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: December 31, 2023
Item 1. Reports to Stockholders.
Annual Report
DECEMBER 31, 2023
Government Money Market ProFund
Table of Contents
1 | Message from the Chairman | |
3 | Fund Performance, Allocation of Portfolio Holdings and Expense Examples | |
7 | Financial Statements and Financial Highlights | |
11 | Notes to Financial Statements | |
16 | Report of Independent Registered Public Accounting Firm | |
17 | Board Approval of Investment Advisory Agreement | |
18 | Trustees and Officers | |
19 | Government Cash Management Portfolio |
Receive investor materials electronically:
Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,
1. | Go to www.icsdelivery.com |
2. | Select the first letter of your brokerage firm’s name. |
3. | From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm. |
4. | Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents. |
Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.
This Page Intentionally Left Blank
Message from the Chairman
Dear Shareholder,
Economic and market sentiments were generally more positive during the reporting period, though concern about inflation, the potential for recession, and other market forces continued to linger. ProFunds is committed to helping you, our investors, meet this challenging environment by providing an innovative array of products and services designed to help you meet your objectives. Following is the Government Money Market ProFund Annual Report to Shareholders for the 12 months ended December 31, 2023.
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 between 4.3% and 5.3% during the period, tracking the target of the Federal Funds Rate.
Interest Rates Rise and Stay High Despite Moderating Inflation
Combating elevated inflation and avoiding a recession dominated economic policymaking in 2023. The year began with central bankers of the Federal Reserve on a campaign to bring down inflation by raising short-term interest rates, which were increased to a target range of between 5.25% and 5.5% at the Fed’s July meeting. Rates have remained unchanged since then, and Chairman Powell has communicated that the Fed will “let the data reveal the appropriate path” before it decides whether to begin lowering rates. Inflation moderated throughout the year (though not in a straight line), with the Consumer Price Index declining to just over 3% by the fall.
Despite concerns about the economic impact of Fed rate hikes, a feared recession never materialized during the period, and the potential for a much-hoped-for “soft landing” grew as the year progressed. While U.S. real GDP growth slowed slightly in the second quarter of 2023, third-quarter growth came in strong at 4.9%. The U.S. unemployment rate ticked up slightly through the fall but remained low, ending the reporting period at 3.7%. The Bloomberg Dollar Spot Index declined just slightly, falling 2.7%.
Government Money Market ProFund
Amid elevated (though moderating) inflation and high interest rates over the period, the Government Money Market ProFund continued to achieve its objective of maintaining a stable net asset value of $1.00 per share per investor. 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. In 2023, however, thanks to elevated interest rates, the Government Money Market ProFund provided investors who parked cash in the fund a modest annualized return of 4.2%, which is meaningfully above the fund’s historical average.
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 investment needs.
Sincerely,
Michael L. Sapir
Chairman of the Board of Trustees
1
This Page Intentionally Left Blank
Fund Performance, Allocation of Portfolio Holdings and Expense Examples
4 :: Government Money Market ProFund :: Fund Performance
The Government Money Market ProFund seeks, as its investment objective, a high level of current income consistent with liquidity and preservation of capital. The seven-day yield, as of December 31, 2023, was 4.52% for the Investor Class and 3.48% for the Service Class.
The assets of the Fund are part of a $38 billion portfolio managed by DWS Investment Management Americas, Inc. Its managers seek to maintain a stable net asset value of $1.00, however there is no assurance that they will be able to do so.
An investment in this Fund 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 this Fund.
Past performance is not predictive of future results. The performance data quoted represents past performance and current returns may be lower or higher. Yield will vary and principal value may fluctuate so that the investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month end, please visit ProFunds.com.
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Allocation of Portfolio Holdings and Expense Examples :: Government Money Market ProFund :: 5
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) | 101 | % | ||
Total Exposure | 101 | % |
(a) | The Government Cash Management Portfolio holdings are included in the accompanying financial statements of the Portfolio. | |
(b) | Amount is less than 0.5%. |
Government Cash Management Portfolio Asset Allocation(a)
Investment Type | % of Net Assets | |||
Commercial Paper | — | %(b) | ||
Government & Agency Obligations | ||||
U.S. Government Sponsored Agencies | 15 | % | ||
U.S. Treasury Obligations | 53 | % | ||
Repurchase Agreements | 37 | % |
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 period ended December 31, 2023.
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 period ended December 31, 2023.
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 7/1/23 | Ending Account Value 12/31/23 | Expenses Paid During Period* | Ending Account Value 12/31/23 | Expenses Paid During Period* | |||||||||||||||||||
Government Money Market ProFund – Investor Class | 0.98 | % | $ | 1,000.00 | $ | 1,022.30 | $ | 5.00 | $ | 1,020.27 | $ | 4.99 | ||||||||||||
Government Money Market ProFund – Service Class | 1.98 | % | 1,000.00 | 1,017.10 | 10.07 | 1,015.22 | 10.06 |
* | Expenses are equal to the average account value over the period multiplied by the ProFund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
This Page Intentionally Left Blank
Financial Statements and Financial Highlights
8 :: Government Money Market ProFund :: Financial Statements
Statement of Assets and Liabilities
December 31, 2023
ASSETS: | ||||
Investment in Government Cash Management Portfolio, at value | $ | 167,819,415 | ||
Receivable for capital shares issued | 16,245,999 | |||
Prepaid expenses | 43,067 | |||
TOTAL ASSETS | 184,108,481 | |||
LIABILITIES: | ||||
Distributions payable | 17,657 | |||
Payable for capital shares redeemed | 18,233,458 | |||
Management services fees payable | 76,845 | |||
Administration fees payable | 4,314 | |||
Distribution and services fees payable-Service Class | 8,177 | |||
Transfer agency fees payable | 33,739 | |||
Fund accounting fees payable | 10,000 | |||
Compliance services fees payable | 979 | |||
Service fees payable | 967 | |||
Other accrued expenses | 142,637 | |||
TOTAL LIABILITIES | 18,528,773 | |||
Commitments and contingencies (Note 4) | ||||
NET ASSETS | $ | 165,579,708 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 165,834,811 | ||
Total distributable earnings (loss) | (255,103 | ) | ||
NET ASSETS | $ | 165,579,708 | ||
INVESTOR CLASS: | ||||
Net Assets | $ | 156,288,966 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 156,528,557 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 | ||
SERVICE CLASS: | ||||
Net Assets | $ | 9,290,742 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 9,304,578 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 |
Statement of Operations
For the Year Ended December 31, 2023
INVESTMENT INCOME: | ||||
Interest | $ | 9,881,684 | (a) | |
Expenses | (165,589 | )(a)(b) | ||
TOTAL INVESTMENT INCOME | 9,716,095 | |||
EXPENSES: | ||||
Management services fees | 683,880 | |||
Administration fees | 64,866 | |||
Distribution and services fees-Service Class | 99,902 | |||
Transfer agency fees | 250,602 | |||
Administrative services fees | 176,728 | |||
Registration and filing fees | 67,802 | |||
Fund accounting fees | 10,000 | |||
Trustee fees | 2,686 | |||
Compliance services fees | 628 | |||
Service fees | 16,478 | |||
Audit fees | 155,566 | |||
Other fees | 83,105 | |||
Recoupment of prior expenses reimbursed by the Advisor | 238,551 | |||
TOTAL NET EXPENSES | 1,850,794 | |||
NET INVESTMENT INCOME | 7,865,301 | |||
REALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,403 | (a) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,869,704 |
(a) | Allocated from Government Cash Management Portfolio. | |
(b) | For the year ended December 31, 2023, the Advisor to the Government Cash Management Portfolio waived fees, of which $96,550 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 :: 9
Statements of Changes in Net Assets
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 7,865,301 | $ | 2,111,073 | ||||
Net realized gains (losses) on investments | 4,403 | (258,080 | ) | |||||
Change in net assets resulting from operations | 7,869,704 | 1,852,993 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total Distributions | ||||||||
Investor Class | (7,556,580 | ) | (2,049,183 | ) | ||||
Service Class | (308,480 | ) | (63,462 | ) | ||||
Change in net assets resulting from distributions | (7,865,060 | ) | (2,112,645 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | ||||||||
Investor Class | 2,348,875,530 | 3,014,039,725 | ||||||
Service Class | 47,664,969 | 54,449,952 | ||||||
Distributions reinvested | ||||||||
Investor Class | 7,447,969 | 1,979,126 | ||||||
Service Class | 307,654 | 63,462 | ||||||
Value of shares redeemed | ||||||||
Investor Class | (2,388,291,722 | ) | (3,021,602,279 | ) | ||||
Service Class | (49,374,164 | ) | (52,955,225 | ) | ||||
Change in net assets resulting from capital transactions | (33,369,764 | ) | (4,025,239 | ) | ||||
Change in net assets | (33,365,120 | ) | (4,284,891 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 198,944,828 | 203,229,719 | ||||||
End of period | $ | 165,579,708 | $ | 198,944,828 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | ||||||||
Investor Class | 2,348,875,530 | 3,014,039,725 | ||||||
Service Class | 47,664,969 | 54,449,952 | ||||||
Reinvested | ||||||||
Investor Class | 7,447,969 | 1,979,126 | ||||||
Service Class | 307,654 | 63,462 | ||||||
Redeemed | ||||||||
Investor Class | (2,388,291,722 | ) | (3,021,602,279 | ) | ||||
Service Class | (49,374,164 | ) | (52,955,225 | ) | ||||
Change in shares | (33,369,764 | ) | (4,025,239 | ) |
See accompanying notes to the financial statements.
10 :: 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 | |||||||||||||||||
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 | Total Distributions | |||||||||||||
Government Money Market ProFund | ||||||||||||||||||
Investor Class | ||||||||||||||||||
Year Ended December 31, 2023 | $ | 1.000 | 0.041 | — | (d) | 0.041 | (0.041 | ) | (0.041 | ) | ||||||||
Year Ended December 31, 2022 | $ | 1.000 | 0.010 | — | (d) | 0.010 | (0.010 | ) | (0.010 | ) | ||||||||
Year Ended December 31, 2021 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | — | (d) | |||||||
Year Ended December 31, 2020 | $ | 1.000 | 0.001 | — | (d) | 0.001 | (0.001 | ) | (0.001 | ) | ||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.013 | — | (d) | 0.013 | (0.013 | ) | (0.013 | ) | ||||||||
Service Class | ||||||||||||||||||
Year Ended December 31, 2023 | $ | 1.000 | 0.031 | — | (d) | 0.031 | (0.031 | ) | (0.031 | ) | ||||||||
Year Ended December 31, 2022 | $ | 1.000 | 0.006 | — | (d) | 0.006 | (0.006 | ) | (0.006 | ) | ||||||||
Year Ended December 31, 2021 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | — | (d) | |||||||
Year Ended December 31, 2020 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | — | (d) | |||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.003 | — | (d) | 0.003 | (0.003 | ) | (0.003 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||
Net Asset Value, End of Period | Total Return | Gross Expenses(b)(c) | Net Expenses(b) | Net Investment Income(b) | Net Assets, End of Period (000’s) | |||||||||||||||||
$ | 1.000 | 4.15 | % | 0.98 | % | 0.98 | % | 4.08 | % | $ | 156,289 | |||||||||||
$ | 1.000 | 0.99 | % | 0.86 | % | 0.68 | %(e) | 0.97 | % | $ | 188,251 | |||||||||||
$ | 1.000 | 0.02 | % | 0.70 | % | 0.04 | %(e) | 0.02 | % | $ | 194,082 | |||||||||||
$ | 1.000 | 0.14 | % | 0.84 | % | 0.34 | %(e) | 0.14 | % | $ | 224,414 | |||||||||||
$ | 1.000 | 1.25 | % | 0.98 | % | 0.98 | % | 1.26 | % | $ | 277,733 | |||||||||||
$ | 1.000 | 3.12 | % | 1.98 | % | 1.98 | % | 3.08 | % | $ | 9,291 | |||||||||||
$ | 1.000 | 0.61 | % | 1.22 | % | 1.04 | %(e) | 0.57 | % | $ | 10,694 | |||||||||||
$ | 1.000 | 0.02 | % | 0.70 | % | 0.04 | %(e) | 0.02 | % | $ | 9,148 | |||||||||||
$ | 1.000 | 0.02 | % | 1.24 | % | 0.41 | %(e) | 0.02 | % | $ | 9,637 | |||||||||||
$ | 1.000 | 0.31 | % | 1.98 | % | 1.98 | % | 0.32 | % | $ | 8,436 |
(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) | For the years ended December 31, 2023, December 31, 2022, December 31, 2021, December 31, 2020, and December 31, 2019, 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 0.05%, 0.08%, 0.11%, 0.06%, and 0.07%, respectively. |
(d) | Amount is less than $0.0005. |
(e) | 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
12 :: Government Money Market ProFund :: Notes to Financial Statements :: December 31, 2023
1. Organization
ProFunds (the “Trust”) consists of 116 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 December 31, 2023, the percentage of the Portfolio’s interests owned by the ProFund was 0.4%. 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
Investment transactions are accounted for on trade date on the last business day of the reporting period.
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
December 31, 2023 :: Notes to Financial Statements :: Government Money Market ProFund :: 13
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 December 31, 2023, the ProFund’s $167,819,415 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 year ended December 31, 2023.
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 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 year ended December 31, 2023, actual Trustee compensation was $975,000 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, 2023 through April 30, 2024 | For the Period May 1, 2022 through April 30, 2023 | |||||||||||||||
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, 2024 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, 2024.
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
14 :: Government Money Market ProFund :: Notes to Financial Statements :: December 31, 2023
by the Advisor during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reduced by the Advisor”. As of December 31, 2023, the recoupments that may potentially be made by the ProFund are as shown in the table below. As of December 31, 2023, no commitment or contingent liability is expected.
Expires 4/30/24 | Expires 4/30/25 | Total | ||||||||||
Government Money Market ProFund | $ | 1,498,883 | $ | 1,234,557 | $ | 2,733,440 |
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.
Government Default Risk
Due to the rising U.S. government debt burden and potential limitations caused by the statutory debt ceiling, 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. In the past, U.S. sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. Such a credit event may adversely impact the financial markets and the ProFund. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt.
Cybersecurity Risk
With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the ProFund, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related “cyber” risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of the ProFund’s third party service providers (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund’s ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund information, impede trading, cause reputational damage, and subject the ProFund to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The ProFund and its shareholders could be negatively impacted as a result. While the ProFund or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which the ProFund invests, which could result in material adverse consequences for such issuers, and may cause the ProFund’s investments in such securities to lose value. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to the ProFund.
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 ProFund 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 ProFund 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 ProFund’s investment advisor and third-party service providers), sectors,
December 31, 2023 :: Notes to Financial Statements :: Government Money Market ProFund :: 15
industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the ProFund’s investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund 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 ProFund’s performance, resulting in losses to your investment.
Risk of Global Economic Shock
Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of the ProFund and its investments. Additionally, 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 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. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of the ProFund’s investments, even beyond any direct exposure The ProFund 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 ProFund’s performance and the value of an investment in the ProFund.
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, 2023 | ||||||||
Government Money Market ProFund | $ | 7,865,060 | $ | 7,865,060 | ||||
December 31, 2022 | ||||||||
Government Money Market ProFund | $ | 2,111,273 | $ | 2,111,273 |
As of the most recent tax year ended December 31, 2023, 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 | $ | — | $ | — | $ | (1,131 | ) | $ | (253,972 | ) | $ | — | $ | (255,103 | ) |
As of the tax year ended December 31, 2023, the ProFund had net capital loss carryforwards (“CLCFs”) as summarized in the table below:
No Expiration Date | ||||
Government Money Market ProFund | $ | 253,972 |
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. Based on this evaluation, there were no additional subsequent events to report that have a material impact on the ProFund’s financial statements.
16 :: Government Money Market ProFund :: Report of Independent Registered Public Accounting Firm
To the Board of Trustees of ProFunds and Shareholders of Government Money Market ProFund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Government Money Market ProFund (one of the funds constituting ProFunds, referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the Accounting Agent for the Master Fund. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Columbus, Ohio
February 26, 2024
We have served as the auditor of one or more investment companies in ProFunds and ProShares Trust group since 1997.
December 31, 2023 :: Board Approval of Investment Advisory Agreement :: Government Money Market ProFund :: 17
At a meeting held on September 12-13, 2023, the Board of Trustees (the “Board”) of ProFunds (the “Trust”) considered the renewal of the Investment Advisory Agreement between ProFund Advisors LLC (the “Advisor”) and the Trust on behalf of the Government Money Market ProFund (the “Fund”) (the “Advisory Agreement”).
The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreement and each Trustee may have afforded different weight to the various factors. The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board’s fiduciary responsibilities under state and federal law with respect to the Board’s considerations of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review. The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant.
The Board noted that the Fund is a feeder fund that invests all its shares in a master fund that is advised by a third party investment adviser. The Trustees noted that the contractual amount of the fee is 0.35% of the Fund’s average annual daily net assets, but that the Advisor does not collect this fee for so long as the Fund is a feeder fund that invests in shares of a master fund. The Board also noted that the Fund pays the Advisor a Management Services fee of 0.35% of the Fund’s average annual daily net assets, all of which the Advisor has waived. The Board noted that the Advisor has contractually agreed to reduce Fund expenses to retain a certain minimum yield as well as to reimburse advisory and management services fees that exceed 0.98% for the Investor Class and 1.98% for the Service Class through April 30, 2024. In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreement in light of the structure of the Fund.
The Board considered that the Advisor has the requisite portfolio management skills to manage the Fund if necessary and considered the reasonableness of the fee should the Advisor begin to provide services under the Advisory Agreement. In assessing the reasonableness of the fee, the Board considered the nature of the services described in the Advisory Agreement, and fees charged by comparable money market funds.
In its deliberations, the Board also considered the Advisor’s non-advisory services, including those performed under a separate Management Services Agreement. The Board considered any indirect, or “fall-out,” benefits that the Advisor or its affiliates derived from their relationship to the Fund but concluded that such benefits were relatively insignificant. The Board considered that ProFund Distributors, Inc. (“PDI”), a wholly-owned subsidiary of the Advisor, earns fees from the Fund for providing services under a Distribution and Shareholder Services Plan.
In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreement, the Board regularly considers matters bearing on the Fund and its investment advisory, administration and distribution arrangements including the Fund’s investment results and performance data, at its regular meetings throughout the year. The Board’s conclusions may take into account their consideration of the relevant arrangements during the course of the year and in prior years.
Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Advisory Agreement for the Fund is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor’s expenses, the feeder fund structure of the Fund, and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreement and the continued investment by the Fund into the master portfolio was in the best interests of the shareholders of the Fund. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.
18 :: Government Money Market ProFund :: Trustees and Executive Officers (unaudited)
Name, Address, and Birth Date | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Operational Portfolios in Fund Complex Overseen by Trustee* | Other Directorships Held by Trustee During Past 5 Years | |||||
Independent Trustees | ||||||||||
William D. Fertig c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 9/56 | Trustee | Indefinite; June 2011 to present | Context Capital Management (Alternative Asset Management): Chief Investment Officer (September 2002 to present). | ProFunds (116); ProShares (126) | Context Capital | |||||
Russell S. Reynolds, III c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 7/57 | Trustee | Indefinite; October 1997 to present | RSR Partners, Inc. (Retained Executive Recruitment and Corporate Governance Consulting): Managing Director (February 1993 to present). | ProFunds (116); ProShares (126) | RSR Partners, Inc. | |||||
Michael C. Wachs c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 10/61 | Trustee | Indefinite; October 1997 to present | Linden Lane Capital Partners LLC (Real Estate Investment and Development): Managing Principal (2010 to present). | ProFunds (116); ProShares 126) | NAIOP (the Commercial Real Estate Development Association) | |||||
Interested Trustee | ||||||||||
Michael L. Sapir** 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 5/58 | Trustee and Chairman of the Board | Indefinite; April 1997 to present | Chairman and Chief Executive Officer of the Advisor (April 1997 to present); ProShare Advisors (November 2005 to present); and ProShare Capital Management LLC (June 2008 to present). | ProFunds (116); ProShares (126) |
* | The "Fund Complex" consists of all operational registered investment companies under the 1940 Act that are advised by ProFund Advisors LLC and any operational registered investment companies that have an investment adviser that is an affiliated person of ProFund Advisors LLC. Investment companies that are non-operational (and therefore, not publicly offered) as of the date of this report are excluded from these figures. |
** | Mr. Sapir is an "interested person," as defined by the 1940 Act, because of his ownership interest in Profund Advisors. |
Name, Address, and Birth Date | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
Executive Officers | ||||||
Todd B. Johnson 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 1/64 | President | Indefinite; January 2014 to present | Chief Investment Officer of the Advisor and ProShare Advisors LLC (December 2008 to present); and ProShare Capital Management LLC (February 2009 to present). | |||
Victor M. Frye, Esq. 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 10/58 | Chief Compliance Officer and Anti-Money Laundering Officer | Indefinite; September 2004 to present | Counsel and Chief Compliance Officer of the Advisor (October 2002 to present) and ProShare Advisors LLC (December 2004 to present); Secretary of ProFunds Distributors, Inc. (April 2008 to present); Chief Compliance Officer of ProFunds Distributors, Inc. (July 2015 to present). | |||
Richard F. Morris 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 8/67 | Chief Legal Officer and Secretary | Indefinite; December 2015 to present | General Counsel of the Advisor, ProShare Advisors, and ProShare Capital Management LLC (December 2015 to present); Chief Legal Officer of ProFunds Distributors, Inc. (December 2015 to present); Partner at Morgan Lewis & Bockius, LLP (October 2012 to November 2015). | |||
Denise Lewis 4400 Easton Commons, Suite 200 Columbus, OH 43219 Birth Date: 10/63 | Treasurer | Indefinite; June 2022 to present | Senior Vice President, Fund Administration, Citi Fund Services Ohio, Inc. (August 2020 to present); Senior Director, Bank of New York Mellon (September 2015 – October 2019). |
The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 888-776-3637.
