | 476 | ||||||
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment) | 85 | 993 | ||||||
Crescent Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 118 | 1,473 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 191 | 3,562 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 220 | 10,706 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 133 | 2,770 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 165 | 2,178 | ||||||
CryoPort, Inc.* (Health Care Equipment & Supplies) | 162 | 5,019 | ||||||
Cryptyde, Inc.* (Containers & Packaging) | 67 | 135 | ||||||
CS Disco, Inc.* (Software) | 81 | 1,461 | ||||||
CSG Systems International, Inc. (IT Services) | 116 | 6,923 | ||||||
CSW Industrials, Inc. (Building Products) | 54 | 5,564 | ||||||
CTI BioPharma Corp.* (Biotechnology) | 336 | 2,006 | ||||||
CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts) | 21 | 1,284 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 115 | 3,916 | ||||||
Cue Health, Inc.* (Health Care Equipment & Supplies) | 391 | 1,251 | ||||||
Cullinan Oncology, Inc.* (Biotechnology) | 108 | 1,385 | ||||||
Cumulus Media, Inc.*—Class A (Media) | 67 | 518 | ||||||
Curo Group Holdings Corp. (Consumer Finance) | 80 | 442 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 577 | 8,793 | ||||||
Custom Truck One Source, Inc.* (Trading Companies & Distributors) | 217 | 1,215 | ||||||
Customers Bancorp, Inc.* (Banks) | 113 | 3,831 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 60 | 2,250 | ||||||
CVB Financial Corp. (Banks) | 491 | 12,182 | ||||||
Cvent Holding Corp.* (Software) | 305 | 1,409 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 107 | 3,585 | ||||||
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment) | 26 | 908 | ||||||
Cytek Biosciences, Inc.* (Life Sciences Tools & Services) | 415 | 4,453 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 298 | 11,707 | ||||||
Cyxtera Technologies, Inc.* (IT Services) | 155 | 1,758 | ||||||
Daily Journal Corp.* (Media) | 4 | 1,035 | ||||||
Dakota Gold Corp.* (Metals & Mining) | 184 | 616 | ||||||
Dana, Inc. (Auto Components) | 469 | 6,599 | ||||||
Danimer Scientific, Inc.*(a) (Chemicals) | 329 | 1,500 | ||||||
Daseke, Inc.* (Road & Rail) | 148 | 946 |
See accompanying notes to financial statements.
314 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 156 | $ | 5,114 | |||||
Day One Biopharmaceuticals, Inc.* (Biotechnology) | 85 | 1,522 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 164 | 2,157 | ||||||
Delek US Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 256 | 6,615 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 157 | 3,402 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 358 | 10,536 | ||||||
Denbury, Inc.* (Oil, Gas & Consumable Fuels) | 184 | 11,038 | ||||||
Denny's Corp.* (Hotels, Restaurants & Leisure) | 218 | 1,892 | ||||||
Design Therapeutics, Inc.* (Biotechnology) | 123 | 1,722 | ||||||
Designer Brands, Inc. (Specialty Retail) | 210 | 2,743 | ||||||
Desktop Metal, Inc.*—Class A (Machinery) | 960 | 2,112 | ||||||
Destination XL Group, Inc.* (Specialty Retail) | 217 | 736 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 155 | 770 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 510 | 3,126 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 11 | 1,910 | ||||||
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | 363 | 2,138 | ||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 762 | 6,256 | ||||||
DICE Therapeutics, Inc.* (Pharmaceuticals) | 103 | 1,599 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 265 | 602 | ||||||
Digi International, Inc.* (Communications Equipment) | 124 | 3,003 | ||||||
Digimarc Corp.* (Software) | 50 | 707 | ||||||
Digital Turbine, Inc.* (Software) | 335 | 5,852 | ||||||
DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts) | 2,147 | 10,477 | ||||||
DigitalOcean Holdings, Inc.* (IT Services) | 277 | 11,456 | ||||||
Dillard's, Inc.(a)—Class A (Multiline Retail) | 16 | 3,529 | ||||||
Dime Community Bancshares, Inc. (Banks) | 121 | 3,588 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 57 | 3,710 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 162 | 10,460 | ||||||
Diversey Holdings, Ltd.* (Chemicals) | 284 | 1,874 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 864 | 1,572 | ||||||
DMC Global, Inc.* (Energy Equipment & Services) | 68 | 1,226 | ||||||
DocGo, Inc.* (Health Care Providers & Services) | 292 | 2,085 | ||||||
Doma Holdings, Inc.* (Real Estate Management & Development) | 497 | 512 | ||||||
Domo, Inc.* (Software) | 110 | 3,058 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 55 | 938 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 101 | 2,958 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 112 | 1,702 | ||||||
Dorman Products, Inc.* (Auto Components) | 96 | 10,532 | ||||||
Douglas Dynamics, Inc. (Machinery) | 82 | 2,357 | ||||||
Douglas Elliman, Inc. (Real Estate Management & Development) | 274 | 1,312 | ||||||
Dream Finders Homes, Inc.*—Class A (Household Durables) | 76 | 809 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 124 | 3,199 | ||||||
Duck Creek Technologies, Inc.* (Software) | 280 | 4,158 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 40 | 1,722 | ||||||
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | 47 | 448 | ||||||
Duolingo, Inc.* (Diversified Consumer Services) | 85 | 7,442 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 55 | 1,685 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 105 | 9,769 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 430 | 5,414 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 115 | 790 | ||||||
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | 132 | 2,101 | ||||||
DZS, Inc.* (Communications Equipment) | 63 | 1,025 | ||||||
E2open Parent Holdings, Inc.* (Software) | 723 | 5,625 | ||||||
Eagle Bancorp, Inc. (Banks) | 115 | 5,452 | ||||||
Eagle Bulk Shipping, Inc. (Marine) | 50 | 2,594 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 38 | 1,688 | ||||||
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 157 | 2,143 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 331 | 6,302 | ||||||
Eastern Bankshares, Inc. (Banks) | 584 | 10,781 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 208 | 965 | ||||||
Ebix, Inc. (Software) | 96 | 1,622 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 128 | 2,470 | ||||||
Ecovyst, Inc. (Chemicals) | 232 | 2,285 | ||||||
Edgewell Personal Care Co. (Personal Products) | 195 | 6,731 | ||||||
Edgewise Therapeutics, Inc.* (Pharmaceuticals) | 108 | 860 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 251 | 2,969 | ||||||
eGain Corp.* (Software) | 76 | 741 | ||||||
eHealth, Inc.* (Insurance) | 88 | 821 | ||||||
Eiger Biopharmaceuticals, Inc.* (Biotechnology) | 149 | 939 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 71 | 699 | ||||||
elf Beauty, Inc.* (Personal Products) | 176 | 5,400 | ||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 206 | 3,022 | ||||||
Embecta Corp.* (Health Care Equipment & Supplies) | 208 | �� | 5,267 | |||||
EMCOR Group, Inc. (Construction & Engineering) | 184 | 18,945 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 183 | 5,680 | ||||||
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 25 | 297 | ||||||
Empire State Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 502 | 3,529 | ||||||
Employers Holdings, Inc. (Insurance) | 100 | 4,189 | ||||||
Enact Holdings, Inc. (Thrifts & Mortgage Finance) | 109 | 2,341 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 71 | 3,356 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 315
Common Stocks, continued
Shares | Value | |||||||
Encore Capital Group, Inc.* (Consumer Finance) | 87 | $ | 5,026 | |||||
Encore Wire Corp. (Electrical Equipment) | 69 | 7,170 | ||||||
Endo International PLC* (Pharmaceuticals) | 851 | 396 | ||||||
Energizer Holdings, Inc. (Household Products) | 242 | 6,861 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 567 | 2,784 | ||||||
Energy Recovery, Inc.* (Machinery) | 203 | 3,942 | ||||||
Energy Vault Holdings, Inc.* (Electrical Equipment) | 91 | 912 | ||||||
Enerpac Tool Group Corp. (Machinery) | 221 | 4,203 | ||||||
EnerSys (Electrical Equipment) | 150 | 8,844 | ||||||
Eneti, Inc. (Marine) | 83 | 510 | ||||||
Enfusion, Inc.*—Class A (Software) | 92 | 939 | ||||||
EngageSmart, Inc.* (Software) | 127 | 2,042 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 92 | 1,861 | ||||||
Enochian Biosciences, Inc.* (Biotechnology) | 72 | 139 | ||||||
Enova International, Inc.* (Consumer Finance) | 116 | 3,343 | ||||||
Enovix Corp.* (Electrical Equipment) | 395 | 3,519 | ||||||
EnPro Industries, Inc. (Machinery) | 76 | 6,227 | ||||||
Enstar Group, Ltd.* (Insurance) | 42 | 8,987 | ||||||
Entercom Communications Corp.* (Media) | 433 | 408 | ||||||
Enterprise Bancorp, Inc. (Banks) | 34 | 1,094 | ||||||
Enterprise Financial Services Corp. (Banks) | 128 | 5,312 | ||||||
Entravision Communications Corp.—Class A (Media) | 216 | 985 | ||||||
Envestnet, Inc.* (Software) | 200 | 10,554 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 96 | 5,100 | ||||||
EQRx, Inc.* (Biotechnology) | 497 | 2,331 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,493 | 9,495 | ||||||
Equity Bancshares, Inc.—Class A (Banks) | 56 | 1,633 | ||||||
Equity Commonwealth* (Equity Real Estate Investment Trusts) | 392 | 10,792 | ||||||
Erasca, Inc.* (Biotechnology) | 236 | 1,315 | ||||||
Ermenegildo Zegna Holditalia SpA*(a) (Consumer Discretionary Products) | 172 | 1,815 | ||||||
ESCO Technologies, Inc. (Machinery) | 94 | 6,427 | ||||||
Esperion Therapeutics, Inc.* (Biotechnology) | 229 | 1,456 | ||||||
Esquire Financial Holdings, Inc. (Banks) | 25 | 833 | ||||||
ESS Tech, Inc.* (Electrical Equipment) | 293 | 823 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 383 | 14,898 | ||||||
Essential Properties Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 474 | 10,186 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 82 | 1,657 | ||||||
European Wax Center, Inc.—Class A (Diversified Consumer Services) | 77 | 1,357 | ||||||
Eventbrite, Inc.* (Interactive Media & Services) | 280 | 2,876 | ||||||
Everbridge, Inc.* (Software) | 144 | 4,016 | ||||||
EverCommerce, Inc.* (Software) | 88 | 796 | ||||||
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure) | 319 | 5,203 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 70 | 619 | ||||||
EVERTEC, Inc. (IT Services) | 218 | 8,040 | ||||||
EVgo, Inc.*(a) (Specialty Retail) | 247 | 1,484 | ||||||
Evo Payments, Inc.* (IT Services) | 172 | 4,045 | ||||||
Evolent Health, Inc.* (Health Care Technology) | 298 | 9,152 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 129 | 1,496 | ||||||
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components) | 305 | 811 | ||||||
Evoqua Water Technologies Corp.* (Machinery) | 427 | 13,881 | ||||||
Excelerate Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 67 | 1,335 | ||||||
ExlService Holdings, Inc.* (IT Services) | 118 | 17,384 | ||||||
eXp World Holdings, Inc. (Real Estate Management & Development) | 249 | 2,931 | ||||||
Exponent, Inc. (Professional Services) | 187 | 17,106 | ||||||
Express, Inc.* (Specialty Retail) | 233 | 457 | ||||||
Expro Group Holdings N.V.* (Energy Equipment & Services) | 282 | 3,249 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 464 | 4,139 | ||||||
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | 95 | 748 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 181 | 1,359 | ||||||
F45 Training Holdings, Inc.* (Hotels, Restaurants & Leisure) | 131 | 515 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 134 | 10,867 | ||||||
Faraday Future Intelligent Electric, Inc.*(a) (Automobiles) | 361 | 939 | ||||||
Farmers & Merchants Bancorp, Inc./Archbold Ohio (Banks) | 44 | 1,460 | ||||||
Farmers National Bancorp (Banks) | 114 | 1,710 | ||||||
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | 166 | 2,291 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 66 | 2,035 | ||||||
Fastly, Inc.*—Class A (IT Services) | 405 | 4,702 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 302 | 7,484 | ||||||
Fathom Digital Manufacturing C* (Machinery) | 37 | 144 | ||||||
FB Financial Corp. (Banks) | 132 | 5,177 | ||||||
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | 33 | 3,222 | ||||||
Federal Signal Corp. (Machinery) | 217 | 7,725 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 319 | 10,141 | ||||||
FibroGen, Inc.* (Biotechnology) | 318 | 3,358 | ||||||
Figs, Inc.*—Class A (Health Care Equipment & Supplies) | 463 | 4,218 | ||||||
Finance Of America Cos., Inc.*—Class A (Thrifts & Mortgage Finance) | 141 | 221 | ||||||
Financial Institutions, Inc. (Banks) | 55 | 1,431 | ||||||
First Advantage Corp.* (Professional Services) | 214 | 2,711 | ||||||
First Bancorp (Banks) | 128 | 4,467 | ||||||
First Bancorp (Banks) | 712 | 9,192 | ||||||
First Bank/Hamilton NJ (Banks) | 56 | 783 | ||||||
First Busey Corp. (Banks) | 187 | 4,273 | ||||||
First Business Financial Services, Inc. (Banks) | 29 | 905 | ||||||
First Commonwealth Financial Corp. (Banks) | 339 | 4,549 | ||||||
First Community Bancshares, Inc. (Banks) | 59 | 1,735 | ||||||
First Financial Bancorp (Banks) | 338 | 6,557 | ||||||
First Financial Bankshares, Inc. (Banks) | 472 | 18,534 | ||||||
First Financial Corp. (Banks) | 42 | 1,869 | ||||||
First Foundation, Inc. (Banks) | 186 | 3,809 | ||||||
First Guaranty Bancshares, Inc. (Banks) | 22 | 535 | ||||||
First Internet Bancorp (Banks) | 33 | 1,215 |
See accompanying notes to financial statements.
316 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
First Interstate BancSystem, Inc.—Class A (Banks) | 340 | $ | 12,957 | |||||
First Merchants Corp. (Banks) | 208 | 7,409 | ||||||
First Mid Bancshares, Inc. (Banks) | 68 | 2,426 | ||||||
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 36 | 519 | ||||||
First Western Financial, Inc.* (Banks) | 29 | 789 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 140 | 9,731 | ||||||
Fisker, Inc.*(a) (Automobiles) | 590 | 5,056 | ||||||
Five Star Bancorp (Banks) | 46 | 1,215 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 190 | 6,736 | ||||||
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 104 | 2,849 | ||||||
Fluence Energy, Inc.* (Electrical Equipment) | 130 | 1,232 | ||||||
Fluor Corp.* (Construction & Engineering) | 517 | 12,584 | ||||||
Flushing Financial Corp. (Banks) | 105 | 2,232 | ||||||
Flywire Corp.* (IT Services) | 201 | 3,544 | ||||||
Focus Financial Partners, Inc.* (Capital Markets) | 211 | 7,187 | ||||||
Focus Universal, Inc.* (Electronic Equipment, Instruments & Components) | 64 | 731 | ||||||
Foghorn Therapeutics, Inc.* (Pharmaceuticals) | 73 | 993 | ||||||
Foot Locker, Inc. (Specialty Retail) | 302 | 7,626 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 66 | 904 | ||||||
ForgeRock, Inc.*—Class A (Software) | 101 | 2,163 | ||||||
Forma Therapeutics Holdings, Inc.* (Biotechnology) | 131 | 903 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 283 | 10,961 | ||||||
Forrester Research, Inc.* (Professional Services) | 41 | 1,961 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 98 | 9,012 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 169 | 874 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 291 | 7,738 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 154 | 12,404 | ||||||
Franchise Group, Inc. (Diversified Consumer Services) | 100 | 3,507 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 306 | 4,125 | ||||||
Franklin Covey Co.* (Professional Services) | 46 | 2,124 | ||||||
Franklin Electric Co., Inc. (Machinery) | 167 | 12,233 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 359 | 1,497 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 111 | 3,278 | ||||||
Frontdoor, Inc.*—Class A (Diversified Consumer Services) | 301 | 7,248 | ||||||
Frontier Group Holdings, Inc.* (Airlines) | 135 | 1,265 | ||||||
Frontline, Ltd.* (Oil, Gas & Consumable Fuels) | 453 | 4,014 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 24 | 1,448 | ||||||
FTC Solar, Inc.* (Electrical Equipment) | 150 | 543 | ||||||
fuboTV, Inc.* (Interactive Media & Services) | 647 | 1,598 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 1,342 | 5,033 | ||||||
Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | 124 | 608 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 78 | 4,253 | ||||||
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | 119 | 724 | ||||||
Fulton Financial Corp. (Banks) | 570 | 8,237 | ||||||
Funko, Inc.* (Distributors) | 116 | 2,590 | ||||||
FutureFuel Corp. (Chemicals) | 94 | 684 | ||||||
FVCBankcorp, Inc.* (Banks) | 43 | 810 | ||||||
Gambling.com Group, Ltd.* (Media) | 31 | 244 | ||||||
GAMCO Investors, Inc.—Class A (Capital Markets) | 17 | 355 | ||||||
Gannett Co., Inc.* (Media) | 523 | 1,517 | ||||||
GATX Corp. (Trading Companies & Distributors) | 129 | 12,147 | ||||||
GCM Grosvenor, Inc.—Class A (Capital Markets) | 155 | 1,062 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 181 | 5,662 | ||||||
Gelesis Holdings, Inc.* (Biotechnology) | 36 | 56 | ||||||
Genco Shipping & Trading, Ltd. (Marine) | 133 | 2,570 | ||||||
Generation Bio Co.* (Biotechnology) | 169 | 1,109 | ||||||
Genesco, Inc.* (Specialty Retail) | 48 | 2,396 | ||||||
Gentherm, Inc.* (Auto Components) | 120 | 7,489 | ||||||
Genworth Financial, Inc.* (Insurance) | 1,849 | 6,527 | ||||||
German American Bancorp, Inc. (Banks) | 101 | 3,452 | ||||||
Geron Corp.* (Biotechnology) | 1,305 | 2,023 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 153 | 4,055 | ||||||
Gevo, Inc.* (Oil, Gas & Consumable Fuels) | 715 | 1,680 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 120 | 4,650 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 159 | 3,217 | ||||||
Glacier Bancorp, Inc. (Banks) | 404 | 19,157 | ||||||
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | 139 | 2,619 | ||||||
Gladstone Land Corp. (Equity Real Estate Investment Trusts) | 117 | 2,593 | ||||||
Glatfelter Corp. (Paper & Forest Products) | 160 | 1,101 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 166 | 7,540 | ||||||
Global Blood Therapeutics, Inc.* (Biotechnology) | 226 | 7,221 | ||||||
Global Industrial Co. (Trading Companies & Distributors) | 47 | 1,587 | ||||||
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | 222 | 2,493 | ||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 378 | 5,352 | ||||||
Global Water Resources, Inc. (Water Utilities) | 47 | 621 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 2,484 | 3,055 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 157 | 6,987 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 182 | 2,947 | ||||||
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | 367 | 8,349 | ||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 74 | 2,927 | ||||||
Golden Ocean Group, Ltd. (Marine) | 446 | 5,191 | ||||||
Goosehead Insurance, Inc. (Insurance) | 69 | 3,151 | ||||||
GoPro, Inc.*—Class A (Household Durables) | 475 | 2,627 | ||||||
Gossamer Bio, Inc.* (Biotechnology) | 229 | 1,917 | ||||||
GrafTech International, Ltd. (Electrical Equipment) | 714 | 5,048 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 14 | 7,935 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 317
Common Stocks, continued
Shares | Value | |||||||
Granite Construction, Inc. (Construction & Engineering) | 165 | $ | 4,808 | |||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 194 | 1,857 | ||||||
Gray Television, Inc. (Media) | 307 | 5,185 | ||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 237 | 3,107 | ||||||
Great Southern Bancorp, Inc. (Banks) | 35 | 2,050 | ||||||
Green Brick Partners, Inc.* (Household Durables) | 104 | 2,035 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 176 | 4,419 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 191 | 5,189 | ||||||
Greene County Bancorp, Inc. (Thrifts & Mortgage Finance) | 12 | 543 | ||||||
Greenidge Generation Holdings, Inc.* (Software) | 46 | 117 | ||||||
GreenLight Biosciences Holdings PBC* (Biotechnology) | 51 | 113 | ||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 95 | 734 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 94 | 5,864 | ||||||
Greif, Inc.—Class B (Containers & Packaging) | 20 | 1,246 | ||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 177 | 2,977 | ||||||
Griffon Corp. (Building Products) | 167 | 4,681 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 58 | 9,848 | ||||||
Groupon, Inc.* (Internet & Direct Marketing Retail) | 78 | 881 | ||||||
GrowGeneration Corp.* (Specialty Retail) | 208 | 747 | ||||||
GTY Technology Holdings, Inc.* (Software) | 148 | 926 | ||||||
Guaranty Bancshares, Inc. (Banks) | 30 | 1,088 | ||||||
Guess?, Inc.(a) (Specialty Retail) | 124 | 2,114 | ||||||
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | 43 | 3,419 | ||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 116 | 3,361 | ||||||
H.B. Fuller Co. (Chemicals) | 193 | 11,621 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 184 | 11,993 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 493 | 21,691 | ||||||
Hamilton Lane, Inc. (Capital Markets) | 128 | 8,599 | ||||||
Hancock Whitney Corp. (Banks) | 313 | 13,875 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 137 | 1,962 | ||||||
Hanmi Financial Corp. (Banks) | 110 | 2,468 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | 310 | 11,736 | ||||||
HarborOne Bancorp, Inc. (Banks) | 166 | 2,289 | ||||||
Harmonic, Inc.* (Communications Equipment) | 334 | 2,896 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 95 | 4,633 | ||||||
Harsco Corp.* (Machinery) | 285 | 2,026 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 55 | 1,275 | ||||||
Hawaiian Holdings, Inc.* (Airlines) | 184 | 2,633 | ||||||
Hawkins, Inc. (Chemicals) | 70 | 2,522 | ||||||
Haynes International, Inc. (Metals & Mining) | 44 | 1,442 | ||||||
HBT Financial, Inc. (Banks) | 37 | 661 | ||||||
HCI Group, Inc. (Insurance) | 26 | 1,762 | ||||||
Health Catalyst, Inc.* (Health Care Technology) | 196 | 2,840 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 550 | 14,960 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 269 | 4,683 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 301 | 18,479 | ||||||
HealthStream, Inc.* (Health Care Technology) | 88 | 1,910 | ||||||
Heartland Express, Inc. (Road & Rail) | 170 | 2,365 | ||||||
Heartland Financial USA, Inc. (Banks) | 149 | 6,189 | ||||||
Hecla Mining Co. (Metals & Mining) | 1,942 | 7,613 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 71 | 2,298 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 86 | 13,966 | ||||||
Heliogen, Inc.* (Electrical Equipment) | 69 | 146 | ||||||
Helios Technologies, Inc. (Machinery) | 118 | 7,818 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 519 | 1,609 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 373 | 16,060 | ||||||
Herbalife Nutrition, Ltd.* (Personal Products) | 360 | 7,362 | ||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 93 | 8,384 | ||||||
Heritage Commerce Corp. (Banks) | 213 | 2,277 | ||||||
Heritage Financial Corp. (Banks) | 126 | 3,170 | ||||||
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | 57 | 1,537 | ||||||
Heron Therapeutics, Inc.* (Biotechnology) | 374 | 1,043 | ||||||
Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | 114 | 1,118 | ||||||
Heska Corp.* (Health Care Equipment & Supplies) | 35 | 3,308 | ||||||
HF Foods Group, Inc.* (Food & Staples Retailing) | 131 | 684 | ||||||
Hibbett, Inc. (Specialty Retail) | 47 | 2,054 | ||||||
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels) | 23 | 589 | ||||||
Hillenbrand, Inc. (Machinery) | 264 | 10,813 | ||||||
HilleVax, Inc.* (Biotechnology) | 47 | 514 | ||||||
Hillman Solutions Corp.* (Machinery) | 489 | 4,225 | ||||||
Hilltop Holdings, Inc. (Banks) | 223 | 5,945 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 326 | 11,647 | ||||||
Hims & Hers Health, Inc.* (Health Care Providers & Services) | 441 | 1,998 | ||||||
Hingham Institution For Savings The (Thrifts & Mortgage Finance) | 5 | 1,419 | ||||||
Hippo Holdings, Inc.* (Insurance) | 924 | 812 | ||||||
HireRight Holdings Corp.* (Professional Services) | 77 | 1,094 | ||||||
HNI Corp. (Commercial Services & Supplies) | 153 | 5,308 | ||||||
Holley, Inc.* (Auto Components) | 187 | 1,964 | ||||||
Home Bancorp, Inc. (Thrifts & Mortgage Finance) | 27 | 922 | ||||||
Home BancShares, Inc. (Banks) | 691 | 14,352 | ||||||
Home Point Capital, Inc. (Thrifts & Mortgage Finance) | 29 | 114 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 65 | 2,254 | ||||||
HomeTrust Bancshares, Inc. (Banks) | 53 | 1,325 |
See accompanying notes to financial statements.