Government Cash Management Portfolio
20 :: Government Cash Management Portfolio :: Investment Portfolio :: as of December 31, 2023
Investment Portfolio
Commercial Paper 0.1%
Issued at Discount 0.1%
Principal Amount | Value | |||||||
Toronto Dominion Bank, 5.495%(a), 3/11/2024 (Cost $59,367,667) | $ | 60,000,000 | $ | 59,367,667 | ||||
Government & Agency Obligations 67.8% | ||||||||
U.S. Government Sponsored Agencies 15.0% | ||||||||
Federal Farm Credit Banks: | ||||||||
5.25%(a), 12/13/2024 | 19,825,000 | 19,821,994 | ||||||
SOFR + 0.135%, 5.535%(b), 6/3/2025 | 82,000,000 | 82,000,000 | ||||||
SOFR + 0.145%, 5.545%(b), 7/25/2025 | 151,500,000 | 151,500,000 | ||||||
Federal Farm Credit Banks Funding Corp.: | ||||||||
3-month U.S. Treasury Bill Money Market Yield minus 0.03%, 5.301%(b), 2/1/2024 | 50,000,000 | 50,000,000 | ||||||
3-month U.S. Treasury Bill Money Market Yield minus 0.03%, 5.301%(b), 2/28/2024 | 50,000,000 | 50,000,000 | ||||||
FEDL01 + 0.135%, 5.465%(b), 5/22/2025 | 30,000,000 | 30,000,000 | ||||||
5.57%(a), 7/5/2024 | 10,000,000 | 9,999,597 | ||||||
Federal Home Loan Bank Discount Notes: | ||||||||
5.211%(a), 4/15/2024 | 164,927,000 | 162,454,469 | ||||||
5.272%(a), 1/2/2024 | 69,153,000 | 69,153,000 | ||||||
5.293%(a), 2/6/2024 | 96,425,000 | 95,921,662 | ||||||
5.303%(a), 3/22/2024 | 40,000,000 | 39,529,300 | ||||||
5.394%(a), 1/31/2024 | 1,600,000 | 1,592,907 | ||||||
Federal Home Loan Banks: | ||||||||
5.0%(a), 9/18/2024 | 239,750,000 | 239,649,880 | ||||||
5.4%(a), 1/14/2025 | 184,250,000 | 184,250,000 | ||||||
SOFR + 0.03%, 5.43%(b), 1/12/2024 | 604,000,000 | 604,000,000 | ||||||
SOFR + 0.03%, 5.43%(b), 1/16/2024 | 137,000,000 | 137,000,000 | ||||||
SOFR + 0.035%, 5.435%(b), 2/12/2024 | 273,000,000 | 273,000,000 | ||||||
SOFR + 0.035%, 5.435%(b), 2/13/2024 | 137,000,000 | 137,000,000 | ||||||
SOFR + 0.04%, 5.44%(b), 2/20/2024 | 169,000,000 | 169,000,000 | ||||||
SOFR + 0.04%, 5.44%(b), 2/26/2024 | 434,000,000 | 434,000,000 | ||||||
SOFR + 0.45%, 5.445%(b), 2/2/2024 | 110,000,000 | 110,000,000 | ||||||
SOFR + 0.045%, 5.445%(b), 2/2/2024 | 251,500,000 | 251,500,000 | ||||||
SOFR + 0.45%, 5.445%(b), 2/5/2024 | 378,500,000 | 378,500,000 | ||||||
SOFR + 0.045%, 5.445%(b), 2/28/2024 | 220,000,000 | 220,000,000 | ||||||
SOFR + 0.45%, 5.445%(b), 3/15/2024 | 555,000,000 | 555,000,000 | ||||||
SOFR + 0.045%, 5.445%(b), 4/4/2024 | 286,000,000 | 286,000,000 | ||||||
SOFR + 0.05%, 5.45%(b), 3/20/2024 | 592,775,000 | 592,775,000 | ||||||
5.45%(a), 6/18/2024 | 46,500,000 | 46,478,665 | ||||||
SOFR + 0.125%, 5.525%(b), 2/24/2025 | 119,000,000 | 119,000,000 | ||||||
Federal National Mortgage Association, 5.52%, 7/16/2024 | 182,000,000 | 182,000,000 | ||||||
5,681,126,474 | ||||||||
U.S. Treasury Obligations 52.8% | ||||||||
U.S. Treasury Bills: | ||||||||
5.105%(a), 8/8/2024 | 452,750,000 | 438,817,751 | ||||||
5.119%(a), 10/31/2024 | 200,000,000 | 191,431,636 | ||||||
5.147%(a), 10/31/2024 | 190,000,000 | 181,860,054 | ||||||
5.161%(a), 6/13/2024 | 460,000,000 | 449,333,622 | ||||||
5.162%(a), 10/31/2024 | 200,000,000 | 191,431,636 | ||||||
5.163%(a), 10/31/2024 | 50,000,000 | 47,857,909 | ||||||
5.227%(a), 4/30/2024 | 947,000,000 | 930,629,562 | ||||||
5.227%(a), 6/6/2024 | 583,000,000 | 569,862,704 | ||||||
5.252%(a), 6/6/2024 | 540,000,000 | 527,831,664 | ||||||
5.258%(a), 1/2/2024 | 150,000,000 | 149,978,392 | ||||||
5.284%(a), 5/23/2024 | 400,000,000 | 391,718,446 | ||||||
5.285%(a), 5/23/2024 | 200,000,000 | 195,859,223 | ||||||
5.305%(a), 1/11/2024 | 142,000,000 | 141,792,044 | ||||||
5.314%(a), 4/2/2024 | 650,000,000 | 641,294,115 | ||||||
5.318%(a), 3/21/2024 | 400,000,000 | 395,333,463 | ||||||
5.319%(a), 4/16/2024 | 733,000,000 | 721,676,594 | ||||||
5.32%(a), 3/21/2024 | 321,000,000 | 317,255,104 | ||||||
5.322%(a), 1/18/2024 | 300,000,000 | 299,256,285 | ||||||
5.323%(a), 1/18/2024 | 301,000,000 | 300,253,806 | ||||||
5.325%(a), 1/23/2024 | 150,000,000 | 149,517,337 | ||||||
5.329%(a), 3/19/2024 | 437,000,000 | 432,023,444 | ||||||
5.329%(a), 3/26/2024 | 700,000,000 | 691,313,000 | ||||||
5.339%(a), 1/23/2024 | 300,000,000 | 299,034,675 | ||||||
5.343%(a), 1/23/2024 | 400,000,000 | 398,712,899 | ||||||
5.343%(a), 2/22/2024 | 520,000,000 | 516,041,644 | ||||||
5.346%(a), 2/13/2024 | 950,000,000 | 944,016,613 | ||||||
5.35%(a), 1/30/2024 | 1,050,000,000 | 1,045,615,294 | ||||||
5.353%(a), 2/8/2024 | 410,000,000 | 407,714,350 | ||||||
5.356%(a), 1/9/2024 | 200,000,000 | 199,765,190 | ||||||
5.356%(a), 1/11/2024 | 543,000,000 | 542,204,786 | ||||||
5.356%(a), 2/8/2024 | 480,000,000 | 477,324,117 | ||||||
5.358%(a), 1/9/2024 | 25,440,000 | 25,410,132 | ||||||
5.358%(a), 3/12/2024 | 529,000,000 | 523,486,131 | ||||||
5.359%(a), 1/4/2024 | 443,510,000 | 443,314,634 | ||||||
5.374%(a), 3/21/2024 | 53,000,000 | 52,381,684 | ||||||
5.375%(a), 4/25/2024 | 309,000,000 | 303,756,986 | ||||||
5.395%(a), 4/25/2024 | 350,000,000 | 344,061,311 | ||||||
5.409%(a), 2/27/2024 | 780,000,000 | 773,480,000 | ||||||
5.409%(a), 3/5/2024 | 416,000,000 | 412,054,471 | ||||||
5.424%(a), 2/6/2024 | 406,000,000 | 403,827,900 | ||||||
U.S. Treasury Floating Rate Notes: | ||||||||
3-month U.S. Treasury Bill Money Market Yield minus 0.075%, 5.256%(b), 4/30/2024 | 318,000,000 | 317,879,620 | ||||||
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 5.316%(b), 1/31/2024 | 1,045,000,000 | 1,045,019,774 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.037%, 5.368%(b), 7/31/2024 | 670,000,000 | 670,045,167 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.125%, 5.456%(b), 7/31/2025 | 605,500,000 | 605,115,274 | ||||||
3-month U.S. Treasury Bill Money Market Yield + 0.17%, 5.501%(b), 10/31/2025 | 960,000,000 | 959,461,397 | ||||||
20,066,051,840 | ||||||||
Total Government & Agency Obligations (Cost $25,747,178,314) | 25,747,178,314 |
The accompanying notes are an integral part of the financial statements.
as of December 31, 2023 :: Investment Portfolio :: Government Cash Management Portfolio :: 21
Repurchase Agreements 36.8%
Principal Amount | Value | |||||||
Barclays Bank PLC, 5.34%, dated 12/29/2023, to be repurchased at $687,407,620 on 1/2/2024(c) | $ | 687,000,000 | $ | 687,000,000 | ||||
BNP Paribas: | ||||||||
5.34%, dated 12/29/2023, to be repurchased at $422,550,565 on 1/2/2024(d) | 422,300,000 | 422,300,000 | ||||||
5.35%, dated 12/29/2023, to be repurchased at $617,306,737 on 1/2/2024(e) | 616,940,000 | 616,940,000 | ||||||
Citigroup Global Markets, Inc., 5.33%, dated 12/29/2023, to be repurchased at $77,145,660 on 1/2/2024(f) | 77,100,000 | 77,100,000 | ||||||
Federal Reserve Bank of New York, 5.3%, dated 12/29/2023, to be repurchased at $5,703,356,667 on 1/2/2024(g) | 5,700,000,000 | 5,700,000,000 | ||||||
Fixed Income Clearing Corp.: | ||||||||
5.15%, dated 12/29/2023, to be repurchased at $200,114,444 on 1/2/2024(h) | 200,000,000 | 200,000,000 | ||||||
5.33%, dated 12/29/2023, to be repurchased at $1,751,036,389 on 1/2/2024(i) | 1,750,000,000 | 1,750,000,000 | ||||||
Goldman Sachs & Co.: | ||||||||
3.0%, dated 12/29/2023, to be repurchased at $67,822,600 on 1/2/2024(j) | 67,800,000 | 67,800,000 | ||||||
5.34%, dated 12/29/2023, to be repurchased at $400,237,333 on 1/2/2024(k) | 400,000,000 | 400,000,000 | ||||||
5.35%, dated 12/28/2023, to be repurchased at $1,001,040,278 on 1/4/2024 (l) | 1,000,000,000 | 1,000,000,000 | ||||||
HSBC Securities, Inc., 5.33%, dated 12/29/2023, to be repurchased at $300,177,667 on 1/2/2024(m) | 300,000,000 | 300,000,000 | ||||||
JPMorgan Securities, Inc.: | ||||||||
5.33%, dated 12/29/2023, to be repurchased at $128,776,219 on 1/2/2024(n) | 128,700,000 | 128,700,000 | ||||||
5.34%, dated 12/29/2023, to be repurchased at $566,836,123 on 1/2/2024(o) | 566,500,000 | 566,500,000 | ||||||
Merrill Lynch & Co., Inc., 5.34%, dated 12/29/2023, to be repurchased at $350,207,667 on 1/2/2024(p) | 350,000,000 | 350,000,000 | ||||||
Royal Bank of Canada: | ||||||||
5.0%, dated 12/29/2023, to be repurchased at $400,222,222 on 1/2/2024(q) | 400,000,000 | 400,000,000 | ||||||
5.33%, dated 12/29/2023, to be repurchased at $222,481,681 on 1/2/2024(r) | 222,350,000 | 222,350,000 | ||||||
5.33%, dated 12/29/2023, to be repurchased at $556,829,572 on 1/2/2024(s) | 556,500,000 | 556,500,000 | ||||||
5.34%, dated 12/29/2023, to be repurchased at $335,228,784 on 1/2/2024(t) | 335,030,000 | 335,030,000 | ||||||
Wells Fargo Bank: | ||||||||
5.33%, dated 12/29/2023, to be repurchased at $85,240,451 on 1/2/2024(u) | 85,190,000 | 85,190,000 | ||||||
5.35%, dated 12/29/2023, to be repurchased at $96,322,224 on 1/2/2024(v) | 96,265,000 | 96,265,000 | ||||||
Total Repurchase Agreements (Cost $13,961,675,000) | 13,961,675,000 |
% of Net Assets | Value | |||||||
Total Investment Portfolio (Cost $39,768,220,981) | 104.7 | 39,768,220,981 | ||||||
Other Assets and Liabilities, Net | (4.7 | ) | (1,798,141,825 | ) | ||||
Net Assets | 100.0 | $ | 37,970,079,156 |
(a) | Annualized yield at time of purchase; not a coupon rate. |
(b) | Floating rate security. These securities are shown at their current rate as of December 31, 2023. |
(c) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
390,972,700 | U.S. Treasury Bonds | 4.0 | 11/15/2052 | 390,811,684 | |||||||
328,201,400 | U.S. Treasury Notes | 2.625–2.75 | 5/31/2027–8/15/2032 | 309,928,359 | |||||||
Total Collateral Value | 700,740,043 |
(d) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
130,975,600 | U.S. Treasury Bonds | 1.25–3.125 | 11/15/2041–8/15/2050 | 84,951,864 | |||||||
135,311,700 | U.S. Treasury Notes | 0.5–4.875 | 8/15/2025–8/15/2032 | 134,050,193 | |||||||
185,439,500 | U.S. Treasury Inflation-Indexed Notes | 0.125–1.375 | 1/15/2025–7/15/2033 | 205,405,487 | |||||||
10,937,381 | U.S. Treasury STRIPS | Zero Coupon | 11/15/2031–11/15/2044 | 6,338,458 | |||||||
Total Collateral Value | 430,746,002 |
The accompanying notes are an integral part of the financial statements.
22 :: Government Cash Management Portfolio :: Investment Portfolio :: as of December 31, 2023
(e) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
248,731,300 | U.S. Treasury Bills | Zero Coupon | 1/23/2024–12/26/2024 | 246,163,635 | |||||||
386,362,100 | U.S. Treasury Notes | 0.75–4.5 | 12/31/2023–12/31/2024 | 383,115,234 | |||||||
Total Collateral Value | 629,278,869 |
(f) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
94,540,200 | U.S. Treasury Bonds | 2.25–3.0 | 8/15/2046–2/15/2048 | 78,640,129 | |||||||
2,000 | U.S. Treasury Notes | 0.25 | 5/15/2024 | 1,963 | |||||||
Total Collateral Value | 78,642,092 |
(g) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
9,984,600 | U.S. Treasury Bonds | 3.0 | 5/15/2045 | 8,335,387 | |||||||
6,682,577,500 | U.S. Treasury Notes | 0.875–2.375 | 5/15/2029–2/15/2031 | 5,695,021,298 | |||||||
Total Collateral Value | 5,703,356,685 |
(h) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
169,299,100 | U.S. Treasury Inflation-Indexed Notes | 0.5 | 4/15/2024 | 204,000,088 |
(i) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
1,777,162,900 | U.S. Treasury Bonds | 1.375–3.375 | 8/15/2042–05/15/2051 | 1,370,909,635 | |||||||
163,065,600 | U.S. Treasury Inflation-Indexed Bonds | 0.75–1.0 | 2/15/2042–2/15/2049 | 173,008,074 | |||||||
200,000,000 | U.S. Treasury Inflation-Indexed Notes | 1.375 | 2/15/2044 | 241,082,324 | |||||||
Total Collateral Value | 1,785,000,033 |
(j) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
11,000 | U.S. Treasury Bills | Zero Coupon | 4/9/2024 | 10,838 | |||||||
1,000 | U.S. Treasury Bonds | 2.875 | 5/15/2052 | 807 | |||||||
69,288,000 | U.S. Treasury Notes | 0.125–3.625 | 2/15/2024–3/31/2028 | 69,131,641 | |||||||
28,134 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2035–11/15/2043 | 12,714 | |||||||
Total Collateral Value | 69,156,000 |
(k) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
267,950,400 | U.S. Treasury Bonds | 3.0 | 5/15/2047 | 221,531,041 | |||||||
207,594,000 | U.S. Treasury Notes | 1.375–4.0 | 10/31/2028–2/28/2030 | 186,469,018 | |||||||
Total Collateral Value | 408,000,059 |
The accompanying notes are an integral part of the financial statements.
as of December 31, 2023 :: Investment Portfolio :: Government Cash Management Portfolio :: 23
(l) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
293,828,389 | Federal Home Loan Mortgage Corp. | 2.5–7.5 | 3/1/2031–1/1/2054 | 293,902,763 | |||||||
371,409,797 | Federal National Mortgage Association | 2.0–6.0 | 4/1/2031–10/1/2053 | 364,796,129 | |||||||
68,879,491 | Government National Mortgage Association | 2.5–7.0 | 4/20/2031–2/15/2058 | 65,775,469 | |||||||
298,242,200 | U.S. Treasury Notes | 0.375–3.25 | 4/15/2024–6/30/2029 | 295,525,639 | |||||||
Total Collateral Value | 1,020,000,000 |
(m) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
109,610,100 | U.S. Treasury Notes | 0.125–2.75 | 1/15/2024–8/15/2029 | 106,340,203 | |||||||
362,577,229 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2026–8/15/2053 | 199,659,798 | |||||||
Total Collateral Value | 306,000,001 |
(n) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
126,284,300 | U.S. Treasury Inflation-Indexed Notes | 2.375 | 10/15/2028 | 131,274,066 |
(o) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
596,111,642 | Federal National Mortgage Association | 2.0–7.0 | 4/1/2031–9/1/2061 | 577,830,001 |
(p) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
18,433,808 | Federal Home Loan Mortgage Corp. | 5.006 | 7/1/2053 | 18,358,000 | |||||||
13,456,895 | Federal National Mortgage Association | 3.5–9.0 | 5/1/2024–8/1/2048 | 12,372,174 | |||||||
331,569,339 | Government National Mortgage Association | 2.5–6.5 | 12/15/2024–12/20/2053 | 326,269,837 | |||||||
Total Collateral Value | 357,000,011 |
(q) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
123,611,600 | U.S. Treasury Notes | 1.625–3.875 | 8/15/2029–9/30/2029 | 123,965,432 | |||||||
289,253,500 | U.S. Treasury Bills | Zero Coupon | 1/2/2024–6/13/2024 | 284,261,265 | |||||||
Total Collateral Value | 408,226,697 |
(r) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
239,171,500 | U.S. Treasury Notes | 2.625 | 7/31/2029 | 226,797,020 |
The accompanying notes are an integral part of the financial statements.
24 :: Government Cash Management Portfolio :: Investment Portfolio :: as of December 31, 2023
(s) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
12,943,600 | U.S. Treasury Bonds | 2.5–4.0 | 8/15/2041–8/15/2048 | 11,927,530 | |||||||
422,141,500 | U.S. Treasury Notes | 1.125–4.625 | 6/15/2025–8/15/2029 | 405,163,842 | |||||||
54,604,700 | U.S. Treasury Inflation-Indexed Bonds | 0.625–2.5 | 1/15/2029–2/15/2053 | 52,125,833 | |||||||
29,999,300 | U.S. Treasury Inflation-Indexed Notes | 0.125 | 4/15/2026 | 33,494,819 | |||||||
188,841,400 | U.S. Treasury STRIPS | Zero Coupon | 2/15/2044–8/15/2050 | 65,254,175 | |||||||
Total Collateral Value | 567,966,199 |
(t) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
67,968 | Federal Home Loan Mortgage Corp. | 2.5–6.0 | 5/1/2040–11/1/2053 | 63,303 | |||||||
41,589,444 | Federal National Mortgage Association | 2.0–7.5 | 12/1/2040–12/1/2053 | 38,138,896 | |||||||
126,257,347 | Government National Mortgage Association | 2.0–6.5 | 5/20/2042–10/20/2053 | 117,255,611 | |||||||
176,857,300 | U.S. Treasury Bonds | 1.375–3.375 | 11/15/2040–11/15/2047 | 141,196,866 | |||||||
3,960,900 | U.S. Treasury Inflation-Indexed Notes | 0.125–1.625 | 10/15/2027–7/15/2030 | 4,623,520 | |||||||
112,526,800 | U.S. Treasury STRIPS | Zero Coupon | 8/15/2045–8/15/2050 | 40,655,225 | |||||||
Total Collateral Value | 341,933,421 |
(u) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
83,468,424 | U.S. Treasury Inflation-Indexed Notes | 0.125–1.375 | 10/15/2025–7/15/2033 | 86,893,827 |
(v) | Collateralized by: |
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | |||||||
94,659,049 | Federal Home Loan Mortgage Corp. | 6.0–7.0 | 10/1/2053–12/1/2053 | 98,190,300 |
FEDL01: | U.S. Federal Funds Effective Rate |
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 following is a summary of the inputs used as of December 31, 2023 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) | $ | — | $ | 25,806,545,981 | $ | — | $ | 25,806,545,981 | ||||||||
Repurchase Agreements | $ | — | $ | 13,961,675,000 | $ | — | $ | 13,961,675,000 | ||||||||
Total | $ | — | $ | 39,768,220,981 | $ | — | $ | 39,768,220,981 |
(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 :: 25
Statement of Assets and Liabilities
as of December 31, 2023
ASSETS: | ||||
Investments in non-affiliated securities, valued at amortized cost | $ | 25,806,545,981 | ||
Repurchase agreements, valued at amortized cost | 13,961,675,000 | |||
Cash | 34,741 | |||
Interest receivable | 80,227,411 | |||
Other assets | 771,662 | |||
TOTAL ASSETS | 39,849,254,795 | |||
LIABILITIES: | ||||
Payable for investments purchased | 1,875,479,663 | |||
Accrued investment advisory fee | 2,160,994 | |||
Accrued Trustees' fees | 316,214 | |||
Other accrued expenses and payables | 1,218,768 | |||
TOTAL LIABILITIES | 1,879,175,639 | |||
NET ASSETS, AT VALUE | $ | 37,970,079,156 |
Statement of Operations
For the Year Ended December 31, 2023
INVESTMENT INCOME: | ||||
Income: | ||||
Interest | $ | 1,647,670,789 | ||
EXPENSES: | ||||
Management fee | 30,640,663 | |||
Administration fee | 9,726,055 | |||
Custodian fee | 100,201 | |||
Professional fees | 516,557 | |||
Reports to shareholders | 35,753 | |||
Trustees' fees and expenses | 1,180,855 | |||
Other | 1,046,876 | |||
Total expenses before expense reductions | 43,246,960 | |||
Expense reductions | (15,133,377 | ) | ||
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS | 28,113,583 | |||
NET INVESTMENT INCOME | 1,619,557,206 | |||
Net realized gain (loss) from investments | 898,237 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,620,455,443 |
The accompanying notes are an integral part of the financial statements.