318 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Hope Bancorp, Inc. (Banks) | 421 | $ | 5,827 | |||||
Horace Mann Educators Corp. (Insurance) | 151 | 5,795 | ||||||
Horizon Bancorp, Inc. (Banks) | 146 | 2,543 | ||||||
Hostess Brands, Inc.* (Food Products) | 501 | 10,626 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 185 | 14,602 | ||||||
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | 19 | 813 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 122 | 8,655 | ||||||
Hudson Technologies, Inc.* (Commercial Services & Supplies) | 157 | 1,179 | ||||||
Humacyte, Inc.* (Biotechnology) | 64 | 205 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 76 | 4,939 | ||||||
Hycroft Mining Holding Corp.* (Metals & Mining) | 548 | 608 | ||||||
Hydrofarm Holdings Group, Inc.* (Machinery) | 159 | 553 | ||||||
Hyliion Holdings Corp.* (Machinery) | 482 | 1,552 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 39 | 1,257 | ||||||
Hyzon Motors, Inc.* (Machinery) | 319 | 938 | ||||||
I3 Verticals, Inc.*—Class A (IT Services) | 80 | 2,002 | ||||||
IBEX Holdings, Ltd.* (Commercial Services & Supplies) | 21 | 354 | ||||||
ICF International, Inc. (Professional Services) | 67 | 6,365 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 102 | 2,650 | ||||||
Icosavax, Inc.* (Biotechnology) | 81 | 464 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 129 | 1,780 | ||||||
Identiv, Inc.* (Electronic Equipment, Instruments & Components) | 80 | 926 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 53 | 1,333 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 32 | 965 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 36 | 649 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 438 | 3,456 | ||||||
Imago Biosciences, Inc.* (Biotechnology) | 96 | 1,285 | ||||||
IMAX Corp.* (Entertainment) | 178 | 3,006 | ||||||
ImmunityBio, Inc.* (Biotechnology) | 297 | 1,105 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 780 | 3,510 | ||||||
Immunovant, Inc.* (Biotechnology) | 145 | 566 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 76 | 4,459 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 175 | 11,898 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 805 | 16,687 | ||||||
Independent Bank Corp. (Banks) | 73 | 1,407 | ||||||
Independent Bank Corp. (Banks) | 170 | 13,503 | ||||||
Independent Bank Group, Inc. (Banks) | 133 | 9,032 | ||||||
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 362 | 2,063 | ||||||
Indus Realty Trust, Inc. (Real Estate Management & Development) | 19 | 1,128 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 236 | 3,323 | ||||||
Infinera Corp.* (Communications Equipment) | 687 | 3,682 | ||||||
Information Services Group, Inc. (IT Services) | 129 | 872 | ||||||
Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering) | 110 | 883 | ||||||
Ingevity Corp.* (Chemicals) | 141 | 8,903 | ||||||
Ingles Markets, Inc. (Food & Staples Retailing) | 52 | 4,511 | ||||||
Inhibrx, Inc.* (Biotechnology) | 106 | 1,203 | ||||||
Innospec, Inc. (Chemicals) | 90 | 8,621 | ||||||
Innovage Holding Corp.* (Health Care Providers & Services) | 69 | 302 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 101 | 11,097 | ||||||
Innovid Corp.* (Media) | 81 | 134 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 230 | 3,395 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 83 | 2,007 | ||||||
Inotiv, Inc.* (Life Sciences Tools & Services) | 63 | 605 | ||||||
Inovio Pharmaceuticals, Inc.* (Biotechnology) | 798 | 1,381 | ||||||
Inseego Corp.* (Communications Equipment) | 313 | 592 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 114 | 9,836 | ||||||
Insmed, Inc.* (Biotechnology) | 433 | 8,539 | ||||||
Insperity, Inc. (Professional Services) | 132 | 13,178 | ||||||
Inspirato, Inc.* (Hotels, Restaurants & Leisure) | 37 | 171 | ||||||
Inspire Medical Systems, Inc.* (Health Care Technology) | 99 | 18,084 | ||||||
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 80 | 689 | ||||||
Installed Building Products, Inc. (Household Durables) | 88 | 7,318 | ||||||
Insteel Industries, Inc. (Building Products) | 68 | 2,290 | ||||||
Instil Bio, Inc.* (Biotechnology) | 253 | 1,169 | ||||||
Instructure Holdings, Inc.* (Software) | 63 | 1,430 | ||||||
Intapp, Inc.* (Software) | 51 | 747 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 120 | 8,479 | ||||||
Integral Ad Science Holding Corp.* (Technology Hardware, Storage & Peripherals) | 139 | 1,380 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 274 | 14,181 | ||||||
Inter Parfums, Inc. (Personal Products) | 65 | 4,749 | ||||||
Intercept Pharmaceuticals, Inc.* (Biotechnology) | 89 | 1,229 | ||||||
InterDigital, Inc. (Communications Equipment) | 112 | 6,810 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 213 | 2,671 | ||||||
International Bancshares Corp. (Banks) | 198 | 7,936 | ||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 362 | 6,719 | ||||||
International Money Express, Inc.* (IT Services) | 118 | 2,415 | ||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 179 | 3,795 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 333 | 19,007 | ||||||
Intrepid Potash, Inc.* (Chemicals) | 40 | 1,812 | ||||||
InvenTrust Properties Corp. (Equity Real Estate Investment Trusts) | 246 | 6,344 | ||||||
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | 121 | 1,781 | ||||||
Investors Title Co. (Insurance) | 5 | 784 | ||||||
Invitae Corp.* (Biotechnology) | 836 | 2,040 | ||||||
IonQ, Inc.* (Technology Hardware, Storage & Peripherals) | 431 | 1,888 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 319
Common Stocks, continued
Shares | Value | |||||||
Iovance Biotherapeutics, Inc.* (Biotechnology) | 548 | $ | 6,050 | |||||
iRadimed Corp. (Health Care Equipment & Supplies) | 26 | 882 | ||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 108 | 11,667 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 463 | 17,391 | ||||||
iRobot Corp.* (Household Durables) | 97 | 3,565 | ||||||
IronNet, Inc.* (Software) | 235 | 519 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 496 | 5,719 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 241 | 3,304 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 85 | 1,751 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 164 | 8,107 | ||||||
IVERIC bio, Inc.* (Biotechnology) | 424 | 4,079 | ||||||
J & J Snack Foods Corp. (Food Products) | 55 | 7,681 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 77 | 4,317 | ||||||
Jackson Financial, Inc.—Class A (Diversified Financial Services) | 274 | 7,329 | ||||||
James River Group Holdings, Ltd. (Insurance) | 134 | 3,321 | ||||||
Janus International Group, Inc.* (Building Products) | 297 | 2,682 | ||||||
Janux Therapeutics, Inc.* (Biotechnology) | 62 | 757 | ||||||
JELD-WEN Holding, Inc.* (Building Products) | 313 | 4,567 | ||||||
JOANN, Inc. (Specialty Retail) | 40 | 310 | ||||||
Joby Aviation, Inc.*(a) (Airlines) | 912 | 4,478 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 32 | 2,320 | ||||||
John Bean Technologies Corp. (Machinery) | 115 | 12,697 | ||||||
John Marshall Bancorp, Inc. (Banks) | 41 | 924 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 156 | 7,451 | ||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 19 | 1,162 | ||||||
Jounce Therapeutics, Inc.* (Biotechnology) | 153 | 464 | ||||||
Kadant, Inc. (Machinery) | 42 | 7,659 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 58 | 4,587 | ||||||
Kaleyra, Inc.* (Software) | 107 | 218 | ||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 89 | 876 | ||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 102 | 3,188 | ||||||
KAR Auction Services, Inc.* (Commercial Services & Supplies) | 438 | 6,469 | ||||||
Karat Packaging, Inc.* (Trading Companies & Distributors) | 21 | 358 | ||||||
Karuna Therapeutics, Inc.* (Biotechnology) | 95 | 12,017 | ||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 277 | 1,249 | ||||||
KB Home (Household Durables) | 291 | 8,282 | ||||||
Kearny Financial Corp. (Thrifts & Mortgage Finance) | 225 | 2,500 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 128 | 2,538 | ||||||
Kennametal, Inc. (Machinery) | 300 | 6,969 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 429 | 8,125 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 61 | 1,685 | ||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 169 | 1,398 | ||||||
Kforce, Inc. (Professional Services) | 74 | 4,539 | ||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 87 | 1,749 | ||||||
Kimball International, Inc.—Class B (Commercial Services & Supplies) | 131 | 1,005 | ||||||
Kinetik Holdings, Inc.—Class A (Oil, Gas & Consumable Fuels) | 60 | 2,048 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 113 | 1,095 | ||||||
Kinnate Biopharma, Inc.* (Biotechnology) | 106 | 1,337 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 79 | 18,142 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 791 | 13,676 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 188 | 3,281 | ||||||
KnowBe4, Inc.*—Class A (Software) | 265 | 4,139 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 325 | 5,632 | ||||||
Kodiak Sciences, Inc.* (Biotechnology) | 121 | 924 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 205 | 6,841 | ||||||
Koppers Holdings, Inc. (Chemicals) | 75 | 1,698 | ||||||
Kore Group Holdings, Inc.* (Wireless Telecommunication Services) | 127 | 390 | ||||||
Korn Ferry (Professional Services) | 195 | 11,314 | ||||||
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | 1,640 | 10,152 | ||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 449 | 6,232 | ||||||
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure) | 261 | 3,550 | ||||||
Kronos Bio, Inc.* (Chemicals) | 148 | 539 | ||||||
Kronos Worldwide, Inc. (Chemicals) | 80 | 1,472 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 76 | 4,990 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 211 | 9,033 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 230 | 4,216 | ||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 17 | 842 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 137 | 2,698 | ||||||
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | 413 | 4,353 | ||||||
Lakeland Bancorp, Inc. (Banks) | 226 | 3,304 | ||||||
Lakeland Financial Corp. (Banks) | 89 | 5,911 | ||||||
Lancaster Colony Corp. (Food Products) | 71 | 9,143 | ||||||
Landec Corp.* (Food Products) | 95 | 947 | ||||||
Lands' End, Inc.* (Internet & Direct Marketing Retail) | 55 | 584 | ||||||
Landsea Homes Corp.* (Household Durables) | 38 | 253 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 248 | 16,375 | ||||||
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | 62 | 4,274 | ||||||
Latch, Inc.* (Software) | 256 | 292 | ||||||
Latham Group, Inc.* (Leisure Products) | 160 | 1,109 | ||||||
Laureate Education, Inc.—Class A (Diversified Consumer Services) | 412 | 4,767 | ||||||
Lawson Products, Inc.* (Trading Companies & Distributors) | 18 | 925 | ||||||
La-Z-Boy, Inc. (Household Durables) | 156 | 3,699 |
See accompanying notes to financial statements.
320 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
LCI Industries (Auto Components) | 90 | $ | 10,069 | |||||
Leafly Holdings, Inc.* (Interactive Media & Services) | 16 | 72 | ||||||
Legacy Housing Corp.* (Household Durables) | 32 | 418 | ||||||
Legalzoom Com, Inc.* (Professional Services) | 356 | 3,912 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 71 | 3,234 | ||||||
Lemonade, Inc.*(a) (Insurance) | 146 | 2,666 | ||||||
LendingClub Corp.* (Consumer Finance) | 368 | 4,302 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 38 | 1,665 | ||||||
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | 264 | 491 | ||||||
LGI Homes, Inc.* (Household Durables) | 76 | 6,604 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 108 | 16,820 | ||||||
Liberty Energy, Inc.* (Energy Equipment & Services) | 518 | 6,610 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 141 | 1,100 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 555 | 4,323 | ||||||
Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | 36 | 905 | ||||||
Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | 137 | 3,288 | ||||||
Li-Cycle Holdings Corp.* (Commercial Services & Supplies) | 480 | 3,302 | ||||||
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure) | 153 | 1,971 | ||||||
LifeStance Health Group, Inc.* (Health Care Providers & Services) | 262 | 1,457 | ||||||
Lifetime Brands, Inc. (Household Durables) | 46 | 508 | ||||||
Ligand Pharmaceuticals, Inc.* (Biotechnology) | 55 | 4,907 | ||||||
Lightning eMotors, Inc.* (Machinery) | 142 | 393 | ||||||
Lightwave Logic, Inc.*(a) (Electronic Equipment, Instruments & Components) | 406 | 2,655 | ||||||
Limelight Networks, Inc.* (IT Services) | 499 | 1,153 | ||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 117 | 948 | ||||||
Lindsay Corp. (Machinery) | 40 | 5,313 | ||||||
Lions Gate Entertainment Corp.*—Class A (Entertainment) | 212 | 1,974 | ||||||
Lions Gate Entertainment Corp.*—Class B (Entertainment) | 424 | 3,744 | ||||||
Liquidia Corp.* (Pharmaceuticals) | 173 | 754 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 90 | 1,210 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 195 | 12,182 | ||||||
Live Oak Bancshares, Inc. (Banks) | 119 | 4,033 | ||||||
Livent Corp.* (Chemicals) | 589 | 13,364 | ||||||
LivePerson, Inc.* (Software) | 255 | 3,606 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 244 | 6,298 | ||||||
LiveVox Holdings, Inc.* (Software) | 81 | 134 | ||||||
LL Flooring Holdings, Inc.* (Specialty Retail) | 106 | 993 | ||||||
Local Bounti Corp.* (Food Products) | 68 | 216 | ||||||
Lordstown Motors Corp.*—Class A (Automobiles) | 580 | 916 | ||||||
Loyalty Ventures, Inc.* (Media) | 73 | 261 | ||||||
LSB Industries, Inc.* (Chemicals) | 115 | 1,594 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 141 | 5,413 | ||||||
Lulu's Fashion Lounge Holdings, Inc.* (Internet & Direct Marketing Retail) | 21 | 228 | ||||||
Luminar Technologies, Inc.* (Auto Components) | 867 | 5,141 | ||||||
Luther Burbank Corp. (Thrifts & Mortgage Finance) | 54 | 705 | ||||||
Luxfer Holdings PLC (Machinery) | 101 | 1,527 | ||||||
LXP Industrial Trust (Equity Real Estate Investment Trusts) | 1,027 | 11,030 | ||||||
Lyell Immunopharma, Inc.* (Biotechnology) | 628 | 4,095 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 208 | 6,720 | ||||||
M/I Homes, Inc.* (Household Durables) | 100 | 3,966 | ||||||
Macatawa Bank Corp. (Banks) | 95 | 840 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 184 | 8,482 | ||||||
MacroGenics, Inc.* (Biotechnology) | 219 | 646 | ||||||
Madison Square Garden Entertainment Corp.* (Entertainment) | 93 | 4,894 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 46 | 3,293 | ||||||
Magnite, Inc.* (Media) | 475 | 4,218 | ||||||
Magnolia Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 606 | 12,720 | ||||||
Malibu Boats, Inc.* (Leisure Products) | 75 | 3,953 | ||||||
Manning & Napier, Inc. (Capital Markets) | 58 | 723 | ||||||
MannKind Corp.* (Biotechnology) | 904 | 3,444 | ||||||
ManTech International Corp.—Class A (Professional Services) | 109 | 10,404 | ||||||
Marathon Digital Holdings, Inc.*(a) (IT Services) | 367 | 1,960 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 90 | 3,329 | ||||||
Marine Products Corp. (Leisure Products) | 30 | 285 | ||||||
MarineMax, Inc.* (Specialty Retail) | 77 | 2,781 | ||||||
MarketWise, Inc.* (Capital Markets) | 62 | 223 | ||||||
Markforged Holding Corp.* (Machinery) | 400 | 740 | ||||||
Marqeta, Inc.*—Class A (IT Services) | 1,577 | 12,788 | ||||||
Marten Transport, Ltd. (Road & Rail) | 214 | 3,599 | ||||||
Masonite International Corp.* (Building Products) | 82 | 6,300 | ||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 66 | 1,389 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 409 | 19,056 | ||||||
Materion Corp. (Metals & Mining) | 74 | 5,456 | ||||||
Matson, Inc. (Marine) | 146 | 10,640 | ||||||
Matterport, Inc.* (Software) | 795 | 2,910 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 111 | 3,182 | ||||||
Maxar Technologies, Inc. (Aerospace & Defense) | 264 | 6,888 | ||||||
MaxCyte, Inc.* (Biotechnology) | 316 | 1,495 | ||||||
MAXIMUS, Inc. (IT Services) | 223 | 13,939 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 261 | 8,869 | ||||||
MBIA, Inc.* (Insurance) | 174 | 2,149 | ||||||
McGrath RentCorp (Commercial Services & Supplies) | 88 | 6,688 | ||||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 86 | 847 | ||||||
Medifast, Inc. (Personal Products) | 41 | 7,401 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 321
Common Stocks, continued
Shares | Value | |||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 312 | $ | 6,555 | |||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 100 | 14,968 | ||||||
MeiraGTx Holdings PLC* (Biotechnology) | 110 | 833 | ||||||
Mercantile Bank Corp. (Banks) | 56 | 1,789 | ||||||
Merchants Bancorp (Thrifts & Mortgage Finance) | 57 | 1,292 | ||||||
Mercury General Corp. (Insurance) | 97 | 4,297 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 156 | 4,746 | ||||||
MeridianLink, Inc.* (Software) | 83 | 1,386 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 203 | 11,017 | ||||||
Meritage Homes Corp.* (Household Durables) | 132 | 9,570 | ||||||
Meritor, Inc.* (Machinery) | 255 | 9,264 | ||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 318 | 1,469 | ||||||
Mesa Laboratories, Inc. (Health Care Equipment & Supplies) | 18 | 3,671 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 105 | 4,060 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 132 | 4,889 | ||||||
Metrocity Bankshares, Inc. (Banks) | 68 | 1,381 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 37 | 2,569 | ||||||
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | 373 | 4,010 | ||||||
MGE Energy, Inc. (Electric Utilities) | 132 | 10,274 | ||||||
MGP Ingredients, Inc. (Beverages) | 51 | 5,105 | ||||||
MicroStrategy, Inc.* (Software) | 34 | 5,586 | ||||||
Microvast Holdings, Inc.* (Machinery) | 619 | 1,374 | ||||||
MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | 601 | 2,308 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 52 | 1,402 | ||||||
Middlesex Water Co. (Water Utilities) | 63 | 5,524 | ||||||
Midland States Bancorp, Inc. (Banks) | 77 | 1,851 | ||||||
MidWestOne Financial Group, Inc. (Banks) | 51 | 1,516 | ||||||
Miller Industries, Inc. (Machinery) | 40 | 907 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 276 | 7,251 | ||||||
MiMedx Group, Inc.* (Biotechnology) | 410 | 1,423 | ||||||
Minerals Technologies, Inc. (Chemicals) | 119 | 7,299 | ||||||
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 497 | 2,863 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 58 | 1,129 | ||||||
Mission Produce, Inc.* (Food Products) | 146 | 2,081 | ||||||
Mitek System, Inc.* (Software) | 153 | 1,414 | ||||||
Model N, Inc.* (Software) | 131 | 3,351 | ||||||
Modine Manufacturing Co.* (Auto Components) | 181 | 1,906 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 46 | 3,887 | ||||||
Moelis & Co. (Capital Markets) | 234 | 9,208 | ||||||
Momentive Global, Inc.* (Software) | 481 | 4,233 | ||||||
Momentus, Inc.* (Aerospace & Defense) | �� | 198 | 428 | |||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 48 | 2,816 | ||||||
MoneyGram International, Inc.* (IT Services) | 341 | 3,410 | ||||||
Moneylion, Inc.* (IT Services) | 525 | 693 | ||||||
Monro, Inc. (Specialty Retail) | 121 | 5,188 | ||||||
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers) | 234 | 2,352 | ||||||
Monte Rosa Therapeutics, Inc.* (Biotechnology) | 104 | 1,006 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 100 | 3,376 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 104 | 8,257 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 93 | 2,018 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 68 | 892 | ||||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 57 | 1,763 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 264 | 9,699 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 302 | 3,008 | ||||||
Mueller Industries, Inc. (Machinery) | 203 | 10,818 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 566 | 6,639 | ||||||
Mullen Automotive, Inc.* (Software) | 55 | 56 | ||||||
Multiplan Corp.* (Health Care Technology) | 1,372 | 7,532 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 535 | 16,152 | ||||||
Murphy USA, Inc. (Specialty Retail) | 81 | 18,861 | ||||||
MVB Financial Corp. (Banks) | 37 | 1,151 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 132 | 3,000 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 61 | 5,376 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 289 | 5,251 | ||||||
N-Able, Inc.* (Software) | 248 | 2,232 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 33 | 4,419 | ||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 15 | 569 | ||||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 169 | 2,146 | ||||||
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies) | 153 | 1,729 | ||||||
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 107 | 2,203 | ||||||
National Bank Holdings Corp. (Banks) | 106 | 4,057 | ||||||
National Beverage Corp. (Beverages) | 86 | 4,209 | ||||||
National Energy Services Reunited Corp.* (Energy Equipment & Services) | 139 | 942 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 160 | 9,698 | ||||||
National Healthcare Corp. (Health Care Providers & Services) | 46 | 3,215 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 19 | 1,247 | ||||||
National Research Corp. (Health Care Providers & Services) | 52 | 1,991 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 295 | 8,113 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 8 | 1,622 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | 34 | 542 | ||||||
Nature's Sunshine Products, Inc.* (Personal Products) | 49 | 523 |
See accompanying notes to financial statements.
322 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 125 | $ | 4,096 | |||||
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services) | 173 | 465 | ||||||
Navient Corp. (Consumer Finance) | 422 | 5,904 | ||||||
NBT Bancorp, Inc. (Banks) | 152 | 5,714 | ||||||
Neenah, Inc. (Paper & Forest Products) | 61 | 2,083 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 659 | 2,504 | ||||||
Nelnet, Inc.—Class A (Consumer Finance) | 54 | 4,604 | ||||||
NEOGAMES SA* (Hotels, Restaurants & Leisure) | 48 | 644 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 393 | 9,467 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 451 | 3,676 | ||||||
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | 191 | 3,004 | ||||||
NerdWallet, Inc.*—Class A (Interactive Media & Services) | 93 | 737 | ||||||
Nerdy, Inc.* (Diversified Consumer Services) | 197 | 420 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 103 | 1,908 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 256 | 8,665 | ||||||
NETSTREIT Corp. (Equity Real Estate Investment Trusts) | 175 | 3,302 | ||||||
Nevro Corp.* (Health Care Equipment & Supplies) | 127 | 5,566 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 350 | 15,586 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,381 | 3,812 | ||||||
Newmark Group, Inc. (Real Estate Management & Development) | 537 | 5,193 | ||||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 308 | 952 | ||||||
Nexpoint Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 28 | 568 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 82 | 5,126 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 112 | 497 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 202 | 3,523 | ||||||
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | 639 | 6,077 | ||||||
NextNav, Inc.* (Software) | 177 | 402 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 142 | 1,820 | ||||||
NI Holdings, Inc.* (Insurance) | 31 | 509 | ||||||
Nicolet Bankshares, Inc.* (Banks) | 45 | 3,255 | ||||||
Nikola Corp.*(a) (Machinery) | 1,060 | 5,046 | ||||||
Nkarta, Inc.* (Biotechnology) | 118 | 1,454 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 30 | 296 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 159 | 1,625 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 307 | 5,112 | ||||||
Noble Corp.* (Energy Equipment & Services) | 137 | 3,473 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 149 | 700 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 691 | 1,472 | ||||||
Northeast Bank (Banks) | 24 | 877 | ||||||
Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels) | 238 | 6,012 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 159 | 2,072 | ||||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 441 | 5,645 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 124 | 6,584 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 35 | 1,048 | ||||||
NorthWestern Corp. (Multi-Utilities) | 197 | 11,609 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 869 | 4,180 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 129 | 15,644 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 401 | 3,922 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 181 | 7,837 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 161 | 2,040 | ||||||
NuScale Power Corp.* (Electrical Equipment) | 62 | 619 | ||||||
Nutex Health, Inc.* (Health Care Technology) | 141 | 455 | ||||||
Nuvalent, Inc.*—Class A (Biotechnology) | 61 | 827 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 190 | 9,340 | ||||||
Nuvation Bio, Inc.* (Pharmaceuticals) | 423 | 1,371 | ||||||
NV5 Global, Inc.* (Construction & Engineering) | 49 | 5,720 | ||||||
Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | 154 | 18,734 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 363 | 3,877 | ||||||
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | 211 | 4,036 | ||||||
Ocugen, Inc.*(a) (Biotechnology) | 777 | 1,764 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 280 | 1,126 | ||||||
Offerpad Solutions, Inc.* (Real Estate Management & Development) | 248 | 541 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 174 | 3,471 | ||||||
OFG Bancorp (Banks) | 173 | 4,394 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 565 | 7,911 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 221 | 1,198 | ||||||
Old National Bancorp (Banks) | 1,065 | 15,751 | ||||||
Old Second Bancorp, Inc. (Banks) | 154 | 2,061 | ||||||
Olo, Inc.*—Class A (Software) | 327 | 3,227 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 35 | 901 | ||||||
Omega Flex, Inc. (Machinery) | 12 | 1,291 | ||||||
Omnicell, Inc.* (Health Care Technology) | 159 | 18,086 | ||||||
ON24, Inc.* (Software) | 151 | 1,433 | ||||||
Ondas Holdings, Inc.* (Communications Equipment) | 124 | 668 | ||||||
ONE Gas, Inc. (Gas Utilities) | 195 | 15,833 | ||||||
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | 59 | 1,533 | ||||||
OneSpan, Inc.* (Software) | 145 | 1,726 | ||||||
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | 241 | 1,728 | ||||||
Onewater Marine, Inc.* (Specialty Retail) | 40 | 1,322 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 180 | 12,553 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 323
Common Stocks, continued
Shares | Value | |||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 83 | $ | 983 | |||||
Open Lending Corp.*—Class A (Capital Markets) | 383 | 3,918 | ||||||
OPKO Health, Inc.* (Biotechnology) | 1,466 | 3,709 | ||||||
Oportun Financial Corp.* (Consumer Finance) | 101 | 835 | ||||||
Oppenheimer Holdings, Inc.—Class A (Capital Markets) | 32 | 1,057 | ||||||
OppFi, Inc.* (Consumer Finance) | 49 | 161 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 64 | 1,753 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 522 | 14,506 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 265 | 718 | ||||||
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | 646 | 1,841 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 254 | 1,240 | ||||||
Origin Bancorp, Inc. (Banks) | 82 | 3,182 | ||||||
Origin Materials, Inc.* (Chemicals) | 386 | 1,976 | ||||||
Orion Engineered Carbons SA (Chemicals) | 220 | 3,417 | ||||||
Orion Office REIT, Inc. (Equity Real Estate Investment Trusts) | 207 | 2,269 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 165 | 12,928 | ||||||
Orrstown Financial Services, Inc. (Banks) | 39 | 943 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 70 | 1,648 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 52 | 2,244 | ||||||
Oscar Health, Inc.*—Class A (Insurance) | 429 | 1,823 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 59 | 5,041 | ||||||
Otter Tail Corp. (Electric Utilities) | 149 | 10,002 | ||||||
Ouster, Inc.* (Electronic Equipment, Instruments & Components) | 496 | 804 | ||||||
Outbrain, Inc.* (Interactive Media & Services) | 145 | 729 | ||||||
Outfront Media, Inc. (Equity Real Estate Investment Trusts) | 532 | 9,017 | ||||||
Outlook Therapeutics, Inc.* (Biotechnology) | 430 | 439 | ||||||
Outset Medical, Inc.* (Health Care Equipment & Supplies) | 174 | 2,586 | ||||||
Overstock.com, Inc.* (Internet & Direct Marketing Retail) | 155 | 3,877 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 268 | 8,429 | ||||||
Owlet, Inc.* (Health Care Equipment & Supplies) | 60 | 102 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 56 | 4,969 | ||||||
P3 Health Partners, Inc.* (Health Care Providers & Services) | 92 | 342 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 820 | 3,624 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 341 | 9,971 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 163 | 9,502 | ||||||
Pactiv Evergreen, Inc. (Containers & Packaging) | 157 | 1,564 | ||||||
PagerDuty, Inc.* (Software) | 309 | 7,657 | ||||||
Palomar Holdings, Inc.* (Insurance) | 88 | 5,667 | ||||||
PAM Transportation Services, Inc.* (Road & Rail) | 24 | 657 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 120 | 10,021 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 178 | 2,775 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 96 | 3,599 | ||||||
Paragon 28, Inc.* (Health Care Equipment & Supplies) | 167 | 2,650 | ||||||
Paramount Group, Inc. (Equity Real Estate Investment Trusts) | 678 | 4,902 | ||||||
Pardes Biosciences, Inc.* (Biotechnology) | 103 | 316 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 71 | 906 | ||||||
Park National Corp. (Banks) | 52 | 6,305 | ||||||
Parke Bancorp, Inc. (Banks) | 37 | 776 | ||||||
Parsons Corp.* (Aerospace & Defense) | 122 | 4,931 | ||||||
Party City Holdco, Inc.* (Specialty Retail) | 396 | 523 | ||||||
Patrick Industries, Inc. (Auto Components) | 80 | 4,147 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 317 | 9,605 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 779 | 12,277 | ||||||
Paya Holdings, Inc.* (IT Services) | 318 | 2,089 | ||||||
Payoneer Global, Inc.* (IT Services) | 786 | 3,081 | ||||||
Paysafe, Ltd.* (IT Services) | 1,228 | 2,395 | ||||||
PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 352 | 10,215 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 41 | 1,806 | ||||||
PCB Bancorp (Banks) | 42 | 785 | ||||||
PCSB Financial Corp. (Thrifts & Mortgage Finance) | 45 | 859 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 110 | 2,366 | ||||||
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | 428 | 9,129 | ||||||
Peapack Gladstone Financial Corp. (Banks) | 63 | 1,871 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 472 | 7,821 | ||||||
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | 108 | 4,721 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 334 | 4,619 | ||||||
Peoples Bancorp, Inc. (Banks) | 101 | 2,687 | ||||||
Peoples Financial Services Corp. (Banks) | 25 | 1,396 | ||||||
PepGen, Inc.* (Biotechnology) | 30 | 298 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 248 | 2,921 | ||||||
Perella Weinberg Partners (Capital Markets) | 169 | 985 | ||||||
Perficient, Inc.* (IT Services) | 124 | 11,370 | ||||||
Perimeter Solutions SA* (Chemicals) | 442 | 4,791 | ||||||
Petiq, Inc.* (Health Care Providers & Services) | 99 | 1,662 | ||||||
PetMed Express, Inc. (Internet & Direct Marketing Retail) | 73 | 1,453 | ||||||
PFSweb, Inc.* (IT Services) | 60 | 706 | ||||||
PGT Innovations, Inc.* (Building Products) | 214 | 3,561 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 84 | 709 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 74 | 1,416 | ||||||
Phillips Edison & Co., Inc. (Equity Real Estate Investment Trusts) | 415 | 13,865 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 218 | 4,247 |
See accompanying notes to financial statements.
324 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Phreesia, Inc.* (Health Care Technology) | 178 | $ | 4,452 | |||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 817 | 14,257 | ||||||
Piedmont Lithium, Inc.* (Metals & Mining) | 63 | 2,294 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 446 | 5,852 | ||||||
Ping Identity Holding Corp.* (Software) | 281 | 5,097 | ||||||
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | 42 | 412 | ||||||
Piper Sandler Cos. (Capital Markets) | 63 | 7,142 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 629 | 2,277 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 87 | 6,114 | ||||||
Planet Labs PBC* (Professional Services) | 565 | 2,446 | ||||||
Plantronics, Inc.* (Communications Equipment) | 154 | 6,111 | ||||||
Playstudios, Inc.* (Entertainment) | 288 | 1,233 | ||||||
PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods) | 113 | 723 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 100 | 7,850 | ||||||
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | 137 | 2,403 | ||||||
PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | 134 | 1,910 | ||||||
PNM Resources, Inc. (Electric Utilities) | 310 | 14,812 | ||||||
Point BioPharma Global, Inc.* (Biotechnology) | 269 | 1,832 | ||||||
PolyMet Mining Corp.* (Metals & Mining) | 106 | 292 | ||||||
Porch Group, Inc.* (Internet & Direct Marketing Retail) | 293 | 750 | ||||||
Portillo's, Inc.*(a)—Class A (Hotels, Restaurants & Leisure) | 72 | 1,177 | ||||||
Portland General Electric Co. (Electric Utilities) | 325 | 15,707 | ||||||
Poshmark, Inc.*—Class A (Internet & Direct Marketing Retail) | 167 | 1,688 | ||||||
Postal Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 64 | 954 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 248 | 10,959 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 33 | 771 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 210 | 15,752 | ||||||
PowerSchool Holdings, Inc.* (Diversified Consumer Services) | 166 | 2,000 | ||||||
PRA Group, Inc.* (Consumer Finance) | 144 | 5,236 | ||||||
Praxis Precision Medicines, Inc.* (Biotechnology) | 137 | 336 | ||||||
Precigen, Inc.* (Biotechnology) | 367 | 492 | ||||||
Preferred Bank (Banks) | 50 | 3,401 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 9 | 554 | ||||||
Premier Financial Corp. (Thrifts & Mortgage Finance) | 129 | 3,270 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 183 | 10,759 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 89 | 6,375 | ||||||
Primis Financial Corp. (Banks) | 80 | 1,090 | ||||||
Primo Water Corp. (Beverages) | 572 | 7,653 | ||||||
Primoris Services Corp. (Construction & Engineering) | 193 | 4,200 | ||||||
Priority Technology Holdings, Inc.* (IT Services) | 65 | 215 | ||||||
Privia Health Group, Inc.* (Health Care Providers & Services) | 157 | 4,572 | ||||||
ProAssurance Corp. (Insurance) | 196 | 4,631 | ||||||
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies) | 93 | 3,040 | ||||||
Professional Holding Corp.*—Class A (Banks) | 47 | 942 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 197 | 3,251 | ||||||
Progress Software Corp. (Software) | 159 | 7,203 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 272 | 7,902 | ||||||
Prometheus Biosciences, Inc.* (Biotechnology) | 106 | 2,992 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 317 | 3,170 | ||||||
PROS Holdings, Inc.* (Software) | 149 | 3,908 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 167 | 1,321 | ||||||
Proterra, Inc.* (Machinery) | 803 | 3,726 | ||||||
Prothena Corp. PLC* (Biotechnology) | 129 | 3,502 | ||||||
Proto Labs, Inc.* (Machinery) | 100 | 4,784 | ||||||
Provention Bio, Inc.* (Pharmaceuticals) | 203 | 812 | ||||||
Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | 52 | 816 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 271 | 6,032 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 73 | 13,662 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 255 | 10,215 | ||||||
PubMatic, Inc.*—Class A (Media) | 152 | 2,415 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 124 | 1,825 | ||||||
Pure Cycle Corp.* (Water Utilities) | 71 | 748 | ||||||
PureCycle Technologies, Inc.* (Chemicals) | 386 | 2,864 | ||||||
Purple Innovation, Inc.* (Household Durables) | 199 | 609 | ||||||
Pzena Investment Management, Inc.—Class A (Capital Markets) | 61 | 402 | ||||||
Q2 Holdings, Inc.* (Software) | 203 | 7,830 | ||||||
QCR Holdings, Inc. (Banks) | 60 | 3,239 | ||||||
Quad/Graphics, Inc.* (Commercial Services & Supplies) | 126 | 347 | ||||||
Quaker Chemical Corp. (Chemicals) | 49 | 7,326 | ||||||
Qualys, Inc.* (Software) | 142 | 17,911 | ||||||
Quanex Building Products Corp. (Building Products) | 120 | 2,730 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 123 | 1,991 | ||||||
Quantum-Si, Inc.* (Life Sciences Tools & Services) | 332 | 770 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | — | (b) | 36 | |||||
QuinStreet, Inc.* (Interactive Media & Services) | 188 | 1,891 | ||||||
Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | 325 | 965 | ||||||
Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail) | 1,272 | 3,651 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 491 | 10,291 | ||||||
Rackspace Technology, Inc.* (IT Services) | 209 | 1,499 | ||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 629 | 12,359 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 325
Common Stocks, continued
Shares | Value | |||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 138 | $ | 1,024 | |||||
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | 271 | 4,135 | ||||||
Radius Health, Inc.* (Biotechnology) | 170 | 1,763 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 178 | 3,076 | ||||||
Rallybio Corp.* (Biotechnology) | 58 | 438 | ||||||
Ramaco Resources, Inc. (Metals & Mining) | 81 | 1,065 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 398 | 8,553 | ||||||
Ranger Oil Corp.* (Oil, Gas & Consumable Fuels) | 77 | 2,531 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 158 | 1,106 | ||||||
Rapid7, Inc.* (Software) | 211 | 14,095 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 94 | 1,716 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 224 | 587 | ||||||
RBB Bancorp (Banks) | 54 | 1,116 | ||||||
RBC Bearings, Inc.* (Machinery) | 104 | 19,234 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 32 | 1,548 | ||||||
RE/MAX Holdings, Inc. (Real Estate Management & Development) | 68 | 1,667 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 269 | 3,206 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 421 | 4,138 | ||||||
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | 100 | 3,039 | ||||||
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | 491 | 3,997 | ||||||
Red River Bancshares, Inc. (Banks) | 16 | 865 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 194 | 6,472 | ||||||
Red Violet, Inc.* (Professional Services) | 34 | 647 | ||||||
Redbox Entertainment, Inc.* (Entertainment) | 24 | 178 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 381 | 3,139 | ||||||
Redwire Corp.* (Aerospace & Defense) | 70 | 213 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 437 | 3,369 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 146 | 3,606 | ||||||
Regional Management Corp. (Consumer Finance) | 28 | 1,046 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 278 | 4,657 | ||||||
Relmada Therapeutics, Inc.* (Pharmaceuticals) | 99 | 1,880 | ||||||
Remitly Global, Inc.* (IT Services) | 305 | 2,336 | ||||||
Renasant Corp. (Banks) | 199 | 5,733 | ||||||
Rent the Runway, Inc.*—Class A (Internet & Direct Marketing Retail) | 170 | 522 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 193 | 3,754 | ||||||
Repay Holdings Corp.* (IT Services) | 318 | 4,086 | ||||||
Replimune Group, Inc.* (Biotechnology) | 110 | 1,923 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 32 | 1,544 | ||||||
Republic First Bancorp, Inc.* (Banks) | 176 | 671 | ||||||
Reservoir Media, Inc.* (Entertainment) | 74 | 482 | ||||||
Resideo Technologies, Inc.* (Building Products) | 525 | 10,196 | ||||||
Resolute Forest Products, Inc.* (Paper & Forest Products) | 167 | 2,131 | ||||||
Resources Connection, Inc. (Professional Services) | 115 | 2,343 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 438 | 6,912 | ||||||
REV Group, Inc. (Machinery) | 126 | 1,370 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 255 | 3,524 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 229 | 4,463 | ||||||
Revolve Group, Inc.* (Internet & Direct Marketing Retail) | 148 | 3,835 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 19 | 1,611 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 263 | 800 | ||||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 627 | 709 | ||||||
Rigetti Computing, Inc.* (Semiconductors & Semiconductor Equipment) | 116 | 426 | ||||||
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | 38 | 919 | ||||||
Rimini Street, Inc.* (Software) | 177 | 1,064 | ||||||
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | 314 | 835 | ||||||
Riot Blockchain, Inc.* (Software) | 425 | 1,781 | ||||||
Rite Aid Corp.* (Food & Staples Retailing) | 198 | 1,335 | ||||||
RLI Corp. (Insurance) | 142 | 16,556 | ||||||
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | 597 | 6,585 | ||||||
Rocket Lab USA, Inc.* (Aerospace & Defense) | 774 | 2,933 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 159 | 2,188 | ||||||
Rockley Photonics Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 370 | 807 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 25 | 855 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 68 | 17,821 | ||||||
Root, Inc.*—Class A (Insurance) | 507 | 603 | ||||||
Rover Group, Inc.* (Diversified Consumer Services) | 337 | 1,267 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 270 | 1,866 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 303 | 2,978 | ||||||
RumbleON, Inc.*—Class B (Internet & Direct Marketing Retail) | 38 | 559 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 154 | 7,423 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 25 | 1,240 | ||||||
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | 221 | 1,032 | ||||||
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 119 | 1,935 | ||||||
RxSight, Inc.* (Health Care Equipment & Supplies) | 75 | 1,056 | ||||||
Ryerson Holding Corp. (Metals & Mining) | 60 | 1,277 | ||||||
Ryman Hospitality Properties, Inc.*—Class I (Equity Real Estate Investment Trusts) | 195 | 14,826 | ||||||
S&T Bancorp, Inc. (Banks) | 142 | 3,895 |
See accompanying notes to financial statements.
326 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 838 | $ | 11,707 | |||||
Sabre Corp.* (IT Services) | 1,184 | 6,903 | ||||||
Safe Bulkers, Inc. (Marine) | 266 | 1,016 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 79 | 2,794 | ||||||
Safety Insurance Group, Inc. (Insurance) | 52 | 5,049 | ||||||
Sage Therapeutics, Inc.* (Biotechnology) | 189 | 6,105 | ||||||
Saia, Inc.* (Road & Rail) | 96 | 18,048 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 338 | 21,185 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 389 | 4,637 | ||||||
Sana Biotechnology, Inc.* (Biotechnology) | 323 | 2,077 | ||||||
Sanderson Farms, Inc. (Food Products) | 78 | 16,811 | ||||||
SandRidge Energy, Inc.* (Oil, Gas & Consumable Fuels) | 115 | 1,802 | ||||||
Sandy Spring Bancorp, Inc. (Banks) | 161 | 6,290 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 435 | 1,801 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 218 | 8,879 | ||||||
Sapiens International Corp. N.V. (Software) | 112 | 2,709 | ||||||
Sarcos Technology and Robotics Corp.* (Machinery) | 276 | 734 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 43 | 2,026 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 93 | 2,896 | ||||||
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | 94 | 3,087 | ||||||
Scholastic Corp. (Media) | 100 | 3,597 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 196 | 5,176 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 115 | 2,889 | ||||||
Science 37 Holdings, Inc.* (Life Sciences Tools & Services) | 226 | 454 | ||||||
Scientific Games Corp. A* (Hotels, Restaurants & Leisure) | 355 | 16,680 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 180 | 6,212 | ||||||
Sculptor Capital Management, Inc. (Capital Markets) | 95 | 793 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 220 | 7,269 | ||||||
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | 129 | 729 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 164 | 7,246 | ||||||
SecureWorks Corp.*—Class A (Software) | 36 | 391 | ||||||
Seer, Inc.* (Life Sciences Tools & Services) | 188 | 1,683 | ||||||
Select Energy Services, Inc.* (Energy Equipment & Services) | 259 | 1,766 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 392 | 9,259 | ||||||
Selective Insurance Group, Inc. (Insurance) | 217 | 18,866 | ||||||
Selectquote, Inc.* (Insurance) | 486 | 1,205 | ||||||
Sema4 Holdings Corp.* (Health Care Technology) | 574 | 723 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 230 | 12,643 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 21 | 1,166 | ||||||
Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | 1,663 | 1,713 | ||||||
Sensient Technologies Corp. (Chemicals) | 152 | 12,245 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 256 | 878 | ||||||
Seritage Growth Properties*—Class A (Equity Real Estate Investment Trusts) | 160 | 834 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 597 | 3,122 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 182 | 14,363 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 417 | 3,957 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 136 | 5,369 | ||||||
Sharecare, Inc.* (Health Care Technology) | 223 | 352 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 176 | 3,907 | ||||||
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | 406 | 6,691 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 129 | 24,661 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 64 | 1,383 | ||||||
Shore Bancshares, Inc. (Banks) | 65 | 1,203 | ||||||
ShotSpotter, Inc.* (Software) | 32 | 861 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 88 | 5,044 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 122 | 1,610 | ||||||
Sierra Bancorp (Banks) | 50 | 1,087 | ||||||
SIGA Technologies, Inc. (Pharmaceuticals) | 171 | 1,980 | ||||||
Sight Sciences, Inc.* (Health Care Equipment & Supplies) | 78 | 701 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 169 | 9,035 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 132 | 18,510 | ||||||
Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | 125 | 4,549 | ||||||
Silverbow Resources, Inc.* (Oil, Gas & Consumable Fuels) | 43 | 1,219 | ||||||
Silvercrest Asset Management Group, Inc.— Class A (Capital Markets) | 36 | 591 | ||||||
Silvergate Capital Corp.*—Class A (Banks) | 114 | 6,102 | ||||||
Simmons First National Corp.—Class A (Banks) | 454 | 9,652 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 157 | 15,795 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 57 | 2,812 | ||||||
Sinclair Broadcast Group, Inc.—Class A (Media) | 151 | 3,080 | ||||||
Singular Genomics Systems, Inc.* (Life Sciences Tools & Services) | 202 | 772 | ||||||
SiriusPoint, Ltd.* (Insurance) | 335 | 1,816 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 707 | 9,523 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 58 | 9,456 | ||||||
Sitio Royalties Corp. (Oil, Gas & Consumable Fuels) | 43 | 991 | ||||||
SJW Corp. (Water Utilities) | 98 | 6,116 | ||||||
Skillsoft Corp.* (Professional Services) | 295 | 1,038 | ||||||
Skillz, Inc.* (Entertainment) | 1,110 | 1,376 | ||||||
Skyline Champion Corp.* (Household Durables) | 194 | 9,199 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 327
Common Stocks, continued
Shares | Value | |||||||
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 39 | $ | 235 | |||||
SkyWest, Inc.* (Airlines) | 181 | 3,846 | ||||||
Sleep Number Corp.* (Specialty Retail) | 78 | 2,414 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 440 | 15,044 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 178 | 2,914 | ||||||
SmartFinancial, Inc. (Banks) | 56 | 1,353 | ||||||
SmartRent, Inc.* (Electronic Equipment, Instruments & Components) | 432 | 1,953 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 165 | 2,166 | ||||||
Snap One Holdings Corp.* (Household Durables) | 65 | 596 | ||||||
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | 115 | 1,251 | ||||||
SolarWinds Corp. (IT Services) | 175 | 1,794 | ||||||
Solid Power, Inc.* (Auto Components) | 206 | 1,108 | ||||||
Solo Brands, Inc.*—Class A (Leisure Products) | 80 | 325 | ||||||
Somalogic, Inc.* (Life Sciences Tools & Services) | 543 | 2,454 | ||||||
Sonder Holdings, Inc.* (Hotels, Restaurants & Leisure) | 159 | 165 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 73 | 2,674 | ||||||
Sonos, Inc.* (Household Durables) | 463 | 8,353 | ||||||
Sorrento Therapeutics, Inc.* (Biotechnology) | 1,381 | 2,776 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 446 | 15,226 | ||||||
South Plains Financial, Inc. (Banks) | 37 | 893 | ||||||
Southern First Bancshares, Inc.* (Banks) | 28 | 1,221 | ||||||
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | 29 | 1,313 | ||||||
Southside Bancshares, Inc. (Banks) | 111 | 4,154 | ||||||
SouthState Corp. (Banks) | 272 | 20,984 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 240 | 20,900 | ||||||
Sovos Brands, Inc.* (Food Products) | 103 | 1,635 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 84 | 2,580 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 130 | 3,922 | ||||||
Spire Global, Inc.* (Technology Hardware, Storage & Peripherals) | 454 | 527 | ||||||
Spire, Inc. (Gas Utilities) | 185 | 13,758 | ||||||
Spirit Airlines, Inc.* (Airlines) | 396 | 9,441 | ||||||
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | 158 | 1,515 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 126 | 3,102 | ||||||
Sprout Social, Inc.*—Class A (Software) | 167 | 9,698 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 399 | 10,104 | ||||||
SPS Commerce, Inc.* (Software) | 132 | 14,923 | ||||||
SPX Corp.* (Machinery) | 161 | 8,507 | ||||||
Squarespace, Inc.*—Class A (IT Services) | 114 | 2,385 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 174 | 12,342 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 655 | 20,225 | ||||||
Stagwell, Inc.* (Media) | 284 | 1,542 | ||||||
Standard Motor Products, Inc. (Auto Components) | 75 | 3,374 | ||||||
Standex International Corp. (Machinery) | 43 | 3,646 | ||||||
Starry Group Holdings, Inc.*—Class A (Diversified Telecommunication Services) | 86 | 354 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 313 | 3,358 | ||||||
Stem, Inc.* (Electrical Equipment) | 523 | 3,745 | ||||||
Stepan Co. (Chemicals) | 78 | 7,905 | ||||||
StepStone Group, Inc.—Class A (Capital Markets) | 191 | 4,972 | ||||||
Sterling Bancorp, Inc.* (Thrifts & Mortgage Finance) | 62 | 353 | ||||||
Sterling Check Corp.* (Professional Services) | 86 | 1,403 | ||||||
Sterling Construction Co., Inc.* (Construction & Engineering) | 106 | 2,324 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 287 | 9,244 | ||||||
Stewart Information Services Corp. (Insurance) | 97 | 4,826 | ||||||
Stitch Fix, Inc.*—Class A (Internet & Direct Marketing Retail) | 295 | 1,457 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 104 | 6,221 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 82 | 1,083 | ||||||
StoneCo, Ltd.*—Class A (IT Services) | 1,007 | 7,754 | ||||||
StoneMor, Inc.* (Diversified Consumer Services) | 99 | 339 | ||||||
Stoneridge, Inc.* (Auto Components) | 96 | 1,646 | ||||||
StoneX Group, Inc.* (Capital Markets) | 62 | 4,840 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 84 | 5,929 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 21 | 677 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 147 | 5,996 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 63 | 4,010 | ||||||
Summit Financial Group, Inc. (Banks) | 40 | 1,111 | ||||||
Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | 380 | 2,763 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 431 | 10,038 | ||||||
Sumo Logic, Inc.* (Software) | 310 | 2,322 | ||||||
Sun Country Airlines Holdings, Inc.* (Airlines) | 120 | 2,201 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 303 | 2,063 | ||||||
Sunlight Financial Holdings, Inc.* (Consumer Finance) | 88 | 260 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 361 | 6,653 | ||||||
SunOpta, Inc.* (Food Products) | 355 | 2,762 | ||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 297 | 4,696 | ||||||
Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts) | 781 | 7,748 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 165 | 6,657 | ||||||
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | 42 | 746 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 178 | 5,148 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 144 | 4,164 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 49 | 1,824 | ||||||
Sutro BioPharma, Inc.* (Biotechnology) | 160 | 834 |
See accompanying notes to financial statements.
328 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure) | 49 | $ | 571 | |||||
SWK Holdings Corp.* (Diversified Financial Services) | 13 | 227 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 129 | 4,215 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 144 | 16,999 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 188 | 3,617 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 70 | 511 | ||||||
Talaris Therapeutics, Inc.* (Biotechnology) | 81 | 365 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 240 | 3,713 | ||||||
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | 368 | 5,233 | ||||||
Tango Therapeutics, Inc.* (Biotechnology) | 169 | 766 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 111 | 634 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 66 | 964 | ||||||
Tattooed Chef, Inc.*(a) (Food Products) | 178 | 1,121 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 420 | 9,810 | ||||||
TechTarget, Inc.* (Media) | 100 | 6,572 | ||||||
Teekay Corp.* (Oil, Gas & Consumable Fuels) | 253 | 729 | ||||||
Teekay Tankers, Ltd.*—Class A (Oil, Gas & Consumable Fuels) | 83 | 1,463 | ||||||
TEGNA, Inc. (Media) | 810 | 16,987 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 75 | 1,164 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 366 | 5,779 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 1,853 | 5,522 | ||||||
Telos Corp.* (Software) | 196 | 1,584 | ||||||
Tenable Holdings, Inc.* (Software) | 399 | 18,118 | ||||||
Tenaya Therapeutics, Inc.* (Biotechnology) | 101 | 569 | ||||||
Tennant Co. (Machinery) | 67 | 3,970 | ||||||
Tenneco, Inc.* (Auto Components) | 300 | 5,148 | ||||||
Tenon Medical, Inc.* (Health Care Equipment & Supplies) | 12 | 27 | ||||||
Terawulf, Inc.* (Software) | 78 | 94 | ||||||
Terex Corp. (Machinery) | 248 | 6,788 | ||||||
Terran Orbital Corp.* (Aerospace & Defense) | 87 | 398 | ||||||
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | 270 | 15,047 | ||||||
TETRA Technologies, Inc.* (Energy Equipment & Services) | 452 | 1,835 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 185 | 9,738 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 248 | 18,153 | ||||||
Textainer Group Holdings, Ltd. (Trading Companies & Distributors) | 169 | 4,632 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 484 | 2,057 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 116 | 3,827 | ||||||
The Arena Group Holdings Inc* (Interactive Media & Services) | 41 | 369 | ||||||
The Bancorp, Inc.* (Banks) | 202 | 3,943 | ||||||
The Bank of NT Butterfield & Son, Ltd. (Banks) | 181 | 5,645 | ||||||
The Beachbody Co. Inc* (Diversified Consumer Services) | 380 | 456 | ||||||
The Beauty Health Co.* (Personal Products) | 362 | 4,655 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 169 | 10,260 | ||||||
The Buckle, Inc. (Specialty Retail) | 110 | 3,046 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 67 | 778 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 181 | 4,782 | ||||||
The Chefs' Warehouse, Inc.* (Food & Staples Retailing) | 124 | 4,822 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 48 | 1,868 | ||||||
The Container Store Group, Inc.* (Specialty Retail) | 118 | 735 | ||||||
The Duckhorn Portfolio, Inc.* (Beverages) | 134 | 2,822 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 212 | 2,644 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 196 | 14,400 | ||||||
The First Bancorp, Inc. (Banks) | 35 | 1,055 | ||||||
The First Bancshares, Inc. (Banks) | 71 | 2,031 | ||||||
The First of Long Island Corp. (Banks) | 81 | 1,420 | ||||||
The GEO Group, Inc.* (Equity Real Estate Investment Trusts) | 430 | 2,838 | ||||||
The Goodyear Tire & Rubber Co.* (Auto Components) | 1,019 | 10,914 | ||||||
The Gorman-Rupp Co. (Machinery) | 83 | 2,349 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 116 | 4,175 | ||||||
The Hackett Group, Inc. (IT Services) | 98 | 1,859 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 273 | 6,481 | ||||||
The Honest Co., Inc.* (Personal Products) | 236 | 689 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 51 | 781 | ||||||
The Lovesac Co.* (Household Durables) | 51 | 1,403 | ||||||
The Macerich Co. (Equity Real Estate Investment Trusts) | 782 | 6,811 | ||||||
The Manitowoc Co., Inc.* (Machinery) | 126 | 1,327 | ||||||
The Marcus Corp.* (Entertainment) | 86 | 1,270 | ||||||
The Necessity Retail REIT, Inc. (Equity Real Estate Investment Trusts) | 485 | 3,531 | ||||||
The ODP Corp.* (Specialty Retail) | 156 | 4,717 | ||||||
The Oncology Institute Inc* (Health Care Providers & Services) | 68 | 344 | ||||||
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure) | 82 | 604 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 95 | 1,217 | ||||||
The RealReal, Inc.* (Internet & Direct Marketing Retail) | 309 | 769 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 56 | 1,588 | ||||||
The Shyft Group, Inc. (Machinery) | 125 | 2,324 | ||||||
The Simply Good Foods Co.* (Food Products) | 327 | 12,351 | ||||||
The St Joe Co. (Real Estate Management & Development) | 125 | 4,945 | ||||||
The Vita Coco Co., Inc.* (Beverages) | 101 | 989 | ||||||
The York Water Co. (Water Utilities) | 52 | 2,102 | ||||||
TherapeuticsMD, Inc.* (Pharmaceuticals) | 1 | 10 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 234 | 2,120 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 120 | 1,686 | ||||||
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals) | 62 | 343 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 329
Common Stocks, continued
Shares | Value | |||||||
Third Coast Bancshares, Inc.* (Banks) | 46 | $ | 1,007 | |||||
Thorne HealthTech, Inc.* (Personal Products) | 50 | 242 | ||||||
Thredup, Inc.*—Class A (Internet & Direct Marketing Retail) | 213 | 533 | ||||||
Thryv Holdings, Inc.* (Media) | 92 | 2,060 | ||||||
Tidewater, Inc.* (Energy Equipment & Services) | 138 | 2,910 | ||||||
Tile Shop Holdings, Inc. (Specialty Retail) | 132 | 405 | ||||||
Tilly's, Inc.—Class A (Specialty Retail) | 84 | 590 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 168 | 3,143 | ||||||
Tiptree, Inc. (Insurance) | 86 | 913 | ||||||
Titan International, Inc.* (Machinery) | 186 | 2,809 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 74 | 1,658 | ||||||
Tompkins Financial Corp. (Banks) | 51 | 3,677 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 55 | 1,944 | ||||||
Torrid Holdings, Inc.* (Specialty Retail) | 54 | 233 | ||||||
TowneBank (Banks) | 245 | 6,652 | ||||||
TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | 250 | 2,253 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 133 | 1,663 | ||||||
Traeger, Inc.* (Household Durables) | 116 | 493 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 26 | 1,477 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 5 | 199 | ||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 98 | 3,082 | ||||||
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment) | 78 | 297 | ||||||
TravelCenters of America, Inc.* (Specialty Retail) | 46 | 1,586 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 221 | 5,355 | ||||||
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | 121 | 1,735 | ||||||
Trean Insurance Group, Inc.* (Insurance) | 82 | 511 | ||||||
Tredegar Corp. (Chemicals) | 99 | 990 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 185 | 7,737 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 373 | 6,293 | ||||||
Tricida, Inc.* (Pharmaceuticals) | 121 | 1,171 | ||||||
TriCo Bancshares (Banks) | 115 | 5,249 | ||||||
TriMas Corp. (Containers & Packaging) | 154 | 4,264 | ||||||
TriNet Group, Inc.* (Professional Services) | 136 | 10,556 | ||||||
Trinity Industries, Inc. (Machinery) | 303 | 7,339 | ||||||
Trinseo PLC (Chemicals) | 131 | 5,038 | ||||||
Triton International, Ltd. (Trading Companies & Distributors) | 231 | 12,161 | ||||||
Triumph Bancorp, Inc.* (Banks) | 87 | 5,443 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 233 | 3,097 | ||||||
Tronox Holdings PLC—Class A (Chemicals) | 425 | 7,140 | ||||||
TrueBlue, Inc.* (Professional Services) | 119 | 2,130 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 337 | 873 | ||||||
Trupanion, Inc.* (Insurance) | 142 | 8,557 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 68 | 2,097 | ||||||
Trustmark Corp. (Banks) | 222 | 6,480 | ||||||
TTEC Holdings, Inc. (IT Services) | 68 | 4,617 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 368 | 4,600 | ||||||
Tucows, Inc.* (IT Services) | 36 | 1,602 | ||||||
Tupperware Brands Corp.* (Household Durables) | 166 | 1,052 | ||||||
Turning Point Brands, Inc. (Tobacco) | 56 | 1,519 | ||||||
Turning Point Therapeutics, Inc.* (Biotechnology) | 166 | 12,491 | ||||||
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals) | 56 | 685 | ||||||
TuSimple Holdings, Inc.*—Class A (Road & Rail) | 508 | 3,673 | ||||||
Tutor Perini Corp.* (Construction & Engineering) | 153 | 1,343 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 204 | 7,132 | ||||||
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | 1,255 | 6,250 | ||||||
Tyra Biosciences, Inc.* (Biotechnology) | 48 | 343 | ||||||
U.S. Cellular Corp.* (Wireless Telecommunication Services) | 54 | 1,564 | ||||||
U.S. Lime & Minerals, Inc. (Construction Materials) | 7 | 739 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 47 | 5,132 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 269 | 3,072 | ||||||
Udemy, Inc.* (Diversified Consumer Services) | 262 | 2,675 | ||||||
UFP Industries, Inc. (Building Products) | 221 | 15,058 | ||||||
UFP Technologies, Inc.* (Containers & Packaging) | 25 | 1,989 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 164 | 4,882 | ||||||
UMB Financial Corp. (Banks) | 160 | 13,776 | ||||||
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | 180 | 3,179 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 51 | 717 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 54 | 9,298 | ||||||
Unisys Corp.* (IT Services) | 240 | 2,887 | ||||||
United Bankshares, Inc. (Banks) | 481 | 16,868 | ||||||
United Community Banks, Inc. (Banks) | 386 | 11,653 | ||||||
United Fire Group, Inc. (Insurance) | 78 | 2,670 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 211 | 8,313 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 862 | 8,120 | ||||||
Unitil Corp. (Multi-Utilities) | 58 | 3,406 | ||||||
Unity Bancorp, Inc. (Banks) | 26 | 688 | ||||||
Universal Corp. (Tobacco) | 88 | 5,324 | ||||||
Universal Electronics, Inc.* (Household Durables) | 44 | 1,125 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 47 | 2,501 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 95 | 1,238 | ||||||
Universal Logistics Holdings, Inc. (Road & Rail) | 26 | 710 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 118 | 841 | ||||||
Univest Financial Corp. (Banks) | 106 | 2,697 | ||||||
Upland Software, Inc.* (Software) | 106 | 1,539 | ||||||
Upwork, Inc.* (Professional Services) | 435 | 8,996 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 1,015 | 3,126 |
See accompanying notes to financial statements.