26 :: Government Cash Management Portfolio :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,619,557,206 | $ | 512,471,247 | ||||
Net realized gain (loss) | 898,237 | (15,759,146 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 1,620,455,443 | 496,712,101 | ||||||
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | ||||||||
Proceeds from capital invested | 127,807,464,846 | 118,068,249,636 | ||||||
Value of capital withdrawn | (123,671,980,625 | ) | (119,999,687,552 | ) | ||||
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | 4,135,484,221 | (1,931,437,916 | ) | |||||
INCREASE (DECREASE) IN NET ASSETS | 5,755,939,664 | (1,434,725,815 | ) | |||||
Net assets at beginning of period | 32,214,139,492 | 33,648,865,307 | ||||||
Net assets at end of period | $ | 37,970,079,156 | $ | 32,214,139,492 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights :: Government Cash Management Portfolio :: 27
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period ($ millions) | 37,970 | 32,214 | 33,649 | 26,122 | 18,891 | |||||||||||||||
Ratio of expenses before expense reductions (%) | .13 | .14 | .13 | .13 | .14 | |||||||||||||||
Ratio of expenses after expense reductions (%) | .09 | .06 | .03 | .07 | .07 | |||||||||||||||
Ratio of net investment income (%) | 5.00 | 1.67 | .03 | .36 | 2.13 | |||||||||||||||
Total Return (%)(a) | 5.08 | (b) | 1.62 | (b) | .03 | (b) | .41 | (c) | 2.17 | (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. |
The accompanying notes are an integral part of the financial statements.
28 :: Government Cash Management Portfolio :: Notes to Financial Statements :: December 31, 2023
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 December 31, 2023, DWS Government Money Market Series owned approximately 99.6% 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 December 31, 2023, the Portfolio held repurchase agreements with a gross value of $13,961,675,000. 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 of 1986, 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 December 31, 2023, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $39,768,220,981.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2023 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
December 31, 2023 :: Notes to Financial Statements :: Government Cash Management Portfolio :: 29
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.
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 year ended December 31, 2023, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.095% of the Portfolio's average daily net assets.
The Advisor 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 year ended December 31, 2023, fees waived and/or expenses reimbursed are $15,133,377.
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 year ended December 31, 2023, the Administration Fee was $9,726,055, of which $1,033,924 is unpaid.
Other Service Fees
Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the year ended December 31, 2023, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $900, of which $240 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.
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 December 31, 2023.
D. 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. 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, the U.S. Federal Reserve has raised interest rates in response to increased inflation. As a result, 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
30 :: Government Cash Management Portfolio :: Notes to Financial Statements :: December 31, 2023
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.
Report of Independent Registered Public Accounting Firm :: Government Cash Management Portfolio :: 31
To the Board of Trustees and Holders of Beneficial Interest in Government Cash Management Portfolio:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Government Cash Management Portfolio (the "Portfolio"), including the investment portfolio, as of December 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio at December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of the Portfolio's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
Boston, Massachusetts
February 22, 2024
This Page Intentionally Left Blank
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.
PRO1223
Annual Report
DECEMBER 31, 2023
ProFunds VP
Access VP High Yield
Asia 30
Banks
Bear
Biotechnology
Bull
Communication Services
Consumer Discretionary
Consumer Staples
Dow 30
Emerging Markets
Energy
Europe 30
Falling U.S. Dollar
Financials
Government Money Market
Health Care
Industrials
International
Internet
Japan
Large-Cap Growth
Large-Cap Value
Materials
Mid-Cap
Mid-Cap Growth
Mid-Cap Value
Nasdaq-100
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
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 | Management Discussion of Fund Performance | |
59 | Expense Examples | |
63 | Schedules of Portfolio Investments | |
64 | ProFund Access VP High Yield | |
65 | ProFund VP Asia 30 | |
66 | ProFund VP Banks | |
68 | ProFund VP Bear | |
69 | ProFund VP Biotechnology | |
71 | ProFund VP Bull | |
79 | ProFund VP Communication Services | |
80 | ProFund VP Consumer Discretionary | |
82 | ProFund VP Consumer Staples | |
84 | ProFund VP Dow 30 | |
85 | ProFund VP Emerging Markets | |
87 | ProFund VP Energy | |
88 | ProFund VP Europe 30 | |
89 | ProFund VP Falling U.S. Dollar | |
90 | ProFund VP Financials | |
92 | ProFund VP Government Money Market | |
93 | ProFund VP Health Care | |
95 | ProFund VP Industrials | |
97 | ProFund VP International | |
98 | ProFund VP Internet | |
100 | ProFund VP Japan | |
101 | ProFund VP Large-Cap Growth | |
105 | ProFund VP Large-Cap Value | |
112 | ProFund VP Materials | |
113 | ProFund VP Mid-Cap | |
114 | ProFund VP Mid-Cap Growth | |
118 | ProFund VP Mid-Cap Value | |
123 | ProFund VP Nasdaq-100 | |
126 | ProFund VP Pharmaceuticals | |
128 | ProFund VP Precious Metals | |
129 | ProFund VP Real Estate | |
130 | ProFund VP Rising Rates Opportunity | |
131 | ProFund VP Semiconductor | |
133 | ProFund VP Short Dow 30 | |
134 | ProFund VP Short Emerging Markets | |
135 | ProFund VP Short International | |
136 | ProFund VP Short Mid-Cap | |
137 | ProFund VP Short Nasdaq-100 | |
138 | ProFund VP Short Small-Cap | |
139 | ProFund VP Small-Cap | |
165 | ProFund VP Small-Cap Growth | |
171 | ProFund VP Small-Cap Value | |
178 | ProFund VP Technology | |
180 | ProFund VP UltraBull | |
188 | ProFund VP UltraMid-Cap | |
195 | ProFund VP UltraNasdaq-100 | |
198 | ProFund VP UltraShort Dow 30 | |
199 | ProFund VP UltraShort Nasdaq-100 | |
200 | ProFund VP UltraSmall-Cap | |
226 | ProFund VP U.S. Government Plus | |
227 | ProFund VP Utilities | |
229 | Statements of Assets and Liabilities | |
241 | Statements of Operations | |
253 | Statements of Changes in Net Assets | |
275 | Financial Highlights | |
303 | Notes to Financial Statements | |
335 | Report of Independent Registered Public Accounting Firm | |
336 | Additional Tax Information | |
337 | Board Approval of Investment Advisory Agreement | |
340 | Trustees and Executive Officers |
This Page Intentionally Left Blank
Message from the Chairman
Dear Shareholder:
Economic and market sentiments were generally more positive during the reporting period, though concern about inflation, the potential for recession, and other market forces continued to linger. ProFunds is committed to helping you, our investors, meet this challenging environment by providing an innovative array of products and services designed to help you meet your objectives under a range of conditions. Following is the ProFunds VP Annual Report to Shareholders for the 12 months ending December 31, 2023.
Interest Rates Rise and Stay High Despite Moderating Inflation
Combating elevated inflation and avoiding a recession dominated economic policymaking in 2023. The year began with the central bankers of the Federal Reserve on a campaign to bring down elevated inflation by raising short-term interest rates, which were increased to a target range of between 5.25% and 5.5% at the Fed's July meeting. Rates have remained unchanged since then, and Chairman Powell has communicated that the Fed will "let the data reveal the appropriate path" before it decides whether to begin lowering rates. Inflation moderated throughout the year (though not in a straight line), with the Consumer Price Index declining to just over 3% by the fall.
The picture was similar outside the United States. The European Central Bank (ECB) and Bank of England raised interest rates through the summer but have since left them on hold. ECB President Christine Lagarde has commented that rates will stay high for "as long as necessary" to beat back inflation. The Bank of Japan, which continued to hold its short-term rate at -0.1%, remains the lone exception in the developed world.
A Tale of Two Markets: Volatility, Then Recovery
In terms of market performance, 2023 can be roughly divided into two segments. For the first nine months of the year, most U.S. asset classes and financial markets experienced volatility, as investors tried to navigate elevated rates, high bond yields, uncertainty regarding the forward path of inflation, and a resilient U.S. labor market. Through the end of the year, however, many markets rallied, netting positive returns for the full period. In the United States, gains were particularly strong among larger companies and technology firms. The Dow Jones Industrial Average® gained 16.2%, the S&P 500® rose 26.3%, and the tech-heavy Nasdaq-100 Index® gained 55.1%. Mid- and small-cap firms saw smaller but still substantial gains of their own, with the S&P MidCap 400® increasing by 16.4% and the small-cap Russell 2000 Index® rising 16.9%. Across the major sectors, technology and communication services were the best performers by far, posting gains of 56.1% and 53.0%, respectively, with consumer discretionary turning in strong results as well (up 39.8%). Of the sectors that fell, the weakest performer was utilities, declining 7.1%.
Most international equity markets also posted positive results for the period, though not as strong as U.S. domestic
1
markets. The MSCI EAFE Index®, which tracks developed markets outside North America, rose 18.2%, while the MSCI Europe Index® gained 19.9%. The strongest non-U.S. performer in the developed world was Japan, with the Nikkei ending the period up 21.3%. The S&P Emerging 50 ADR Index (USD) gained 17.2%, with Latin America in particular posting strong results: The S&P Latin America 35 ADR Index (USD) gained 31.6%. The main outlier amid this global rally was China. The S&P China Select ADR Index (USD) rose just 3.1% on the year.
Bond markets generated positive returns, as moderating inflation and the pause in the Fed's interest rate hikes eased some of the pressures on bonds. The Bloomberg U.S. Aggregate Total Return Index® gained 5.5%. Returns were marginally higher on the short end of the curve: The S&P U.S. Treasury Bond Current 5-Year Total Return Index® rose 4.1%, while its 30-year counterpart gained just 2.4%. The iBoxx $ Liquid High Yield Index® rose 12.9%, and the iBoxx $ Liquid Investment Grade Index® gained 9.5%.
U.S. Economy Shows Continued Resilience
Despite concerns about the economic impact of Fed rate hikes, a feared recession never materialized during the period, and the potential for a much-hoped-for "soft landing" grew as the year progressed. While U.S. real GDP growth slowed slightly in the second quarter of 2023, third-quarter growth came in strong at 4.9%. The U.S. unemployment rate ticked up slightly through the fall, but remains low at 3.7%. The Bloomberg Dollar Spot Index declined just slightly, falling 2.7%.
ProFunds VP Trust Results Mirror Markets
ProFunds VP 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 pressures in the market over the past 12 months, ProFunds VP investors saw the most significant potential opportunities for gain in domestic equity strategies, particularly those focused on large-cap companies and the technology sector.
No matter what direction the market takes going forward, 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 investment needs.
Sincerely,
Michael L. Sapir
Chairman of the Board of Trustees
2
Management Discussion of Fund Performance
4 :: Management Discussion of Fund Performance
Investment Strategies and Techniques:
Each ProFund VP (each, a "Fund" and, collectively, the "Funds") is a series of ProFunds (the "Trust"). Each Fund (except the Classic ProFunds VP1, the Sector ProFunds VP1, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) is a "geared" fund (the "Geared Funds") in the sense that each is designed to seek daily investment results, before fees and expenses, that correspond to the inverse (-1x), a multiple (i.e., 1.25x or 2x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of a benchmark for a single day, not for any other period.
Each of the Classic ProFunds VP, the Sector ProFunds VP and ProFund VP Falling U.S. Dollar seek investments results, before fees and expenses, that correspond to the performance of a benchmark. ProFund VP Government Money Market seeks a high level of current income consistent with liquidity and preservation of capital.
Each Geared Fund seeks investment results for a single day only, as measured from the time the Geared Fund calculates its net asset value ("NAV") to the time of the Geared Fund's next NAV calculation, and not for longer periods. The return for a period longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from the stated leveraged, inverse, or inverse leveraged multiple times the return of the benchmark for that period. During periods of higher market volatility, the volatility of a Geared Fund's benchmark may affect the return as much as or more than the return of the benchmark.
ProFund Advisors LLC (the "Advisor"), uses a passive approach in seeking to achieve the investment objective of each Fund. Using this approach, the Advisor determines the type, quantity and mix of investment positions that a Fund should hold to approximate the daily performance of its benchmark.
The Advisor does not invest the assets of the Funds in securities or financial instruments based on its view of the investment merit of a particular security, instrument, or company nor does it conduct conventional research or analysis, forecast market movements, trends or market conditions, or take defensive positions in managing Fund assets.
The Funds, other than certain Classic ProFunds VP and certain Sector ProFunds VP, make significant use of investment techniques that may be considered aggressive, including the use of swap agreements, futures contracts, forward contracts, and similar instruments ("derivatives"). These investment techniques may be considered aggressive and Funds using these techniques are exposed to risks different from, or possibly greater than, the risks associated with investing directly in securities, including one or more of the following: counterparty risk (i.e., the risk that a counterparty is unable or unwilling to make timely payments) on the amount the Fund expects to receive from a derivatives counterparty, liquidity risk (i.e., the ability of a Fund to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Advisor) and increased correlation risk (i.e., the Fund's ability to achieve a high degree of correlation with its benchmark). If a counterparty becomes bankrupt, or otherwise fails to perform its obligations, the value of an investment in the Fund may decline. With respect to swaps and forward contracts, the Funds have sought to mitigate these risks by generally requiring derivatives counterparties to post collateral for the benefit of each Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owes the Fund, subject to certain minimum thresholds. The Funds typically only enter into derivatives with counterparties that are major, global financial institutions. Any costs associated with using derivatives may also have the effect of lowering the Fund's return.
Factors that Materially Affected the Performance of Each Fund during the Fiscal Year Ended December 31, 20232:
Primary factors affecting Fund performance, before fees and expenses, include the following: the total return of the securities and derivatives held by the Funds, including the performance of the reference assets to which any derivatives are linked, financing rates paid or earned by the Fund (including those included in the total return of derivatives contracts); the types of derivative contracts used by the Funds and their correlation to the relevant benchmark or asset; fees, expenses, and transaction costs; other miscellaneous factors; and in the case of the Geared Funds, the volatility of the Fund's benchmark (and its impact on compounding).
• | Benchmark Performance: The performance of each Fund's benchmark and, in turn, the factors and market conditions affecting that benchmark are generally the principal factors driving Fund performance.3 |
• | Compounding of Daily Returns and Volatility: Each Geared Fund seeks to provide a multiple (i.e., 1.25x or 2x), the inverse (i.e.,-1x) or an inverse multiple (i.e., -1.25x or -2x) of its benchmark return for a single day only. For longer periods, performance may be greater than or less than the one-day multiple times the benchmark return. This is due to the effects of compounding, which exists in all investments, but has a more significant impact on Geared Funds. In general, during periods of higher benchmark volatility, compounding will cause Fund Performance for periods longer than a single day to be more or less than the multiple of the return of the benchmark. This effect becomes more pronounced as volatility increases. Conversely, in periods of lower benchmark volatility (particularly when combined with large higher benchmark returns), Fund returns over longer periods can be higher than the multiple of the return of the benchmark. Actual results for a particular period, before fees and expenses, are also dependent on the following factors: a) period of time; b) financing rates associated with the use of derivatives; |
1 | ProFunds VP included as Classic ProFunds VP and Sector ProFunds VP are listed in Note 1 of the Notes to Financial Statements. |
2 | Past performance is not a guarantee of future results. |
3 | Unlike the Funds, indexes that may serve as benchmarks for the Funds do not actually hold a portfolio of securities and/or financial instruments. Indexes do not incur fees, expenses and transaction costs. Fees, expenses and transaction costs incurred by the Funds negatively impact the performance of the Funds relative to their benchmark. Performance for each Fund will generally differ from the performance of the Fund's benchmark index. |
Management Discussion of Fund Performance :: 5
c) other Fund expenses; d) interest and dividends paid with respect to the securities in the benchmark; e) the benchmark's volatility; and f) the benchmark's performance. Longer holding periods, higher benchmark volatility, inverse exposure and/or greater leverage each exacerbates the impact of compounding on a Fund's performance. During periods of higher benchmark volatility, the volatility of a benchmark may affect a Fund's return as much as or more than the return of its benchmark.
Daily volatility for the U.S. equity markets increased from a year ago. The annual volatility for the S&P 500 for the year ended December 31, 2023, was 13.09%, which was lower than the prior year's volatility of 24.19%. The volatility of each Geared Fund benchmark is shown below.
Index | 1 yr Vol. | |||
S&P Banks Select Industry Index | 35.92 | % | ||
Dow Jones U.S. SemiconductorsSM Index | 30.37 | % | ||
S&P Biotechnology Select Industry Index | 28.83 | % | ||
Dow Jones Precious MetalsSM Index | 28.68 | % | ||
ProFunds Asia 30 Index® | 26.86 | % | ||
Dow Jones Internet CompositeSM Index | 23.46 | % | ||
S&P Energy Select Sector Index | 22.90 | % | ||
S&P Real Estate Select Sector Index | 20.10 | % | ||
Russell 2000® Index | 20.02 | % | ||
S&P Consumer Discretionary Select Sector Index | 19.95 | % | ||
S&P Emerging 50 ADR Index (USD) | 19.80 | % | ||
S&P Communication Services Select Sector Index | 19.47 | % | ||
S&P MidCap 400® Value Index | 19.16 | % | ||
Technology Select Sector Total Return Index | 18.65 | % | ||
NASDAQ-100® Index | 18.07 | % | ||
S&P Utilities Select Sector Index | 17.82 | % | ||
S&P U.S. Treasury Bond Current 30-Year Total Return Index | 17.77 | % | ||
S&P Pharmaceuticals Select Industry Index | 17.73 | % | ||
S&P MidCap 400® | 17.47 | % | ||
S&P Materials Select Sector Index | 16.78 | % | ||
S&P Financial Select Sector Index | 16.29 | % | ||
S&P MidCap 400® Growth Index | 16.15 | % | ||
Nikkei 225 Stock Average | 15.99 | % | ||
S&P Industrial Select Sector Index | 14.74 | % | ||
ProFunds Europe 30 Index® | 13.51 | % | ||
S&P SmallCap 600® Growth Index | 13.47 | % | ||
S&P 500® Growth Index | 13.47 | % | ||
S&P SmallCap 600® Value Index | 13.47 | % | ||
S&P 500® Value Index | 13.47 | % | ||
S&P 500® | 13.09 | % | ||
MSCI EAFE Index | 12.50 | % | ||
S&P Health Care Select Sector Index | 11.55 | % | ||
Dow Jones Industrial Average® | 11.39 | % | ||
S&P Consumer Staples Select Sector Index | 11.30 | % | ||
U.S. Dollar Index | 6.78 | % |
• | Financing Rates Associated with Swap Agreements and Forward Contracts: 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. The Fed Funds rate appreciated from 4.50% to 5.50% 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. |
• | Stock Dividends and Bond Yields: The performance of Funds that provide long or leveraged exposure was positively impacted by capturing the dividend or income yield of the underlying assets to which they have exposure. The performance of Funds that provide an inverse or leveraged inverse exposure was negatively impacted by virtue of effectively having to pay out the dividend or income yield (or a multiple thereof, as applicable) associated with the assets to which they have short exposure. |
• | Fees, Expenses and Transaction Costs: Fees and expenses are listed in the financial statements of each Fund, and may generally be higher and thus have a more negative impact on performance than the fees and expenses of many traditional index-based funds. For Geared Funds, daily repositioning of each Fund's portfolio to maintain exposure consistent with its investment objective, high levels of shareholder purchase and redemption activity, and use of leverage may lead to commensurate increases in portfolio transactions and transaction costs which negatively impact the daily NAV of each Fund. Transaction costs are not reflected in the Funds' expense ratio. Transaction costs are generally higher for Geared Funds, Funds whose benchmarks are more volatile than other |
6 :: Management Discussion of Fund Performance
funds' benchmarks, and Funds that hold or have exposure to assets that are comparatively less liquid than those held by other funds.
• | Miscellaneous Factors: Each Fund holds a mix of securities and/or derivatives that is designed to provide returns that correspond to the performance of its investment objective. Certain Funds may obtain exposure to only a representative sample of the securities of their benchmark and may not have investment exposure to all securities of the benchmark or may have weightings that are different from that of its benchmark. Certain Funds may also obtain exposure to securities not contained in the relevant benchmark or in financial instruments, with the intent of obtaining exposure with aggregate characteristics similar to those of a multiple of the benchmark. |
In addition, certain Funds invested in swap agreements based on exchange-traded funds ("ETFs") that are designed to track the performance of the Fund's benchmark. Because the closing price of an ETF may not perfectly track the performance of its benchmark, there are deviations between the return of a swap whose reference asset is an ETF and the return of a swap based directly on the Fund's benchmark. Thus, the performance of a Fund investing significantly in swap agreements based on an ETF had less correlation with its benchmark than a Fund investing in swap agreements based directly on the Fund's benchmark.
Management Discussion of Fund Performance :: ProFund Access VP High Yield :: 7
The ProFund Access VP High Yield (the "Fund") seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity. However, the Fund does not seek to match the daily returns of a specific benchmark. For the year ended December 31, 2023, the Fund had a total return of 10.43%. For the same period, the Markit iBoxx $ Liquid High Yield Index, a widely used measure of high yield market performance, had a total return of 12.89%1. The total return for the 5-year U.S. Treasury Note was 4.07%2.
The Fund is designed to maintain exposure to the high yield market, regardless of market conditions. This means the Fund does not adopt defensive positions in anticipation of an adverse market climate. The Fund seeks to achieve its high yield exposure primarily through credit default swaps (CDS) and 5-year treasury exposure but may also invest in high yield debt instruments (commonly referred to as junk bonds), other debt, money market instruments, total return swap agreements and futures contracts.
During the year ended December 31, 2023, the Fund invested in credit default swap agreements and futures contracts in addition to investing directly in high yield bonds. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into credit default swap agreements that were centrally cleared. In a centrally cleared swap agreement, the clearing organization takes on the credit risk of all parties involved in the trade, and in effect, guarantees each party's obligation under the contract. As a result, each party involved in a centrally cleared contract only faces the clearing organization. There can be no assurance, however, that the clearing organization, or its members, will satisfy its obligations to the Fund.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund Access VP High Yield from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund Access VP High Yield | 10.43 | % | 2.74 | % | 2.91 | % | ||||||
Markit iBoxx $ Liquid High Yield Index | 12.89 | % | 4.79 | % | 4.00 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund Access VP High Yield | 1.69 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligation | 48 | % | ||
Futures Contracts | 15 | % | ||
Credit Default Swap Agreements | 76 | % |
"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 | 29 | % | ||
Consumer Non-Cyclical | 16 | % | ||
Communications | 12 | % | ||
Financial | 10 | % | ||
Industrials | 9 | % | ||
Energy | 8 | % | ||
Basic Materials | 7 | % | ||
Technology | 5 | % | ||
Utilities | 4 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | The 5-year U.S. Treasury Note reflects both price return and yield components. It does not reflect the impact of transaction and financing costs, nor the deduction of expenses associated with a mutual fund, such as investment management and accounting fees. |
Investments in high yield bonds or in investments linked to the high yield market are subject to greater volatility and greater credit risks than investing in U.S. Treasuries. U.S. Treasury instruments are guaranteed by the U.S. government as to the timely payment of principal and interest, if held to maturity. Both the principal and yield of a mutual fund will fluctuate with changes in market conditions.
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
8 :: ProFund VP Asia 30 :: Management Discussion of Fund Performance
ProFund VP Asia 30 (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Asia 30 Index® (the "Index"). For the year ended December 31, 2023, the Fund had a price return of 4.32%. For the same period, the Index had a total return of 4.17%1 and a volatility of 26.86%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index, created by ProFund Advisors, is composed of 30 companies whose principal offices are located in the Asia/Pacific region, excluding Japan, and whose securities are traded on U.S. exchanges or on Nasdaq as depositary receipts or ordinary shares and meet certain liquidity requirements. The component companies in the Index are the 30 most liquid companies based upon their U.S. dollar-traded volume. Their relative weights are determined using a modified market capitalization method. The Index is reconstituted annually. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Asia 30 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Asia 30 | 4.32 | % | 1.92 | % | 0.66 | % | ||||||
ProFunds Asia 30 Index | 4.17 | % | 1.71 | % | 0.48 | % | ||||||
MSCI AC Asia Pacific Free Excluding Japan Index | 7.36 | % | 4.65 | % | 3.94 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Asia 30 | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 7.4 | % | ||
BHP Group, Ltd. | 7.3 | % | ||
HDFC Bank, Ltd. | 7.2 | % | ||
Alibaba Group Holding, Ltd. | 5.5 | % | ||
ICICI Bank, Ltd. | 4.6 | % |
ProFunds Asia 30® Index – Composition
Industry Breakdown | % of Index | |||
Consumer Discretionary | 23 | % | ||
Information Technology | 21 | % | ||
Communication Services | 20 | % | ||
Financials | 16 | % | ||
Materials | 9 | % | ||
Industrials | 5 | % | ||
Real Estate | 3 | % | ||
Health Care | 3 | % |
Country Composition | ||||
China | 57 | % | ||
India | 18 | % | ||
Taiwan | 13 | % | ||
Australia | 7 | % | ||
Other | 5 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table DO NOT reflect the theoretical reinvestment of dividends on securities in the Index nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
3 | The MSCI AC Asia Pacific Free Excluding Japan Index is a capitalization weighted index generally representative of the performance of the Asia Pacific region excluding the country of Japan. The graph and table reflect the theoretical reinvestment of dividends in the Index. The impact of transactions costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly in an index. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Banks :: 9
ProFund VP Banks (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P Banks Select Industry Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 10.39%. For the same period, the Index had a total return of 5.52%2 and a volatility of 35.92%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the banks segment of the S&P Total Market Index, which comprises the following sub-industries: asset management & custody banks, diversified banks, regional banks, diversified financial services and commercial & residential mortgage finance.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Banks from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Banks | 10.39 | % | 6.53 | % | 6.05 | % | ||||||
S&P Banks Select Industry Index | 5.52 | % | 7.56 | % | 5.99 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. BanksSM Index | 10.49 | % | 8.15 | % | 7.76 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Banks | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Western Alliance Bancorp | 1.8 | % | ||
Zions Bancorp NA | 1.8 | % | ||
Citizens Financial Group, Inc. | 1.8 | % | ||
Comerica, Inc. | 1.8 | % | ||
Regions Financial Corp. | 1.8 | % |
S&P Banks Select Industry Index – Composition
% of Index | ||||
Regional Banks | 65 | % | ||
Diversified Banks | 17 | % | ||
Other Diversified Financial Services | 8 | % | ||
Commercial & Residential Mortgage Finance | 7 | % | ||
Asset Management & Custody Banks | 3 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones US BanksSM Index to the S&P Banks Select Industry Index. The advisor believes that the benchmark change will align the Fund with a leading S&P industry index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
10 :: ProFund VP Bear :: Management Discussion of Fund Performance
ProFund VP Bear (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P 500® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -15.27%. For the same period, the Index had a total return of 26.29%1 and a volatility of 13.09%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Bear from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Bear | -15.27 | % | -15.58 | % | -12.62 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Bear | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | (18 | )% | ||
Swap Agreements | (82 | )% | ||
Total Exposure | (100 | )% |
"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 VP Bear primarily invests in nonequity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Financials | 13 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 11 | % | ||
Industrials | 9 | % | ||
Communication Services | 9 | % | ||
Consumer Staples | 6 | % | ||
Energy | 4 | % | ||
Real Estate | 3 | % | ||
Materials | 2 | % | ||
Utilities | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Biotechnology :: 11
ProFund VP Biotechnology (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P Biotechnology Select Industry Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 10.14%. For the same period, the Index had a total return of 7.76%2 and a volatility of 28.83%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the biotechnology segment of the S&P Total Market Index, which comprises the following sub-industry: biotechnology.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Biotechnology from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Biotechnology | 10.14 | % | 9.59 | % | 7.42 | % | ||||||
S&P Biotechnology Select Industry Index | 7.76 | % | 4.58 | % | 7.65 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. BiotechnologySM Index | 3.14 | % | 9.67 | % | 8.35 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Biotechnology | 1.63 | % | 1.63 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Cytokinetics, Inc. | 2.8 | % | ||
Karuna Therapeutics, Inc. | 1.7 | % | ||
ACADIA Pharmaceuticals, Inc. | 1.7 | % | ||
Biohaven, Ltd. | 1.5 | % | ||
Amicus Therapeutics, Inc. | 1.4 | % |
S&P Biotechnology Select Industry Index – Composition
% of Index | ||||
Biotechnology | 100 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. BiotechnologySM Index to the S&P Biotechnology Select Industry Index. The advisor believes that the benchmark change will align the Fund with a leading S&P industry index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
12 :: ProFund VP Bull :: Management Discussion of Fund Performance
ProFund VP Bull (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500® (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 23.74%. For the same period, the Index had a total return of 26.29%1 and a volatility of 13.09%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Bull from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Bull | 23.74 | % | 13.41 | % | 9.84 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Bull | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 77 | % | ||
Futures Contracts | 5 | % | ||
Swap Agreements | 18 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 5.4 | % | ||
Microsoft Corp. | 5.4 | % | ||
Alphabet, Inc. | 2.9 | % | ||
Amazon.com, Inc. | 2.7 | % | ||
NVIDIA Corp. | 2.3 | % |
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Financials | 13 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 11 | % | ||
Industrials | 9 | % | ||
Communication Services | 9 | % | ||
Consumer Staples | 6 | % | ||
Energy | 4 | % | ||
Real Estate | 3 | % | ||
Materials | 2 | % | ||
Utilities | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Communication Services :: 13
ProFund VP Communication Services (the "Fund") (formerly known as ProFund VP Telecommunications) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Communication Services Select Sector Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 31.82%. For the same period, the Index had a total return of 53.04%2 and a volatility of 19.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index measures the performance of the communication services sector of the S&P 500®. The index includes equity securities of companies from the following industries: diversified telecommunication services; wireless telecommunications services; media; entertainment; and interactive media & services.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Communication Services from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Communication Services | 31.82 | % | 7.80 | % | 4.15 | % | ||||||
S&P Communication Services Select Sector Index | 53.04 | % | 13.06 | % | 10.98 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Select TelecommunicationsSM Index | 7.33 | % | 4.74 | % | 2.34 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Communication Services | 1.73 | % | 1.68 | % | ||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Meta Platforms, Inc. | 23.0 | % | ||
Alphabet, Inc. | 22.3 | % | ||
Netflix, Inc. | 4.5 | % | ||
Charter Communications, Inc. | 4.5 | % | ||
Comcast Corp. | 4.4 | % |
S&P Communication Services Select Sector Index – Composition
% of Index | ||||
Interactive Media & Services | 48 | % | ||
Entertainment | 22 | % | ||
Media | 17 | % | ||
Diversified Telecommunication Services | 9 | % | ||
Wireless Telecommunication Services | 4 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. TelecommunicationsSM Index to the S&P Communication Services Select Sector Index. The Fund's change in benchmark also resulted in the renaming of the Fund from ProFund VP Telecommunications to Profund VP Communication Services. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
14 :: ProFund VP Consumer Discretionary :: Management Discussion of Fund Performance
ProFund VP Consumer Discretionary (the "Fund") (formerly know as ProFund VP Consumer Services) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Consumer Discretionary Select Sector Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 32.05%. For the same period, the Index had a return of 39.81%2 and a volatility of 19.95%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-half times the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the consumer discretionary sector of the S&P 500®. The Index includes equity securities of companies from the following industries: automobile components; automobiles; household durables; leisure products; textiles; apparel & luxury goods; hotels, restaurants, & leisure; diversifies consumer services; distributors; broadline retail; and specialty retail.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Consumer Discretionary from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Consumer Discretionary | 32.05 | % | 9.78 | % | 8.82 | % | ||||||
S&P Consumer Discretionary Select Sector Index | 39.81 | % | 13.76 | % | 11.81 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Consumer ServicesSM Index | 34.07 | % | 11.52 | % | 10.61 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Consumer Discretionary | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Amazon.com, Inc. | 22.7 | % | ||
Tesla, Inc. | 17.7 | % | ||
McDonald's Corp. | 4.5 | % | ||
The Home Depot, Inc. | 4.5 | % | ||
NIKE, Inc. | 3.8 | % |
S&P Consumer Discretionary Select Sector Index – Composition
% of Index | ||||
Retailing | 47 | % | ||
Consumer Services | 22 | % | ||
Automobiles & Components | 21 | % | ||
Consumer Durables & Apparel | 10 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. Consumer ServicesSM Index to the S&P Consumer Discretionary Select Sector Index. The Fund's change in benchmark also resulted in the renaming of the Fund from ProFund VP Consumer Services to Profund VP Consumer Discretionary. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Consumer Staples :: 15
ProFund VP Consumer Staples (the "Fund") (formerly known as ProFunds VP Consumer Goods) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Consumer Staples Select Sector Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 3.92%. For the same period, the Index had a return of -0.79%2 and a volatility of 11.30%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the consumer staples sector of the S&P 500®. The index includes equity securities of companies from the following industries: consumer staples distribution & retail; beverages; food products; tobacco; household products; and personal care products.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Consumer Staples from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Consumer Staples | 3.92 | % | 9.20 | % | 6.11 | % | ||||||
S&P Consumer Staples Select Sector Index | -0.79 | % | 10.23 | % | 8.27 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Consumer GoodsSM Index | 13.85 | % | 12.73 | % | 8.73 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Consumer Staples | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 97 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
The Procter & Gamble Co. | 13.7 | % | ||
Costco Wholesale Corp. | 11.6 | % | ||
PepsiCo, Inc. | 9.2 | % | ||
The Coca-Cola Co. | 9.1 | % | ||
Walmart, Inc. | 4.5 | % |
S&P Consumer Staples Select Sector Index – Composition
% of Index | ||||
Food, Beverage & Tobacco | 50 | % | ||
Food & Staples Retailing | 26 | % | ||
Household & Personal Products | 24 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. Consumer GoodsSM Index to the S&P Consumer Staples Select Sector Index. The Fund's change in benchmark also resulted in the renaming of the Fund from ProFund VP Consumer Goods to ProFund VP Consumer Staples. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
16 :: ProFund VP Dow 30 :: Management Discussion of Fund Performance
ProFund VP Dow 30 (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Industrial Average® (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 13.54%. For the same period, the Index had a total return of 16.18%1 and a volatility of 11.39%. For the year, the Fund achieved an average daily statistical correlation of 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a price-weighted index. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. Components are selected through a discretionary process with no pre-determined criteria except that components should be established U.S. companies that are leaders in their industries, have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and accurately represents the sectors covered by the average. The Index is not limited to traditionally defined industrial stocks. Instead, the Index serves as a measure of the entire U.S. market, covering such diverse industries as financial services, technology, retail, entertainment, and consumer goods. Composition changes are rare, and generally occur only after corporate acquisitions or other dramatic shifts in a component's core business. When such an event necessitates that one component be replaced, the entire Index is reviewed.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Dow 30 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Dow 30 | 13.54 | % | 9.80 | % | 8.01 | % | ||||||
Dow Jones Industrial Average® | 16.18 | % | 12.47 | % | 11.08 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Dow 30 | 1.57 | % | 1.57 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Holdings
The ProFund VP Dow 30 primarily invests in nonequity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average® – Composition
% of Index | ||||
Financials | 21 | % | ||
Information Technology | 19 | % | ||
Health Care | 19 | % | ||
Industrials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 7 | % | ||
Energy | 3 | % | ||
Communication Services | 2 | % | ||
Materials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Emerging Markets :: 17
ProFund VP Emerging Markets (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P Emerging 50 ADR Index (USD) (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 15.31%. For the same period, the Index had a total return of 17.23%1 and a volatility of 19.80%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to that of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of an emerging market country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. As of December 31, 2023, the Index consists of companies from the following emerging market countries: Brazil, Chile, China, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Emerging Markets from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Emerging Markets | 15.31 | % | 4.52 | % | 2.24 | % | ||||||
S&P Emerging 50 ADR Index (USD) | 17.23 | % | 6.05 | % | 3.79 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Emerging Markets | 1.78 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 91 | % | ||
Swap Agreements | 9 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 18.3 | % | ||
Alibaba Group Holding, Ltd. | 8.9 | % | ||
HDFC Bank, Ltd. | 7.7 | % | ||
PDD Holdings, Inc. | 6.2 | % | ||
Petroleo Brasileiro S.A. | 4.1 | % |
S&P Emerging 50 ADR Index (USD) – Composition
Industry Breakdown | % of Index | |||
Information Technology | 28 | % | ||
Consumer Discretionary | 23 | % | ||
Financials | 19 | % | ||
Materials | 9 | % | ||
Communication Services | 8 | % | ||
Energy | 5 | % | ||
Consumer Staples | 3 | % | ||
Industrials | 2 | % | ||
Health Care | 1 | % | ||
Utilities | 1 | % | ||
Real Estate | 1 | % |
Country Composition | ||||
China | 31 | % | ||
Taiwan | 24 | % | ||
India | 18 | % | ||
Brazil | 15 | % | ||
Other | 12 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
18 :: ProFund VP Energy :: Management Discussion of Fund Performance
ProFund VP Energy (the “Fund”) (formerly known as ProFund VP Oil & Gas) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Energy Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of -2.49%. For the same period, the Index had a total return of -0.59%2 and a volatility of 22.90%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the energy sector of the S&P 500®. The index includes equity securities of companies from the following industries: energy equipment & services and oil & gas consumable fuels.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Energy from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Energy | -2.49 | % | 10.93 | % | 0.96 | % | ||||||
S&P Energy Select Sector Index | -0.59 | % | 13.57 | % | 3.51 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Oil & GasSM Index | -1.04 | % | 12.82 | % | 2.68 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Energy | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Exxon Mobil Corp. | 22.0 | % | ||
Chevron Corp. | 17.2 | % | ||
ConocoPhillips | 9.1 | % | ||
EOG Resources, Inc. | 4.6 | % | ||
Schlumberger N.V. | 4.6 | % |
S&P Energy Select Sector Index – Composition
% of Index | ||||
Oil, Gas & Consumable Fuels | 91 | % | ||
Energy Equipment & Services | 9 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. Oil & GasSM Index to the S&P Energy Select Sector Index. The Fund’s change in benchmark also resulted in the renaming of the fund from ProFund VP Oil & Gas to ProFund VP Energy. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Europe 30 :: 19
ProFund VP Europe 30 (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Europe 30 Index® (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 17.47%. For the same period, the Index had a price return of 15.29%1 and a volatility of 13.51%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index, created by ProFund Advisors, is composed of companies whose principal offices are located in Europe and whose securities are traded on U.S. exchanges or on Nasdaq as depositary receipts or ordinary shares and meet certain liquidity requirements. The component companies included in the Index are the 30 most liquid companies based upon their U.S. dollar-traded volume. Their relative weights are determined using a modified market capitalization method. The Index is reconstituted annually. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Europe 30 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Europe 30 | 17.47 | % | 7.60 | % | 2.67 | % | ||||||
ProFunds Europe 30 Index® | 15.29 | % | 6.33 | % | 1.03 | % | ||||||
STOXX Europe 50® Index | 19.17 | % | 10.46 | % | 4.27 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Europe 30 | 1.75 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Shell PLC | 5.8 | % | ||
ASML Holding N.V. | 5.4 | % | ||
SAP SE | 5.3 | % | ||
TotalEnergies SE | 4.9 | % | ||
HSBC Holdings PLC | 4.8 | % |
ProFunds Europe 30® Index – Composition
Industry Breakdown | % of Index | |||
Energy | 21 | % | ||
Information Technology | 19 | % | ||
Health Care | 18 | % | ||
Consumer Staples | 14 | % | ||
Financials | 10 | % | ||
Materials | 7 | % | ||
Industrials | 6 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Country Composition | ||||
United Kingdom | 46 | % | ||
France | 12 | % | ||
Netherlands | 11 | % | ||
Germany | 8 | % | ||
Other | 23 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table DO NOT reflect the theoretical reinvestment of dividends on securities in the Index nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
3 | The STOXX Europe 50® Index is a capitalization-weighted index of 50 European blue-chip stocks. The graph and table reflect the theoretical reinvestment of dividends in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly in an index. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
20 :: ProFund VP Falling U.S. Dollar :: Management Discussion of Fund Performance
ProFund VP Falling U.S. Dollar (the “Fund”) 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 (the “Index”). The Index measures the performance of the U.S. dollar against a basket of six major world currencies (the “Benchmark”). For the year ended December 31, 2023, the Fund had a total return of 3.25%. For the same period, the Index had a price return of -2.12%1 and a volatility of 6.78%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the daily return of the Benchmark. The currencies and their weightings are: Euro 57%; Japanese yen 14%; British pound 12%; Canadian dollar 9%; Swedish krona 4% and Swiss franc 4%. The Fund is designed to benefit from a decline in the value of the U.S. dollar against the value of the currencies included in the Benchmark. Accordingly, as the value of the U.S. dollar depreciates (i.e., “falls”) versus the Benchmark, the performance of the Fund generally should be expected to increase. As the value of the U.S. dollar appreciates versus the Benchmark, the performance of the Fund generally should be expected to decline. The Fund does not normally provide investment returns that match the inverse of the Index.