330 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 416 | $ | 6,327 | |||||
Urban One, Inc.* (Media) | 30 | 164 | ||||||
Urban One, Inc.* (Media) | 44 | 188 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 239 | 4,460 | ||||||
Ur-Energy, Inc.* (Oil, Gas & Consumable Fuels) | 760 | 806 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 108 | 1,750 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 41 | 2,967 | ||||||
USCB Financial Holdings, Inc.* (Banks) | 39 | 450 | ||||||
UserTesting, Inc.* (Software) | 172 | 863 | ||||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 13 | 1,117 | ||||||
Utz Brands, Inc. (Food Products) | 239 | 3,303 | ||||||
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels) | 212 | 1,471 | ||||||
Vacasa, Inc.*—Class A (Hotels, Restaurants & Leisure) | 149 | 429 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 221 | 9,335 | ||||||
Valhi, Inc. (Chemicals) | 9 | 408 | ||||||
Valley National Bancorp (Banks) | 1,565 | 16,292 | ||||||
Value Line, Inc. (Capital Markets) | 3 | 198 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 202 | 2,202 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 140 | 2,995 | ||||||
Varonis Systems, Inc.* (Software) | 396 | 11,611 | ||||||
Vaxart, Inc.* (Biotechnology) | 450 | 1,575 | ||||||
Vaxcyte, Inc.* (Pharmaceuticals) | 191 | 4,156 | ||||||
VBI Vaccines, Inc.* (Biotechnology) | 700 | 566 | ||||||
Vector Group, Ltd. (Tobacco) | 522 | 5,482 | ||||||
Vectrus, Inc.* (Aerospace & Defense) | 42 | 1,405 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 181 | 3,511 | ||||||
Velo3D, Inc.* (Technology Hardware, Storage & Peripherals) | 205 | 283 | ||||||
Velocity Financial, Inc.* (Thrifts & Mortgage Finance) | 31 | 341 | ||||||
Velodyne Lidar, Inc.* (Electronic Equipment, Instruments & Components) | 701 | 670 | ||||||
Ventyx Biosciences, Inc.* (Pharmaceuticals) | 81 | 991 | ||||||
Vera Therapeutics, Inc.* (Biotechnology) | 50 | 681 | ||||||
Veracyte, Inc.* (Biotechnology) | 260 | 5,174 | ||||||
Vericel Corp.* (Biotechnology) | 171 | 4,306 | ||||||
Verint Systems, Inc.* (Software) | 231 | 9,783 | ||||||
Veris Residential, Inc.* (Equity Real Estate Investment Trusts) | 313 | 4,144 | ||||||
Veritex Holdings, Inc. (Banks) | 191 | 5,589 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 53 | 5,753 | ||||||
Veritone, Inc.* (Software) | 114 | 744 | ||||||
Verra Mobility Corp.*—Class C (IT Services) | 531 | 8,342 | ||||||
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels) | 196 | 2,062 | ||||||
Veru, Inc.* (Personal Products) | 236 | 2,667 | ||||||
Verve Therapeutics, Inc.* (Biotechnology) | 134 | 2,048 | ||||||
Via Renewables, Inc. (Multi-Utilities) | 44 | 337 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 74 | 2,043 | ||||||
Viant Technology, Inc.*—Class A (Software) | 51 | 259 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 827 | 10,940 | ||||||
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies) | 198 | 582 | ||||||
Vicor Corp.* (Electrical Equipment) | 80 | 4,378 | ||||||
Victory Capital Holdings, Inc.—Class A (Capital Markets) | 60 | 1,446 | ||||||
View, Inc.*(a) (Building Products) | 406 | 658 | ||||||
ViewRay, Inc.* (Health Care Equipment & Supplies) | 538 | 1,426 | ||||||
Village Super Market, Inc.—Class A (Food & Staples Retailing) | 31 | 707 | ||||||
Vimeo, Inc.* (Interactive Media & Services) | 520 | 3,130 | ||||||
Vinco Ventures, Inc.*(a) (Leisure Products) | 667 | 920 | ||||||
Vintage Wine Estates, Inc.* (Beverages) | 118 | 927 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 263 | 6,699 | ||||||
Virgin Galactic Holdings, Inc.* (Aerospace & Defense) | 829 | 4,991 | ||||||
Viridian Therapeutics, Inc.* (Biotechnology) | 94 | 1,088 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 26 | 4,447 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 480 | 8,554 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 45 | 1,311 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 203 | 5,664 | ||||||
VistaGen Therapeutics, Inc.* (Biotechnology) | 707 | 622 | ||||||
Visteon Corp.* (Auto Components) | 101 | 10,462 | ||||||
Vital Farms, Inc.* (Food Products) | 108 | 945 | ||||||
Vivid Seats, Inc.—Class A (Internet & Direct Marketing Retail) | 90 | 672 | ||||||
Vivint Smart Home, Inc.* (Diversified Consumer Services) | 345 | 1,201 | ||||||
Vizio Holding Corp.*—Class A (Semiconductors & Semiconductor Equipment) | 246 | 1,678 | ||||||
Volta, Inc.* (Specialty Retail) | 444 | 577 | ||||||
Vonage Holdings Corp.* (Software) | 933 | 17,578 | ||||||
VSE Corp. (Commercial Services & Supplies) | 39 | 1,466 | ||||||
Vuzix Corp.*(a) (Household Durables) | 215 | 1,527 | ||||||
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | 344 | 1,486 | ||||||
Wabash National Corp. (Machinery) | 177 | 2,404 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 111 | 10,694 | ||||||
Warby Parker, Inc.*—Class A (Specialty Retail) | 303 | 3,412 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 187 | 5,724 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 235 | 7,055 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 318 | 6,777 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 63 | 3,047 | ||||||
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | 73 | 1,245 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 99 | 12,161 | ||||||
WD-40 Co. (Household Products) | 50 | 10,068 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 257 | 5,441 | ||||||
Weave Communications, Inc.* (Software) | 18 | 55 | ||||||
Weber, Inc.—Class A (Household Durables) | 98 | 707 | ||||||
Weis Markets, Inc. (Food & Staples Retailing) | 60 | 4,472 | ||||||
Wejo Group, Ltd.* (Interactive Media & Services) | 83 | 99 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 331
Common Stocks, continued
Shares | Value | |||||||
Welbilt, Inc.* (Machinery) | 478 | $ | 11,381 | |||||
Werner Enterprises, Inc. (Road & Rail) | 236 | 9,095 | ||||||
WesBanco, Inc. (Banks) | 212 | 6,723 | ||||||
WESCO International, Inc.* (Trading Companies & Distributors) | 1 | 107 | ||||||
West Bancorp, Inc. (Banks) | 59 | 1,436 | ||||||
Westamerica Bancorp (Banks) | 95 | 5,288 | ||||||
Weyco Group, Inc. (Distributors) | 21 | 513 | ||||||
Wheels Up Experience, Inc.* (Airlines) | 578 | 1,127 | ||||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 170 | 1,828 | ||||||
Whole Earth Brands, Inc.* (Food Products) | 148 | 918 | ||||||
WideOpenWest, Inc.* (Media) | 195 | 3,551 | ||||||
Willdan Group, Inc.* (Professional Services) | 42 | 1,158 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 109 | 8,150 | ||||||
Winmark Corp. (Specialty Retail) | 10 | 1,956 | ||||||
Winnebago Industries, Inc. (Automobiles) | 116 | 5,633 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 495 | 2,510 | ||||||
WM Technology, Inc.* (Software) | 261 | 859 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 291 | 5,867 | ||||||
Workhorse Group, Inc.* (Automobiles) | 533 | 1,386 | ||||||
Workiva, Inc.* (Software) | 173 | 11,416 | ||||||
World Acceptance Corp.* (Consumer Finance) | 15 | 1,684 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 227 | 4,644 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 116 | 5,116 | ||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 234 | 9,381 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 197 | 1,259 | ||||||
Xencor, Inc.* (Biotechnology) | 209 | 5,720 | ||||||
Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | 415 | 6,030 | ||||||
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals) | 481 | 741 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 415 | 6,162 | ||||||
Xometry, Inc.*—Class A (Internet & Direct Marketing Retail) | 123 | 4,173 | ||||||
Xos, Inc.* (Machinery) | 199 | 366 | ||||||
XPEL, Inc.* (Auto Components) | 78 | 3,583 | ||||||
Xperi Holding Corp. (Software) | 378 | 5,455 | ||||||
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 62 | 779 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 250 | 6,943 | ||||||
Yext, Inc.* (Software) | 436 | 2,084 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 133 | 2,012 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 140 | 3,934 | ||||||
Zeta Global Holdings Corp.*—Class A (Software) | 113 | 511 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 166 | 12,372 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 76 | 1,217 | ||||||
ZipRecruiter, Inc.* (Interactive Media & Services) | 290 | 4,298 | ||||||
Zumiez, Inc.* (Specialty Retail) | 57 | 1,482 | ||||||
Zuora, Inc.*—Class A (Software) | 410 | 3,670 | ||||||
Zurn Water Solutions Corp. (Building Products) | 451 | 12,284 | ||||||
Zynex, Inc. (Health Care Equipment & Supplies) | 82 | 654 | ||||||
TOTAL COMMON STOCKS (Cost $7,066,979) | 8,260,827 | |||||||
Contingent Right(NM) | ||||||||
Zogenix, Inc., CVR*+(c) (Health Care) | 284 | 193 | ||||||
TOTAL CONTINGENT RIGHT (Cost $—) | 193 |
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 510 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Repurchase Agreements(d)(e) (40.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $5,141,196 | $ | 5,141,000 | $ | 5,141,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,059,677) | 5,141,000 |
Collateral for Securities Loaned(f) (0.5%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 1.42%(g) | 61,678 | $ | 61,678 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $61,678) | 61,678 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,188,334)—107.2% | 13,463,698 | |||||||
Net other assets (liabilities)—(7.2)% | (904,002 | ) | ||||||
NET ASSETS—100.0% | $ | 12,559,696 |
* | Non-income producing security. |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2022, these securities represented less than 0.005% of the net assets of the Fund. |
(a) | All or part of this security was on loan as of June 30, 2022. The total value of securities on loan as of June 30, 2022 was $58,480. |
(b) | Number of shares is less than 0.50. |
(c) | On March 7, 2022, UCB SA acquired Zogenix Inc. As part of the acquisition, shareholders of Zogenix Inc. are entitled to a CVR per share of Zogenix Inc. held. The CVR has a potential cash payment of $2.00 upon EU approval by December 31, 2023, of FINTEPLA® as an orphan medicine for treatment of Lennox-Gastaut syndrome (LGS). |
(d) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $2,825,000. |
See accompanying notes to financial statements.
332 :: ProFund VP UltraSmall-Cap :: Financial Statements
(e) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
(f) | Securities were purchased with cash collateral held from securities on loan at June 30, 2022. |
(g) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2022. |
CVR | Contingent Value Rights |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
iShares Russell 2000 ETF | Goldman Sachs International | 7/27/22 | 1.63 | % | $ | 3,462,971 | $ | (141,627 | ) | ||||||||
Russell 2000 Index | Goldman Sachs International | 7/27/22 | 1.98 | % | 5,182,042 | (209,164 | ) | ||||||||||
$ | 8,645,013 | $ | (350,791 | ) | |||||||||||||
iShares Russell 2000 ETF | UBS AG | 7/27/22 | 1.38 | % | $ | 1,418,017 | $ | (53,587 | ) | ||||||||
Russell 2000 Index | UBS AG | 7/27/22 | 1.58 | % | 6,787,552 | (250,323 | ) | ||||||||||
$ | 8,205,569 | $ | (303,910 | ) | |||||||||||||
$ | 16,850,582 | $ | (654,701 | ) |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraSmall-Cap invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 72,421 | 0.6 | % | ||||
Air Freight & Logistics | 31,162 | 0.2 | % | |||||
Airlines | 32,234 | 0.3 | % | |||||
Auto Components | 110,687 | 0.9 | % | |||||
Automobiles | 15,714 | 0.1 | % | |||||
Banks | 766,684 | 6.2 | % | |||||
Beverages | 44,278 | 0.4 | % | |||||
Biotechnology | 592,567 | 4.7 | % | |||||
Building Products | 111,983 | 0.9 | % | |||||
Capital Markets | 126,650 | 1.0 | % | |||||
Chemicals | 175,121 | 1.4 | % | |||||
Commercial Services & Supplies | 124,163 | 1.0 | % | |||||
Communications Equipment | 71,509 | 0.6 | % | |||||
Construction & Engineering | 111,952 | 0.9 | % | |||||
Construction Materials | 10,777 | 0.1 | % | |||||
Consumer Discretionary Products | 1,815 | NM | ||||||
Consumer Finance | 52,699 | 0.4 | % | |||||
Containers & Packaging | 27,079 | 0.2 | % | |||||
Distributors | 3,103 | NM | ||||||
Diversified Consumer Services | 85,332 | 0.7 | % | |||||
Diversified Financial Services | 22,333 | 0.2 | % | |||||
Diversified Telecommunication Services | 48,229 | 0.4 | % | |||||
Electric Utilities | 63,021 | 0.5 | % | |||||
Electrical Equipment | 90,336 | 0.7 | % | |||||
Electronic Equipment, Instruments & Components | 173,182 | 1.4 | % | |||||
Energy Equipment & Services | 130,608 | 1.0 | % | |||||
Entertainment | 28,298 | 0.2 | % | |||||
Equity Real Estate Investment Trusts | 559,003 | 4.5 | % | |||||
Food & Staples Retailing | 49,614 | 0.4 | % | |||||
Food Products | 116,608 | 0.9 | % | |||||
Gas Utilities | 111,200 | 0.8 | % | |||||
Health Care | 193 | NM | ||||||
Health Care Equipment & Supplies | 287,323 | 2.3 | % | |||||
Health Care Providers & Services | 229,687 | 1.8 | % | |||||
Health Care Technology | 90,820 | 0.7 | % | |||||
Hotels, Restaurants & Leisure | 169,903 | 1.4 | % | |||||
Household Durables | 126,993 | 1.0 | % | |||||
Household Products | 24,377 | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 37,302 | 0.3 | % | |||||
Industrial Conglomerates | 2,163 | NM | ||||||
Insurance | 176,632 | 1.4 | % | |||||
Interactive Media & Services | 57,383 | 0.5 | % | |||||
Internet & Direct Marketing Retail | 39,729 | 0.3 | % | |||||
IT Services | 191,032 | 1.5 | % | |||||
Leisure Products | 50,570 | 0.4 | % | |||||
Life Sciences Tools & Services | 57,054 | 0.5 | % | |||||
Machinery | 316,170 | 2.5 | % | |||||
Marine | 24,893 | 0.2 | % | |||||
Media | 83,781 | 0.6 | % | |||||
Metals & Mining | 114,568 | 0.9 | % | |||||
Mortgage Real Estate Investment Trusts | 117,428 | 0.9 | % | |||||
Multiline Retail | 5,668 | NM | ||||||
Multi-Utilities | 43,969 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 331,925 | 2.7 | % | |||||
Paper & Forest Products | 14,470 | 0.1 | % | |||||
Personal Products | 61,801 | 0.5 | % | |||||
Pharmaceuticals | 133,469 | 1.1 | % | |||||
Professional Services | 151,621 | 1.2 | % | |||||
Real Estate Management & Development | 55,223 | 0.4 | % | |||||
Road & Rail | 46,632 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 246,665 | 2.0 | % | |||||
Software | 434,096 | 3.4 | % | |||||
Specialty Retail | 170,331 | 1.4 | % | |||||
Technology Hardware, Storage & Peripherals | 28,956 | 0.2 | % |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 333
Value | % of Net Assets | |||||||
Textiles, Apparel & Luxury Goods | $ | 47,870 | 0.4 | % | ||||
Thrifts & Mortgage Finance | 147,292 | 1.2 | % | |||||
Tobacco | 13,577 | 0.1 | % | |||||
Trading Companies & Distributors | 116,164 | 0.9 | % | |||||
Water Utilities | 38,341 | 0.3 | % | |||||
Wireless Telecommunication Services | 14,587 | 0.1 | % | |||||
Other** | 4,298,676 | 34.2 | % | |||||
Total | $ | 12,559,696 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
334 :: ProFund VP UltraSmall-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 12,188,334 | ||
Securities, at value(a) | 8,322,698 | |||
Repurchase agreements, at value | 5,141,000 | |||
Total Investment Securities, at value | 13,463,698 | |||
Cash | 528 | |||
Segregated cash balances for swap agreements with custodian | 1,034 | |||
Dividends and interest receivable | 8,817 | |||
Receivable for capital shares issued | 15,646 | |||
Receivable for investments sold | 12,696 | |||
Prepaid expenses | 226 | |||
TOTAL ASSETS | 13,502,645 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 61,678 | |||
Payable for capital shares redeemed | 177,796 | |||
Payable for investments purchased | 10,098 | |||
Unrealized depreciation on swap agreements | 654,701 | |||
Advisory fees payable | 6,605 | |||
Management services fees payable | 881 | |||
Administration fees payable | 1,167 | |||
Administrative services fees payable | 7,579 | |||
Distribution fees payable | 7,617 | |||
Trustee fees payable | 4 | |||
Transfer agency fees payable | 2,040 | |||
Fund accounting fees payable | 1,241 | |||
Compliance services fees payable | 124 | |||
Other accrued expenses | 11,418 | |||
TOTAL LIABILITIES | 942,949 | |||
NET ASSETS | $ | 12,559,696 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 20,646,367 | ||
Total distributable earnings (loss) | (8,086,671 | ) | ||
NET ASSETS | $ | 12,559,696 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,132,711 | |||
Net Asset Value (offering and redemption price per share) | $ | 11.09 |
(a) Includes securities on loan valued at: | $ | 58,480 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 72,153 | ||
Interest | 9,798 | |||
Foreign tax withholding | (80 | ) | ||
Net income from securities lending | 146 | |||
TOTAL INVESTMENT INCOME | 82,017 | |||
EXPENSES: | ||||
Advisory fees | 70,157 | |||
Management services fees | 9,354 | |||
Administration fees | 7,691 | |||
Transfer agency fees | 6,498 | |||
Administrative services fees | 24,763 | |||
Distribution fees | 23,386 | |||
Custody fees | 2,073 | |||
Fund accounting fees | 7,764 | |||
Trustee fees | 221 | |||
Compliance services fees | 31 | |||
Other fees | 13,643 | |||
Total Gross Expenses before reductions | 165,581 | |||
Expenses reduced and reimbursed by the Advisor | (8,429 | ) | ||
TOTAL NET EXPENSES | 157,152 | |||
NET INVESTMENT INCOME (LOSS) | (75,135 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (1,034,174 | ) | ||
Net realized gains (losses) on swap agreements | (7,487,406 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,438,598 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (353,077 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (11,313,255 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (11,388,390 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 335
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (75,135 | ) | $ | (366,901 | ) | ||
Net realized gains (losses) on investments | (8,521,580 | ) | 3,978,902 | |||||
Change in net unrealized appreciation/depreciation on investments | (2,791,675 | ) | 435,573 | |||||
Change in net assets resulting from operations | (11,388,390 | ) | 4,047,574 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,563,574 | ) | (2,253,812 | ) | ||||
Change in net assets resulting from distributions | (3,563,574 | ) | (2,253,812 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 16,583,701 | 79,631,011 | ||||||
Distributions reinvested | 3,563,574 | 2,244,959 | ||||||
Value of shares redeemed | (20,885,477 | ) | (76,528,092 | ) | ||||
Change in net assets resulting from capital transactions | (738,202 | ) | 5,347,878 | |||||
Change in net assets | (15,690,166 | ) | 7,141,640 | |||||
NET ASSETS: | ||||||||
Beginning of period | 28,249,862 | 21,108,222 | ||||||
End of period | $ | 12,559,696 | $ | 28,249,862 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 854,150 | 2,859,816 | ||||||
Reinvested | 271,614 | 92,461 | ||||||
Redeemed | (1,069,191 | ) | (2,785,608 | ) | ||||
Change in shares | 56,573 | 166,669 |
See accompanying notes to financial statements.
336 :: ProFund VP UltraSmall-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.25 | $ | 23.21 | $ | 23.72 | $ | 16.10 | $ | 28.59 | $ | 25.21 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.08 | ) | (0.33 | ) | (0.15 | ) | 0.01 | (0.02 | ) | (0.20 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (11.01 | ) | 5.56 | 2.55 | 7.61 | (4.67 | ) | 6.48 | ||||||||||||||||
Total income (loss) from investment activities | (11.09 | ) | 5.23 | 2.40 | 7.62 | (4.69 | ) | 6.28 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Net realized gains on investments | (4.07 | ) | (2.19 | ) | (2.88 | ) | — | (7.80 | ) | (2.90 | ) | |||||||||||||
Total distributions | (4.07 | ) | (2.19 | ) | (2.91 | ) | — | (7.80 | ) | (2.90 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 11.09 | $ | 26.25 | $ | 23.21 | $ | 23.72 | $ | 16.10 | $ | 28.59 | ||||||||||||
Total Return(b)(c) | (44.63 | )% | 23.30 | % | 16.39 | % | 47.33 | % | (26.95 | )% | 25.20 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.77 | % | 1.72 | % | 1.86 | % | 1.76 | % | 1.74 | % | 1.72 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | (0.80 | )% | (1.20 | )% | (0.91 | )% | 0.07 | % | (0.09 | )% | (0.74 | )% | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 12,560 | $ | 28,250 | $ | 21,108 | $ | 20,109 | $ | 16,736 | $ | 31,873 | ||||||||||||
Portfolio turnover rate(b)(e) | 8 | % | 24 | % | 34 | % | 66 | % | 18 | % | 27 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP U.S. Government Plus :: 337
Investment Objective: The ProFund VP U.S. Government Plus seeks daily investment results that, before fees and expenses, correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligation | 46 | % | ||
Swap Agreements | 80 | % | ||
Total Exposure | 126 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Holdings
The ProFund VP U.S. Government Plus primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligation (45.8%)
Principal Amount | Value | |||||||
U.S. Treasury Bond, 2.875%, 5/15/52 | $ | 4,640,000 | $ | 4,382,625 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $4,443,298) | 4,382,625 | |||||||
Repurchase Agreements(a)(b) (51.8%) | ||||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $4,969,189 | 4,969,000 | 4,969,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,969,000) | 4,969,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,412,298)—97.6% | 9,351,625 | |||||||
Net other assets (liabilities)—2.4% | 234,329 | |||||||
NET ASSETS—100.0% | $ | 9,585,954 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2022, the aggregate amount held in a segregated account was $170,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
30-Year U.S. Treasury Bond, 2.875% due on 5/15/52 | Citibank North America | 7/15/22 | 1.65 | % | $ | 3,910,359 | $ | 97,979 | ||||||||
30-Year U.S. Treasury Bond, 2.875% due on 5/15/52 | Societe' Generale | 7/15/22 | 1.73 | % | 3,730,898 | 124,677 | ||||||||||
$ | 7,641,257 | $ | 222,656 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
338 :: ProFund VP U.S. Government Plus :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,412,298 | ||
Securities, at value | 4,382,625 | |||
Repurchase agreements, at value | 4,969,000 | |||
Total Investment Securities, at value | 9,351,625 | |||
Cash | 119,306 | |||
Segregated cash balances for swap agreements with custodian | 83 | |||
Interest receivable | 17,227 | |||
Unrealized appreciation on swap agreements | 222,656 | |||
Receivable for capital shares issued | 65 | |||
Prepaid expenses | 135 | |||
TOTAL ASSETS | 9,711,097 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 101,481 | |||
Advisory fees payable | 3,907 | |||
Management services fees payable | 781 | |||
Administration fees payable | 820 | |||
Administrative services fees payable | 4,019 | |||
Distribution fees payable | 4,841 | |||
Trustee fees payable | 3 | |||
Transfer agency fees payable | 1,438 | |||
Fund accounting fees payable | 454 | |||
Compliance services fees payable | 77 | |||
Other accrued expenses | 7,322 | |||
TOTAL LIABILITIES | 125,143 | |||
NET ASSETS | $ | 9,585,954 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 15,662,899 | ||
Total distributable earnings (loss) | (6,076,945 | ) | ||
NET ASSETS | $ | 9,585,954 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 593,765 | |||
Net Asset Value (offering and redemption price per share) | $ | 16.14 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Interest | $ | 86,774 | ||
EXPENSES: | ||||
Advisory fees | 30,036 | |||
Management services fees | 6,007 | |||
Administration fees | 5,317 | |||
Transfer agency fees | 4,594 | |||
Administrative services fees | 14,315 | |||
Distribution fees | 15,018 | |||
Custody fees | 805 | |||
Fund accounting fees | 2,969 | |||
Trustee fees | 160 | |||
Compliance services fees | 30 | |||
Other fees | 5,153 | |||
Total Gross Expenses before reductions | 84,404 | |||
Expenses reduced and reimbursed by the Advisor | (1,505 | ) | ||
TOTAL NET EXPENSES | 82,899 | |||
NET INVESTMENT INCOME (LOSS) | 3,875 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (1,604,818 | ) | ||
Net realized gains (losses) on futures contracts | 11,403 | |||
Net realized gains (losses) on swap agreements | (2,661,367 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (247,928 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 261,253 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (4,241,457 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,237,582 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP U.S. Government Plus :: 339
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 3,875 | $ | (81,327 | ) | |||
Net realized gains (losses) on investments | (4,254,782 | ) | (1,988,021 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | 13,325 | 49,928 | ||||||
Change in net assets resulting from operations | (4,237,582 | ) | (2,019,420 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | (2,851,086 | ) | |||||
Change in net assets resulting from distributions | — | (2,851,086 | ) | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 12,261,339 | 25,088,789 | ||||||
Distributions reinvested | — | 2,851,086 | ||||||
Value of shares redeemed | (13,652,585 | ) | (30,250,001 | ) | ||||
Change in net assets resulting from capital transactions | (1,391,246 | ) | (2,310,126 | ) | ||||
Change in net assets | (5,628,828 | ) | (7,180,632 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 15,214,782 | 22,395,414 | ||||||
End of period | $ | 9,585,954 | $ | 15,214,782 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 658,019 | 1,065,282 | ||||||
Reinvested | — | 144,652 | ||||||
Redeemed | (732,804 | ) | (1,274,364 | ) | ||||
Change in shares | (74,785 | ) | (64,430 | ) |
See accompanying notes to financial statements.
340 :: ProFund VP U.S. Government Plus :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 22.76 | $ | 30.55 | $ | 27.15 | $ | 23.16 | $ | 24.73 | $ | 22.68 | ||||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.01 | (0.12 | ) | (0.25 | ) | 0.22 | 0.21 | 0.10 | ||||||||||||||||
Net realized and unrealized gains (losses) on investments | (6.63 | ) | (2.80 | ) | 6.06 | 3.99 | (1.57 | ) | 2.06 | |||||||||||||||
Total income (loss) from investment activities | (6.62 | ) | (2.92 | ) | 5.81 | 4.21 | (1.36 | ) | 2.16 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | — | — | (0.02 | ) | (0.22 | ) | (0.21 | ) | (0.11 | ) | ||||||||||||||
Net realized gains on investments | — | (4.87 | ) | (2.39 | ) | — | — | — | ||||||||||||||||
Total distributions | — | (4.87 | ) | (2.41 | ) | (0.22 | ) | (0.21 | ) | (0.11 | ) | |||||||||||||
Net Asset Value, End of Period | $ | 16.14 | $ | 22.76 | $ | 30.55 | $ | 27.15 | $ | 23.16 | $ | 24.73 | ||||||||||||
Total Return(b)(c) | (29.09 | )% | (7.08 | )% | 20.69 | % | 18.22 | % | (5.42 | )% | 9.49 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.41 | % | 1.39 | % | 1.48 | % | 1.44 | % | 1.45 | % | 1.43 | % | ||||||||||||
Net expenses(c)(d) | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.06 | % | (0.49 | )% | (0.75 | )% | 0.84 | % | 0.92 | % | 0.43 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 9,586 | $ | 15,215 | $ | 22,395 | $ | 19,396 | $ | 15,853 | $ | 19,008 | ||||||||||||
Portfolio turnover rate(b)(e) | 198 | % | 393 | % | 398 | % | 402 | % | 437 | % | 397 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Not annualized for periods less than one year. |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 341
Investment Objective: The ProFund VP Utilities seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. UtilitiesSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2022
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 96 | % | ||
Swap Agreements | 4 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
NextEra Energy, Inc. | 13.3 | % | ||
Duke Energy Corp. | 7.2 | % | ||
The Southern Co. | 6.6 | % | ||
Dominion Energy, Inc. | 5.7 | % | ||
American Electric Power Co., Inc. | 4.3 | % |
Dow Jones U.S. UtilitiesSM Index – Composition
% of Index | ||||
Electric Utilities | 61 | % | ||
Multi-Utilities | 29 | % | ||
Gas Utilities | 4 | % | ||
Water Utilities | 3 | % | ||
Independent Power and Renewable Electricity Producers | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (95.9%)
Shares | Value | |||||||
ALLETE, Inc. (Electric Utilities) | 1,984 | $ | 116,620 | |||||
Alliant Energy Corp. (Electric Utilities) | 8,731 | 511,724 | ||||||
Ameren Corp. (Multi-Utilities) | 8,990 | 812,336 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 17,878 | 1,715,215 | ||||||
American Water Works Co., Inc. (Water Utilities) | 6,327 | 941,268 | ||||||
Atmos Energy Corp. (Gas Utilities) | 4,839 | 542,452 | ||||||
Avangrid, Inc. (Electric Utilities) | 2,423 | 111,749 | ||||||
Avista Corp. (Multi-Utilities) | 2,522 | 109,732 | ||||||
Black Hills Corp. (Multi-Utilities) | 2,257 | 164,242 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 21,913 | 648,187 | ||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 1,205 | 38,524 | ||||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 2,853 | 99,399 | ||||||
CMS Energy Corp. (Multi-Utilities) | 10,100 | 681,750 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 12,334 | 1,172,963 | ||||||
Constellation Energy Corp. (Electric Utilities) | 11,373 | 651,218 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 28,242 | 2,253,995 | ||||||
DTE Energy Co. (Multi-Utilities) | 6,745 | 854,929 | ||||||
Duke Energy Corp. (Electric Utilities) | 26,802 | 2,873,442 | ||||||
Edison International (Electric Utilities) | 13,271 | 839,258 | ||||||
Entergy Corp. (Electric Utilities) | 7,080 | 797,491 | ||||||
Essential Utilities, Inc. (Water Utilities) | 8,015 | 367,488 | ||||||
Evergy, Inc. (Electric Utilities) | 7,989 | 521,282 | ||||||
Eversource Energy (Electric Utilities) | 12,006 | 1,014,147 | ||||||
Exelon Corp. (Electric Utilities) | 34,124 | 1,546,500 | ||||||
FirstEnergy Corp. (Electric Utilities) | 19,876 | 763,040 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 3,810 | 155,829 | ||||||
IDACORP, Inc. (Electric Utilities) | 1,760 | 186,419 | ||||||
National Fuel Gas Co. (Gas Utilities) | 3,184 | 210,303 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 3,347 | 149,042 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 68,389 | 5,297,412 | ||||||
NiSource, Inc. (Multi-Utilities) | 14,127 | 416,605 | ||||||
NorthWestern Corp. (Multi-Utilities) | 1,885 | 111,083 | ||||||
NRG Energy, Inc. (Electric Utilities) | 8,260 | 315,284 | ||||||
ONE Gas, Inc. (Gas Utilities) | 1,883 | 152,881 | ||||||
PG&E Corp.* (Electric Utilities) | 52,584 | 524,788 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 3,934 | 287,654 | ||||||
PNM Resources, Inc. (Electric Utilities) | 2,988 | 142,767 | ||||||
Portland General Electric Co. (Electric Utilities) | 3,106 | 150,113 | ||||||
PPL Corp. (Electric Utilities) | 25,619 | 695,043 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 17,380 | 1,099,806 | ||||||
Sempra Energy (Multi-Utilities) | 10,942 | 1,644,254 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 2,327 | 202,635 | ||||||
Spire, Inc. (Gas Utilities) | 1,814 | 134,907 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 23,250 | 488,482 | ||||||
The Southern Co. (Electric Utilities) | 36,989 | 2,637,686 | ||||||
UGI Corp. (Gas Utilities) | 7,310 | 282,239 | ||||||
Vistra Corp. (Independent Power and Renewable Electricity Producers) | 15,033 | 343,504 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 10,981 | 1,105,128 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 18,961 | 1,341,680 | ||||||
TOTAL COMMON STOCKS (Cost $19,924,178) | 38,224,495 |
See accompanying notes to financial statements.