During the year ended December 31, 2023, the Fund invested in forward currency contracts to gain exposure to the Benchmark. These derivatives generally tracked the performance of their underlying benchmark. The Fund entered into forward currency contracts with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Falling U.S. Dollar from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Falling U.S. Dollar | 3.25 | % | -2.38 | % | -3.97 | % | ||||||
U.S. Dollar Index | -2.12 | % | 1.06 | % | 2.39 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Falling U.S. Dollar | 2.41 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Forward Currency Contracts | (101 | )% | ||
Total Exposure | (101 | )% |
“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 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 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table DO NOT reflect the theoretical reinvestment of dividends nor the impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
3 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. It is not possible to invest directly into an index. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Financials :: 21
ProFund VP Financials (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Financial Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 13.88%. For the same period, the Index had a return of 12.15%2 and a volatility of 16.29%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The index represents the financials sector of the S&P 500®. The index includes equity securities of companies from the following industries: banks; financial services; consumer finance; capital markets; mortgage real estate investment trusts (REITs); and insurance.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Financials from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Financials | 13.88 | % | 9.98 | % | 8.13 | % | ||||||
S&P Financial Select Sector Index | 12.15 | % | 11.97 | % | 10.05 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. FinancialsSM Index | 16.07 | % | 11.82 | % | 9.90 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Financials | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 99 | % | ||
Swap Agreements | 2 | % | ||
Total Exposure | 101 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Berkshire Hathaway, Inc. | 12.3 | % | ||
JPMorgan Chase & Co. | 9.3 | % | ||
Visa, Inc. | 7.9 | % | ||
Mastercard, Inc. | 6.7 | % | ||
Bank of America Corp. | 4.4 | % |
S&P Financial Select Sector Index – Composition
% of Index | ||||
Diversified Financials | 59 | % | ||
Banks | 25 | % | ||
Insurance | 16 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. FinancialsSM Index to the S&P Financial Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
22 :: ProFund VP Government Money Market :: Management Discussion of Fund Performance
ProFund VP Government Money Market (the “Fund”) seeks, as its investment objective, a high level of current income consistent with liquidity and preservation of capital. For the year ended December 31, 2023, the Fund returned 4.15%. The Fund’s seven-day yield, as of December 31, 2023, was 4.44%1.
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
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligations | 51 | % | ||
Repurchase Agreements | 48 | % | ||
Total Exposure | 99 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The seven-day yield quotation more closely reflects the current earnings of the government money market fund than the total return quotation. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Health Care :: 23
ProFund VP Health Care (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Health Care Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 0.82%. For the same period, the Index had a return of 2.06%2 and a volatility of 11.55%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The index represents the health care sector of the S&P 500®. The index includes equity securities of companies from the following industries: health care equipment & supplies, health care providers & services; health care technology; biotechnology; pharmaceuticals; and life science tools & services.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Health Care from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Health Care | 0.82 | % | 9.48 | % | 9.49 | % | ||||||
S&P Health Care Select Sector Index | 2.06 | % | 11.59 | % | 11.35 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Health CareSM Index | 1.88 | % | 11.09 | % | 11.18 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Health Care | 1.69 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
UnitedHealth Group, Inc. | 9.4 | % | ||
Eli Lilly & Co. | 8.9 | % | ||
Johnson & Johnson | 7.3 | % | ||
Merck & Co., Inc. | 5.3 | % | ||
AbbVie, Inc. | 5.3 | % |
S&P Health Care Select Sector Index – Composition
% of Index | ||||
Pharmaceuticals | 30 | % | ||
Health Care Providers & Services | 23 | % | ||
Health Care Equipment & Supplies | 20 | % | ||
Biotechnology | 16 | % | ||
Life Sciences Tools & Services | 11 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. Health CareSM Index to the S&P Health Care Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
24 :: ProFund VP Industrials :: Management Discussion of Fund Performance
ProFund VP Industrials (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Industrials Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 16.30%. For the same period, the Index had a total return of 18.13%2 and a volatility of 14.74%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the industrials sector of the S&P 500®. The Index includes equity securities of companies from the following industries: aerospace & defense; building products; construction & engineering; electrical equipment; industrial conglomerates; machinery; trading companies & distributors; commercial services & supplies; professional services; air freight & logistics; passenger airlines; marine transportation; ground transportation; and transportation infrastructure.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Industrials from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Industrials | 16.30 | % | 11.72 | % | 8.34 | % | ||||||
S&P Industrials Select Sector Index | 18.13 | % | 14.21 | % | 10.32 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. IndustrialsSM Index | 19.75 | % | 13.80 | % | 10.27 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Industrials | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Caterpillar, Inc. | 4.2 | % | ||
Union Pacific Corp. | 4.1 | % | ||
The Boeing Co. | 4.1 | % | ||
General Electric Co. | 3.8 | % | ||
Honeywell International, Inc. | 3.8 | % |
S&P Industrials Select Sector Index – Composition
% of Index | ||||
Capital Goods | 66 | % | ||
Transportation | 20 | % | ||
Commercial & Professional Services | 14 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. IndustrialsSM Index to the S&P Industrials Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP International :: 25
ProFund VP International (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index® (the “Index”). Since the foreign markets are not open when this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related futures contracts traded in the United States. For the year ended December 31, 2023, the Fund had a total return of 15.55%. For the same period, the Index had a total return of 18.24%1 and a volatility of 12.50%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to that of the daily performance of the U.S.-traded MSCI EAFE futures contract.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index includes 85% of free-float adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada. As of December 31, 2023, the Index has constituent companies from the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Index levels and the price of the related futures contracts are expressed in U.S. dollar terms and as such they should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP International from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP International | 15.55 | % | 5.62 | % | 1.71 | % | ||||||
MSCI EAFE Index® | 18.24 | % | 8.16 | % | 4.28 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP International | 1.68 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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 | 20 | % | ||
Industrials | 16 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 12 | % | ||
Consumer Staples | 9 | % | ||
Information Technology | 9 | % | ||
Materials | 8 | % | ||
Energy | 4 | % | ||
Communication Services | 4 | % | ||
Utilities | 3 | % | ||
Real Estate | 2 | % | ||
Country Composition | ||||
Japan | 22 | % | ||
United Kingdom | 15 | % | ||
France | 12 | % | ||
Switzerland | 10 | % | ||
Germany | 9 | % | ||
Other | 32 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded MSCI EAFE futures contract and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
26 :: ProFund VP Internet :: Management Discussion of Fund Performance
ProFund VP Internet (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Internet CompositeSM Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 49.85%. For the same period, the Index had a total return of 52.23%1 and a volatility of 23.46%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index measures the performance of stocks in the U.S. equity markets that generate the majority of their revenues from the Internet. The Index is composed of two sub-groups: Internet Commerce, which includes companies that derive the majority of their revenues from providing goods and/or services through an open network, such as a web site, and Internet Services, which includes companies that derive the majority of their revenues from providing access to the Internet or providing services to people using the Internet.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Internet from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Internet | 49.85 | % | 8.64 | % | 10.74 | % | ||||||
Dow Jones Internet CompositeSM Index | 52.23 | % | 10.45 | % | 12.62 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Internet | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Swap Agreements | 0 | %(a) | ||
Total Exposure | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
(a) | Amount is less than 0.5%. |
Largest Equity Holdings
Company | % of Net Assets | |||
Alphabet, Inc. | 9.9 | % | ||
Amazon.com, Inc. | 9.3 | % | ||
Meta Platforms, Inc. | 7.7 | % | ||
Salesforce, Inc. | 5.0 | % | ||
Netflix, Inc. | 4.7 | % |
Dow Jones Internet CompositeSM Index – Composition
% of Index | ||||
Interactive Media & Services | 22 | % | ||
Software | 22 | % | ||
Multiline Retail | 13 | % | ||
IT Services | 11 | % | ||
Communications Equipment | 11 | % | ||
Entertainment | 7 | % | ||
Hotels, Restaurants & Leisure | 7 | % | ||
Diversified Financial Services | 3 | % | ||
Health Care Technology | 3 | % | ||
Specialty Retail | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
3 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Japan :: 27
ProFund VP Japan (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Nikkei 225 Stock Average (the “Index”). Since the Japanese markets are not open when this Fund values its shares, it determines its success in meeting this investment objective by comparing its daily return on a given day with the daily performance of related, dollar-denominated futures contracts traded in the United States. For the year ended December 31, 2023, the Fund had a total return of 34.51%. For the same period, the Index had a total return of 22.56%1, as measured in unhedged U.S. dollar terms, or 30.96%1 in local (Japanese yen) terms and a volatility of 15.99%. The U.S. dollar-denominated Nikkei futures contracts held in the Fund are not directly impacted by the dollar/yen exchange rate, which may cause the Fund to over or underperform versus the performance of the Index measured in unhedged U.S. dollar terms, depending upon whether the U.S. dollar rises or falls in value versus the yen. During the year, the Fund was generally not exposed to fluctuations in the dollar/yen exchange rate. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the U.S.-traded U.S. dollar-denominated futures contract on the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a modified price-weighted index of the 225 most actively traded and liquid Japanese stocks traded in the First Section of the Tokyo Stock Exchange.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of the investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Japan from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Japan | 34.51 | % | 11.86 | % | 7.23 | % | ||||||
Nikkei 225 Stock Average - USD | 22.56 | % | 7.54 | % | 6.38 | % | ||||||
Nikkei 225 Stock Average - Yen | 30.96 | % | 13.07 | % | 9.55 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Japan | 1.69 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | 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 instruments used for cash management.
Holdings
The ProFund VP Japan primarily invests in nonequity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nikkei 225 Stock Average – Composition
% of Index | ||||
Information Technology | 25 | % | ||
Consumer Discretionary | 21 | % | ||
Industrials | 19 | % | ||
Health Care | 10 | % | ||
Communication Services | 9 | % | ||
Materials | 6 | % | ||
Consumer Staples | 5 | % | ||
Financials | 3 | % | ||
Real Estate | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends in the Index. Unhedged U.S. dollar performance is calculated by converting U.S. dollars to yen at the beginning of the period and to U.S. dollars at the end of the period. “Local (yen)” returns are theoretical Index returns experienced by local residents living in Japan. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded U.S. dollar-denominated futures contract on the index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
28 :: ProFund VP Large-Cap Growth :: Management Discussion of Fund Performance
ProFund VP Large-Cap Growth (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500® Growth Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 27.86%. For the same period, the Index had a total return of 30.03%1 and a volatility of 13.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap U.S. equity “growth” performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P 500® that have been identified as being on the growth end of the growth-value spectrum.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Large-Cap Growth from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Large-Cap Growth | 27.86 | % | 14.21 | % | 11.39 | % | ||||||
S&P 500® Growth Index | 30.03 | % | 16.23 | % | 13.35 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Large-Cap Growth | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 13.2 | % | ||
Microsoft Corp. | 13.1 | % | ||
Alphabet, Inc. | 7.2 | % | ||
Amazon.com, Inc. | 6.5 | % | ||
NVIDIA Corp. | 5.7 | % |
S&P 500® Growth Index – Composition
% of Index | ||||
Information Technology | 47 | % | ||
Consumer Discretionary | 15 | % | ||
Communication Services | 12 | % | ||
Health Care | 7 | % | ||
Industrials | 7 | % | ||
Financials | 5 | % | ||
Consumer Staples | 3 | % | ||
Energy | 2 | % | ||
Materials | 1 | % | ||
Real Estate | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Large-Cap Value :: 29
ProFund VP Large-Cap Value (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500® Value Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 20.09%. For the same period, the Index had a total return of 22.23%1 and a volatility of 13.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap U.S. equity “value” performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P 500® that have been identified as being on the value end of the growth-value spectrum.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Large-Cap Value from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Large-Cap Value | 20.09 | % | 12.27 | % | 8.19 | % | ||||||
S&P 500® Value Index | 22.23 | % | 14.11 | % | 10.01 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Large-Cap Value | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Berkshire Hathaway, Inc. | 3.5 | % | ||
JPMorgan Chase & Co. | 2.6 | % | ||
Exxon Mobil Corp. | 2.1 | % | ||
Johnson & Johnson | 2.0 | % | ||
UnitedHealth Group, Inc. | 1.6 | % |
S&P 500® Value Index – Composition
% of Index | ||||
Financials | 22 | % | ||
Health Care | 19 | % | ||
Industrials | 11 | % | ||
Consumer Staples | 10 | % | ||
Information Technology | 8 | % | ||
Energy | 6 | % | ||
Consumer Discretionary | 6 | % | ||
Utilities | 5 | % | ||
Communication Services | 5 | % | ||
Real Estate | 4 | % | ||
Materials | 4 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
30 :: ProFund VP Materials :: Management Discussion of Fund Performance
ProFund VP Materials (the “Fund”) (formerly known as ProFund VP Basic Materials) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Materials Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 12.38%. For the same period, the Index had a total return of 12.54%2 and a volatility of 16.78%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the materials sector of the S&P 500®. The Index includes equity securities of companies from the following industries: chemicals; construction materials; containers & packaging; metals & mining; and paper & forest products.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Materials from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Materials | 12.38 | % | 11.96 | % | 6.33 | % | ||||||
S&P Materials Select Sector Index | 12.54 | % | 13.51 | % | 8.63 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Basic MaterialsSM Index | 11.01 | % | 13.19 | % | 7.81 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Materials | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Linde PLC | 20.4 | % | ||
The Sherwin-Williams Co. | 7.5 | % | ||
Freeport-McMoRan, Inc. | 6.3 | % | ||
Air Products and Chemicals, Inc. | 6.2 | % | ||
Ecolab, Inc. | 5.2 | % |
S&P Materials Select Sector Index – Composition
% of Index | ||||
Chemicals | 68 | % | ||
Metals & Mining | 17 | % | ||
Containers & Packaging | 9 | % | ||
Construction Materials | 6 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. Basic MaterialsSM Index to the S&P Materials Select Sector Index. The Fund’s change in benchmark also resulted in the renaming of the Fund from ProFund VP Basic Materials to ProFund VP Materials. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Mid-Cap :: 31
ProFund VP Mid-Cap (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 13.83%. For the same period, the Index had a total return of 16.44%1 and a volatility of 17.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Mid-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap | 13.83 | % | 10.12 | % | 6.88 | % | ||||||
S&P MidCap 400® | 16.44 | % | 12.62 | % | 9.27 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Mid-Cap | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | 14 | % | ||
Swap Agreements | 86 | % | ||
Total Exposure | 100 | % |
“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 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® – Composition
% of Index | ||||
Industrials | 21 | % | ||
Financials | 16 | % | ||
Consumer Discretionary | 16 | % | ||
Information Technology | 10 | % | ||
Real Estate | 8 | % | ||
Health Care | 8 | % | ||
Materials | 7 | % | ||
Energy | 5 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
32 :: ProFund VP Mid-Cap Growth :: Management Discussion of Fund Performance
ProFund VP Mid-Cap Growth (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® Growth Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 15.56%. For the same period, the Index had a total return of 17.49%1 and a volatility of 16.15%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity “growth” performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P MidCap 400® that have been identified as being on the growth end of the growth-value spectrum.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Mid-Cap Growth from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap Growth | 15.56 | % | 10.09 | % | 7.28 | % | ||||||
S&P MidCap 400® Growth Index | 17.49 | % | 11.91 | % | 9.04 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Mid-Cap Growth | 1.76 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Deckers Outdoor Corp. | 1.4 | % | ||
Reliance Steel & Aluminum Co. | 1.3 | % | ||
Carlisle Cos., Inc. | 1.2 | % | ||
GoDaddy, Inc. | 1.2 | % | ||
Graco, Inc. | 1.2 | % |
S&P MidCap 400® Growth Index – Composition
% of Index | ||||
Industrials | 27 | % | ||
Consumer Discretionary | 19 | % | ||
Information Technology | 13 | % | ||
Health Care | 9 | % | ||
Financials | 9 | % | ||
Energy | 6 | % | ||
Materials | 6 | % | ||
Real Estate | 5 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 2 | % | ||
Communication Services | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Mid-Cap Value :: 33
ProFund VP Mid-Cap Value (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® Value Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 13.45%. For the same period, the Index had a total return of 15.39%1 and a volatility of 19.16%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity “value” performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P MidCap 400® that have been identified as being on the value end of the growth-value spectrum.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Mid-Cap Value from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap Value | 13.45 | % | 11.12 | % | 7.41 | % | ||||||
S&P MidCap 400® Value Index | 15.39 | % | 12.91 | % | 9.17 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Mid-Cap Value | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
WP Carey, Inc. | 1.1 | % | ||
Fidelity National Financial, Inc. | 1.0 | % | ||
United States Steel Corp. | 0.9 | % | ||
Performance Food Group Co. | 0.9 | % | ||
Reinsurance Group of America, Inc. | 0.8 | % |
S&P MidCap 400® Value Index – Composition
% of Index | ||||
Financials | 24 | % | ||
Industrials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Real Estate | 11 | % | ||
Materials | 8 | % | ||
Information Technology | 7 | % | ||
Health Care | 6 | % | ||
Consumer Staples | 5 | % | ||
Utilities | 5 | % | ||
Energy | 4 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
34 :: ProFund VP Nasdaq-100 :: Management Discussion of Fund Performance
ProFund VP Nasdaq-100 (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Nasdaq-100® Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 52.17%. For the same period, the Index had a total return of 55.13%1 and a volatility of 18.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Nasdaq-100 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Nasdaq-100 | 52.17 | % | 20.09 | % | 15.51 | % | ||||||
Nasdaq-100® Index | 55.13 | % | 22.66 | % | 17.91 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Nasdaq-100 | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 66 | % | ||
Futures Contracts | 12 | % | ||
Swap Agreements | 22 | % | ||
Total Exposure | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 6.1 | % | ||
Microsoft Corp. | 5.7 | % | ||
Alphabet, Inc. | 3.3 | % | ||
Amazon.com, Inc. | 3.2 | % | ||
Broadcom, Inc. | 2.8 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 50 | % | ||
Communication Services | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 7 | % | ||
Industrials | 5 | % | ||
Utilities | 1 | % | ||
Financials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Pharmaceuticals :: 35
ProFund VP Pharmaceuticals (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Pharmaceuticals Select Industry Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of -5.49%. For the same period, the Index had a total return of 2.77%2 and a volatility of 17.73%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the pharmaceuticals segment of the S&P Total Market Index, which comprises the following sub-industry: pharmaceuticals.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Pharmaceuticals from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Pharmaceuticals | -5.49 | % | 4.83 | % | 4.63 | % | ||||||
S&P Pharmaceuticals Select Industry Index | 2.77 | % | 3.58 | % | 1.43 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Select PharmaceuticalsSM Index | 1.25 | % | 7.68 | % | 6.42 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Pharmaceuticals | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 100 | % | ||
Swap Agreements | 1 | % | ||
Total Exposure | 101 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Organon & Co. | 5.3 | % | ||
Catalent, Inc. | 4.9 | % | ||
Intra-Cellular Therapies, Inc. | 4.8 | % | ||
Elanco Animal Health, Inc. | 4.7 | % | ||
Axsome Therapeutics, Inc. | 4.6 | % |
S&P Pharmaceuticals Select Industry Index – Composition
% of Index | ||||
Pharmaceuticals | 100 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. Select PharmaceuticalsSM Index to the S&P Pharmaceuticals Select Industry Index. The advisor believes that the benchmark change will align the Fund with a leading S&P industry index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
36 :: ProFund VP Precious Metals :: Management Discussion of Fund Performance
ProFund VP Precious Metals (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Precious MetalsSM Index (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 1.48%. For the same period, the Index had a return of 4.30%1 and a volatility of 28.68%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index measures the performance of the precious metals mining sector. Component companies include, among others, leading miners and producers of gold, silver and platinum-group metals whose securities are available to U.S. investors during U.S. trading hours.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Precious Metals from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Precious Metals | 1.48 | % | 8.30 | % | 0.78 | % | ||||||
Dow Jones Precious MetalsSM Index | 4.30 | % | 11.12 | % | 3.38 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Precious Metals | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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 | 92 | % | ||
Silver | 6 | % | ||
Precious Metals & Minerals | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
3 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Real Estate :: 37
ProFund VP Real Estate (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P Real Estate Select Sector Index1 (the “Index”). For the year ended December 31, 2023, the Fund had a total return of 9.73%. For the same period, the Index had a total return of 12.36%2 and a volatility of 20.10%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the real estate sector of the S&P 500®. The Index includes equity securities of companies from the following industries: diversified real estate investment trusts (“REITs”); industrial REITs; hotel & resort REITs; office REITs; health care REITs; residential REITs; retail REITs; specialized REITs; and real estate management & development.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund’s advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Real Estate from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Real Estate | 9.73 | % | 5.58 | % | 5.89 | % | ||||||
S&P Real Estate Select Sector Index | 12.36 | % | 8.92 | % | 8.86 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. Real EstateSM Index | 12.25 | % | 7.35 | % | 7.70 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Real Estate | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 97 | % | ||
Swap Agreements | 4 | % | ||
Total Exposure | 101 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Prologis, Inc. | 11.8 | % | ||
American Tower Corp. | 9.7 | % | ||
Equinix, Inc. | 7.3 | % | ||
Crown Castle, Inc. | 4.8 | % | ||
Welltower, Inc. | 4.8 | % |
S&P Real Estate Select Sector Index – Composition
% of Index | ||||
Specialized REITs | 46 | % | ||
Industrial REITs | 12 | % | ||
Residential REITs | 12 | % | ||
Retail REITs | 12 | % | ||
Health Care REITs | 8 | % | ||
Real Estate Management & Development | 6 | % | ||
Office REITs | 3 | % | ||
Hotel & Resort REITs | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value (“NAV”) will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund’s underlying benchmark index changed from the Dow Jones U.S. Real EstateSM Index to the S&P Real Estate Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
38 :: ProFund VP Rising Rates Opportunity :: Management Discussion of Fund Performance
ProFund VP Rising Rates Opportunity (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the movement of the most recently issued 30-Year U.S. Treasury Bond (the "Long Bond") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day very likely differ in amount, and possibly even direction, from the Fund's stated multiple (-1.25x) times the return of the Long Bond for the same period. For periods longer than a single day, the Fund will lose money if the Long Bond's performance is flat, and it is possible that the Fund will lose money even if the level of the Long Bond falls. For the year ended December 31, 2023, the Fund had a total return of 1.75%. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30-Year Total Return Index1,2, had a total return of 2.41%3 and a volatility of 17.77%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the inverse of the daily price movement of the Long Bond.4
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-quarter times the inverse of the daily price movement of the Long Bond. The Long Bond is the longest term outstanding 30-year bond issued by the U.S. Treasury. As of December 31, 2023, the most recent Long Bond carried a maturity date of 11/15/53 and a 4.75% coupon.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for shorting bonds in order to gain inverse leveraged exposure to the Long Bond. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Rising Rates Opportunity from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Rising Rates Opportunity | 1.75 | % | -0.50 | % | -5.26 | % | ||||||
S&P U.S. Treasury Bond Current 30-Year Total Return Index | 2.41 | % | -2.28 | % | 1.95 | % | ||||||
Ryan Labs Returns Treasury Yield Curve 30 Year Index1 | -3.00 | % | -3.86 | % | 0.97 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Rising Rates Opportunity | 1.66 | % | 1.66 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings
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 instruments 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.