342 :: ProFund VP Utilities :: Financial Statements
Repurchase Agreements(a) (3.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 1.33%–1.43%, dated 6/30/22, due 7/1/22, total to be received $1,373,052 | $ | 1,373,000 | $ | 1,373,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,373,000) | 1,373,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $21,297,178)—99.3% | 39,597,495 | |||||||
Net other assets (liabilities)—0.7% | 292,492 | |||||||
NET ASSETS—100.0% | $ | 39,889,987 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Utilities Index | Goldman Sachs International | 7/25/22 | 2.18 | % | $ | 1,575,374 | $ | 25,892 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of June 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Utilities invested in the following industries as of June 30, 2022:
Value | % of Net Assets | |||||||
Electric Utilities | $ | 23,196,361 | 58.2 | % | ||||
Gas Utilities | 1,674,459 | 4.2 | % | |||||
Independent Power and Renewable Electricity Producers | 969,909 | 2.4 | % | |||||
Multi-Utilities | 11,075,010 | 27.8 | % | |||||
Water Utilities | 1,308,756 | 3.3 | % | |||||
Other** | 1,665,492 | 4.1 | % | |||||
Total | $ | 39,889,987 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 343
Statement of Assets and Liabilities (unaudited)
June 30, 2022
ASSETS: | ||||
Total Investment Securities, at cost | $ | 21,297,178 | ||
Securities, at value | 38,224,495 | |||
Repurchase agreements, at value | 1,373,000 | |||
Total Investment Securities, at value | 39,597,495 | |||
Cash | 37 | |||
Segregated cash balances for swap agreements with custodian | 220,000 | |||
Dividends and interest receivable | 30,297 | |||
Unrealized appreciation on swap agreements | 25,892 | |||
Receivable for capital shares issued | 175,031 | |||
Prepaid expenses | 333 | |||
TOTAL ASSETS | 40,049,085 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 67,424 | |||
Advisory fees payable | 23,648 | |||
Management services fees payable | 3,153 | |||
Administration fees payable | 3,343 | |||
Administrative services fees payable | 16,059 | |||
Distribution fees payable | 17,324 | |||
Trustee fees payable | 13 | |||
Transfer agency fees payable | 5,772 | |||
Fund accounting fees payable | 1,865 | |||
Compliance services fees payable | 218 | |||
Other accrued expenses | 20,279 | |||
TOTAL LIABILITIES | 159,098 | |||
NET ASSETS | $ | 39,889,987 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 23,866,457 | ||
Total distributable earnings (loss) | 16,023,530 | |||
NET ASSETS | $ | 39,889,987 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 975,944 | |||
Net Asset Value (offering and redemption price per share) | $ | 40.87 |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2022
INVESTMENT INCOME: | ||||
Dividends | $ | 468,688 | ||
Interest | 1,193 | |||
TOTAL INVESTMENT INCOME | 469,881 | |||
EXPENSES: | ||||
Advisory fees | 136,156 | |||
Management services fees | 18,154 | |||
Administration fees | 15,842 | |||
Transfer agency fees | 14,049 | |||
Administrative services fees | 47,446 | |||
Distribution fees | 45,385 | |||
Custody fees | 2,416 | |||
Fund accounting fees | 9,156 | |||
Trustee fees | 503 | |||
Compliance services fees | 124 | |||
Other fees | 19,436 | |||
Total Gross Expenses before reductions | 308,667 | |||
Expenses reduced and reimbursed by the Advisor | (3,679 | ) | ||
TOTAL NET EXPENSES | 304,988 | |||
NET INVESTMENT INCOME (LOSS) | 164,893 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (424,376 | ) | ||
Net realized gains (losses) on swap agreements | (36,687 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (757,752 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 7,677 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,211,138 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,046,245 | ) |
See accompanying notes to financial statements.
344 :: ProFund VP Utilities :: Financial Statements
Statements of Changes in Net Assets
Six Months Ended June 30, 2022 (unaudited) | Year Ended December 31, 2021 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 164,893 | $ | 422,114 | ||||
Net realized gains (losses) on investments | (461,063 | ) | 1,417,391 | |||||
Change in net unrealized appreciation/depreciation on investments | (750,075 | ) | 2,707,291 | |||||
Change in net assets resulting from operations | (1,046,245 | ) | 4,546,796 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (817,437 | ) | (492,932 | ) | ||||
Change in net assets resulting from distributions | (817,437 | ) | (492,932 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 23,793,248 | 19,019,213 | ||||||
Distributions reinvested | 817,437 | 492,932 | ||||||
Value of shares redeemed | (17,632,468 | ) | (21,333,281 | ) | ||||
Change in net assets resulting from capital transactions | 6,978,217 | (1,821,136 | ) | |||||
Change in net assets | 5,114,535 | 2,232,728 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 34,775,452 | 32,542,724 | ||||||
End of period | $ | 39,889,987 | $ | 34,775,452 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 561,071 | 486,801 | ||||||
Reinvested | 19,547 | 13,016 | ||||||
Redeemed | (423,481 | ) | (551,908 | ) | ||||
Change in shares | 157,137 | (52,091 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Utilities :: 345
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Six Months Ended Jun. 30, 2022 (unaudited) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 42.47 | $ | 37.37 | $ | 50.44 | $ | 44.33 | $ | 45.65 | �� | $ | 43.68 | |||||||||||
Investment Activities: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.19 | 0.51 | 0.57 | 0.67 | 0.79 | 0.76 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.92 | ) | 5.18 | (2.39 | ) | 9.18 | 0.39 | 3.89 | ||||||||||||||||
Total income (loss) from investment activities | (0.73 | ) | 5.69 | (1.82 | ) | 9.85 | 1.18 | 4.65 | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.59 | ) | (0.75 | ) | (0.79 | ) | (1.00 | ) | (1.02 | ) | ||||||||||||
Net realized gains on investments | (0.45 | ) | — | (10.50 | ) | (2.95 | ) | (1.50 | ) | (1.66 | ) | |||||||||||||
Total distributions | (0.87 | ) | (0.59 | ) | (11.25 | ) | (3.74 | ) | (2.50 | ) | (2.68 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 40.87 | $ | 42.47 | $ | 37.37 | $ | 50.44 | $ | 44.33 | $ | 45.65 | ||||||||||||
Total Return(b)(c) | (1.77 | )% | 15.41 | % | (2.40 | )% | 22.88 | % | 2.89 | % | 10.64 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Gross expenses(c)(d) | 1.70 | % | 1.69 | % | 1.75 | % | 1.74 | % | 1.79 | % | 1.72 | % | ||||||||||||
Net expenses(c)(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||||
Net investment income (loss)(c)(d) | 0.91 | % | 1.31 | % | 1.31 | % | 1.38 | % | 1.78 | % | 1.62 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000's) | $ | 39,890 | $ | 34,775 | $ | 32,543 | $ | 44,276 | $ | 40,952 | $ | 38,464 | ||||||||||||
Portfolio turnover rate(b)(e) | 17 | % | 24 | % | 50 | % | 209 | % | 108 | % | 60 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | |
(b) | Not annualized for periods less than one year. | |
(c) | Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option. | |
(d) | Annualized for periods less than one year. | |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
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Notes to Financial Statements
348 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
1. Organization
ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.
These accompanying financial statements relate to the following portfolios of the Trust included in this report (collectively, the "ProFunds VP" and individually, a "ProFund VP"):
Classic ProFunds VP:
ProFund VP Asia 30 | ProFund VP Large-Cap Value |
ProFund VP Bull | ProFund VP Mid-Cap |
ProFund VP Dow 30 | ProFund VP Mid-Cap Growth |
ProFund VP Emerging Markets | ProFund VP Mid-Cap Value |
ProFund VP Europe 30 | ProFund VP Nasdaq-100 |
ProFund VP International | ProFund VP Small-Cap |
ProFund VP Japan | ProFund VP Small-Cap Growth |
ProFund VP Large-Cap Growth | ProFund VP Small-Cap Value |
Ultra ProFunds VP:
ProFund VP UltraBull | ProFund VP UltraNasdaq-100 |
ProFund VP UltraMid-Cap | ProFund VP UltraSmall-Cap |
Inverse ProFunds VP:
ProFund VP Bear | ProFund VP Short Nasdaq-100 |
ProFund VP Short Dow 30 | ProFund VP Short Small-Cap |
ProFund VP Short Emerging Markets | ProFund VP UltraShort Dow 30 |
ProFund VP Short International | ProFund VP UltraShort Nasdaq-100 |
ProFund VP Short Mid-Cap |
Sector ProFunds VP:
ProFund VP Banks | ProFund VP Oil & Gas |
ProFund VP Basic Materials | ProFund VP Pharmaceuticals |
ProFund VP Biotechnology | ProFund VP Precious Metals |
ProFund VP Consumer Goods | ProFund VP Real Estate |
ProFund VP Consumer Services | ProFund VP Semiconductor |
ProFund VP Financials | ProFund VP Technology |
ProFund VP Health Care | ProFund VP Telecommunications |
ProFund VP Industrials | ProFund VP Utilities |
ProFund VP Internet |
Non-Equity ProFunds VP:
ProFund Access VP High Yield | ProFund VP Rising Rates Opportunity |
ProFund VP Falling U.S. Dollar | ProFund VP U.S. Government Plus |
Money Market ProFund VP:
ProFund VP Government Money Market |
The ProFunds VP, excluding ProFund VP Government Money Market, are referred to as the "non-money market ProFunds VP." Each non-money market ProFund VP, other than ProFund VP Consumer Services, ProFund VP Europe 30, ProFund VP Industrials, ProFund VP Large-Cap Growth, ProFund VP Large-Cap Value, ProFund VP Mid-Cap Growth, ProFund VP Mid-Cap Value, ProFund VP Real Estate, ProFund VP Small-Cap Growth, ProFund VP Small-Cap Value, and ProFund VP Utilities, is classified as non-diversified under the 1940 Act. Each ProFund VP has one class of shares.
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds VP's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds VP.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 349
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by each ProFund VP in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFunds VP record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.
Repurchase Agreements
Each ProFund VP may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds VP as short-term investments for cash positions. Under a repurchase agreement, a ProFund VP purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is typically greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.
The ProFunds VP follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by ProFund Advisors LLC (the "Advisor"). In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. Funds within the Trust invest in repurchase agreements jointly. Each ProFund VP, therefore, holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each ProFund VP. The collateral underlying the repurchase agreement is held by the ProFund VP's custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund VP will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund VP could suffer a loss. A ProFund VP also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund VP expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds VP not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund VP, amounts to more than 15% of the ProFund VP's total net assets. The investments of each of the ProFunds VP in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. During periods of high demand for repurchase agreements, the ProFunds VP may be unable to invest available cash in these instruments to the extent desired by the Advisor.
Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.
As of June 30, 2022, the ProFunds VP had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.
Fund Name | Canadian Imperial Bank of Canada 1.33% dated 6/30/22, due 7/1/22(1) | Credit Agricole CIB, 1.41% dated 6/30/22, due 7/1/22(2) | HSBC Securities (USA), Inc., 1.35% dated 6/30/22, due 7/1/22(3) | RBC Capital Markets, LLC, 1.35% dated 6/30/22, due 7/1/22(4) | Societe' Generale, 1.43% dated 6/30/22, due 7/1/22(5) | UMB Bank N.A., 1.33% dated 6/30/22, due 7/1/22(6) | ||||||||||||||||||
ProFund Access VP High Yield | $ | 147,000 | $ | 923,000 | $ | 794,000 | $ | 1,108,000 | $ | 369,000 | $ | 152,000 | ||||||||||||
ProFund VP Banks | — | 4,000 | 3,000 | 5,000 | 1,000 | 4,000 | ||||||||||||||||||
ProFund VP Bear | 265,000 | 1,663,000 | 1,429,000 | 1,995,000 | 665,000 | 277,000 | ||||||||||||||||||
ProFund VP Biotechnology | 36,000 | 226,000 | 195,000 | 272,000 | 90,000 | 39,000 | ||||||||||||||||||
ProFund VP Bull | 206,000 | 1,290,000 | 1,109,000 | 1,547,000 | 515,000 | 215,000 | ||||||||||||||||||
ProFund VP Consumer Goods | 9,000 | 57,000 | 49,000 | 69,000 | 23,000 | 12,000 | ||||||||||||||||||
ProFund VP Consumer Services | 1,000 | 9,000 | 8,000 | 11,000 | 3,000 | 4,000 | ||||||||||||||||||
ProFund VP Dow 30 | 9,000 | 67,000 | 58,000 | 81,000 | 27,000 | 18,000 | ||||||||||||||||||
ProFund VP Emerging Markets | 84,000 | 536,000 | 460,000 | 642,000 | 213,000 | 95,000 | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | 15,000 | 100,000 | 87,000 | 121,000 | 40,000 | 23,000 | ||||||||||||||||||
ProFund VP Financials | 5,000 | 35,000 | 30,000 | 42,000 | 14,000 | 8,000 | ||||||||||||||||||
ProFund VP Government Money Market | 1,393,000 | 8,712,000 | 7,492,000 | 10,454,000 | 3,484,000 | 1,414,000 |
350 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Fund Name | Canadian Imperial Bank of Canada 1.33% dated 6/30/22, due 7/1/22(1) | Credit Agricole CIB, 1.41% dated 6/30/22, due 7/1/22(2) | HSBC Securities (USA), Inc., 1.35% dated 6/30/22, due 7/1/22(3) | RBC Capital Markets, LLC, 1.35% dated 6/30/22, due 7/1/22(4) | Societe' Generale, 1.43% dated 6/30/22, due 7/1/22(5) | UMB Bank N.A., 1.33% dated 6/30/22, due 7/1/22(6) | ||||||||||||||||||
ProFund VP Health Care | $ | 12,000 | $ | 76,000 | $ | 66,000 | $ | 92,000 | $ | 30,000 | $ | 15,000 | ||||||||||||
ProFund VP Industrials | 22,000 | 138,000 | 118,000 | 165,000 | 55,000 | 25,000 | ||||||||||||||||||
ProFund VP International | 388,000 | 2,434,000 | 2,094,000 | 2,922,000 | 972,000 | 406,000 | ||||||||||||||||||
ProFund VP Internet | 6,000 | 38,000 | 33,000 | 46,000 | 15,000 | 9,000 | ||||||||||||||||||
ProFund VP Japan | 251,000 | 1,573,000 | 1,353,000 | 1,888,000 | 629,000 | 258,000 | ||||||||||||||||||
ProFund VP Large-Cap Growth | 3,000 | 20,000 | 17,000 | 25,000 | 8,000 | 6,000 | ||||||||||||||||||
ProFund VP Large-Cap Value | 1,000 | 7,000 | 6,000 | 9,000 | 3,000 | 4,000 | ||||||||||||||||||
ProFund VP Mid-Cap | 457,000 | 2,863,000 | 2,462,000 | 3,436,000 | 1,144,000 | 470,000 | ||||||||||||||||||
ProFund VP Mid-Cap Growth | — | 5,000 | 4,000 | 6,000 | 2,000 | 2,000 | ||||||||||||||||||
ProFund VP Mid-Cap Value | 3,000 | 23,000 | 20,000 | 27,000 | 9,000 | 6,000 | ||||||||||||||||||
ProFund VP Nasdaq-100 | 1,263,000 | 7,901,000 | 6,795,000 | 9,482,000 | 3,160,000 | 1,287,000 | ||||||||||||||||||
ProFund VP Oil & Gas | 61,000 | 387,000 | 332,000 | 464,000 | 154,000 | 66,000 | ||||||||||||||||||
ProFund VP Precious Metals | 1,110,000 | 6,950,000 | 5,977,000 | 8,340,000 | 2,780,000 | 1,133,000 | ||||||||||||||||||
ProFund VP Real Estate | 6,000 | 42,000 | 36,000 | 51,000 | 17,000 | 9,000 | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | 895,000 | 5,597,000 | 4,813,000 | 6,717,000 | 2,237,000 | 911,000 | ||||||||||||||||||
ProFund VP Semiconductor | 3,000 | 20,000 | 17,000 | 24,000 | 8,000 | 6,000 | ||||||||||||||||||
ProFund VP Short Dow 30 | — | 1,000 | — | 1,000 | — | 5,000 | ||||||||||||||||||
ProFund VP Short Emerging Markets | 57,000 | 365,000 | 313,000 | 438,000 | 145,000 | 67,000 | ||||||||||||||||||
ProFund VP Short International | 61,000 | 391,000 | 336,000 | 470,000 | 156,000 | 71,000 | ||||||||||||||||||
ProFund VP Short Mid-Cap | 14,000 | 89,000 | 77,000 | 107,000 | 35,000 | 18,000 | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | 340,000 | 2,134,000 | 1,834,000 | 2,560,000 | 852,000 | 354,000 | ||||||||||||||||||
ProFund VP Short Small-Cap | 90,000 | 573,000 | 493,000 | 688,000 | 229,000 | 102,000 | ||||||||||||||||||
ProFund VP Small-Cap | 128,000 | 808,000 | 695,000 | 970,000 | 323,000 | 140,000 | ||||||||||||||||||
ProFund VP Small-Cap Growth | 2,000 | 13,000 | 11,000 | 16,000 | 5,000 | 5,000 | ||||||||||||||||||
ProFund VP Small-Cap Value | — | 2,000 | 2,000 | 3,000 | 1,000 | 2,000 | ||||||||||||||||||
ProFund VP Telecommunications | 7,000 | 48,000 | 41,000 | 58,000 | 19,000 | 10,000 | ||||||||||||||||||
ProFund VP UltraBull | 148,000 | 931,000 | 802,000 | 1,118,000 | 372,000 | 160,000 | ||||||||||||||||||
ProFund VP UltraMid-Cap | 118,000 | 746,000 | 641,000 | 894,000 | 297,000 | 128,000 | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 1,786,000 | 11,166,000 | 9,602,000 | 13,399,000 | 4,464,000 | 1,816,000 | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | 1,000 | 1,000 | 1,000 | — | 2,000 | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 91,000 | 577,000 | 497,000 | 693,000 | 230,000 | 102,000 | ||||||||||||||||||
ProFund VP UltraSmall-Cap | 215,000 | 1,358,000 | 1,167,000 | 1,629,000 | 541,000 | 231,000 | ||||||||||||||||||
ProFund VP U.S. Government Plus | 209,000 | 1,312,000 | 1,129,000 | 1,575,000 | 524,000 | 220,000 | ||||||||||||||||||
ProFund VP Utilities | 58,000 | 363,000 | 312,000 | 435,000 | 145,000 | 60,000 | ||||||||||||||||||
$ | 9,975,000 | $ | 62,574,000 | $ | 53,810,000 | $ | 75,096,000 | $ | 25,005,000 | $ | 10,367,000 |
Each repurchase agreement was fully collateralized by U.S. government securities as of June 30, 2022 as follows:
(1) | U.S. Treasury Notes, 0.125%, due 7/31/22, total value $10,179,567. |
(2) | U.S. Treasury Bonds, 2.75%, due 8/15/47, U.S. Treasury Notes, 0.125% to 2.00%, due 7/31/22 to 12/15/24, U.S. Treasury Bills, effective yield or interest rate in effect at 6/30/2022, 3.447%, due 10/18/22, which had an aggregate value of $63,851,655. |
(3) | U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), effective yield or interest rate in effect at 6/30/2022, 2.919% to 3.244%, due 11/15/27 to 5/15/40, which had an aggregate value of $54,924,605. |
(4) | U.S. Treasury Bills, effective yield or interest rate in effect at 6/30/2022, 3.447%, due 10/18/22, total value $76,602,689. |
(5) | U.S. Treasury Notes, 1.00%, due 12/15/24, total value $25,509,108. |
(6) | U.S. Treasury Notes, 0.25%, due 3/15/24, total value $10,579,749. |
Depositary Receipts
Each ProFund VP, other than the ProFund VP Government Money Market, may invest in American Depositary Receipts ("ADRs"), New York Shares ("NYSs") and Global Depositary Receipts ("GDRs"). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter ("OTC"), are issued by domestic banks. NYSs (or "direct shares") are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.
The ProFunds VP may invest in both sponsored and unsponsored depositary receipts. Certain depositary receipts, typically those designated as "unsponsored", require the holders thereof to bear most of the costs of such facilities, while issuers of "sponsored"
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 351
facilities normally pay more of the cost thereof. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through the voting rights.
Real Estate Investment Trusts
Each non-money market ProFund VP (other than the Non-Equity ProFunds VP) may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Equity REITs invest primarily in real property while mortgage REITs invest in constructions, development and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REITs, the creditworthiness of the issuer, property taxes, interest rates, and tax regulatory requirements, such as those relating to the environment. REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation, the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and the possibility of failing to maintain exempt status under the 1940 Act. Certain distributions received from REITs during the year are recorded as realized gains or return of capital when such information becomes known.
Derivative Instruments
In seeking to achieve each ProFund VP's investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions. Certain ProFunds VP may obtain investment exposure through derivative instruments such as futures contracts, forward currency contracts and swap agreements, that a ProFund VP should hold to approximate the daily performance, inverse performance, or multiple thereof, as applicable, of its benchmark. All derivative instruments held during the period ended June 30, 2022, were utilized to gain exposure or inverse exposure to each ProFund VP's benchmark (e.g., index, etc.) to meet its investment objective.
The ProFund Access VP High Yield maintains exposure to the high yield market (i.e., U.S. corporate high yield debt market), regardless of market conditions. This means ProFund Access VP High Yield does not adopt defensive positions in cash or other instruments in anticipation of an adverse market climate. The ProFund Access VP High Yield invests primarily in derivatives, money market instruments, and U.S. Treasury obligations that the Advisor believes, in combination, should provide investment results that correspond to the high yield market. During the period ended June 30, 2022, the ProFund Access VP High Yield held credit default swap agreements for credit exposure to the high yield market and futures contracts and/or treasury notes for interest rate exposure to meet the ProFund Access VP High Yield investment objective.
Each non-money market ProFund VP, other than the Classic ProFunds VP, the Sector ProFunds VP and the ProFund VP Falling U.S. Dollar, does not seek to achieve its investment objective over a period of time greater than a single day.
All open derivative positions at period end are reflected on each respective ProFund VP's Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund VP transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount (contract value for forward currency contracts), in comparison to net assets consistent with each ProFund VP's investment objective.
Certain ProFunds VP utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended June 30, 2022. With the exception of the ProFunds VP listed below, the notional amount of open derivative positions relative to each ProFund VP's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with derivative positions in the ProFund VP Banks, ProFund VP Nasdaq-100, and ProFund VP Semiconductor was 8%, 28%, and 10%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2022.
In connection with its management of certain series of the Trust included in this report (ProFund VP UltraShort Dow 30 and ProFund VP UltraShort Nasdaq-100 (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.
The following is a description of the derivative instruments utilized by the ProFunds VP, including certain risks related to each instrument type.
Futures Contracts
Each non-money market ProFund VP may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.
Each ProFund VP generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position
352 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
(or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.
Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund VP's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.
Upon entering into a futures contract, each ProFund VP will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund VP upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund VP may elect to close its position by taking an opposite position, which will operate to terminate the ProFund VP's existing position in the contract.
The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund VP intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund VP to substantial losses. If trading is not possible, or if a ProFund VP determines not to close a futures position in anticipation of adverse price movements, the ProFund VP will be required to make daily cash payments of variation margin. The risk that the ProFund VP will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund VP.
Forward Currency Contracts
The ProFund VP Falling U.S. Dollar may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.
It is possible that, under certain circumstances, this ProFund VP may have to limit its currency transactions to qualify as a "regulated investment company" ("RIC") under the Internal Revenue Code. The ProFund VP Falling U.S. Dollar does not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.
At or before the maturity of a forward currency contract, the ProFund VP Falling U.S. Dollar may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If this ProFund VP engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.
If the ProFund VP Falling U.S. Dollar engages in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the ProFund VP Falling U.S. Dollar enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund VP will realize a gain to the extent that the price of ProFund VP currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund VP will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.
The ProFund VP Falling U.S. Dollar collateralizes forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. Similarly, the ProFund VP Falling U.S. Dollar has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund VP post collateral for the benefit of
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 353
the ProFund VP in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds. In the event of a default by the counterparty, the ProFund VP will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the ProFund VP Falling U.S. Dollar may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFund VP Falling U.S. Dollar may obtain only limited recovery or may obtain no recovery in such circumstances. The ProFund VP Falling U.S. Dollar will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of June 30, 2022, there was no collateral posted by counterparties.
Credit Default Swap ("CDS") Agreements
As of June 30, 2022, the ProFund Access VP High Yield invested in centrally cleared CDS as a substitute for investing directly in bonds in order to gain credit exposure to the high yield market.
In a CDS, the agreement will reference one or more debt securities or reference entities. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference entity has occurred. If a credit event occurs, the seller generally must pay the buyer: a) the full notional value of the swap; or b) the difference between the notional value of the defaulted reference entity and the recovery price/rate for the defaulted reference entity. CDS are designed to reflect changes in credit quality, including events of default. A CDS may require premium (discount) payments as well as daily payments (receipts) related to the interest leg of the swap or to the default or change in price of a reference entity.
The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because, generally, a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the ProFund Access VP High Yield.
If the ProFund Access VP High Yield is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund Access VP High Yield would be required to pay the par (or other agreed upon) value of a referenced obligation to the counterparty in the event of a default or other credit event. In return, the ProFund Access VP High Yield would receive from the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the ProFund Access VP High Yield would keep the stream of payments and would have no payment obligations. As the seller, the ProFund Access VP High Yield would be subject to investment exposure on the notional amount of the swap.
If the ProFund Access VP High Yield is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund Access VP High Yield would have the right to deliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the event of a default or other credit event (such as a credit downgrade). In return, the ProFund Access VP High Yield would pay the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the ProFund Access VP High Yield.
The ProFund Access VP High Yield enters into a CDS with multiple reference entities, in which case payments and settlements in respect of any defaulting reference entity would typically be dealt with separately from the other reference entities.
Upon entering into a centrally cleared CDS, the ProFund Access VP High Yield may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 3% to 6% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the CDS and is returned to the ProFund Access VP High Yield upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream.
Swap Agreements (other than CDS)
Each non-money market ProFund VP may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.
On a typical long swap, the counterparty will generally agree to pay the ProFund VP the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund VP will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore,
354 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
the return to the ProFund VP on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund VP on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds VP may also enter into swap agreements that provide the opposite return of their benchmark or security ("short" the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund VP on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund VP will agree to pay to the counterparty commissions or trading spreads on the notional amount.
Most swap agreements entered into by a ProFund VP calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a ProFund VP's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). When investing in index swap agreements, the ProFunds VP may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.
A ProFund VP's current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund VP) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund VP reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated of in the ordinary course of business within seven days at approximately the amount a ProFund VP has valued the asset may be considered to be illiquid for purposes of a ProFund VP's illiquid investment limitations.
A ProFund VP bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund VP will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund VP's rights as a creditor. A ProFund VP will only enter into swap agreements with counterparties that meet the ProFund VP's standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund VP's repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.
Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund VP is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund VP's risk of loss consists of the net amount of payments that such ProFund VP is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund VP's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund VP's custodian.
In the normal course of business, a ProFund VP enters into International Swap Dealers Association, Inc. ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the ProFund VP's ISDA agreements contain provisions that require the ProFund VP to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund VP's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund VP were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund VP will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. The ProFunds VP seek to mitigate risks by generally requiring that the counterparties for each ProFund VP agree to post collateral for the benefit of the ProFund VP, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds, although the ProFunds VP may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds VP will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of June 30, 2022, the collateral posted by counterparties consisted of U.S. Treasury securities.
The use of swaps, including CDS, is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund VP's transactions in swap agreements.
Offsetting Assets and Liabilities
The ProFunds VP are subject to master netting agreements for swap agreements (other than centrally cleared CDS) and forward currency contracts that allow for amounts owed between the ProFund VP and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 355
As described above, the ProFunds VP utilize derivative instruments to achieve their investment objective during the period. The amounts shown in the Statements of Assets and Liabilities generally do not take into consideration the effects of legally enforceable master netting agreements.
Summary of Derivative Instruments
The following table summarizes the fair values of derivative instruments on the ProFund VP's Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022.