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | In December 2023, the Ryan Labs Returns Treasury Yield Curve 30 Year Index was discontinued and replaced. The Advisor subsequently used the S&P U.S. Treasury Bond Current 30-Year Total Return Index to measure performance of the Long Bond. Total return for the Ryan Labs Returns Treasury Yield Curve 30 Year Index is for the period through the day the index was discontinued. |
2 | The S&P U.S. Treasury Bond Current 30-Year Index is a one-security index comprising the most recently issued 30-year U.S. Treasury bond. This Index reflects both price return and yield. It does not reflect the impact of transaction costs nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. It is not possible to invest directly in an index. |
3 | The Long Bond reflects a yield component. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects a yield component, the impact of transaction and financing costs and the deduction of fees and expenses. |
4 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Long Bond and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Semiconductor :: 39
ProFund VP Semiconductor (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. SemiconductorsSM Index (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 93.66%. For the same period, the Index had a return of 96.95%1 and a volatility of 30.37%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index measures the performance of the semiconductor sector of the U.S. equity market. Component companies are engaged in the production of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and motherboards.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Semiconductor from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Semiconductor | 93.66 | % | 31.28 | % | 22.99 | % | ||||||
Dow Jones U.S. SemiconductorsSM Index | 96.95 | % | 33.51 | % | 25.15 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Semiconductor | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 68 | % | ||
Swap Agreements | 32 | % | ||
Total Exposure | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
NVIDIA Corp. | 24.7 | % | ||
Broadcom, Inc. | 9.9 | % | ||
Advanced Micro Devices, Inc. | 4.8 | % | ||
Intel Corp. | 4.3 | % | ||
QUALCOMM, Inc. | 3.2 | % |
Dow Jones U.S. SemiconductorsSM Index – Composition
% of Index | ||||
Semiconductors & Semiconductor Equipment | 100 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
3 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
40 :: ProFund VP Short Dow 30 :: Management Discussion of Fund Performance
ProFund VP Short Dow 30 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Dow Jones Industrial Average® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -8.01%. For the same period, the Index had a total return of 16.18%1 and a volatility of 11.39%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a price-weighted index. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. Components are selected through a discretionary process with no pre-determined criteria except that components should be established U.S. companies that are leaders in their industries, have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and accurately represents the sectors covered by the average. The Index is not limited to traditionally defined industrial stocks. Instead, the Index serves as a measure of the entire U.S. market, covering such diverse industries as financial services, technology, retail, entertainment, and consumer goods. Composition changes are rare, and generally occur only after corporate acquisitions or other dramatic shifts in a component's core business. When such an event necessitates that one component be replaced, the entire Index is reviewed.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short Dow 30 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Dow 30 | -8.01 | % | -12.98 | % | -11.90 | % | ||||||
Dow Jones Industrial Average® | 16.18 | % | 12.47 | % | 11.08 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Dow 30 | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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® – Composition
% of Index | ||||
Financials | 21 | % | ||
Information Technology | 19 | % | ||
Health Care | 19 | % | ||
Industrials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 7 | % | ||
Energy | 3 | % | ||
Communication Services | 2 | % | ||
Materials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Short Emerging Markets :: 41
ProFund VP Short Emerging Markets (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P Emerging 50 ADR Index (USD) (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -11.78%. For the same period, the Index had a total return of 17.23%1 and a volatility of 19.80%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a free-float adjusted, market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of an emerging market country and who also have depositary receipts that trade on a U.S. exchange or on Nasdaq. As of December 31, 2023, the Index consists of companies from the following emerging market countries: Brazil, Chile, China, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. The Index is expressed in U.S. dollar terms and as such should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short Emerging Markets from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Emerging Markets | -11.78 | % | -11.01 | % | -8.51 | % | ||||||
S&P Emerging 50 ADR Index (USD) | 17.23 | % | 6.05 | % | 3.79 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Emerging Markets | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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 | 23 | % | ||
Financials | 19 | % | ||
Materials | 9 | % | ||
Communication Services | 8 | % | ||
Energy | 5 | % | ||
Consumer Staples | 3 | % | ||
Industrials | 2 | % | ||
Health Care | 1 | % | ||
Utilities | 1 | % | ||
Real Estate | 1 | % |
Country Composition | ||||
China | 31 | % | ||
Taiwan | 24 | % | ||
India | 18 | % | ||
Brazil | 15 | % | ||
Other | 12 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
42 :: ProFund VP Short International :: Management Discussion of Fund Performance
ProFund VP Short International (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index® (the "Index") for a single day, not for any other period. Since the foreign markets are not open when this Fund values its shares, it determines its success in meeting this daily investment objective by comparing its daily return on a given day with the inverse of the daily performance of related futures contracts traded in the United States. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -10.29%. For the same period, the Index had a total return of 18.24%1 and a volatility of 12.50%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the U.S.-traded MSCI EAFE futures contract.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index includes 85% of free-float adjusted, market capitalization in each industry group in developed market countries equity performance, excluding the U.S. and Canada. As of December 31, 2023, the Index has constituent companies from the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Index levels and the price of the related futures contracts are expressed in U.S. dollar terms and as such they should generally reflect the relative movement of the U.S. dollar against the basket of foreign currencies represented by the constituent companies in the Index.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short International from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short International | -10.29 | % | -9.74 | % | -6.49 | % | ||||||
MSCI EAFE Index® | 18.24 | % | 8.16 | % | 4.28 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short International | 1.68 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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 | 20 | % | ||
Industrials | 16 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 12 | % | ||
Consumer Staples | 9 | % | ||
Information Technology | 9 | % | ||
Materials | 8 | % | ||
Energy | 4 | % | ||
Communication Services | 4 | % | ||
Utilities | 3 | % | ||
Real Estate | 2 | % |
Country Composition | ||||
Japan | 22 | % | ||
United Kingdom | 15 | % | ||
France | 12 | % | ||
Switzerland | 10 | % | ||
Germany | 9 | % | ||
Other | 32 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the U.S.-traded MSCI EAFE futures contract and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Short Mid-Cap :: 43
ProFund VP Short Mid-Cap (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P MidCap 400® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -9.35%. For the same period, the Index had a total return of 16.44%1 and a volatility of 17.47%. For the year, the Fund achieved an average daily statistical correlation of 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short Mid-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Mid-Cap | -9.35 | % | -15.32 | % | -11.87 | % | ||||||
S&P MidCap 400® | 16.44 | % | 12.62 | % | 9.27 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Mid-Cap | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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® – Composition
% of Index | ||||
Industrials | 21 | % | ||
Financials | 16 | % | ||
Consumer Discretionary | 16 | % | ||
Information Technology | 10 | % | ||
Real Estate | 8 | % | ||
Health Care | 8 | % | ||
Materials | 7 | % | ||
Energy | 5 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
44 :: ProFund VP Short Nasdaq-100 :: Management Discussion of Fund Performance
ProFund VP Short Nasdaq-100 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Nasdaq-100® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -32.40%. For the same period, the Index had a total return of 55.13%1 and a volatility of 18.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short Nasdaq-100 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Nasdaq-100 | -32.40 | % | -22.40 | % | -18.53 | % | ||||||
Nasdaq-100® Index | 55.13 | % | 22.66 | % | 17.91 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Nasdaq-100 | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | (16 | )% | ||
Swap Agreements | (84 | )% | ||
Total Exposure | (100 | )% |
"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 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 | 50 | % | ||
Communication Services | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 7 | % | ||
Industrials | 5 | % | ||
Utilities | 1 | % | ||
Financials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Short Small-Cap :: 45
ProFund VP Short Small-Cap (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Russell 2000® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-1x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -10.88%. For the same period, the Index had a total return of 16.93%1 and a volatility of 20.02%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as the inverse of the daily return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000® Index or approximately 10% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 97% of the investable U.S. equity market.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for shorting stocks in order to gain inverse exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Short Small-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Small-Cap | -10.88 | % | -14.46 | % | -11.16 | % | ||||||
Russell 2000® Index | 16.93 | % | 9.97 | % | 7.16 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Small-Cap | 1.79 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | (9 | )% | ||
Swap Agreements | (91 | )% | ||
Total Exposure | (100 | )% |
"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 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 | 18 | % | ||
Industrials | 17 | % | ||
Health Care | �� | 15 | % | |
Information Technology | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Energy | 7 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
46 :: ProFund VP Small-Cap :: Management Discussion of Fund Performance
ProFund VP Small-Cap (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000® Index (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 14.91%. For the same period, the Index had a total return of 16.93%1 and a volatility of 20.02%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000® Index or approximately 10% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 97% of the investable U.S. equity market.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as a substitute for investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Small-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap | 14.91 | % | 7.96 | % | 5.15 | % | ||||||
Russell 2000® Index | 16.93 | % | 9.97 | % | 7.16 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Small-Cap | 1.80 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 63 | % | ||
Futures Contracts | 3 | % | ||
Swap Agreements | 33 | % | ||
Total Exposure | 99 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Super Micro Computer, Inc. | 0.3 | % | ||
Simpson Manufacturing Co., Inc. | 0.2 | % | ||
Cytokinetics, Inc. | 0.2 | % | ||
elf Beauty, Inc. | 0.2 | % | ||
MicroStrategy, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Financials | 18 | % | ||
Industrials | 17 | % | ||
Health Care | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Energy | 7 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Small-Cap Growth :: 47
ProFund VP Small-Cap Growth (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600® Growth Index (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 15.19%. For the same period, the Index had a total return of 17.10%1 and a volatility of 13.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of small-cap U.S. equity "growth" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P SmallCap 600® that have been identified as being on the growth end of the growth-value spectrum. Securities are selected for inclusion in the Index by an S&P committee through a process that factors in criteria such as liquidity, price, market capitalization, financial viability, and public float.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Small-Cap Growth from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap Growth | 15.19 | % | 8.56 | % | 7.15 | % | ||||||
S&P Small Cap 600® Growth Index | 17.10 | % | 10.42 | % | 8.96 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Small-Cap Growth | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
elf Beauty, Inc. | 1.4 | % | ||
SPS Commerce, Inc. | 1.2 | % | ||
Fabrinet | 1.2 | % | ||
Applied Industrial Technologies, Inc. | 1.2 | % | ||
Meritage Homes Corp. | 1.1 | % |
S&P SmallCap 600® Growth Index – Composition
% of Index | ||||
Industrials | 21 | % | ||
Consumer Discretionary | 16 | % | ||
Information Technology | 14 | % | ||
Health Care | 11 | % | ||
Financials | 11 | % | ||
Materials | 7 | % | ||
Energy | 6 | % | ||
Real Estate | 5 | % | ||
Consumer Staples | 4 | % | ||
Communication Services | 3 | % | ||
Utilities | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
48 :: ProFund VP Small-Cap Value :: Management Discussion of Fund Performance
ProFund VP Small-Cap Value (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600® Value Index (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 12.94%. For the same period, the Index had a return of 14.89%1 and a volatility of 13.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of small-cap U.S. equity "value" performance. It is an unmanaged, float-adjusted, market capitalization-weighted index comprising stocks representing approximately half the market capitalization of the S&P SmallCap 600® that have been identified as being on the value end of the growth-value spectrum. Securities are selected for inclusion in the Index by an S&P committee through a process that factors in criteria such as liquidity, price, market capitalization, financial viability, and public float.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Small-Cap Value from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap Value | 12.94 | % | 9.51 | % | 6.36 | % | ||||||
S&P SmallCap 600® Value Index | 14.89 | % | 11.31 | % | 8.17 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Small-Cap Value | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Alaska Air Group, Inc. | 0.9 | % | ||
Academy Sports & Outdoors, Inc. | 0.9 | % | ||
Lincoln National Corp. | 0.8 | % | ||
Cytokinetics, Inc. | 0.8 | % | ||
DXC Technology Co. | 0.8 | % |
S&P SmallCap 600® Value Index – Composition
% of Index | ||||
Financials | 27 | % | ||
Industrials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Real Estate | 10 | % | ||
Information Technology | 10 | % | ||
Health Care | 10 | % | ||
Materials | 5 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 2 | % | ||
Energy | 2 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Technology :: 49
ProFund VP Technology (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P Technology Select Sector Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of 57.95%. For the same period, the Index had a total return of 56.13%2 and a volatility of 18.65%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the technology sector of the S&P 500®. The Index includes equity securities of companies from the following industries: IT services; software; communications equipment; technology, hardware, storage & peripherals; electronic equipment, instruments, & components; and semiconductors & semiconductor equipment.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Technology from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Technology | 57.95 | % | 23.56 | % | 17.85 | % | ||||||
S&P Technology Select Sector Index | 56.13 | % | 26.90 | % | 20.14 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. TechnologySM Index | 65.07 | % | 26.36 | % | 20.16 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Technology | 1.63 | % | 1.63 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Microsoft Corp. | 22.2 | % | ||
Apple, Inc. | 21.8 | % | ||
Broadcom, Inc. | 5.1 | % | ||
NVIDIA Corp. | 4.5 | % | ||
Adobe, Inc. | 2.9 | % |
S&P Technology Select Sector Index – Composition
% of Index | ||||
Software & Services | 45 | % | ||
Technology Hardware & Equipment | 29 | % | ||
Semiconductors & Semiconductor Equipment | 26 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. TechnologySM Index to the S&P Technology Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
50 :: ProFund VP UltraBull :: Management Discussion of Fund Performance
ProFund VP UltraBull (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P 500® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index rises. For the year ended December 31, 2023, the Fund had a total return of 45.23%. For the same period, the Index had a total return of 26.29%1 and a volatility of 13.09%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors criteria such as liquidity, price, market capitalization, and financial viability. Reconstitution occurs both on a quarterly and an ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraBull from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraBull | 45.23 | % | 21.83 | % | 16.33 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraBull | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 63 | % | ||
Futures Contracts | 8 | % | ||
Swap Agreements | 129 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 4.4 | % | ||
Microsoft Corp. | 4.4 | % | ||
Alphabet, Inc. | 2.4 | % | ||
Amazon.com, Inc. | 2.2 | % | ||
NVIDIA Corp. | 1.9 | % |
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Financials | 13 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 11 | % | ||
Industrials | 9 | % | ||
Communication Services | 9 | % | ||
Consumer Staples | 6 | % | ||
Energy | 4 | % | ||
Real Estate | 3 | % | ||
Materials | 2 | % | ||
Utilities | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP UltraMid-Cap :: 51
ProFund VP UltraMid-Cap (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the S&P MidCap 400® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index rises. For the year ended December 31, 2023, the Fund had a total return of 22.21%. For the same period, the Index had a total return of 16.44%1 and a volatility of 17.47%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts. Securities are selected for inclusion in the Index through a process that factors criteria such as liquidity, price, market capitalization, financial viability, and public float. Reconstitution occurs both on a quarterly and ongoing basis.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraMid-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraMid-Cap | 22.21 | % | 13.59 | % | 9.93 | % | ||||||
S&P MidCap 400® | 16.44 | % | 12.62 | % | 9.27 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraMid-Cap | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 62 | % | ||
Futures Contracts | 10 | % | ||
Swap Agreements | 128 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Deckers Outdoor Corp. | 0.4 | % | ||
Reliance Steel & Aluminum Co. | 0.4 | % | ||
Carlisle Cos., Inc. | 0.4 | % | ||
GoDaddy, Inc. | 0.4 | % | ||
Graco, Inc. | 0.4 | % |
S&P MidCap 400® – Composition
% of Index | ||||
Industrials | 21 | % | ||
Financials | 16 | % | ||
Consumer Discretionary | 16 | % | ||
Information Technology | 10 | % | ||
Real Estate | 8 | % | ||
Health Care | 8 | % | ||
Materials | 7 | % | ||
Energy | 5 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
52 :: ProFund VP UltraNasdaq-100 :: Management Discussion of Fund Performance
ProFund VP UltraNasdaq-100 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Nasdaq-100® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for longer periods will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index rises. For the year ended December 31, 2023, the Fund had a total return of 115.46%. For the same period, the Index had a total return of 55.13%1 and a volatility of 18.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraNasdaq-100 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraNasdaq-100 | 115.46 | % | 33.86 | % | 27.05 | % | ||||||
Nasdaq-100® Index | 55.13 | % | 22.66 | % | 17.91 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraNasdaq-100 | 1.77 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 67 | % | ||
Futures Contracts | 9 | % | ||
Swap Agreements | 123 | % | ||
Total Exposure | 199 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 6.2 | % | ||
Microsoft Corp. | 5.8 | % | ||
Alphabet, Inc. | 3.4 | % | ||
Amazon.com, Inc. | 3.3 | % | ||
Broadcom, Inc. | 2.8 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 50 | % | ||
Communication Services | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 7 | % | ||
Industrials | 5 | % | ||
Utilities | 1 | % | ||
Financials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP UltraShort Dow 30 :: 53
ProFund VP UltraShort Dow 30 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Dow Jones Industrial Average® (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -18.76%. For the same period, the Index had a total return of 16.18%1 and a volatility of 11.39%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index is a price-weighted index. The Index includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies. Components are selected through a discretionary process with no pre-determined criteria except that components should be established U.S. companies that are leaders in their industries, have an excellent reputation, demonstrate sustained growth, are of interest to a large number of investors, and accurately represents the sectors covered by the average. The Index is not limited to traditionally defined industrial stocks. Instead, the Index serves as a measure of the entire U.S. market, covering such diverse industries as financial services, technology, retail, entertainment, and consumer goods. Composition changes are rare, and generally occur only after corporate acquisitions or other dramatic shifts in a component's core business. When such an event necessitates that one component be replaced, the entire Index is reviewed.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraShort Dow 30 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraShort Dow 30 | -18.76 | % | -27.98 | % | -25.26 | % | ||||||
Dow Jones Industrial Average® | 16.18 | % | 12.47 | % | 11.08 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraShort Dow 30 | 1.37 | % | 1.37 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (200 | )% | ||
Total Exposure | (200 | )% |
"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 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® – Composition
% of Index | ||||
Financials | 21 | % | ||
Information Technology | 19 | % | ||
Health Care | 19 | % | ||
Industrials | 15 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 7 | % | ||
Energy | 3 | % | ||
Communication Services | 2 | % | ||
Materials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
54 :: ProFund VP UltraShort Nasdaq-100 :: Management Discussion of Fund Performance
ProFund VP UltraShort Nasdaq-100 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the return of the Nasdaq-100® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (-2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index falls. For the year ended December 31, 2023, the Fund had a total return of -57.49%. For the same period, the Index had a total return of 55.13%1 and a volatility of 18.07%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice the inverse of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the inverse of the daily return of the Index. The Index, a modified market capitalization-weighted index, includes 100 of the largest non-financial domestic and international issues listed on Nasdaq.
During the year ended December 31, 2023, the Fund invested in swap agreements as a substitute for shorting stocks in order to gain inverse leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and benefited from financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraShort Nasdaq-100 from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraShort Nasdaq-100 | -57.49 | % | -44.28 | % | -36.98 | % | ||||||
Nasdaq-100® Index | 55.13 | % | 22.66 | % | 17.91 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraShort Nasdaq-100 | 1.75 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments 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 | 50 | % | ||
Communication Services | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Consumer Staples | 7 | % | ||
Health Care | 7 | % | ||
Industrials | 5 | % | ||
Utilities | 1 | % | ||
Financials | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP UltraSmall-Cap :: 55
ProFund VP UltraSmall-Cap (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Russell 2000® Index (the "Index") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction from the Fund's stated multiple (2x) times the return of the Fund's Index for the same period. For periods longer than a single day, the Fund will lose money if the Index's performance is flat, and it is possible that the Fund will lose money even if the level of the index rises. For the year ended December 31, 2023, the Fund had a total return of 22.54%. For the same period, the Index had a total return of 16.93%1 and a volatility of 20.02%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to twice that of the daily performance of the Index.2
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as twice the daily return of the Index. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000® Index or approximately 10% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 97% of the investable U.S. equity market.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts in addition to investing directly in stocks in order to gain leveraged exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP UltraSmall-Cap from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraSmall-Cap | 22.54 | % | 7.83 | % | 5.49 | % | ||||||
Russell 2000® Index | 16.93 | % | 9.97 | % | 7.16 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraSmall-Cap | 1.84 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 69 | % | ||
Futures Contracts | 2 | % | ||
Swap Agreements | 129 | % | ||
Total Exposure | 200 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Super Micro Computer, Inc. | 0.4 | % | ||
Simpson Manufacturing Co., Inc. | 0.2 | % | ||
elf Beauty, Inc. | 0.2 | % | ||
MicroStrategy, Inc. | 0.2 | % | ||
Cytokinetics, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Financials | 18 | % | ||
Industrials | 17 | % | ||
Health Care | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 11 | % | ||
Energy | 7 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the index calculations. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
2 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
56 :: ProFund VP U.S. Government Plus :: Management Discussion of Fund Performance
ProFund VP U.S. Government Plus (the "Fund") seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-Year U.S. Treasury Bond ( the "Long Bond") for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund's returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Fund's stated multiple (1.25x) times the return of the Long Bond for the same period. For periods longer than a single day, the Fund will lose money if the Long Bond's performance is flat, and it is possible that the Fund will lose money even if the level of the Long Bond rises. For the year ended December 31, 2023, the Fund had a total return of 0.04%. For the same period, the Long Bond, as measured by the S&P U.S. Treasury Bond Current 30-Year Total Return Index1,2, had a total return of 2.41%3 and a volatility of 17.77%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to one and one-quarter times the daily price movement of the Long Bond.4
The Fund takes positions in financial instruments that, in combination, should have similar daily return characteristics as one and one-quarter times the daily price movement of the Long Bond. The Long Bond is the longest term outstanding 30-year bond issued by the U.S. Treasury. As of December 31, 2023, the most recent Long Bond carried a maturity date of 11/15/53 and a 4.75% coupon.