Assets | Liabilities | |||||||||||||||||||||||
Fund | Variation Margin on Futures Contracts* | Unrealized Gain on Swap Agreements | Unrealized Appreciation on Forward Currency Contracts | Variation Margin on Futures Contracts* | Unrealized Loss on Swap Agreements | Unrealized Depreciation on Forward Currency Contracts | ||||||||||||||||||
Credit Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | $ | — | $ | — | $ | — | $ | — | $ | 571,933 | $ | — | ||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | — | — | — | — | 924 | — | ||||||||||||||||||
ProFund VP Basic Materials | — | 2,640 | — | — | — | — | ||||||||||||||||||
ProFund VP Bear | — | 172,096 | — | — | — | — | ||||||||||||||||||
ProFund VP Biotechnology | — | — | — | — | 2,155 | — | ||||||||||||||||||
ProFund VP Bull | — | — | — | — | 167,825 | — | ||||||||||||||||||
ProFund VP Consumer Goods | — | — | — | — | 2,961 | — | ||||||||||||||||||
ProFund VP Consumer Services | — | — | — | — | 5,757 | — | ||||||||||||||||||
ProFund VP Dow 30 | — | — | — | — | 5,495 | — | ||||||||||||||||||
ProFund VP Emerging Markets | — | — | — | — | 64,077 | — | ||||||||||||||||||
ProFund VP Financials | — | 1,652 | — | — | — | — | ||||||||||||||||||
ProFund VP Health Care | — | — | — | — | 1,413 | — | ||||||||||||||||||
ProFund VP Industrials | — | 2,313 | — | — | — | — | ||||||||||||||||||
ProFund VP International | — | — | — | — | 135,213 | — | ||||||||||||||||||
ProFund VP Internet | — | — | — | — | 6,643 | — | ||||||||||||||||||
ProFund VP Japan | — | — | — | 228,261 | 69 | — | ||||||||||||||||||
ProFund VP Mid-Cap | — | — | — | — | 333,640 | — | ||||||||||||||||||
ProFund VP Nasdaq-100 | — | — | — | 48,510 | 1,184,200 | — | ||||||||||||||||||
ProFund VP Oil & Gas | — | 24,931 | — | — | — | — | ||||||||||||||||||
ProFund VP Pharmaceuticals | — | 9,701 | — | — | — | — | ||||||||||||||||||
ProFund VP Precious Metals | — | — | — | — | 1,133,229 | — | ||||||||||||||||||
ProFund VP Real Estate | — | 343 | — | — | — | — | ||||||||||||||||||
ProFund VP Semiconductor | — | — | — | — | 4,665 | — | ||||||||||||||||||
ProFund VP Short Dow 30 | — | 159 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Emerging Markets | — | 45,807 | — | — | — | — | ||||||||||||||||||
ProFund VP Short International | — | 21,969 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Mid-Cap | — | 10,872 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | — | 292,407 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Small-Cap | — | 76,180 | — | — | — | — | ||||||||||||||||||
ProFund VP Small-Cap | — | — | — | — | 107,563 | — | ||||||||||||||||||
ProFund VP Technology | — | — | — | — | 20,175 | — | ||||||||||||||||||
ProFund VP Telecommunications | — | — | — | — | 1,719 | — | ||||||||||||||||||
ProFund VP UltraBull | — | — | — | — | 403,514 | — | ||||||||||||||||||
ProFund VP UltraMid-Cap | — | — | — | — | 356,489 | — | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | — | — | — | 145,529 | 6,303,980 | — | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | 213 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | 187,349 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraSmall-Cap | — | — | — | — | 654,701 | — | ||||||||||||||||||
ProFund VP Utilities | — | 25,892 | — | — | — | — | ||||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | 305 | — | — | 9,380 | ||||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | — | — | — | 11,546 | — | — | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | — | 934,686 | — | ||||||||||||||||||
ProFund VP U.S. Government Plus | — | 222,656 | — | — | — | — |
* | Includes cumulative appreciation/depreciation of futures contracts and credit default swap agreements as reported in the Schedules of Portfolio Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities. |
356 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
The following table presents the effect of derivative instruments on the ProFund VP's Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022.
Realized Gain (Loss) on Derivatives Recognized as a Result from Operations | Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result from Operations | |||||||||||||||||||||||
Fund | Net Realized Gains (Losses) on Futures Contracts | Net Realized Gains (Losses) on Swap Agreements | Net Realized Gains (Losses) on Forward Currency Contracts | Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts | Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements | Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts | ||||||||||||||||||
Credit Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | $ | — | $ | (715,518 | ) | $ | — | $ | — | $ | (527,055 | ) | $ | — | ||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | — | (11,199 | ) | — | — | (1,534 | ) | — | ||||||||||||||||
ProFund VP Basic Materials | — | (123,315 | ) | — | — | (4,465 | ) | — | ||||||||||||||||
ProFund VP Bear | — | 275,648 | — | — | 164,228 | — | ||||||||||||||||||
ProFund VP Biotechnology | — | (78,751 | ) | — | — | (2,978 | ) | — | ||||||||||||||||
ProFund VP Bull | (41,595 | ) | (3,155,342 | ) | — | (39,069 | ) | (89,935 | ) | — | ||||||||||||||
ProFund VP Consumer Goods | — | (69,184 | ) | — | — | (7,165 | ) | — | ||||||||||||||||
ProFund VP Consumer Services | — | (105,239 | ) | — | — | (7,788 | ) | — | ||||||||||||||||
ProFund VP Dow 30 | — | (41,430 | ) | — | — | (5,695 | ) | — | ||||||||||||||||
ProFund VP Emerging Markets | — | (155,544 | ) | — | — | (68,472 | ) | — | ||||||||||||||||
ProFund VP Financials | — | (44,773 | ) | — | — | (3,653 | ) | — | ||||||||||||||||
ProFund VP Health Care | — | (43,269 | ) | — | — | (12,180 | ) | — | ||||||||||||||||
ProFund VP Industrials | — | (96,761 | ) | — | — | (6,507 | ) | — | ||||||||||||||||
ProFund VP International | — | (2,321,753 | ) | — | — | (80,549 | ) | — | ||||||||||||||||
ProFund VP Internet | — | (134,527 | ) | — | — | (2,357 | ) | — | ||||||||||||||||
ProFund VP Japan | (169,065 | ) | 1,853 | — | (476,967 | ) | (24 | ) | — | |||||||||||||||
ProFund VP Mid-Cap | (123,511 | ) | (2,302,063 | ) | — | (107,578 | ) | (371,395 | ) | — | ||||||||||||||
ProFund VP Nasdaq-100 | (1,336,594 | ) | (11,408,093 | ) | — | (46,863 | ) | (397,391 | ) | — | ||||||||||||||
ProFund VP Oil & Gas | — | (176,069 | ) | — | — | 25,795 | — | |||||||||||||||||
ProFund VP Pharmaceuticals | — | (47,244 | ) | — | — | 9,577 | — | |||||||||||||||||
ProFund VP Precious Metals | — | (2,045,438 | ) | — | — | (1,735,681 | ) | — | ||||||||||||||||
ProFund VP Real Estate | — | (36,992 | ) | — | — | (10,493 | ) | — | ||||||||||||||||
ProFund VP Semiconductor | — | (85,671 | ) | — | — | 2,498 | — | |||||||||||||||||
ProFund VP Short Dow 30 | — | 832 | — | — | 166 | — | ||||||||||||||||||
ProFund VP Short Emerging Markets | — | (14,929 | ) | — | — | 57,389 | — | |||||||||||||||||
ProFund VP Short International | — | 92,249 | — | — | 19,661 | — | ||||||||||||||||||
ProFund VP Short Mid-Cap | — | 1,583 | — | — | 11,039 | — | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | — | 651,985 | — | — | 264,848 | — | ||||||||||||||||||
ProFund VP Short Small-Cap | 22,351 | 147,633 | — | 1,694 | 71,094 | — | ||||||||||||||||||
ProFund VP Small-Cap | — | (937,869 | ) | — | — | (73,990 | ) | — | ||||||||||||||||
ProFund VP Technology | — | (135,690 | ) | — | — | (7,453 | ) | — | ||||||||||||||||
ProFund VP Telecommunications | — | (21,578 | ) | — | — | (2,091 | ) | — | ||||||||||||||||
ProFund VP UltraBull | (21,026 | ) | (4,233,978 | ) | — | (22,325 | ) | (294,532 | ) | — | ||||||||||||||
ProFund VP UltraMid-Cap | (1,058 | ) | (3,328,331 | ) | — | — | (434,338 | ) | — | |||||||||||||||
ProFund VP UltraNasdaq-100 | (1,269,037 | ) | (81,637,368 | ) | — | (145,323 | ) | (758,749 | ) | — | ||||||||||||||
ProFund VP UltraShort Dow 30 | — | 974 | — | — | 221 | — | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | 1,310,419 | — | — | 176,469 | — | ||||||||||||||||||
ProFund VP UltraSmall-Cap | — | (7,487,406 | ) | — | — | (353,077 | ) | — | ||||||||||||||||
ProFund VP Utilities | — | (36,687 | ) | — | — | 7,677 | — | |||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | (32,201 | ) | — | — | (9,675 | ) | ||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | (218,298 | ) | — | — | (8,568 | ) | — | — | ||||||||||||||||
ProFund VP Rising Rates Opportunity | 49,177 | 4,457,695 | — | — | (949,004 | ) | — | |||||||||||||||||
ProFund VP U.S. Government Plus | 11,403 | (2,661,367 | ) | — | — | 261,253 | — |
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements (other than centrally cleared CDS) and forward currency contracts as of June 30, 2022. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds VP or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 357
portions of these amounts at period end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.
Gross Amounts Not Offset in the Statement of Assets and Liabilities* | ||||||||||||||||
Gross Asset (Liability) as presented in the Statement of Assets and Liabilities | Financial Instruments (Received) Pledged** | Cash Collateral (Received) Pledged | Net Amount | |||||||||||||
ProFund VP Banks | ||||||||||||||||
Swap Agreements — Goldman Sachs International | $ | (924 | ) | $ | — | $ | 924 | $ | — | |||||||
ProFund VP Basic Materials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 2,640 | — | — | 2,640 | ||||||||||||
ProFund VP Bear | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 35,037 | (32,034 | ) | — | 3,003 | |||||||||||
Swap Agreements — UBS AG | 137,059 | — | — | 137,059 | ||||||||||||
ProFund VP Biotechnology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (2,155 | ) | — | 2,155 | — | |||||||||||
ProFund VP Bull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (46,229 | ) | 46,229 | — | — | |||||||||||
Swap Agreements — UBS AG | (121,596 | ) | 121,596 | — | — | |||||||||||
ProFund VP Consumer Goods | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (2,961 | ) | — | — | (2,961 | ) | ||||||||||
ProFund VP Consumer Services | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (5,757 | ) | — | 5,757 | — | |||||||||||
ProFund VP Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (4,345 | ) | 4,345 | — | — | |||||||||||
Swap Agreements — UBS AG | (1,150 | ) | 1,150 | — | — | |||||||||||
ProFund VP Emerging Markets | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (31,765 | ) | 31,765 | — | — | |||||||||||
Swap Agreements — UBS AG | (32,312 | ) | 32,312 | — | — | |||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||
Forward Currency Contracts — Goldman Sachs International | ||||||||||||||||
Appreciation | 128 | |||||||||||||||
Depreciation | (5,249 | ) | ||||||||||||||
Net Depreciation | (5,121 | ) | 5,121 | — | — | |||||||||||
Forward Currency Contracts — UBS AG | ||||||||||||||||
Appreciation | 177 | |||||||||||||||
Depreciation | (4,131 | ) | ||||||||||||||
Net Depreciation | (3,954 | ) | 3,954 | — | — | |||||||||||
ProFund VP Financials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,652 | — | — | 1,652 | ||||||||||||
ProFund VP Health Care | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,413 | ) | — | 1,413 | — | |||||||||||
ProFund VP Industrials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 2,313 | — | — | 2,313 | ||||||||||||
ProFund VP International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (73,383 | ) | 73,383 | — | — | |||||||||||
Swap Agreements — UBS AG | (61,830 | ) | 61,830 | — | — | |||||||||||
ProFund VP Internet | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (6,643 | ) | — | — | (6,643 | ) | ||||||||||
ProFund VP Japan | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (69 | ) | — | — | (69 | ) | ||||||||||
ProFund VP Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (127,592 | ) | 127,592 | — | — | |||||||||||
Swap Agreements — UBS AG | (206,048 | ) | 206,048 | — | — | |||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (306,495 | ) | 306,495 | — | — | |||||||||||
Swap Agreements — UBS AG | (877,705 | ) | 877,705 | — | — | |||||||||||
ProFund VP Oil & Gas | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 24,931 | — | — | 24,931 | ||||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 9,701 | — | — | 9,701 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (621,869 | ) | 621,869 | — | — | |||||||||||
Swap Agreements — UBS AG | (511,360 | ) | 511,360 | — | — |
358 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Gross Amounts Not Offset in the Statement of Assets and Liabilities* | ||||||||||||||||
Gross Asset (Liability) as presented in the Statement of Assets and Liabilities | Financial Instruments (Received) Pledged** | Cash Collateral (Received) Pledged | Net Amount | |||||||||||||
ProFund VP Real Estate | ||||||||||||||||
Swap Agreements — Goldman Sachs International | $ | 343 | $ | — | $ | — | $ | 343 | ||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||
Swap Agreements — Citibank North America | (655,584 | ) | 655,584 | — | — | |||||||||||
Swap Agreements — Societe' Generale | (279,102 | ) | 243,000 | 4 | (36,098 | ) | ||||||||||
ProFund VP Semiconductor | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (4,665 | ) | — | 4,665 | — | |||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 43 | — | — | 43 | ||||||||||||
Swap Agreements — UBS AG | 116 | — | — | 116 | ||||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 25,059 | — | — | 25,059 | ||||||||||||
Swap Agreements — UBS AG | 20,748 | — | — | 20,748 | ||||||||||||
ProFund VP Short International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 9,202 | — | — | 9,202 | ||||||||||||
Swap Agreements — UBS AG | 12,767 | — | — | 12,767 | ||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 9,162 | — | — | 9,162 | ||||||||||||
Swap Agreements — UBS AG | 1,710 | — | — | 1,710 | ||||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 40,194 | — | — | 40,194 | ||||||||||||
Swap Agreements — UBS AG | 252,213 | — | — | 252,213 | ||||||||||||
ProFund VP Short Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 44,596 | — | — | 44,596 | ||||||||||||
Swap Agreements — UBS AG | 31,584 | — | — | 31,584 | ||||||||||||
ProFund VP Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (3,692 | ) | 3,692 | — | — | |||||||||||
Swap Agreements — UBS AG | (103,871 | ) | 103,871 | — | — | |||||||||||
ProFund VP Technology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (20,175 | ) | — | 20,175 | — | |||||||||||
ProFund VP Telecommunications | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,719 | ) | — | — | (1,719 | ) | ||||||||||
ProFund VP UltraBull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (237,840 | ) | 237,840 | — | — | |||||||||||
Swap Agreements — UBS AG | (165,674 | ) | 165,674 | — | — | |||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (195,255 | ) | 195,255 | — | — | |||||||||||
Swap Agreements — UBS AG | (161,234 | ) | 161,234 | — | — | |||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (3,057,051 | ) | 3,057,051 | — | — | |||||||||||
Swap Agreements — UBS AG | (3,246,929 | ) | 3,246,929 | — | — | |||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 136 | — | — | 136 | ||||||||||||
Swap Agreements — UBS AG | 77 | — | — | 77 | ||||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 154,371 | (127,008 | ) | — | 27,363 | |||||||||||
Swap Agreements — UBS AG | 32,978 | — | — | 32,978 | ||||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (350,791 | ) | 350,791 | — | — | |||||||||||
Swap Agreements — UBS AG | (303,910 | ) | 303,910 | — | — | |||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||
Swap Agreements — Citibank North America | 97,979 | — | — | 97,979 | ||||||||||||
Swap Agreements — Societe' Generale | 124,677 | — | — | 124,677 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 25,892 | — | — | 25,892 |
* | The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities. |
** | Financial instruments received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral. |
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 359
Securities Lending:
Each ProFund VP may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund VP lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund VP in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund VP in connection with these loans may not be sold or pledged by the ProFund VP and, accordingly, is not reflected in the ProFund VP's assets and liabilities. The ProFunds VP may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds VP are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund VP if a material event affecting the ProFund VP's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund VP or the borrower at any time. No securities loan shall be made on behalf of a ProFund VP if, as a result, the aggregate value of all securities loaned by the particular ProFund VP exceeds one-third of the value of such ProFund VP's total assets (including the value of the collateral received).
Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund VP has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund VP would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund VP's securities as agreed, the ProFund VP may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund VP. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund VP could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund VP and any additional required collateral is delivered to the ProFund VP, or excess collateral returned by the ProFund VP, on the next business day.
The following table is a summary of the ProFunds VP securities lending transactions as of June 30, 2022:
Value of Securities on Loan | Value of Cash Collateral Received* | |||||||
ProFund VP Asia 30 | $ | 1,394,145 | $ | 1,430,253 | ||||
ProFund VP Basic Materials | 44,506 | 51,425 | ||||||
ProFund VP Consumer Goods | 46,075 | 47,707 | ||||||
ProFund VP Consumer Services | 89,128 | 91,703 | ||||||
ProFund VP Emerging Markets | 1,056,848 | 1,119,359 | ||||||
ProFund VP Europe 30 | 1,743,105 | 1,838,666 | ||||||
ProFund VP Financials | 34,787 | 37,212 | ||||||
ProFund VP Industrials | 5,315 | 5,549 | ||||||
ProFund VP Mid-Cap Growth | 101,876 | 104,542 | ||||||
ProFund VP Nasdaq-100 | 296,466 | 304,652 | ||||||
ProFund VP Pharmaceuticals | 57,027 | 61,854 | ||||||
ProFund VP Small-Cap | 57,668 | 60,670 | ||||||
ProFund VP Small-Cap Value | 141,520 | 143,058 | ||||||
ProFund VP Technology | 2,245 | 2,362 | ||||||
ProFund VP UltraMid-Cap | 22,503 | 23,092 | ||||||
ProFund VP UltraSmall-Cap | 58,480 | 61,678 |
* | Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loaned section of the Schedule of Portfolio Investments. |
Investment Transactions and Related Income
Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information becomes available. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the
360 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Gains or losses from class action settlements are recorded when such information becomes known or can be reasonably estimated; for non-recurring class action settlements, this generally occurs with the receipt or payment of cash consistent with the terms of such settlement.
Allocations
Expenses directly attributable to a ProFund VP are charged to that ProFund VP, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
Distributions to Shareholders
Each of the ProFunds VP (except ProFund Access VP High Yield, ProFund VP Government Money Market, ProFund VP Real Estate, and ProFund VP U.S. Government Plus) intends to declare and distribute net investment income at least annually, if any. ProFund VP Government Money Market and ProFund VP U.S. Government Plus declare dividends from net investment income daily, if any, and pay dividends on a monthly basis. ProFund Access VP High Yield and ProFund VP Real Estate declare and pay dividends from net investment income quarterly, if any. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds VP may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. Distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Federal Income Taxes
Each of the ProFunds VP intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds VP intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds VP have a calendar tax year end.
Management of the ProFunds VP has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds VP are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Other
Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as "Fees paid indirectly."
Expense Reimbursement from a Third Party
During 2018, certain ProFunds VP received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The corresponding impacts to the respective ProFund VP's Total Return and Ratios to Average Net Assets in the Financial Highlights are disclosed in a footnote to that ProFund VP's Financial Highlights.
3. Investment Valuation Summary
The valuation techniques employed by the ProFunds VP, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds VP (observable inputs) and the ProFunds' VP own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' VP investments are summarized in the three broad levels listed below:
• Level 1–quoted prices in active markets for identical assets
• Level 2–other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
• Level 3–significant unobservable inputs (including the ProFunds' VP own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.
Security prices are generally valued at their market value using information provided by a third party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 361
ProFund VP, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described below.
Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.
When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund VP's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund VP could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund VP may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
For the period ended June 30, 2022, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers in or out of Level 3 investments.
A summary of the valuations as of June 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund VP:
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund Access VP High Yield | ||||||||||||||||||||||||
U.S. Treasury Obligation | $ | — | $ | — | $ | 4,660,752 | $ | — | $ | 4,660,752 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 3,493,000 | — | 3,493,000 | — | ||||||||||||||||||
Futures Contracts | — | (11,546 | ) | — | — | — | (11,546 | ) | ||||||||||||||||
Credit Default Swap Agreements | — | — | — | (571,933 | ) | — | (571,933 | ) | ||||||||||||||||
Total | $ | — | $ | (11,546 | ) | $ | 8,153,752 | $ | (571,933 | ) | $ | 8,153,752 | $ | (583,479 | ) | |||||||||
ProFund VP Asia 30 | ||||||||||||||||||||||||
Common Stocks | $ | 20,210,090 | $ | — | $ | — | $ | — | $ | 20,210,090 | $ | — | ||||||||||||
Collateral for Securities Loaned | 1,430,253 | — | — | — | 1,430,253 | — | ||||||||||||||||||
Total | $ | 21,640,343 | $ | — | $ | — | $ | — | $ | 21,640,343 | $ | — | ||||||||||||
ProFund VP Banks | ||||||||||||||||||||||||
Common Stocks | $ | 3,699,926 | $ | — | $ | — | $ | — | $ | 3,699,926 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 17,000 | — | 17,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (924 | ) | — | (924 | ) | ||||||||||||||||
Total | $ | 3,699,926 | $ | — | $ | 17,000 | $ | (924 | ) | $ | 3,716,926 | $ | (924 | ) |
362 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund VP Basic Materials | ||||||||||||||||||||||||
Common Stocks | $ | 14,218,022 | $ | — | $ | — | $ | — | $ | 14,218,022 | $ | — | ||||||||||||
Collateral for Securities Loaned | 51,425 | — | — | — | 51,425 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 2,640 | — | 2,640 | ||||||||||||||||||
Total | $ | 14,269,447 | $ | — | $ | — | $ | 2,640 | $ | 14,269,447 | $ | 2,640 | ||||||||||||
ProFund VP Bear | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 6,294,000 | $ | — | $ | 6,294,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 172,096 | — | 172,096 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 6,294,000 | $ | 172,096 | $ | 6,294,000 | $ | 172,096 | ||||||||||||
ProFund VP Biotechnology | ||||||||||||||||||||||||
Common Stocks | $ | 42,956,497 | $ | — | $ | — | $ | — | $ | 42,956,497 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 858,000 | — | 858,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (2,155 | ) | — | (2,155 | ) | ||||||||||||||||
Total | $ | 42,956,497 | $ | — | $ | 858,000 | $ | (2,155 | ) | $ | 43,814,497 | $ | (2,155 | ) | ||||||||||
ProFund VP Bull | ||||||||||||||||||||||||
Common Stocks | $ | 31,258,669 | $ | — | $ | — | $ | — | $ | 31,258,669 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 4,882,000 | — | 4,882,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (167,825 | ) | — | (167,825 | ) | ||||||||||||||||
Total | $ | 31,258,669 | $ | — | $ | 4,882,000 | $ | (167,825 | ) | $ | 36,140,669 | $ | (167,825 | ) | ||||||||||
ProFund VP Consumer Goods | ||||||||||||||||||||||||
Common Stocks | $ | 12,801,587 | $ | — | $ | — | $ | — | $ | 12,801,587 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 219,000 | — | 219,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 47,707 | — | — | — | 47,707 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (2,961 | ) | — | (2,961 | ) | ||||||||||||||||
Total | $ | 12,849,294 | $ | — | $ | 219,000 | $ | (2,961 | ) | $ | 13,068,294 | $ | (2,961 | ) | ||||||||||
ProFund VP Consumer Services | ||||||||||||||||||||||||
Common Stocks | $ | 16,104,470 | $ | — | $ | — | $ | — | $ | 16,104,470 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 36,000 | — | 36,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 91,703 | — | — | — | 91,703 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (5,757 | ) | — | (5,757 | ) | ||||||||||||||||
Total | $ | 16,196,173 | $ | — | $ | 36,000 | $ | (5,757 | ) | $ | 16,232,173 | $ | (5,757 | ) | ||||||||||
ProFund VP Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 260,000 | $ | — | $ | 260,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (5,495 | ) | — | (5,495 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 260,000 | $ | (5,495 | ) | $ | 260,000 | $ | (5,495 | ) | ||||||||||
ProFund VP Emerging Markets | ||||||||||||||||||||||||
Common Stocks | $ | 16,891,012 | $ | — | $ | — | $ | — | $ | 16,891,012 | $ | — | ||||||||||||
Preferred Stocks | 255,683 | — | — | — | 255,683 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 2,030,000 | — | 2,030,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 1,119,359 | — | — | — | 1,119,359 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (64,077 | ) | — | (64,077 | ) | ||||||||||||||||
Total | $ | 18,266,054 | $ | — | $ | 2,030,000 | $ | (64,077 | ) | $ | 20,296,054 | $ | (64,077 | ) | ||||||||||
ProFund VP Europe 30 | ||||||||||||||||||||||||
Common Stocks | $ | 14,337,559 | $ | — | $ | — | $ | — | $ | 14,337,559 | $ | — | ||||||||||||
Collateral for Securities Loaned | 1,838,666 | — | — | — | 1,838,666 | — | ||||||||||||||||||
Total | $ | 16,176,225 | $ | — | $ | — | $ | — | $ | 16,176,225 | $ | — | ||||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 386,000 | $ | — | $ | 386,000 | $ | — | ||||||||||||
Forward Currency Contracts | — | — | — | (9,075 | ) | — | (9,075 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 386,000 | $ | (9,075 | ) | $ | 386,000 | $ | (9,075 | ) |
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 363
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund VP Financials | ||||||||||||||||||||||||
Common Stocks | $ | 26,567,452 | $ | — | $ | — | $ | — | $ | 26,567,452 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 134,000 | — | 134,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 37,212 | — | — | — | 37,212 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,652 | — | 1,652 | ||||||||||||||||||
Total | $ | 26,604,664 | $ | — | $ | 134,000 | $ | 1,652 | $ | 26,738,664 | $ | 1,652 | ||||||||||||
ProFund VP Government Money Market | ||||||||||||||||||||||||
U.S. Treasury Obligation | $ | — | $ | — | $ | 4,999,559 | $ | — | $ | 4,999,559 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 32,949,000 | — | 32,949,000 | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | 37,948,559 | $ | — | $ | 37,948,559 | $ | — | ||||||||||||
ProFund VP Health Care | ||||||||||||||||||||||||
Common Stocks | $ | 42,909,841 | $ | — | $ | — | $ | — | $ | 42,909,841 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 291,000 | — | 291,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,413 | ) | — | (1,413 | ) | ||||||||||||||||
Total | $ | 42,909,841 | $ | — | $ | 291,000 | $ | (1,413 | ) | $ | 43,200,841 | $ | (1,413 | ) | ||||||||||
ProFund VP Industrials | ||||||||||||||||||||||||
Common Stocks | $ | 10,258,932 | $ | — | $ | — | $ | — | $ | 10,258,932 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 523,000 | — | 523,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 5,549 | — | — | — | 5,549 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 2,313 | — | 2,313 | ||||||||||||||||||
Total | $ | 10,264,481 | $ | — | $ | 523,000 | $ | 2,313 | $ | 10,787,481 | $ | 2,313 | ||||||||||||
ProFund VP International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 9,216,000 | $ | — | $ | 9,216,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (135,213 | ) | — | (135,213 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 9,216,000 | $ | (135,213 | ) | $ | 9,216,000 | $ | (135,213 | ) | ||||||||||
ProFund VP Internet | ||||||||||||||||||||||||
Common Stocks | $ | 8,815,323 | $ | — | $ | — | $ | — | $ | 8,815,323 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 147,000 | — | 147,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (6,643 | ) | — | (6,643 | ) | ||||||||||||||||
Total | $ | 8,815,323 | $ | — | $ | 147,000 | $ | (6,643 | ) | $ | 8,962,323 | $ | (6,643 | ) | ||||||||||
ProFund VP Japan | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 5,952,000 | $ | — | $ | 5,952,000 | $ | — | ||||||||||||
Futures Contracts | — | (228,261 | ) | — | — | — | (228,261 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (69 | ) | — | (69 | ) | ||||||||||||||||
Total | $ | — | $ | (228,261 | ) | $ | 5,952,000 | $ | (69 | ) | $ | 5,952,000 | $ | (228,330 | ) | |||||||||
ProFund VP Large-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 17,652,775 | $ | — | $ | — | $ | — | $ | 17,652,775 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 79,000 | — | 79,000 | — | ||||||||||||||||||
Total | $ | 17,652,775 | $ | — | $ | 79,000 | $ | — | $ | 17,731,775 | $ | — | ||||||||||||
ProFund VP Large-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 15,092,688 | $ | — | $ | — | $ | — | $ | 15,092,688 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 30,000 | — | 30,000 | — | ||||||||||||||||||
Total | $ | 15,092,688 | $ | — | $ | 30,000 | $ | — | $ | 15,122,688 | $ | — | ||||||||||||
ProFund VP Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,832,000 | $ | — | $ | 10,832,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (333,640 | ) | — | (333,640 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 10,832,000 | $ | (333,640 | ) | $ | 10,832,000 | $ | (333,640 | ) | ||||||||||
ProFund VP Mid-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 12,307,953 | $ | — | $ | — | $ | — | $ | 12,307,953 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 19,000 | — | 19,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 104,542 | — | — | — | 104,542 | — | ||||||||||||||||||
Total | $ | 12,412,495 | $ | — | $ | 19,000 | $ | — | $ | 12,431,495 | $ | — |
364 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund VP Mid-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 12,466,453 | $ | — | $ | — | $ | — | $ | 12,466,453 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 88,000 | — | 88,000 | — | ||||||||||||||||||
Total | $ | 12,466,453 | $ | — | $ | 88,000 | $ | — | $ | 12,554,453 | $ | — | ||||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||||||||||
Common Stocks | $ | 59,610,892 | $ | — | $ | — | $ | — | $ | 59,610,892 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 29,888,000 | — | 29,888,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 304,652 | — | — | — | 304,652 | — | ||||||||||||||||||
Futures Contracts | — | (48,510 | ) | — | — | — | (48,510 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (1,184,200 | ) | — | (1,184,200 | ) | ||||||||||||||||
Total | $ | 59,915,544 | $ | (48,510 | ) | $ | 29,888,000 | $ | (1,184,200 | ) | $ | 89,803,544 | $ | (1,232,710 | ) | |||||||||
ProFund VP Oil & Gas | ||||||||||||||||||||||||
Common Stocks | $ | 53,946,483 | $ | — | $ | — | $ | — | $ | 53,946,483 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,464,000 | — | 1,464,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 24,931 | — | 24,931 | ||||||||||||||||||
Total | $ | 53,946,483 | $ | — | $ | 1,464,000 | $ | 24,931 | $ | 55,410,483 | $ | 24,931 | ||||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||||||||||
Common Stocks | $ | 14,412,082 | $ | — | $ | — | $ | — | $ | 14,412,082 | $ | — | ||||||||||||
Collateral for Securities Loaned | 61,854 | — | — | — | 61,854 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 9,701 | — | 9,701 | ||||||||||||||||||
Total | $ | 14,473,936 | $ | — | $ | — | $ | 9,701 | $ | 14,473,936 | $ | 9,701 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 26,290,000 | $ | — | $ | 26,290,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (1,133,229 | ) | — | (1,133,229 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 26,290,000 | $ | (1,133,229 | ) | $ | 26,290,000 | $ | (1,133,229 | ) | ||||||||||
ProFund VP Real Estate | ||||||||||||||||||||||||
Common Stocks | $ | 7,846,503 | $ | — | $ | — | $ | — | $ | 7,846,503 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 161,000 | — | 161,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 343 | — | 343 | ||||||||||||||||||
Total | $ | 7,846,503 | $ | — | $ | 161,000 | $ | 343 | $ | 8,007,503 | $ | 343 | ||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 21,170,000 | $ | — | $ | 21,170,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (934,686 | ) | — | (934,686 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 21,170,000 | $ | (934,686 | ) | $ | 21,170,000 | $ | (934,686 | ) | ||||||||||
ProFund VP Semiconductor | ||||||||||||||||||||||||
Common Stocks | $ | 6,860,942 | $ | — | $ | — | $ | — | $ | 6,860,942 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 78,000 | — | 78,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (4,665 | ) | — | (4,665 | ) | ||||||||||||||||
Total | $ | 6,860,942 | $ | — | $ | 78,000 | $ | (4,665 | ) | $ | 6,938,942 | $ | (4,665 | ) | ||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 7,000 | $ | — | $ | 7,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 159 | — | 159 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 7,000 | $ | 159 | $ | 7,000 | $ | 159 | ||||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 1,385,000 | $ | — | $ | 1,385,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 45,807 | — | 45,807 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 1,385,000 | $ | 45,807 | $ | 1,385,000 | $ | 45,807 | ||||||||||||
ProFund VP Short International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 1,485,000 | $ | — | $ | 1,485,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 21,969 | — | 21,969 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 1,485,000 | $ | 21,969 | $ | 1,485,000 | $ | 21,969 |
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 365
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 340,000 | $ | — | $ | 340,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 10,872 | — | 10,872 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 340,000 | $ | 10,872 | $ | 340,000 | $ | 10,872 | ||||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 8,074,000 | $ | — | $ | 8,074,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 292,407 | — | 292,407 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 8,074,000 | $ | 292,407 | $ | 8,074,000 | $ | 292,407 | ||||||||||||
ProFund VP Short Small-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 2,175,000 | $ | — | $ | 2,175,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 76,180 | — | 76,180 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 2,175,000 | $ | 76,180 | $ | 2,175,000 | $ | 76,180 | ||||||||||||
ProFund VP Small-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 6,987,204 | $ | — | $ | — | $ | — | $ | 6,987,204 | $ | — | ||||||||||||
Contingent Right | — | — | 121 | — | 121 | — | ||||||||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Repurchase Agreements | — | — | 3,064,000 | — | 3,064,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 60,670 | — | — | — | 60,670 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (107,563 | ) | — | (107,563 | ) | ||||||||||||||||
Total | $ | 7,047,874 | $ | — | $ | 3,064,121 | $ | (107,563 | ) | $ | 10,111,995 | $ | (107,563 | ) | ||||||||||
ProFund VP Small-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 14,775,206 | $ | — | $ | — | $ | — | $ | 14,775,206 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 52,000 | — | 52,000 | — | ||||||||||||||||||
Total | $ | 14,775,206 | $ | — | $ | 52,000 | $ | — | $ | 14,827,206 | $ | — | ||||||||||||
ProFund VP Small-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 20,670,782 | $ | — | $ | — | $ | — | $ | 20,670,782 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 10,000 | — | 10,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 143,058 | — | — | — | 143,058 | — | ||||||||||||||||||
Total | $ | 20,813,840 | $ | — | $ | 10,000 | $ | — | $ | 20,823,840 | $ | — | ||||||||||||
ProFund VP Technology | ||||||||||||||||||||||||
Common Stocks | $ | 28,234,662 | $ | — | $ | — | $ | — | $ | 28,234,662 | $ | — | ||||||||||||
Collateral for Securities Loaned | 2,362 | — | — | — | 2,362 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (20,175 | ) | — | (20,175 | ) | ||||||||||||||||
Total | $ | 28,237,024 | $ | — | $ | — | $ | (20,175 | ) | $ | 28,237,024 | $ | (20,175 | ) | ||||||||||
ProFund VP Telecommunications | ||||||||||||||||||||||||
Common Stocks | $ | 4,994,518 | $ | — | $ | — | $ | — | $ | 4,994,518 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 183,000 | — | 183,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,719 | ) | — | (1,719 | ) | ||||||||||||||||
Total | $ | 4,994,518 | $ | — | $ | 183,000 | $ | (1,719 | ) | $ | 5,177,518 | $ | (1,719 | ) | ||||||||||
ProFund VP UltraBull | ||||||||||||||||||||||||
Common Stocks | $ | 7,030,356 | $ | — | $ | — | $ | — | $ | 7,030,356 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 3,531,000 | — | 3,531,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (403,514 | ) | — | (403,514 | ) | ||||||||||||||||
Total | $ | 7,030,356 | $ | — | $ | 3,531,000 | $ | (403,514 | ) | $ | 10,561,356 | $ | (403,514 | ) | ||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 5,799,322 | $ | — | $ | — | $ | — | $ | 5,799,322 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 2,824,000 | — | 2,824,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 23,092 | — | — | — | 23,092 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (356,489 | ) | — | (356,489 | ) | ||||||||||||||||
Total | $ | 5,822,414 | $ | — | $ | 2,824,000 | $ | (356,489 | ) | $ | 8,646,414 | $ | (356,489 | ) |
366 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant Observable Inputs | Total | ||||||||||||||||||||||
Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | Investment Securities | Other Financial Instruments^ | |||||||||||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||||||||||
Common Stocks | $ | 69,510,945 | $ | ��� | $ | — | $ | — | $ | 69,510,945 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 42,233,000 | — | 42,233,000 | — | ||||||||||||||||||
Futures Contracts | — | (145,529 | ) | — | — | — | (145,529 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (6,303,980 | ) | — | (6,303,980 | ) | ||||||||||||||||
Total | $ | 69,510,945 | $ | (145,529 | ) | $ | 42,233,000 | $ | (6,303,980 | ) | $ | 111,743,945 | $ | (6,449,509 | ) | |||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 5,000 | $ | — | $ | 5,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 213 | — | 213 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 5,000 | $ | 213 | $ | 5,000 | $ | 213 | ||||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 2,190,000 | $ | — | $ | 2,190,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 187,349 | — | 187,349 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 2,190,000 | $ | 187,349 | $ | 2,190,000 | $ | 187,349 | ||||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 8,260,827 | $ | — | $ | — | $ | — | $ | 8,260,827 | $ | — | ||||||||||||
Contingent Right | — | — | 193 | — | 193 | — | ||||||||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Repurchase Agreements | — | — | 5,141,000 | — | 5,141,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 61,678 | — | — | — | 61,678 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (654,701 | ) | — | (654,701 | ) | ||||||||||||||||
Total | $ | 8,322,505 | $ | — | $ | 5,141,193 | $ | (654,701 | ) | $ | 13,463,698 | $ | (654,701 | ) | ||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||||||||||
U.S. Treasury Obligation | $ | — | $ | — | $ | 4,382,625 | $ | — | $ | 4,382,625 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 4,969,000 | — | 4,969,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 222,656 | — | 222,656 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 9,351,625 | $ | 222,656 | $ | 9,351,625 | $ | 222,656 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||||||||||
Common Stocks | $ | 38,224,495 | $ | — | $ | — | $ | — | $ | 38,224,495 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,373,000 | — | 1,373,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 25,892 | — | 25,892 | ||||||||||||||||||
Total | $ | 38,224,495 | $ | — | $ | 1,373,000 | $ | 25,892 | $ | 39,597,495 | $ | 25,892 |
^ | Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward currency contracts and swap agreements (including credit default swap agreements). These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment. |
* | Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy. |
4. Fees and Transactions with Affiliates and Other Parties
The ProFunds VP have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds VP (excluding ProFund VP U.S. Government Plus) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund VP. The ProFund VP U.S. Government Plus pays the Advisor a fee at an annualized rate of 0.50% of its average daily net assets.