During the year ended December 31, 2023, the Fund invested in swap agreements and futures contracts as in addition to investing directly in bonds in order to gain leveraged exposure to the Long Bond. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP U.S. Government Plus from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP U.S. Government Plus | 0.04 | % | -5.01 | % | 0.27 | % | ||||||
S&P U.S. Treasury Bond Current 30-Year Total Return Index | 2.41 | % | -2.28 | % | 1.95 | % | ||||||
Ryan Labs Returns Treasury Yield Curve 30 Year Index1 | -3.00 | % | -3.86 | % | 0.97 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP U.S. Government Plus | 1.43 | % | 1.38 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings
Market Exposure
Investment Type | % of Net Assets | |||
Fixed Income Securities | 37 | % | ||
Swap Agreements | 87 | % | ||
Total Exposure | 124 | % |
"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 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.
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and NAV will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | In December 2023, the Ryan Labs Returns Treasury Yield Curve 30 Year Index was discontinued and replaced. The Advisor subsequently used the S&P U.S. Treasury Bond Current 30-Year Total Return Index to measure performance of the Long Bond. Total return for the Ryan Labs Returns Treasury Yield Curve 30 Year Index is for the period through the day the index was discontinued. | |
2 | The S&P U.S. Treasury Bond Current 30-Year Index is a one-security index comprising the most recently issued 30-year U.S. Treasury bond. This Index reflects both price return and yield. It does not reflect the impact of transaction costs nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. It is not possible to invest directly in an index. | |
3 | The Long Bond reflects a yield component. It does not reflect the impact of transaction and financing costs, nor the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees. The Fund's performance reflects a yield component, the impact of transaction and financing costs and the deduction of fees and expenses. | |
4 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Long Bond and the performance of the daily total return of the NAV per share of the Fund. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
Management Discussion of Fund Performance :: ProFund VP Utilities :: 57
ProFund VP Utilities (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the S&P Utilities Select Sector Index1 (the "Index"). For the year ended December 31, 2023, the Fund had a total return of -8.59%. For the same period, the Index had a return of -7.08%2 and a volatility of 17.82%. For the year, the Fund achieved an average daily statistical correlation of over 0.99 to the daily performance of the Index.3
The Fund takes positions in financial instruments that, in combination, should have similar return characteristics as the return of the Index. The Index represents the utilities sector of the S&P 500®. The Index includes equity securities of companies from the following industries: electric utilities; gas utilities; multi-utilities; water utilities; and independent power and renewable electricity producers.
During the year ended December 31, 2023, the Fund invested in swap agreements in addition to investing directly in stocks in order to gain exposure to the Index. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted by financing costs associated with their use. The Fund entered into swap agreements with counterparties that the Fund's advisor determined to be major, global financial institutions. If a counterparty becomes insolvent or otherwise fails to perform on its obligations, the value of investments in the Fund may decline. The Fund has sought to mitigate this risk by generally requiring counterparties to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to the amount the counterparty owed to the Fund, subject to certain minimum thresholds.
Value of a $10,000 Investment at Net Asset Value*
* | The line graph represents the historical performance of a hypothetical investment of $10,000 in the ProFund VP Utilities from December 31, 2013 to December 31, 2023, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/23
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Utilities | -8.59 | % | 4.76 | % | 6.89 | % | ||||||
S&P Utilities Select Sector Index | -7.08 | % | 7.12 | % | 8.93 | % | ||||||
S&P 500® | 26.29 | % | 15.69 | % | 12.03 | % | ||||||
Dow Jones U.S. UtilitiesSM Index | -7.19 | % | 6.56 | % | 8.71 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Utilities | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2023. Contractual fee waivers are in effect through April 30, 2024. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
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 instruments used for cash management.
Largest Equity Holdings
Company | % of Net Assets | |||
NextEra Energy, Inc. | 13.0 | % | ||
The Southern Co. | 8.0 | % | ||
Duke Energy Corp. | 7.8 | % | ||
Sempra | 4.9 | % | ||
American Electric Power Co., Inc. | 4.5 | % |
S&P Utilities Select Sector Index – Composition
% of Index | ||||
Electric Utilities | 66 | % | ||
Multi-Utilities | 28 | % | ||
Water Utilities | 3 | % | ||
Gas Utilities | 2 | % | ||
Independent Power and Renewable Electricity Producers | 1 | % |
Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value ("NAV") will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include any insurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower. To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.
1 | As of the close of business on March 17, 2023, the Fund's underlying benchmark index changed from the Dow Jones U.S. UtilitiesSM Index to the S&P Utilities Select Sector Index. The advisor believes that the benchmark change will align the Fund with a leading S&P sector index that utilizes the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate the Fund into their portfolios. | |
2 | The graph and table reflect the theoretical reinvestment of dividends on securities in the Indexes. The impact of transaction costs and the deduction of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in calculations of the Indexes. The Fund's performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. It is not possible to invest directly in an index. | |
3 | 1.00 equals perfect correlation. This calculation is based on the daily total return of the Index and the performance of the daily total return of the NAV per share of the Fund. | |
4 | The S&P 500® is an unmanaged index that consists of the common stocks of 500 major U.S. corporations selected for their size and the frequency and ease with which their stocks trade. |
The above information is not covered by the Report of the Independent Registered Public Accounting Firm.
This Page Intentionally Left Blank
Expense Examples
60 :: 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 December 31, 2023.
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 throughout the period ended December 31, 2023.
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 | Beginning Account Value 7/1/23 | Ending Account Value 12/31/23 | Expenses Paid During the Period* | Ending Account Value 12/31/23 | Expenses Paid During the Period* | |||||||||||||||||||
ProFund Access VP High Yield | 1.68 | % | $ | 1,000.00 | $ | 1,061.50 | $ | 8.73 | $ | 1,016.74 | $ | 8.54 | ||||||||||||
ProFund VP Asia 30 | 1.68 | % | 1,000.00 | 1,028.40 | 8.59 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Banks | 1.68 | % | 1,000.00 | 1,291.60 | 9.70 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Bear | 1.68 | % | 1,000.00 | 961.90 | 8.31 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Biotechnology | 1.62 | % | 1,000.00 | 1,069.10 | 8.45 | 1,017.04 | 8.24 | |||||||||||||||||
ProFund VP Bull | 1.68 | % | 1,000.00 | 1,069.00 | 8.76 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Communication Services† | 1.68 | % | 1,000.00 | 1,113.70 | 8.95 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Consumer Discretionary† | 1.68 | % | 1,000.00 | 1,047.90 | 8.67 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Consumer Staples† | 1.68 | % | 1,000.00 | 976.60 | 8.37 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Dow 30 | 1.61 | % | 1,000.00 | 1,095.00 | 8.50 | 1,017.09 | 8.19 | |||||||||||||||||
ProFund VP Emerging Markets | 1.68 | % | 1,000.00 | 1,071.30 | 8.77 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Energy† | 1.68 | % | 1,000.00 | 1,042.10 | 8.65 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Europe 30 | 1.68 | % | 1,000.00 | 1,087.70 | 8.84 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Falling U.S. Dollar | 1.68 | % | 1,000.00 | 1,023.60 | 8.57 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Financials | 1.68 | % | 1,000.00 | 1,117.20 | 8.97 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Government Money Market | 0.90 | % | 1,000.00 | 1,022.30 | 4.59 | 1,020.67 | 4.58 | |||||||||||||||||
ProFund VP Health Care | 1.68 | % | 1,000.00 | 1,027.10 | 8.58 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Industrials | 1.68 | % | 1,000.00 | 1,063.20 | 8.74 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP International | 1.68 | % | 1,000.00 | 1,042.60 | 8.65 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Internet | 1.68 | % | 1,000.00 | 1,137.80 | 9.05 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Japan | 1.68 | % | 1,000.00 | 1,016.10 | 8.54 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Large-Cap Growth | 1.68 | % | 1,000.00 | 1,063.50 | 8.74 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Large-Cap Value | 1.68 | % | 1,000.00 | 1,080.20 | 8.81 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Materials† | 1.68 | % | 1,000.00 | 1,035.50 | 8.62 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Mid-Cap | 1.68 | % | 1,000.00 | 1,057.60 | 8.71 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Mid-Cap Growth | 1.68 | % | 1,000.00 | 1,055.20 | 8.70 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Mid-Cap Value | 1.68 | % | 1,000.00 | 1,067.00 | 8.75 | 1,016.74 | 8.54 |
Expense Examples (unaudited) :: 61
Actual | Hypothetical (5% return before expenses) | |||||||||||||||||||||||
Annualized Expense Ratio | Beginning Account Value 7/1/23 | Ending Account Value 12/31/23 | Expenses Paid During the Period* | Ending Account Value 12/31/23 | Expenses Paid During the Period* | |||||||||||||||||||
ProFund VP Nasdaq-100 | 1.68 | % | $ | 1,000.00 | $ | 1,102.30 | $ | 8.90 | $ | 1,016.74 | $ | 8.54 | ||||||||||||
ProFund VP Pharmaceuticals | 1.68 | % | 1,000.00 | 1,013.50 | 8.53 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Precious Metals | 1.68 | % | 1,000.00 | 1,021.70 | 8.56 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Real Estate | 1.68 | % | 1,000.00 | 1,072.70 | 8.78 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Rising Rates Opportunity | 1.66 | % | 1,000.00 | 1,047.80 | 8.57 | 1,016.84 | 8.44 | |||||||||||||||||
ProFund VP Semiconductor | 1.68 | % | 1,000.00 | 1,166.80 | 9.18 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short Dow 30 | 1.68 | % | 1,000.00 | 937.40 | 8.20 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short Emerging Markets | 1.68 | % | 1,000.00 | 944.00 | 8.23 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short International | 1.68 | % | 1,000.00 | 979.90 | 8.38 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short Mid-Cap | 1.68 | % | 1,000.00 | 964.70 | 8.32 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short Nasdaq-100 | 1.68 | % | 1,000.00 | 925.30 | 8.15 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Short Small-Cap | 1.68 | % | 1,000.00 | 947.00 | 8.24 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Small-Cap | 1.68 | % | 1,000.00 | 1,072.20 | 8.77 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Small-Cap Growth | 1.68 | % | 1,000.00 | 1,084.40 | 8.83 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Small-Cap Value | 1.68 | % | 1,000.00 | 1,084.20 | 8.83 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP Technology | 1.64 | % | 1,000.00 | 1,102.50 | 8.69 | 1,016.94 | 8.34 | |||||||||||||||||
ProFund VP UltraBull | 1.68 | % | 1,000.00 | 1,113.90 | 8.95 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP UltraMid-Cap | 1.68 | % | 1,000.00 | 1,086.50 | 8.84 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 1.68 | % | 1,000.00 | 1,175.50 | 9.21 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP UltraShort Dow 30 | 1.51 | % | 1,000.00 | 860.10 | 7.08 | 1,017.59 | 7.68 | |||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 1.68 | % | 1,000.00 | 826.30 | 7.73 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP UltraSmall-Cap | 1.68 | % | 1,000.00 | 1,106.60 | 8.92 | 1,016.74 | 8.54 | |||||||||||||||||
ProFund VP U.S. Government Plus | 1.38 | % | 1,000.00 | 964.60 | 6.83 | 1,018.25 | 7.02 | |||||||||||||||||
ProFund VP Utilities | 1.68 | % | 1,000.00 | 976.90 | 8.37 | 1,016.74 | 8.54 |
* | Expenses are equal to the average account value over the period multiplied by the ProFund VP's annualized expense ratio, multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). | |
† | As described in Note 1 of the Notes to Financial Statements, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
This Page Intentionally Left Blank
Schedules of Portfolio Investments
64 :: ProFund Access VP High Yield :: Schedule of Portfolio Investments :: December 31, 2023
U.S. Treasury Obligation (47.5%)
Principal Amount | Value | |||||||
U.S. Treasury Notes, 4.38%, 11/30/28 | $ | 7,650,000 | $ | 7,836,768 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $7,714,597) | 7,836,768 |
Repurchase Agreements(a) (46.0%)
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $7,581,358 | 7,577,000 | 7,577,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $7,577,000) | 7,577,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,291,597)—93.5% | 15,413,768 | |||||||
Net other assets (liabilities)—6.5% | 1,066,767 | |||||||
NET ASSETS—100.0% | $ | 16,480,535 |
(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 | 22 | 4/1/24 | $ | 2,391,125 | $ | 48,526 |
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 December 31, 2023(2) | Notional Amount(3) | Value | Premiums Paid (Received) | Unrealized Appreciation/ (Depreciation) | Variation Margin | |||||||||||||||||||||||
CDX North America High Yield Index Swap Agreement, Series 41 | Daily | 5.00 | % | 12/20/28 | 3.53 | % | $ | 12,582,900 | ** | $ | 739,298 | $ | 179,274 | $ | 560,024 | $ | (8,856 | ) |
* | As of December 31, 2023, the CDX North America High Yield Index included securities which had defaulted and represented 1% of the Index. |
** | Reflects the notional amount after the default of securities. |
(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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Asia 30 :: 65
Common Stocks (100.2%)
Shares | Value | |||||||
Alibaba Group Holding, Ltd.ADR (Broadline Retail) | 10,815 | $ | 838,271 | |||||
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 44,770 | 421,286 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 4,350 | 518,041 | ||||||
BHP Group, Ltd.ADR (Metals & Mining) | 16,192 | 1,106,076 | ||||||
Bilibili, Inc.*ADR(a) (Entertainment) | 29,726 | 361,765 | ||||||
Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment) | 12,809 | 340,719 | ||||||
Dr. Reddy’s Laboratories, Ltd.ADR (Pharmaceuticals) | 5,619 | 390,970 | ||||||
Full Truck Alliance Co., Ltd.*ADR (Ground Transportation) | 52,383 | 367,205 | ||||||
Futu Holdings, Ltd.*ADR (Capital Markets) | 6,706 | 366,349 | ||||||
HDFC Bank, Ltd.ADR (Banks) | 16,253 | 1,090,738 | ||||||
ICICI Bank, Ltd.ADR (Banks) | 29,303 | 698,584 | ||||||
Infosys, Ltd.ADR (IT Services) | 28,699 | 527,488 | ||||||
iQIYI, Inc.*ADR (Entertainment) | 72,865 | 355,581 | ||||||
JD.com, Inc.ADR (Broadline Retail) | 18,609 | 537,614 | ||||||
JinkoSolar Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 9,123 | 337,004 | ||||||
Kanzhun, Ltd.ADR (Interactive Media & Services) | 22,234 | 369,307 | ||||||
KE Holdings, Inc.ADR (Real Estate Management & Development) | 25,859 | 419,174 | ||||||
Li Auto, Inc.*ADR (Automobiles) | 13,655 | 511,107 | ||||||
Lufax Holding, Ltd.ADR (Consumer Finance) | 113,044 | 347,046 | ||||||
NetEase, Inc.ADR (Entertainment) | 6,586 | 613,551 | ||||||
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | 5,377 | 394,027 | ||||||
NIO, Inc.*ADR(a) (Automobiles) | 44,347 | 402,227 | ||||||
POSCO Holdings, Inc.ADR (Metals & Mining) | 3,202 | 304,542 | ||||||
Sea, Ltd.*ADR (Entertainment) | 10,694 | 433,107 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 10,875 | 1,131,000 | ||||||
Tencent Music Entertainment Group*ADR (Entertainment) | 45,556 | 410,460 | ||||||
Trip.com Group, Ltd.*ADR (Hotels, Restaurants & Leisure) | 12,265 | 441,663 | ||||||
United Microelectronics Corp.ADR(a) (Semiconductors & Semiconductor Equipment) | 49,966 | 422,712 | ||||||
XPeng, Inc.*ADR(a) (Automobiles) | 27,370 | 399,328 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 19,455 | 414,002 | ||||||
TOTAL COMMON STOCKS (Cost $10,292,773) | 15,270,944 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $36,021 | $ | 36,000 | $ | 36,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $36,000) | 36,000 |
Collateral for Securities Loaned(c) (10.2%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 1,553,457 | $ | 1,553,457 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,553,457) | 1,553,457 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,882,230)—110.6% | 16,860,401 | |||||||
Net other assets (liabilities)—(10.6)% | (1,615,362 | ) | ||||||
NET ASSETS—100.0% | $ | 15,245,039 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $1,350,881. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
ADR | American Depositary Receipt |
ProFund VP Asia 30 invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 414,002 | 2.7 | % | ||||
Automobiles | 1,312,662 | 8.6 | % | |||||
Banks | 1,789,322 | 11.7 | % | |||||
Broadline Retail | 1,375,885 | 9.0 | % | |||||
Capital Markets | 366,349 | 2.4 | % | |||||
Consumer Finance | 347,046 | 2.3 | % | |||||
Diversified Consumer Services | 394,027 | 2.6 | % | |||||
Entertainment | 2,174,464 | 14.3 | % | |||||
Ground Transportation | 367,205 | 2.4 | % | |||||
Hotels, Restaurants & Leisure | 441,663 | 2.9 | % | |||||
Interactive Media & Services | 887,348 | 5.8 | % | |||||
IT Services | 527,488 | 3.5 | % | |||||
Metals & Mining | 1,410,618 | 9.3 | % | |||||
Pharmaceuticals | 390,970 | 2.6 | % | |||||
Real Estate Management & Development | 419,174 | 2.7 | % | |||||
Semiconductors & Semiconductor Equipment | 2,652,721 | 17.4 | % | |||||
Other** | (25,905 | ) | (0.2 | )% | ||||
Total | $ | 15,245,039 | 100.0 | % |
ProFund VP Asia 30 invested in securities with exposure to the following countries as of December 31, 2023:
Value | % of Net Assets | |||||||
Australia | $ | 1,106,076 | 7.3 | % | ||||
China | 8,744,441 | 57.3 | % | |||||
India | 2,707,780 | 17.8 | % | |||||
Singapore | 433,107 | 2.8 | % | |||||
South Korea | 304,542 | 2.0 | % | |||||
Taiwan | 1,974,998 | 13.0 | % | |||||
Other** | (25,905 | ) | (0.2 | )% | ||||
Total | $ | 15,245,039 | 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.