In addition, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to each individual ProFund VP: 0.025% of the ProFund VP's daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund VP's daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund VP's net assets in excess of $2 billion. During the period ended June 30, 2022, no Fund's annual investment advisory fee was subject to such reductions.
Citi Fund Services Ohio, Inc. ("Citi") acts as the Trust's administrator (the "Administrator"). For its services as Administrator, the Trust paid Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.
Citi also acts as fund accounting agent for the Trust. For these services, the Trust pays Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 367
FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, service charges, fees based on the number of VP Funds, and reimbursement of certain expenses.
ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund VP may pay financial intermediaries such as broker-dealers, insurance companies and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets as compensation for the distribution-related activities and/or shareholder services.
Distribution Fees were suspended throughout the period ended June 30, 2022 for ProFund VP Government Money Market to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to 0.25% of its average daily net assets, the Distribution Fees would have been $46,490 for the period ended June 30, 2022. The Distributor may reinstate all or a portion of the Distribution Fees for ProFund VP Government Money Market at any time.
The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds VP. For these services, each ProFund VP pays the Advisor a fee at the annual rate of 0.10% of its average daily net assets.
The Trust, on behalf of the ProFunds VP, has entered into an administrative services agreement with certain insurance companies, pursuant to which the insurance companies will provide administrative services with respect to the ProFunds VP. For these services, the ProFunds VP may pay the insurance companies administrative services fees, a monthly/quarterly fee equal on an annual basis of up to 0.35% of their average daily net assets as reflected on the Statement of Operations as "Administrative services fees." Throughout the period ended June 30, 2022, the administrative services fees of ProFund VP Government Money Market were suspended to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to the full amount per the administrative services agreements, the administrative services fees would have been $43,629 for the period ended June 30, 2022. All or a portion of the Administrative services fees of ProFund VP Government Money Market may be reinstated at any time.
Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds VP for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for their services at an annual rate of $325,000, inclusive of all meetings. During the period ended June 30, 2022, actual Trustee compensation was $487,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFunds VP reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees."
The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds VP in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) to an annualized rate of 1.35% of the average daily net assets of ProFund VP Government Money Market, 1.38% of the average daily net assets of ProFund VP U.S. Government Plus and 1.68% of the average daily net assets of each other ProFund VP. These expense limitations remain in effect until at least April 30, 2023.
The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of June 30, 2022, the recoupments that may potentially be made by the ProFunds VP are as follows:
Expires 4/30/23 | Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Total | ||||||||||||||||
ProFund Access VP High Yield | $ | — | $ | 26,937 | $ | — | $ | 239 | $ | 27,176 | ||||||||||
ProFund VP Banks | 1,693 | 2,494 | — | 434 | 4,621 | |||||||||||||||
ProFund VP Basic Materials | 800 | 3,206 | — | 228 | 4,234 | |||||||||||||||
ProFund VP Bear | 2,686 | 3,281 | — | 2 | 5,969 | |||||||||||||||
ProFund VP Bull | — | — | — | 30 | 30 | |||||||||||||||
ProFund VP Consumer Goods | 4,224 | 10,988 | 536 | 402 | 16,150 | |||||||||||||||
ProFund VP Consumer Services | 7,673 | 15,776 | 369 | 5 | 23,823 | |||||||||||||||
ProFund VP Emerging Markets | 13,518 | 1,418 | — | 2,086 | 17,022 | |||||||||||||||
ProFund VP Europe 30 | 13,387 | 10,334 | — | 2,848 | 26,569 | |||||||||||||||
ProFund VP Falling U.S. Dollar | 18,517 | 5,761 | 4,215 | 616 | 29,109 | |||||||||||||||
ProFund VP Financials | — | 3,055 | — | 342 | 3,397 | |||||||||||||||
ProFund VP Health Care | 15,276 | 24,319 | — | — | 39,595 | |||||||||||||||
ProFund VP Industrials | 3,818 | 8,851 | 390 | 105 | 13,164 | |||||||||||||||
ProFund VP International | — | — | — | 10 | 10 | |||||||||||||||
ProFund VP Japan | — | 4,408 | — | — | 4,408 | |||||||||||||||
ProFund VP Large-Cap Growth | 12,749 | 17,250 | 1,329 | 1,403 | 32,731 | |||||||||||||||
ProFund VP Large-Cap Value | 11,285 | 13,431 | 2,302 | 1,028 | 28,046 | |||||||||||||||
ProFund VP Mid-Cap | — | — | — | 18 | 18 |
368 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Expires 4/30/23 | Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Total | ||||||||||||||||
ProFund VP Mid-Cap Growth | $ | 10,197 | $ | 17,143 | $ | 7,817 | $ | 2,106 | $ | 37,263 | ||||||||||
ProFund VP Mid-Cap Value | 12,202 | 11,427 | 3,158 | 1,451 | 28,238 | |||||||||||||||
ProFund VP Nasdaq-100 | 14,125 | 56,024 | — | 2,030 | 72,179 | |||||||||||||||
ProFund VP Oil & Gas | — | 13,096 | — | 947 | 14,043 | |||||||||||||||
ProFund VP Pharmaceuticals | — | 3,392 | — | 151 | 3,543 | |||||||||||||||
ProFund VP Precious Metals | — | 18,138 | — | 16 | 18,154 | |||||||||||||||
ProFund VP Real Estate | 5,955 | 7,742 | 268 | 265 | 14,230 | |||||||||||||||
ProFund VP Short Dow 30 | — | 30 | — | 10 | 40 | |||||||||||||||
ProFund VP Short Emerging Markets | — | — | — | 1 | 1 | |||||||||||||||
ProFund VP Short Mid-Cap | — | 193 | — | — | 193 | |||||||||||||||
ProFund VP Short Nasdaq-100 | 4,396 | — | — | 340 | 4,736 | |||||||||||||||
ProFund VP Short Small-Cap | 917 | 2,179 | 82 | 185 | 3,363 | |||||||||||||||
ProFund VP Small-Cap | 4,240 | 14,995 | 1,008 | 1,974 | 22,217 | |||||||||||||||
ProFund VP Small-Cap Growth | 9,699 | 8,803 | 140 | 9 | 18,651 | |||||||||||||||
ProFund VP Small-Cap Value | 2,409 | 14,210 | — | 7 | 16,626 | |||||||||||||||
ProFund VP Telecommunications | 2,261 | 4,957 | 329 | 342 | 7,889 | |||||||||||||||
ProFund VP UltraMid-Cap | 8,112 | 10,517 | 773 | 798 | 20,200 | |||||||||||||||
ProFund VP UltraNasdaq-100 | 85,731 | 95,642 | 6,645 | 18,638 | 206,656 | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 626 | — | 534 | 157 | 1,317 | |||||||||||||||
ProFund VP UltraSmall-Cap | 7,809 | 31,072 | 6,878 | 4,336 | 50,095 | |||||||||||||||
ProFund VP U.S. Government Plus | 7,216 | 26,056 | — | 5 | 33,277 | |||||||||||||||
ProFund VP Utilities | 13,574 | 21,102 | 511 | 668 | 35,855 |
The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of ProFund VP Government Money Market through April 30, 2023 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor.
The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the minimum yield limit period in which they were taken. Such recoupments shall be made monthly, but only to the extent that such recoupments would not cause the ProFund VP Government Money Market's net yield to fall below the highest previously determined minimum yield, and such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of June 30, 2022, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:
Expires 4/30/23 | Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Total | ||||||||||||||||
ProFund VP Government Money Market | $ | 201,617 | $ | 520,249 | $ | 437,473 | $ | 28,512 | $ | 1,187,851 |
In addition, the Advisor has agreed to voluntarily waive additional expenses in the ProFund VP Government Money Market. During the period ended June 30, 2022, the advisor voluntarily waived $2,075. This voluntary waiver may be changed or terminated at any time without notice.
5. Securities Transactions
The cost of security purchases and the proceeds from the sale of securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2022 were as follows:
Purchases | Sales | |||||||
ProFund VP Asia 30 | $ | 16,120,063 | $ | 14,316,326 | ||||
ProFund VP Banks | 43,786,083 | 41,190,983 | ||||||
ProFund VP Basic Materials | 8,729,512 | 8,061,634 | ||||||
ProFund VP Biotechnology | 911,602 | 10,054,392 | ||||||
ProFund VP Bull | 1,347,510 | 15,386,644 | ||||||
ProFund VP Consumer Goods | 6,555,139 | 15,819,166 | ||||||
ProFund VP Consumer Services | 1,519,268 | 7,320,106 | ||||||
ProFund VP Emerging Markets | 5,895,603 | 4,553,414 | ||||||
ProFund VP Europe 30 | 12,602,428 | 13,489,986 | ||||||
ProFund VP Financials | 2,056,689 | 9,682,914 | ||||||
ProFund VP Health Care | 9,351,548 | 13,919,540 | ||||||
ProFund VP Industrials | 2,896,608 | 9,939,177 | ||||||
ProFund VP Internet | 1,729,901 | 4,728,384 | ||||||
ProFund VP Large-Cap Growth | 15,814,168 | 26,510,657 | ||||||
ProFund VP Large-Cap Value | 21,758,222 | 22,080,542 |
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 369
Purchases | Sales | |||||||
ProFund VP Mid-Cap Growth | $ | 3,700,186 | $ | 7,269,540 | ||||
ProFund VP Mid-Cap Value | 12,548,055 | 16,138,053 | ||||||
ProFund VP Nasdaq-100 | 2,179,627 | 31,104,958 | ||||||
ProFund VP Oil & Gas | 28,052,202 | 12,559,690 | ||||||
ProFund VP Pharmaceuticals | 4,290,987 | 5,602,436 | ||||||
ProFund VP Real Estate | 5,851,108 | 8,688,743 | ||||||
ProFund VP Semiconductor | 23,204,954 | 26,799,836 | ||||||
ProFund VP Small-Cap | 808,190 | 1,832,885 | ||||||
ProFund VP Small-Cap Growth | 3,104,536 | 8,034,274 | ||||||
ProFund VP Small-Cap Value | 10,761,199 | 13,357,334 | ||||||
ProFund VP Technology | 43,449,089 | 49,688,296 | ||||||
ProFund VP Telecommunications | 1,591,803 | 2,570,961 | ||||||
ProFund VP UltraBull | 66,948 | 6,092,756 | ||||||
ProFund VP UltraMid-Cap | 2,122,247 | 7,770,175 | ||||||
ProFund VP UltraNasdaq-100 | 11,962,415 | 79,269,975 | ||||||
ProFund VP UltraSmall-Cap | 1,003,013 | 4,331,818 | ||||||
ProFund VP Utilities | 11,483,795 | 6,139,875 |
The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2022 were as follows:
Purchases | Sales | |||||||
ProFund Access VP High Yield | $ | 48,728,410 | $ | 50,194,500 | ||||
ProFund VP U.S. Government Plus | 12,584,500 | 13,868,650 |
6. Investment Risks
Some risks apply to all ProFunds VP, while others are specific to the investment strategy of certain ProFunds VP. Each ProFund VP may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds VP. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.
Risks Associated with the Use of Derivatives
Certain ProFunds VP may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund VP to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). These risks include counterparty risk, liquidity risk and increased correlation risk. When the ProFund VP uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., securities in the Index) and the derivative, which may prevent the ProFund VP from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund VP to losses in excess of those amounts initially invested.
Certain ProFunds VP may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund VP invests in swaps that use an ETF as the reference asset, the ProFund VP may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund VP only used swaps on the Index.
Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund VP's net assets, the terms of a swap agreement between the ProFund VP and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund VP. In that event, the ProFund VP may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund VP's investment objective. This, in turn, may prevent the ProFund VP from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund VP may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund VP's return.
Compounding Risk
Certain ProFunds VP are "geared" funds ("Geared Funds") in the sense that the ProFund VP has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day, not for any other period. A "single day" is measured from the time a ProFund VP calculates its net asset value ("NAV") to the time of the ProFund VP's next NAV calculation. These Geared Funds are subject to all of the correlation risks described below. In addition, because these ProFunds VP have a single day investment objective, for periods greater than one day, the effect of compounding may cause the performance of a ProFund VP to vary from the benchmark performance (or the inverse of the benchmark performance) times the stated multiple in the ProFund VP objective, as applicable, before accounting for fees and ProFund VP expenses. As explained in greater detail in their Prospectuses, as a result of compounding, Geared Funds are unlikely to provide a simple multiple (e.g. -1x, 2x, or -2x) of a benchmark's return over periods longer than a single day.
370 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Leverage Risk
Certain ProFunds VP utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.
Because the ProFunds VP that utilize leverage include either multipliers of 2x or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.
Active Investor Risk
Each ProFund VP permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in a ProFund VP to come from professional money managers and investors who use the ProFund VP as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund VP. In addition, large movements of assets into and out of the ProFund VP may have a negative impact on the ProFund VP's ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund VP's expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund VP's prospectus.
Active Management Risk
ProFund Access VP High Yield Fund is actively managed, and its performance reflects the investment decisions that ProFund Advisors make for the Fund. ProFund Advisors' judgements about the ProFund VP's investments may prove to be incorrect. If the investments selected and strategies employed by the ProFund VP fail to produce the intended results, the ProFund VP could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies.
Concentration Risk
Certain non-money market ProFunds VP may be subject to concentration risk. Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund VP that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the Sector ProFunds VP, a ProFund VP may have significant exposure to an individual industry that constitutes a significant portion of that ProFund VP's benchmark. Such a ProFund VP will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund VP will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds VP that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds VP may be more volatile than a more geographically diversified ProFund VP. The Schedule of Portfolio Investments includes information on each ProFund VP's holdings, including industry and/or geographical composition, as relevant.
Correlation Risk
There is no guarantee that a ProFund VP will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund VP from achieving its investment objective, and the percentage change of the ProFund VP's NAV each day may differ, perhaps significantly, from the percentage change of the ProFund VP's benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.
In order to achieve a high degree of correlation with the Index, a ProFund VP seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund VP from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund VP's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund VP will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.
A number of other factors may adversely affect a ProFund VP's correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund VP invests. A ProFund VP may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund VP may invest in securities not included in the benchmark or in financial instruments. Each ProFund VP may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund VP's correlation with its benchmark. A ProFund VP may also be subject to large movements of assets into and out of the ProFund VP, potentially resulting in the ProFund VP being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund VP's underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund VP. Each ProFund VP (other than the Classic ProFunds VP, the Sector ProFunds VP, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund VP and may hinder a ProFund VP's ability to meet its investment objective on or around that day.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 371
Credit Default Swaps (CDS) Risk
While the Profund Access VP High Yield will normally be a net "seller" of CDS, at times the ProFund Access VP High Yield may be a net "buyer" of CDS. When the ProFund VP is a seller of credit protection, upon the occurrence of a credit event, the counterparty to the CDS will have an obligation to pay the full notional value of a defaulted reference entity less recovery value to the ProFund Access VP High Yield. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although, the ProFund VP intends, as practicable, to obtain exposure through centrally cleared CDS, an active market may not exist for any of the CDS in which the ProFund VP invests or in the reference entities subject to the CDS. As a result, the ProFund VP's ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions. Because the ProFund VP may use a single counterparty or a small number of counterparties, certain CDS involve many reference entities and there are no limitations on the notional amount established for the CDS. As a result, counterparty risk may be amplified.
Counterparty Risk
A ProFund VP that will invest in financial instruments involving third parties (i.e., counterparties) is subject to counterparty risk. The use of financial instruments, such as swap agreements or futures contracts, involves risks that are different from those associated with ordinary portfolio securities transactions. Certain ProFunds VP will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments to meet its contractual obligations) with respect to the amount they expect to receive from counterparties to financial instruments and repurchase agreements entered into by the ProFunds VP. Each ProFund VP generally structures the agreement such that either party can terminate the contract without penalty prior to the termination date. A ProFund VP may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund VP may decline. A ProFund VP may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund VP may obtain only limited recovery or may obtain no recovery in such circumstances.
The ProFunds VP typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant ("FCM") or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund VP. For example, a ProFund VP could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund VP if the clearing organization becomes insolvent or otherwise fails to perform its obligations.
Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In the case of cleared swaps, customers of a FCM in bankruptcy are entitled to recover assets specifically attributable to them pursuant to new CFTC regulations, but may nevertheless risk loss of some or all of their assets due to accounting or operational issues or due to legal risk in connection with the application of bankruptcy law to cleared swaps.
Natural Disaster/Epidemic Risk
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.
Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks
The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the
372 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund's investments, even beyond any direct exposure the Fund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the Fund performance and the value of an investment in the Fund.
Debt Instruments Risk
The ProFunds VP may invest in, or seek exposure to, debt instruments. Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the fixed income market. Additionally, the credit quality of the issuer of a debt instrument (including the risk of a potential default) can also affect the price of a debt instrument. The perceived or actual inability of issuers, guarantors, or liquidity providers of debt instruments to make scheduled interest payments can negatively impact the performance of the ProFund VP. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors.
Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund VP may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund VP to change. Also, the securities of certain U.S. government agencies, authorities or instrumentalities are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to more credit risk than those issued by and guaranteed as to principal and interest by the U.S. government. All U.S. government securities are subject to credit risk. It is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. Such a credit event may also adversely impact the financial markets. Certain ProFunds VP are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund VP positively correlated to bond prices.
High Yield Risk
Investment in or exposure to high yield (lower rated) debt instruments (also known as "junk bonds") may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish a ProFund VP's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. High yield debt instruments may also present risks based on payment expectations. For example, these instruments may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the ProFund VP would have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect a ProFund VP's performance.
Index Performance Risk
Certain ProFunds VP linked to an index will be subject to index performance risk. There is no guarantee or assurance that the methodology used by the third-party provider to create the Index will result in the ProFund VP achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index may underperform, and the ProFund VP could lose value, while other indices or measures of market performance increase in value.
Financing Rates Associated with Derivatives
The performance of Funds that use derivatives was impacted by the related financing costs. Financial instruments such as futures contracts carry implied financing costs. Forward and swap financing rates are negotiated between the Funds and their counterparties, and are set at the Fed Funds rate ("FEDL01") plus or minus a negotiated spread. This rate was changed from the one
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 373
week/one month London Interbank Offered Rate ("LIBOR") in the third and fourth quarters of 2021. The Fed Funds rate appreciated from 0.05% to 0.83% during the fiscal year. Each Fund with long exposure via derivatives was generally negatively affected by financing rates. Conversely, most Funds with short/inverse derivative exposure generally benefited from financing rates.
Liquidity Risk
In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund VP invests, the ProFunds VP might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund VP invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund VP from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.
7. Federal Income Tax Information
The tax character of distributions paid to shareholders during the tax years ended, as noted below, were as follows:
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund Access VP High Yield | $ | 490,299 | $ | — | $ | — | $ | 490,299 | $ | 842,012 | $ | — | $ | — | $ | 842,012 | ||||||||||||||||
ProFund VP Asia 30 | 177,657 | 4,210,725 | — | 4,388,382 | 627,243 | 1,892,592 | — | 2,519,835 | ||||||||||||||||||||||||
ProFund VP Banks | 82,428 | — | — | 82,428 | 92,909 | — | — | 92,909 | ||||||||||||||||||||||||
ProFund VP Basic Materials | 254,694 | 295,399 | — | 550,093 | 177,560 | 771,840 | — | 949,400 | ||||||||||||||||||||||||
ProFund VP Bear | 20,517 | 1,179 | — | 21,696 | 18,942 | — | — | 18,942 | ||||||||||||||||||||||||
ProFund VP Biotechnology | 384,376 | — | — | 384,376 | 666,520 | 3,430,329 | — | 4,096,849 | ||||||||||||||||||||||||
ProFund VP Bull | 1,730,614 | 2,971,176 | — | 4,701,790 | 1,255,930 | 1,897,120 | — | 3,153,050 | ||||||||||||||||||||||||
ProFund VP Consumer Goods | 297,851 | 765,184 | — | 1,063,035 | 255,626 | 2,182 | — | 257,808 | ||||||||||||||||||||||||
ProFund VP Consumer Services | 930,394 | 1,515,195 | — | 2,445,589 | 13,651 | 9,125,605 | — | 9,139,256 | ||||||||||||||||||||||||
ProFund VP Dow 30 | 55,117 | — | — | 55,117 | 111,280 | — | — | 111,280 | ||||||||||||||||||||||||
ProFund VP Emerging Markets | — | — | — | — | 117,347 | — | — | 117,347 | ||||||||||||||||||||||||
ProFund VP Europe 30 | 163,002 | — | — | 163,002 | 395,173 | — | — | 395,173 | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | 1,014 | 14,881 | — | 15,895 | 1,949 | — | — | 1,949 | ||||||||||||||||||||||||
ProFund VP Financials | 363,519 | 2,335,855 | — | 2,699,374 | 440,538 | 1,689,299 | — | 2,129,837 | ||||||||||||||||||||||||
ProFund VP Government Money Market | 5,562 | — | — | 5,562 | 55,902 | — | — | 55,902 | ||||||||||||||||||||||||
ProFund VP Health Care | 499,530 | 3,738,461 | — | 4,237,991 | — | 6,154,240 | — | 6,154,240 | ||||||||||||||||||||||||
ProFund VP Industrials | 40,631 | 1,131,548 | — | 1,172,179 | 220,540 | 48,389 | — | 268,929 | ||||||||||||||||||||||||
ProFund VP International | — | — | — | — | 26,163 | — | — | 26,163 | ||||||||||||||||||||||||
ProFund VP Internet | 769,852 | 2,812,110 | — | 3,581,962 | — | 2,716,437 | — | 2,716,437 | ||||||||||||||||||||||||
ProFund VP Japan | 387,547 | 718,980 | — | 1,106,527 | 18,886 | — | — | 18,886 | ||||||||||||||||||||||||
ProFund VP Large-Cap Growth | 670,296 | 3,262,142 | — | 3,932,438 | 479,816 | 2,242,710 | — | 2,722,526 | ||||||||||||||||||||||||
ProFund VP Large-Cap Value | 149,393 | — | — | 149,393 | 1,707,270 | 161,730 | — | 1,869,000 | ||||||||||||||||||||||||
ProFund VP Mid-Cap | 607,067 | — | — | 607,067 | 2,072,210 | 183,573 | — | 2,255,783 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Growth | 270,436 | 1,446,994 | — | 1,717,430 | 97,983 | 1,725,066 | — | 1,823,049 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Value | 54,454 | — | — | 54,454 | 703,529 | 221,502 | — | 925,031 | ||||||||||||||||||||||||
ProFund VP Nasdaq-100 | 13,205,051 | 5,754,779 | — | 18,959,830 | 5,808,862 | 3,687,764 | — | 9,496,626 | ||||||||||||||||||||||||
ProFund VP Oil & Gas | 528,770 | — | — | 528,770 | 421,335 | 186,316 | — | 607,651 | ||||||||||||||||||||||||
ProFund VP Pharmaceuticals | 236,561 | — | — | 236,561 | 15,201 | — | — | 15,201 | ||||||||||||||||||||||||
ProFund VP Precious Metals | — | — | — | — | 89,778 | — | — | 89,778 | ||||||||||||||||||||||||
ProFund VP Real Estate | 3,298 | — | — | 3,298 | 404,416 | — | 28,104 | 432,520 | ||||||||||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | — | 37,790 | — | — | 37,790 | ||||||||||||||||||||||||
ProFund VP Semiconductor | 743,390 | 312,175 | — | 1,055,565 | 649,890 | 46,276 | — | 696,166 | ||||||||||||||||||||||||
ProFund VP Short Dow 30 | — | — | — | — | 43 | — | — | 43 | ||||||||||||||||||||||||
ProFund VP Short Emerging Markets | — | — | — | — | 5,130 | — | — | 5,130 | ||||||||||||||||||||||||
ProFund VP Short International | — | — | — | — | 3,789 | — | — | 3,789 | ||||||||||||||||||||||||
ProFund VP Short Mid-Cap | 139,495 | — | — | 139,495 | 1,287 | — | — | 1,287 | ||||||||||||||||||||||||
ProFund VP Short Nasdaq-100 | 148,179 | 76,706 | — | 224,885 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Short Small-Cap | — | — | — | — | 9,164 | — | — | 9,164 | ||||||||||||||||||||||||
ProFund VP Small-Cap | 492,926 | 274,681 | — | 767,607 | 288,536 | 88,823 | — | 377,359 | ||||||||||||||||||||||||
ProFund VP Small-Cap Growth | 481,395 | 1,270,548 | — | 1,751,943 | 321,867 | 2,098,024 | — | 2,419,891 |
374 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund VP Small-Cap Value | $ | 29,211 | $ | — | $ | — | $ | 29,211 | $ | 1,201,768 | $ | 608,459 | $ | — | $ | 1,810,227 | ||||||||||||||||
ProFund VP Technology | 1,784,842 | 1,809,709 | — | 3,594,551 | 359,646 | 3,832,337 | — | 4,191,983 | ||||||||||||||||||||||||
ProFund VP Telecommunications | 81,611 | — | — | 81,611 | 61,265 | — | — | 61,265 | ||||||||||||||||||||||||
ProFund VP UltraBull | — | — | — | — | 9,177,445 | 741,664 | — | 9,919,109 | ||||||||||||||||||||||||
ProFund VP UltraMid-Cap | — | — | — | — | 2,119,595 | — | — | 2,119,595 | ||||||||||||||||||||||||
ProFund VP UltraNasdaq-100 | 49,379,390 | 6,317,292 | — | 55,696,682 | 30,350,127 | 3,147,135 | — | 33,497,262 | ||||||||||||||||||||||||
ProFund VP UltraShort Dow 30 | 109,160 | — | — | 109,160 | 185 | — | — | 185 | ||||||||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 2,439,139 | — | — | 2,439,139 | 6,414 | — | — | 6,414 | ||||||||||||||||||||||||
ProFund VP UltraSmall-Cap | 2,071,442 | 182,370 | — | 2,253,812 | 2,142,018 | — | — | 2,142,018 | ||||||||||||||||||||||||
ProFund VP U.S. Government Plus | 2,851,086 | — | — | 2,851,086 | 1,890,196 | — | — | 1,890,196 | ||||||||||||||||||||||||
ProFund VP Utilities | 492,932 | — | — | 492,932 | 1,733,161 | 6,251,978 | — | 7,985,139 |
As of the latest tax year ended December 31, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficit) | |||||||||||||||||||
ProFund Access VP High Yield | $ | — | $ | — | $ | — | $ | (2,041,993 | ) | $ | (20,781 | ) | $ | (2,062,774 | ) | |||||||||
ProFund VP Asia 30 | 95,016 | 2,232,606 | — | — | 4,835,652 | 7,163,274 | ||||||||||||||||||
ProFund VP Banks | 49,017 | — | — | (2,302,000 | ) | 1,740,640 | (512,343 | ) | ||||||||||||||||
ProFund VP Basic Materials | 138,447 | 53,432 | — | — | 8,538,994 | 8,730,873 | ||||||||||||||||||
ProFund VP Bear | — | — | — | (22,682,864 | ) | 7,868 | (22,674,996 | ) | ||||||||||||||||
ProFund VP Biotechnology | 197,061 | 8,620,057 | — | — | 33,344,097 | 42,161,215 | ||||||||||||||||||
ProFund VP Bull | 4,197,862 | 1,291,440 | — | — | 39,992,574 | 45,481,876 | ||||||||||||||||||
ProFund VP Consumer Goods | 488,033 | 48,178 | — | — | 13,551,598 | 14,087,809 | ||||||||||||||||||
ProFund VP Consumer Services | 60,825 | 139,786 | — | — | 14,791,387 | 14,991,998 | ||||||||||||||||||
ProFund VP Dow 30 | 44,674 | — | — | (1,645,752 | ) | 200 | (1,600,878 | ) | ||||||||||||||||
ProFund VP Emerging Markets | 110,840 | — | — | (6,872,829 | ) | 6,571,331 | (190,658 | ) | ||||||||||||||||
ProFund VP Europe 30 | 816,976 | 138,048 | — | — | 1,686,522 | 2,641,546 | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | — | (342,962 | ) | — | (342,962 | ) | ||||||||||||||||
ProFund VP Financials | 280,926 | 110,726 | — | — | 20,446,960 | 20,838,612 | ||||||||||||||||||
ProFund VP Government Money Market | — | — | — | (36,237 | ) | — | (36,237 | ) | ||||||||||||||||
ProFund VP Health Care | 364,507 | 2,227,196 | — | — | 38,843,966 | 41,435,669 | ||||||||||||||||||
ProFund VP Industrials | 76,123 | 114,092 | — | — | 11,857,128 | 12,047,343 | ||||||||||||||||||
ProFund VP International | 461,505 | — | — | (1,069,800 | ) | (54,664 | ) | (662,959 | ) | |||||||||||||||
ProFund VP Internet | — | 4,335,872 | — | — | 10,337,697 | 14,673,569 | ||||||||||||||||||
ProFund VP Japan | 60,554 | 296,292 | — | — | (45 | ) | 356,801 | |||||||||||||||||
ProFund VP Large-Cap Growth | 120,430 | 3,618,543 | — | — | 19,641,592 | 23,380,565 | ||||||||||||||||||
ProFund VP Large-Cap Value | 75,010 | 200,882 | — | — | 4,299,565 | 4,575,457 | ||||||||||||||||||
ProFund VP Mid-Cap | 2,138,942 | 292,513 | — | (205,135 | ) | 37,755 | 2,264,075 | |||||||||||||||||
ProFund VP Mid-Cap Growth | 459,881 | 2,533,620 | — | — | 5,814,231 | 8,807,732 | ||||||||||||||||||
ProFund VP Mid-Cap Value | 704,740 | 1,423,945 | — | — | 2,771,267 | 4,899,952 | ||||||||||||||||||
ProFund VP Nasdaq-100 | 9,788,261 | 10,171,069 | — | — | 88,724,340 | 108,683,670 | ||||||||||||||||||
ProFund VP Oil & Gas | 660,699 | — | — | (664,101 | ) | 10,698,558 | 10,695,156 | |||||||||||||||||
ProFund VP Pharmaceuticals | 181,043 | 670,360 | — | — | 4,593,688 | 5,445,091 | ||||||||||||||||||
ProFund VP Precious Metals | — | — | — | (62,075,594 | ) | 602,452 | (61,473,142 | ) | ||||||||||||||||
ProFund VP Real Estate | 416,943 | 152,686 | — | — | 7,252,307 | 7,821,936 | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | (28,677,965 | ) | 14,318 | (28,663,647 | ) | ||||||||||||||||
ProFund VP Semiconductor | 671,423 | 26,089 | — | — | 11,726,389 | 12,423,901 | ||||||||||||||||||
ProFund VP Short Dow 30 | — | — | — | (119,360 | ) | (7 | ) | (119,367 | ) | |||||||||||||||
ProFund VP Short Emerging Markets | 13,998 | — | — | (2,627,061 | ) | (11,582 | ) | (2,624,645 | ) | |||||||||||||||
ProFund VP Short International | — | — | — | (2,353,275 | ) | 2,308 | (2,350,967 | ) | ||||||||||||||||
ProFund VP Short Mid-Cap | — | — | — | (2,544,093 | ) | (167 | ) | (2,544,260 | ) | |||||||||||||||
ProFund VP Short Nasdaq-100 | — | — | — | (13,990,414 | ) | 27,559 | (13,962,855 | ) | ||||||||||||||||
ProFund VP Short Small-Cap | — | — | — | (5,929,084 | ) | 5,086 | (5,923,998 | ) |
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 375
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficit) | |||||||||||||||||||
ProFund VP Small-Cap | $ | 1,048,660 | $ | 488,847 | $ | — | $ | — | $ | 2,733,844 | $ | 4,271,351 | ||||||||||||
ProFund VP Small-Cap Growth | 556,092 | 1,987,294 | — | — | 8,231,669 | 10,775,055 | ||||||||||||||||||
ProFund VP Small-Cap Value | 1,869,494 | 1,969,707 | — | — | 2,865,493 | 6,704,694 | ||||||||||||||||||
ProFund VP Technology | 1,321,853 | 5,172,582 | — | — | 41,167,907 | 47,662,342 | ||||||||||||||||||
ProFund VP Telecommunications | 103,492 | — | — | (833,731 | ) | 1,514,357 | 784,118 | |||||||||||||||||
ProFund VP UltraBull | 2,079,344 | 948,214 | — | (13,108,883 | ) | 7,966,888 | (2,114,437 | ) | ||||||||||||||||
ProFund VP UltraMid-Cap | 3,471,812 | 588,061 | — | — | 4,470,762 | 8,530,635 | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 72,449,013 | 1,258,151 | — | — | 93,993,686 | 167,700,850 | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | — | — | (968,907 | ) | (8 | ) | (968,915 | ) | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | — | — | (5,378,981 | ) | 10,880 | (5,368,101 | ) | ||||||||||||||||
ProFund VP UltraSmall-Cap | 2,929,042 | 638,178 | — | — | 3,298,073 | 6,865,293 | ||||||||||||||||||
ProFund VP U.S. Government Plus | — | — | — | (1,988,021 | ) | 148,658 | (1,839,363 | ) | ||||||||||||||||
ProFund VP Utilities | 426,395 | 422,855 | — | — | 17,037,962 | 17,887,212 |
As of the latest tax year ended December 31, 2021, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.
No Expiration Date | ||||
ProFund Access VP High Yield | $ | 2,041,993 | * | |
ProFund VP Banks | 2,302,000 | |||
ProFund VP Bear | 22,682,864 | * | ||
ProFund VP Dow 30 | 1,645,752 | * | ||
ProFund VP Emerging Markets | 6,872,829 | * | ||
ProFund VP Falling U.S. Dollar | 342,962 | * | ||
ProFund VP Government Money Market | 36,237 | |||
ProFund VP International | 1,069,800 | * | ||
ProFund VP Mid-Cap | 205,135 | * | ||
ProFund VP Oil & Gas | 664,101 | |||
ProFund VP Precious Metals | 62,075,594 | |||
ProFund VP Rising Rates Opportunity | 28,677,965 | * | ||
ProFund VP Short Dow 30 | 119,360 | * | ||
ProFund VP Short Emerging Markets | 2,627,061 | * | ||
ProFund VP Short International | 2,353,275 | * | ||
ProFund VP Short Mid-Cap | 2,544,093 | * | ||
ProFund VP Short Nasdaq-100 | 13,990,414 | * | ||
ProFund VP Short Small-Cap | 5,929,084 | * | ||
ProFund VP Telecommunications | 833,731 | |||
ProFund VP UltraBull 13,108,883* ProFund VP UltraShort Dow 30 | 968,907 | * | ||
ProFund VP UltraShort Nasdaq-100 | 5,378,981 | * | ||
ProFund VP U.S. Government Plus | 1,988,021 |
* | All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years. |
Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distribution paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax year. The Board does not intend to authorize a distribution of any realized gain for a ProFund VP until any applicable CLCF has been offset or expires.
As of December 31, 2021, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:
Fund Name | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
ProFund Access VP High Yield | $ | 14,384,530 | $ | — | $ | (20,781 | ) | $ | (20,781 | ) | ||||||
ProFund VP Asia 30 | 19,003,615 | 8,772,254 | (3,936,602 | ) | 4,835,652 | |||||||||||
ProFund VP Banks | 4,264,487 | 4,187,154 | (2,446,514 | ) | 1,740,640 | |||||||||||
ProFund VP Basic Materials | 8,842,724 | 10,599,902 | (2,060,908 | ) | 8,538,994 | |||||||||||
ProFund VP Bear | 1,555,000 | 7,868 | — | 7,868 | ||||||||||||
ProFund VP Biotechnology | 28,316,051 | 36,749,212 | (3,405,115 | ) | 33,344,097 | |||||||||||
ProFund VP Bull | 32,905,175 | 43,778,092 | (3,785,518 | ) | 39,992,574 |
376 :: Notes to Financial Statements :: June 30, 2022 (unaudited)
Fund Name | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
ProFund VP Consumer Goods | $ | 13,621,311 | $ | 15,054,451 | $ | (1,502,853 | ) | $ | 13,551,598 | |||||||
ProFund VP Consumer Services | 15,992,472 | 16,174,708 | (1,383,321 | ) | 14,791,387 | |||||||||||
ProFund VP Dow 30 | 218,000 | 200 | — | 200 | ||||||||||||
ProFund VP Emerging Markets | 13,017,623 | 8,830,962 | (2,259,631 | ) | 6,571,331 | |||||||||||
ProFund VP Europe 30 | 17,458,926 | 6,298,664 | (4,612,142 | ) | 1,686,522 | |||||||||||
ProFund VP Falling U.S. Dollar | 485,600 | — | — | — | ||||||||||||
ProFund VP Financials | 21,337,355 | 27,639,097 | (7,192,137 | ) | 20,446,960 | |||||||||||
ProFund VP Government Money Market | 48,329,489 | — | — | — | ||||||||||||
ProFund VP Health Care | 16,749,626 | 41,851,508 | (3,007,542 | ) | 38,843,966 | |||||||||||
ProFund VP Industrials | 9,973,324 | 13,212,486 | (1,355,358 | ) | 11,857,128 | |||||||||||
ProFund VP International | 12,234,000 | — | (54,664 | ) | (54,664 | ) | ||||||||||
ProFund VP Internet | 9,333,384 | 12,118,215 | (1,780,518 | ) | 10,337,697 | |||||||||||
ProFund VP Japan | 6,986,706 | — | (45 | ) | (45 | ) | ||||||||||
ProFund VP Large-Cap Growth | 17,775,249 | 20,376,206 | (734,614 | ) | 19,641,592 | |||||||||||
ProFund VP Large-Cap Value | 13,619,192 | 6,358,197 | (2,058,632 | ) | 4,299,565 | |||||||||||
ProFund VP Mid-Cap | 15,737,578 | 37,755 | — | 37,755 | ||||||||||||
ProFund VP Mid-Cap Growth | 14,850,787 | 6,787,992 | (973,761 | ) | 5,814,231 | |||||||||||
ProFund VP Mid-Cap Value | 15,979,197 | 4,702,280 | (1,931,013 | ) | 2,771,267 | |||||||||||
ProFund VP Nasdaq-100 | 86,956,883 | 92,228,025 | (3,503,685 | ) | 88,724,340 | |||||||||||
ProFund VP Oil & Gas | 20,002,725 | 16,696,755 | (5,998,197 | ) | 10,698,558 | |||||||||||
ProFund VP Pharmaceuticals | 12,100,669 | 6,467,866 | (1,874,178 | ) | 4,593,688 | |||||||||||
ProFund VP Precious Metals | 27,834,000 | 602,452 | — | 602,452 | ||||||||||||
ProFund VP Real Estate | 6,559,805 | 8,311,456 | (1,059,149 | ) | 7,252,307 | |||||||||||
ProFund VP Rising Rates Opportunity | 5,787,000 | 14,318 | — | 14,318 | ||||||||||||
ProFund VP Semiconductor | 6,046,481 | 12,501,643 | (775,254 | ) | 11,726,389 | |||||||||||
ProFund VP Short Dow 30 | 6,000 | — | (7 | ) | (7 | ) | ||||||||||
ProFund VP Short Emerging Markets | 1,137,000 | — | (11,582 | ) | (11,582 | ) | ||||||||||
ProFund VP Short International | 536,000 | 2,308 | — | 2,308 | ||||||||||||
ProFund VP Short Mid-Cap | 55,000 | — | (167 | ) | (167 | ) | ||||||||||
ProFund VP Short Nasdaq-100 | 1,944,000 | 27,559 | — | 27,559 | ||||||||||||
ProFund VP Short Small-Cap | 1,159,306 | 5,086 | — | 5,086 | ||||||||||||
ProFund VP Small-Cap | 12,020,118 | 3,695,903 | (962,059 | ) | 2,733,844 | |||||||||||
ProFund VP Small-Cap Growth | 16,985,233 | 9,466,628 | (1,234,959 | ) | 8,231,669 | |||||||||||
ProFund VP Small-Cap Value | 24,501,585 | 6,661,537 | (3,796,044 | ) | 2,865,493 | |||||||||||
ProFund VP Technology | 9,933,532 | 43,234,210 | (2,066,303 | ) | 41,167,907 | |||||||||||
ProFund VP Telecommunications | 5,939,043 | 2,301,454 | (787,097 | ) | 1,514,357 | |||||||||||
ProFund VP UltraBull | 11,813,482 | 8,655,602 | (688,714 | ) | 7,966,888 | |||||||||||
ProFund VP UltraMid-Cap | 13,302,098 | 5,104,127 | (633,365 | ) | 4,470,762 | |||||||||||
ProFund VP UltraNasdaq-100 | 185,575,463 | 102,492,860 | (8,499,174 | ) | 93,993,686 | |||||||||||
ProFund VP UltraShort Dow 30 | 4,000 | — | (8 | ) | (8 | ) | ||||||||||
ProFund VP UltraShort Nasdaq-100 | 365,000 | 10,880 | — | 10,880 | ||||||||||||
ProFund VP UltraSmall-Cap | 25,295,870 | 4,914,368 | (1,616,295 | ) | 3,298,073 | |||||||||||
ProFund VP U.S. Government Plus | 15,075,950 | 187,255 | (38,597 | ) | 148,658 | |||||||||||
ProFund VP Utilities | 17,654,624 | 19,076,284 | (2,038,322 | ) | 17,037,962 |
8. Stock Splits and Reverse Share Splits
Effective December 14, 2020, the ProFund VP UltraNasdaq-100 underwent a 2-for-1 share split, the ProFund VP Short Small-Cap, ProFund VP UltraBull, ProFund VP UltraShort Nasdaq-100 each underwent a 1-for-4 reverse share split and the ProFund VP UltraShort Dow 30 underwent a 1-for-5 reverse share split.
Effective November 18, 2019, the ProFund VP Internet underwent a 3-for-1 share split, the ProFund VP Short Dow 30, the ProFund VP Short International, and the ProFund VP Short Nasdaq-100 each underwent a 1-for-4 reverse share split, and the ProFund VP UltraShort Dow 30 underwent a 1-for-8 reverse share split.
Effective December 11, 2017, the ProFund VP Short Emerging Markets underwent a 1-for-5 reverse share split, and the ProFund VP UltraShort Nasdaq-100 underwent a 1-for-8 reverse share split.
The effect of the share split transactions was to multiply the number of outstanding shares of the ProFund VP by the respective split factor, with a corresponding decrease in net asset value per share; and the effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFunds VP by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of these ProFunds VP or the value of a shareholder's investment.
The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits and reverse share splits.
June 30, 2022 (unaudited) :: Notes to Financial Statements :: 377
9. Shareholder Concentration
Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2022, the Advisor was deemed a significant shareholder of each of ProFund VP Dow 30, ProFund VP Short Dow 30, and ProFund VP UltraShort Dow 30 as the Advisor's ownership of total shares outstanding of each ProFund VP was 43%, 64%, and 89% respectively.
10. Subsequent Events
The ProFunds VP have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the ProFunds VP's financial statements.
378 :: Board Approval of Liquidity Risk Management Program :: June 30, 2022 (unaudited)
Liquidity Risk Management Program
ProFunds (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProFund Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.
On September 13 – 14, 2021, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2020 through June 30, 2021, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.
Expense Examples
380 :: Expense Examples (unaudited)
As a ProFund VP shareholder, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution fees; and other ProFund VP expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a ProFund VP and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. These examples also do not reflect fees associated with insurance company or insurance contracts. If those fees were reflected, expenses would be higher.
Actual Expenses
The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period ended June 30, 2022.
The columns below under the heading entitled "Actual" provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Expenses for Comparison Purpose
The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throught the period ended June 30, 2022.
The columns below under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on each ProFund VP's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each ProFund VP's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your ProFund VP and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Actual | Hypothetical (5% return before expenses) | |||||||||||||||||||||||
Annualized Expense Ratio During Period | Beginning Account Value 1/1/22 | Ending Account Value 6/30/22 | Expenses Paid During Period(1) | Ending Account Value 6/30/22 | Expenses Paid During Period(1) | |||||||||||||||||||
ProFund Access VP High Yield | 1.68 | % | $ | 1,000.00 | $ | 881.90 | $ | 7.84 | $ | 1,016.46 | $ | 8.40 | ||||||||||||
ProFund VP Asia 30 | 1.68 | % | 1,000.00 | 856.10 | 7.73 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Banks | 1.68 | % | 1,000.00 | 756.50 | 7.32 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Basic Materials | 1.68 | % | 1,000.00 | 835.50 | 7.65 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Bear | 1.68 | % | 1,000.00 | 1,205.40 | 9.19 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Biotechnology | 1.59 | % | 1,000.00 | 845.10 | 7.27 | 1,016.91 | 7.95 | |||||||||||||||||
ProFund VP Bull | 1.68 | % | 1,000.00 | 791.60 | 7.46 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Consumer Goods | 1.68 | % | 1,000.00 | 795.50 | 7.48 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Consumer Services | 1.68 | % | 1,000.00 | 680.10 | 7.00 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Dow 30 | 1.53 | % | 1,000.00 | 847.20 | 7.01 | 1,017.21 | 7.65 | |||||||||||||||||
ProFund VP Emerging Markets | 1.68 | % | 1,000.00 | 856.80 | 7.73 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Europe 30 | 1.68 | % | 1,000.00 | 901.10 | 7.92 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Falling U.S. Dollar | 1.68 | % | 1,000.00 | 903.90 | 7.93 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Financials | 1.68 | % | 1,000.00 | 808.60 | 7.53 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Government Money Market | 0.26 | % | 1,000.00 | 1,000.10 | 1.29 | 1,023.51 | 1.30 | |||||||||||||||||
ProFund VP Health Care | 1.68 | % | 1,000.00 | 891.00 | 7.88 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Industrials | 1.68 | % | 1,000.00 | 774.20 | 7.39 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP International | 1.62 | % | 1,000.00 | 802.70 | 7.24 | 1,016.76 | 8.10 | |||||||||||||||||
ProFund VP Internet | 1.69 | % | 1,000.00 | 558.40 | 6.53 | 1,016.41 | 8.45 | |||||||||||||||||
ProFund VP Japan | 1.68 | % | 1,000.00 | 912.80 | 7.97 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Large-Cap Growth | 1.68 | % | 1,000.00 | 716.90 | 7.15 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Large-Cap Value | 1.68 | % | 1,000.00 | 878.30 | 7.82 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Mid-Cap | 1.67 | % | 1,000.00 | 795.20 | 7.43 | 1,016.51 | 8.35 | |||||||||||||||||
ProFund VP Mid-Cap Growth | 1.68 | % | 1,000.00 | 743.90 | 7.26 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Mid-Cap Value | 1.68 | % | 1,000.00 | 852.70 | 7.72 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Nasdaq-100 | 1.68 | % | 1,000.00 | 699.30 | 7.08 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Oil & Gas | 1.68 | % | 1,000.00 | 1,288.70 | 9.53 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Pharmaceuticals | 1.68 | % | 1,000.00 | 961.30 | 8.17 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Precious Metals | 1.68 | % | 1,000.00 | 874.50 | 7.81 | 1,016.46 | 8.40 |
Expense Examples (unaudited) :: 381
Actual | Hypothetical (5% return before expenses) | |||||||||||||||||||||||
Annualized Expense Ratio During Period | Beginning Account Value 1/1/22 | Ending Account Value 6/30/22 | Expenses Paid During Period(1) | Ending Account Value 6/30/22 | Expenses Paid During Period(1) | |||||||||||||||||||
ProFund VP Real Estate | 1.68 | % | $ | 1,000.00 | $ | 792.20 | $ | 7.47 | $ | 1,016.46 | $ | 8.40 | ||||||||||||
ProFund VP Rising Rates Opportunity | 1.64 | % | 1,000.00 | 1,338.60 | 9.51 | 1,016.66 | 8.20 | |||||||||||||||||
ProFund VP Semiconductor | 1.70 | % | 1,000.00 | 634.20 | 6.89 | 1,016.36 | 8.50 | |||||||||||||||||
ProFund VP Short Dow 30 | 1.68 | % | 1,000.00 | 1,141.00 | 8.92 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Short Emerging Markets | 1.66 | % | 1,000.00 | 1,074.90 | 8.54 | 1,016.56 | 8.30 | |||||||||||||||||
ProFund VP Short International | 1.63 | % | 1,000.00 | 1,191.30 | 8.86 | 1,016.71 | 8.15 | |||||||||||||||||
ProFund VP Short Mid-Cap | 1.68 | % | 1,000.00 | 1,193.10 | 9.14 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Short Nasdaq-100 | 1.68 | % | 1,000.00 | 1,315.80 | 9.65 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Short Small-Cap | 1.68 | % | 1,000.00 | 1,243.40 | 9.34 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Small-Cap | 1.68 | % | 1,000.00 | 759.00 | 7.33 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Small-Cap Growth | 1.68 | % | 1,000.00 | 756.20 | 7.32 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Small-Cap Value | 1.68 | % | 1,000.00 | 851.20 | 7.71 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP Technology | 1.59 | % | 1,000.00 | 692.50 | 6.67 | 1,016.91 | 7.95 | |||||||||||||||||
ProFund VP Telecommunications | 1.68 | % | 1,000.00 | 807.50 | 7.53 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP UltraBull | 1.80 | % | 1,000.00 | 613.20 | 7.20 | 1,015.87 | 9.00 | |||||||||||||||||
ProFund VP UltraMid-Cap | 1.68 | % | 1,000.00 | 614.50 | 6.73 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 1.68 | % | 1,000.00 | 461.40 | 6.09 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP UltraShort Dow 30 | 1.33 | % | 1,000.00 | 1,290.30 | 7.55 | 1,018.20 | 6.66 | |||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 1.68 | % | 1,000.00 | 1,615.70 | 10.90 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP UltraSmall-Cap | 1.68 | % | 1,000.00 | 553.70 | 6.47 | 1,016.46 | 8.40 | |||||||||||||||||
ProFund VP U.S. Government Plus | 1.38 | % | 1,000.00 | 709.10 | 5.85 | 1,017.95 | 6.90 | |||||||||||||||||
ProFund VP Utilities | 1.68 | % | 1,000.00 | 982.30 | 8.26 | 1,016.46 | 8.40 |
(1) | Expenses are equal to the average account value, multiplied by the ProFund VP's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
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P.O. Box 182800
Columbus, OH 43218-2800
This report is submitted for the general information of the shareholders of the ProFunds VP. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.
A description of the policies and procedures that the ProFunds VP uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission's website at sec.gov. Information regarding how the ProFund VP voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds' VP website at ProFunds.com; and (iii) on the Commission's website at sec.gov.
ProFunds VP files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q (and successor Forms). Following the Form N-Q filing for the first quarter of 2019, the ProFund VP Government Money Market will no longer be required to file Form N-Q. Effective March 31, 2019, Form N-PORT replaced Form N-Q for all ProFunds VP (except the ProFund VP Government Money Market), and includes complete Schedules of Portfolio Holdings for the first and third fiscal quarters. Schedules of Portfolio Holdings for the Funds in this report are available without charge on the Commission's website at sec.gov, or may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.
06/22
Item 2. Code of Ethics.
Not applicable – only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable – only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable – only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) Not applicable.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Not applicable __ only for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | ProFunds |
By (Signature and Title)* | /s/ Denise Lewis | |
Denise Lewis, Treasurer and Principal Financial Officer |
Date | August 29, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Todd B. Johnson | |
Todd B. Johnson, President and Principal Executive Officer |
Date | August 29, 2022 |
By (Signature and Title)* | /s/ Denise Lewis | |
Denise Lewis, Treasurer and Principal Financial Officer |
Date | August 29, 2022 |
* Print the name and title of each signing officer under his or her signature.