66 :: ProFund VP Banks :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.2%)
Shares | Value | |||||||
Ameris Bancorp (Banks) | 776 | $ | 41,167 | |||||
Apollo Global Management, Inc. (Financial Services) | 970 | 90,394 | ||||||
Associated Banc-Corp. (Banks) | 3,622 | 77,475 | ||||||
Atlantic Union Bankshares Corp. (Banks) | 750 | 27,405 | ||||||
Axos Financial, Inc.* (Banks) | 1,338 | 73,055 | ||||||
Bank of America Corp. (Banks) | 2,886 | 97,172 | ||||||
Bank of Hawaii Corp.(a) (Banks) | 758 | 54,925 | ||||||
Bank OZK (Banks) | 1,626 | 81,024 | ||||||
BankUnited, Inc. (Banks) | 1,473 | 47,769 | ||||||
Banner Corp. (Banks) | 371 | 19,871 | ||||||
BOK Financial Corp. (Banks) | 435 | 37,258 | ||||||
Cadence Bank (Banks) | 2,728 | 80,722 | ||||||
Cathay General Bancorp (Banks) | 797 | 35,522 | ||||||
Citigroup, Inc. (Banks) | 1,827 | 93,981 | ||||||
Citizens Financial Group, Inc. (Banks) | 3,017 | 99,982 | ||||||
Columbia Banking System, Inc. (Banks) | 2,847 | 75,958 | ||||||
Comerica, Inc. (Banks) | 1,788 | 99,787 | ||||||
Commerce Bancshares, Inc. (Banks) | 1,244 | 66,442 | ||||||
Community Bank System, Inc. (Banks) | 640 | 33,350 | ||||||
Corebridge Financial, Inc. (Financial Services) | 4,390 | 95,087 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 871 | 94,495 | ||||||
CVB Financial Corp. (Banks) | 1,766 | 35,656 | ||||||
East West Bancorp, Inc. (Banks) | 1,302 | 93,679 | ||||||
Eastern Bankshares, Inc. (Banks) | 1,708 | 24,254 | ||||||
Equitable Holdings, Inc. (Financial Services) | 2,782 | 92,641 | ||||||
Essent Group, Ltd. (Financial Services) | 1,066 | 56,221 | ||||||
F.N.B. Corp. (Banks) | 4,402 | 60,616 | ||||||
Fifth Third Bancorp (Banks) | 2,859 | 98,606 | ||||||
First Bancorp (Banks) | 2,161 | 35,548 | ||||||
First Citizens BancShares, Inc.—Class A (Banks) | 62 | 87,976 | ||||||
First Financial Bancorp (Banks) | 602 | 14,298 | ||||||
First Financial Bankshares, Inc. (Banks) | 1,202 | 36,421 | ||||||
First Hawaiian, Inc. (Banks) | 1,978 | 45,217 | ||||||
First Horizon Corp. (Banks) | 6,556 | 92,827 | ||||||
First Interstate BancSystem, Inc.—Class A (Banks) | 1,202 | 36,962 | ||||||
First Merchants Corp. (Banks) | 346 | 12,830 | ||||||
Fulton Financial Corp. (Banks) | 2,223 | 36,591 | ||||||
Glacier Bancorp, Inc. (Banks) | 1,375 | 56,815 | ||||||
Hancock Whitney Corp. (Banks) | 1,244 | 60,446 | ||||||
Hilltop Holdings, Inc. (Banks) | 579 | 20,387 | ||||||
Home BancShares, Inc. (Banks) | 2,060 | 52,180 | ||||||
Huntington Bancshares, Inc. (Banks) | 7,452 | 94,789 | ||||||
Independent Bank Corp. (Banks) | 440 | 28,956 | ||||||
Independent Bank Group, Inc. (Banks) | 480 | 24,422 | ||||||
International Bancshares Corp. (Banks) | 402 | 21,837 | ||||||
Jackson Financial, Inc.—Class A (Financial Services) | 1,717 | 87,910 | ||||||
JPMorgan Chase & Co. (Banks) | 564 | 95,936 | ||||||
KeyCorp (Banks) | 6,738 | 97,027 | ||||||
Lakeland Financial Corp. (Banks) | 228 | 14,856 | ||||||
M&T Bank Corp. (Banks) | 674 | 92,392 | ||||||
MGIC Investment Corp. (Financial Services) | 3,979 | 76,755 | ||||||
Mr. Cooper Group, Inc.* (Financial Services) | 1,164 | 75,800 | ||||||
New York Community Bancorp, Inc. (Banks) | 9,173 | 93,840 | ||||||
NMI Holdings, Inc.*—Class A (Financial Services) | 1,169 | 34,696 | ||||||
Northern Trust Corp. (Capital Markets) | 1,111 | 93,746 | ||||||
Old National Bancorp (Banks) | 3,733 | 63,050 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 951 | 27,684 | ||||||
PennyMac Financial Services, Inc. (Financial Services) | 495 | 43,743 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 913 | 79,632 | ||||||
Popular, Inc. (Banks) | 737 | 60,486 | ||||||
Prosperity Bancshares, Inc. (Banks) | 1,292 | 87,507 | ||||||
Radian Group, Inc. (Financial Services) | 2,897 | 82,709 | ||||||
Regions Financial Corp. (Banks) | 5,123 | 99,283 | ||||||
Renasant Corp. (Banks) | 423 | 14,247 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 860 | 24,476 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 398 | 26,519 | ||||||
Simmons First National Corp.—Class A (Banks) | 1,106 | 21,943 | ||||||
SouthState Corp. (Banks) | 855 | 72,205 | ||||||
Synovus Financial Corp. (Banks) | 2,494 | 93,899 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 1,012 | 65,406 | ||||||
The Bancorp, Inc.* (Banks) | 607 | 23,406 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 1,821 | 94,783 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 635 | 98,330 | ||||||
Triumph Financial, Inc.* (Banks) | 293 | 23,493 | ||||||
Truist Financial Corp. (Banks) | 2,603 | 96,103 | ||||||
Trustmark Corp. (Banks) | 561 | 15,641 | ||||||
U.S. Bancorp (Banks) | 2,210 | 95,649 | ||||||
UMB Financial Corp. (Banks) | 583 | 48,710 | ||||||
United Bankshares, Inc. (Banks) | 1,262 | 47,388 | ||||||
United Community Banks, Inc. (Banks) | 1,297 | 37,950 | ||||||
Valley National Bancorp (Banks) | 6,668 | 72,414 | ||||||
Voya Financial, Inc. (Financial Services) | 1,229 | 89,668 | ||||||
Walker & Dunlop, Inc. (Financial Services) | 377 | 41,851 | ||||||
Washington Federal, Inc. (Banks) | 723 | 23,830 | ||||||
Webster Financial Corp. (Banks) | 1,865 | 94,667 | ||||||
Wells Fargo & Co. (Banks) | 1,938 | 95,388 | ||||||
WesBanco, Inc. (Banks) | 324 | 10,164 | ||||||
Western Alliance Bancorp (Banks) | 1,579 | 103,881 | ||||||
Wintrust Financial Corp. (Banks) | 718 | 66,595 | ||||||
WSFS Financial Corp. (Banks) | 484 | 22,230 | ||||||
Zions Bancorp NA (Banks) | 2,295 | 100,681 | ||||||
TOTAL COMMON STOCKS (Cost $3,830,582) | 5,571,585 |
Repurchase Agreements(b) (1.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $108,062 | $ | 108,000 | $ | 108,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $108,000) | 108,000 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Banks :: 67
Collateral for Securities Loaned(c) (0.4%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 21,291 | $ | 21,291 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $21,291) | 21,291 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,959,873)—101.5% | 5,700,876 | |||||||
Net other assets (liabilities)—(1.5)% | (85,545 | ) | ||||||
NET ASSETS—100.0% | $ | 5,615,331 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $20,434. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Banks Select Industry Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 49,875 | $ | (1,982 | ) |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Banks | $ | 4,515,581 | 80.4 | % | ||||
Capital Markets | 188,529 | 3.4 | % | |||||
Financial Services | 867,475 | 15.4 | % | |||||
Other** | 43,746 | 0.8 | % | |||||
Total | $ | 5,615,331 | 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 Bear :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (113.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $3,115,791 | $ | 3,114,000 | $ | 3,114,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $3,114,000) | 3,114,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,114,000)—113.1% | 3,114,000 | |||||||
Net other assets (liabilities)—(13.1)% | (360,330 | ) | ||||||
NET ASSETS—100.0% | $ | 2,753,670 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $460,000. |
(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. |
Futures Contracts Sold
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini S&P 500 Futures Contracts | 2 | 3/18/24 | $ | (482,000 | ) | $ | (19,479 | ) |
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 | 1/29/24 | (5.68 | )% | $ | (104,936 | ) | $ | 1,204 | |||||||
S&P 500 | UBS AG | 1/29/24 | (5.48 | )% | (2,165,980 | ) | 5,647 | |||||||||
$ | (2,270,916 | ) | $ | 6,851 |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Biotechnology :: 69
Common Stocks (98.4%)
Shares | Value | |||||||
4D Molecular Therapeutics, Inc.* (Biotechnology) | 4,790 | $ | 97,045 | |||||
89bio, Inc.* (Biotechnology) | 25,428 | 284,031 | ||||||
AbbVie, Inc. (Biotechnology) | 3,371 | 522,404 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 23,985 | 750,970 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 30,509 | 137,901 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 8,599 | 191,500 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 25,325 | 591,339 | ||||||
Alector, Inc.* (Biotechnology) | 10,701 | 85,394 | ||||||
Alkermes PLC* (Biotechnology) | 19,445 | 539,404 | ||||||
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | 2,960 | 566,574 | ||||||
Alpine Immune Sciences, Inc.* (Biotechnology) | 4,492 | 85,618 | ||||||
Amgen, Inc. (Biotechnology) | 1,870 | 538,597 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 44,579 | 632,576 | ||||||
Anavex Life Sciences Corp.*(a) (Biotechnology) | 13,005 | 121,077 | ||||||
Apellis Pharmaceuticals, Inc.* (Biotechnology) | 8,013 | 479,658 | ||||||
Arcellx, Inc.* (Biotechnology) | 6,274 | 348,207 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 6,343 | 199,995 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 14,092 | 269,157 | ||||||
Ardelyx, Inc.* (Biotechnology) | 77,097 | 478,001 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 20,464 | 626,198 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 21,364 | 138,866 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 10,998 | 99,532 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 19,041 | 518,296 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 53,559 | 320,818 | ||||||
Biogen, Inc.* (Biotechnology) | 2,103 | 544,193 | ||||||
Biohaven, Ltd.* (Biotechnology) | 15,222 | 651,502 | ||||||
BioMarin Pharmaceutical, Inc.* (Biotechnology) | 5,415 | 522,114 | ||||||
Biomea Fusion, Inc.*(a) (Biotechnology) | 5,699 | 82,749 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 73,116 | 100,900 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 6,802 | 627,416 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 15,474 | 624,685 | ||||||
Cabaletta Bio, Inc.* (Biotechnology) | 11,729 | 266,248 | ||||||
CareDx, Inc.* (Biotechnology) | 10,672 | 128,064 | ||||||
Caribou Biosciences, Inc.* (Biotechnology) | 21,401 | 122,628 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 19,739 | 331,813 | ||||||
Celldex Therapeutics, Inc.* (Biotechnology) | 8,297 | 329,059 | ||||||
Cerevel Therapeutics Holdings, Inc.* (Biotechnology) | 7,930 | 336,232 | ||||||
Cogent Biosciences, Inc.* (Biotechnology) | 16,179 | 95,133 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 13,692 | 487,161 | ||||||
CRISPR Therapeutics AG*(a) (Biotechnology) | 7,797 | 488,092 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 14,757 | 1,232,063 | ||||||
Day One Biopharmaceuticals, Inc.* (Biotechnology) | 13,248 | 193,421 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 7,824 | 126,201 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 18,046 | 387,267 | ||||||
Disc Medicine, Inc.* (Biotechnology) | 2,234 | 129,036 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 30,285 | 423,384 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 9,193 | 122,267 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 19,952 | 202,114 | ||||||
Exact Sciences Corp.* (Biotechnology) | 7,784 | 575,860 | ||||||
Exelixis, Inc.* (Biotechnology) | 22,873 | 548,723 | ||||||
Geron Corp.* (Biotechnology) | 93,550 | 197,391 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 6,368 | 515,872 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 12,596 | 465,548 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 10,838 | 385,616 | ||||||
ImmunityBio, Inc.*(a) (Biotechnology) | 41,465 | 208,154 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 17,228 | 510,810 | ||||||
Immunovant, Inc.* (Biotechnology) | 12,840 | 540,949 | ||||||
Incyte Corp.* (Biotechnology) | 9,200 | 577,668 | ||||||
Inhibrx, Inc.* (Biotechnology) | 5,786 | 219,868 | ||||||
Insmed, Inc.* (Biotechnology) | 17,998 | 557,758 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 17,346 | 528,880 | ||||||
Ionis Pharmaceuticals, Inc.* (Biotechnology) | 10,327 | 522,443 | ||||||
Iovance Biotherapeutics, Inc.* (Biotechnology) | 69,924 | 568,482 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 39,334 | 449,981 | ||||||
Karuna Therapeutics, Inc.* (Biotechnology) | 2,449 | 775,133 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 3,659 | 145,482 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 5,373 | 94,242 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 4,709 | 584,199 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 8,480 | 121,942 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 6,736 | 171,499 | ||||||
MacroGenics, Inc.* (Biotechnology) | 5,309 | 51,073 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 2,416 | 559,014 | ||||||
MannKind Corp.* (Biotechnology) | 45,798 | 166,705 | ||||||
MiMedx Group, Inc.* (Biotechnology) | 10,183 | 89,305 | ||||||
Mirati Therapeutics, Inc.* (Biotechnology) | 8,908 | 523,345 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 7,307 | 215,703 | ||||||
Moderna, Inc.* (Biotechnology) | 6,299 | 626,436 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 11,363 | 328,163 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 9,602 | 183,782 | ||||||
Natera, Inc.* (Biotechnology) | 8,654 | 542,087 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 4,291 | 565,382 | ||||||
Novavax, Inc.*(a) (Biotechnology) | 90,342 | 433,642 | ||||||
Nuvalent, Inc.*—Class A (Biotechnology) | 7,122 | 524,108 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 9,414 | 215,863 | ||||||
Prothena Corp. PLC* (Biotechnology) | 11,625 | 422,453 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 19,049 | 524,990 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 5,132 | 127,530 | ||||||
Recursion Pharmaceuticals, Inc.*(a) — Class A (Biotechnology) | 56,588 | 557,958 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 599 | 526,096 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 6,756 | 121,270 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 18,413 | 202,727 | ||||||
Replimune Group, Inc.* (Biotechnology) | 25,942 | 218,691 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 20,464 | 586,908 | ||||||
Rhythm Pharmaceuticals, Inc.* (Biotechnology) | 6,835 | 314,205 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 11,703 | 350,739 | ||||||
Roivant Sciences, Ltd.* (Biotechnology) | 51,192 | 574,886 |
See accompanying notes to financial statements.
70 :: ProFund VP Biotechnology :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Sage Therapeutics, Inc.* (Biotechnology) | 17,202 | $ | 372,767 | |||||
Sana Biotechnology, Inc.* (Biotechnology) | 24,286 | 99,087 | ||||||
Sarepta Therapeutics, Inc.* (Biotechnology) | 5,782 | 557,558 | ||||||
Scholar Rock Holding Corp.* (Biotechnology) | 6,036 | 113,477 | ||||||
Soleno Therapeutics, Inc.* (Biotechnology) | 2,908 | 117,047 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 8,102 | 295,723 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 22,576 | 487,867 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 32,011 | 546,748 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 24,054 | 216,245 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 12,869 | 474,351 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 12,438 | 594,785 | ||||||
uniQure N.V.* (Biotechnology) | 20,669 | 139,929 | ||||||
United Therapeutics Corp.* (Biotechnology) | 2,083 | 458,031 | ||||||
Vaxcyte, Inc.* (Biotechnology) | 8,880 | 557,664 | ||||||
Vera Therapeutics, Inc.* (Biotechnology) | 9,572 | 147,217 | ||||||
Veracyte, Inc.* (Biotechnology) | 8,938 | 245,884 | ||||||
Vericel Corp.* (Biotechnology) | 5,931 | 211,203 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 1,437 | 584,701 | ||||||
Verve Therapeutics, Inc.* (Biotechnology) | 17,093 | 238,276 | ||||||
Viking Therapeutics, Inc.* (Biotechnology) | 23,165 | 431,101 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 22,362 | 224,962 | ||||||
Viridian Therapeutics, Inc.* (Biotechnology) | 11,350 | 247,203 | ||||||
Xencor, Inc.* (Biotechnology) | 6,716 | 142,581 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 20,185 | 305,803 | ||||||
TOTAL COMMON STOCKS (Cost $33,076,574) | 43,806,671 |
Repurchase Agreements(b) (3.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24 , total to be received $1,418,816 | $ | 1,418,000 | $ | 1,418,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,418,000) | 1,418,000 |
Collateral for Securities Loaned(c) (5.0%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 2,225,769 | $ | 2,225,769 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,225,769) | 2,225,769 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $36,720,343)—106.6% | 47,450,440 | |||||||
Net other assets (liabilities)—(6.6)% | (2,916,346 | ) | ||||||
NET ASSETS—100.0% | $ | 44,534,094 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $1,703,297. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Biotechnology Select Industry Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 987,558 | $ | (4,315 | ) |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Biotechnology | $ | 43,806,671 | 98.4 | % | ||||
Other** | 727,423 | 1.6 | % | |||||
Total | $ | 44,534,094 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Bull :: 71
Common Stocks (76.8%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 576 | $ | 62,968 | |||||
A.O. Smith Corp. (Building Products) | 128 | 10,552 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 1,811 | 199,337 | ||||||
AbbVie, Inc. (Biotechnology) | 1,841 | 285,301 | ||||||
Accenture PLC—Class A (IT Services) | 655 | 229,846 | ||||||
Adobe, Inc.* (Software) | 475 | 283,385 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 1,685 | 248,386 | ||||||
Aflac, Inc. (Insurance) | 555 | 45,788 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 305 | 42,404 | ||||||
Air Products and Chemicals, Inc. (Chemicals) | 232 | 63,522 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 453 | 61,671 | ||||||
Akamai Technologies, Inc.* (IT Services) | 157 | 18,581 | ||||||
Albemarle Corp. (Chemicals) | 122 | 17,627 | ||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 163 | 20,663 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 74 | 20,276 | ||||||
Allegion PLC (Building Products) | 92 | 11,655 | ||||||
Alliant Energy Corp. (Electric Utilities) | 266 | 13,646 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 6,172 | 862,168 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 5,195 | 732,131 | ||||||
Altria Group, Inc. (Tobacco) | 1,845 | 74,427 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 9,485 | 1,441,151 | ||||||
Amcor PLC (Containers & Packaging) | 1,507 | 14,527 | ||||||
Ameren Corp. (Multi-Utilities) | 274 | 19,821 | ||||||
American Airlines Group, Inc.* (Passenger Airlines) | 682 | 9,371 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 548 | 44,509 | ||||||
American Express Co. (Consumer Finance) | 600 | 112,404 | ||||||
American International Group, Inc. (Insurance) | 732 | 49,593 | ||||||
American Tower Corp. (Specialized REITs) | 486 | 104,917 | ||||||
American Water Works Co., Inc. (Water Utilities) | 203 | 26,794 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 106 | 40,262 | ||||||
AMETEK, Inc. (Electrical Equipment) | 241 | 39,738 | ||||||
Amgen, Inc. (Biotechnology) | 558 | 160,715 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 624 | 61,857 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 520 | 103,251 | ||||||
ANSYS, Inc.* (Software) | 91 | 33,022 | ||||||
Aon PLC—Class A (Insurance) | 209 | 60,823 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 320 | 11,482 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 15,248 | 2,935,697 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 873 | 141,487 | ||||||
Aptiv PLC* (Automobile Components) | 295 | 26,468 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 389 | 28,891 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 556 | 40,154 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 263 | 61,939 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 225 | 50,598 | ||||||
Assurant, Inc. (Insurance) | 55 | 9,267 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 7,457 | 125,128 | ||||||
Atmos Energy Corp. (Gas Utilities) | 155 | 17,965 | ||||||
Autodesk, Inc.* (Software) | 223 | 54,296 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 429 | 99,944 | ||||||
AutoZone, Inc.* (Specialty Retail) | 18 | 46,541 | ||||||
AvalonBay Communities, Inc. (Residential REITs) | 148 | 27,708 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 84 | 16,981 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 73 | 18,858 | ||||||
Baker Hughes Co. (Energy Equipment & Services) | 1,050 | 35,889 | ||||||
Ball Corp. (Containers & Packaging) | 329 | 18,925 | ||||||
Bank of America Corp. (Banks) | 7,181 | 241,784 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 237 | 10,229 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 529 | 20,451 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 303 | 73,880 | ||||||
Berkshire Hathaway, Inc.*—Class B (Financial Services) | 1,898 | 676,940 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 202 | 15,813 | ||||||
Biogen, Inc.* (Biotechnology) | 151 | 39,074 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 22 | 7,104 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 165 | 12,731 | ||||||
BlackRock, Inc. (Capital Markets) | 146 | 118,523 | ||||||
Blackstone, Inc. (Capital Markets) | 741 | 97,012 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 36 | 127,699 | ||||||
BorgWarner, Inc. (Automobile Components) | 245 | 8,783 | ||||||
Boston Properties, Inc. (Office REITs) | 151 | 10,596 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 1,527 | 88,276 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 2,122 | 108,880 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 458 | 511,243 | ||||||
Broadridge Financial Solutions, Inc. (Professional Services) | 123 | 25,307 | ||||||
Brown & Brown, Inc. (Insurance) | 246 | 17,493 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 191 | 10,906 | ||||||
Builders FirstSource, Inc.* (Building Products) | 129 | 21,535 | ||||||
Bunge Global SA (Food Products) | 152 | 15,344 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 122 | 10,540 | ||||||
Cadence Design Systems, Inc.* (Software) | 284 | 77,353 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 225 | 10,548 | ||||||
Camden Property Trust (Residential REITs) | 111 | 11,021 | ||||||
Campbell Soup Co. (Food Products) | 205 | 8,862 | ||||||
Capital One Financial Corp. (Consumer Finance) | 397 | 52,055 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 257 | 25,906 | ||||||
CarMax, Inc.* (Specialty Retail) | 165 | 12,662 | ||||||
Carnival Corp.* (Hotels, Restaurants & Leisure) | 1,051 | 19,486 | ||||||
Carrier Global Corp. (Building Products) | 875 | 50,270 |
See accompanying notes to financial statements.
72 :: ProFund VP Bull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Catalent, Inc.* (Pharmaceuticals) | 188 | $ | 8,447 | |||||
Caterpillar, Inc. (Machinery) | 532 | 157,297 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 110 | 19,642 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 318 | 29,603 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 140 | 31,825 | ||||||
Celanese Corp. (Chemicals) | 104 | 16,158 | ||||||
Cencora, Inc. (Health Care Providers & Services) | 174 | 35,736 | ||||||
Centene Corp.* (Health Care Providers & Services) | 557 | 41,335 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 658 | 18,799 | ||||||
Ceridian HCM Holding, Inc.* (Professional Services) | 163 | 10,941 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 199 | 15,821 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 54 | 12,766 | ||||||
Charter Communications, Inc.*—Class A (Media) | 105 | 40,811 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 1,831 | 273,112 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 29 | 66,322 | ||||||
Chubb, Ltd. (Insurance) | 426 | 96,276 | ||||||
Church & Dwight Co., Inc. (Household Products) | 257 | 24,302 | ||||||
Cincinnati Financial Corp. (Insurance) | 164 | 16,967 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 90 | 54,239 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 4,225 | 213,446 | ||||||
Citigroup, Inc. (Banks) | 1,996 | 102,674 | ||||||
Citizens Financial Group, Inc. (Banks) | 486 | 16,106 | ||||||
CME Group, Inc. (Capital Markets) | 375 | 78,975 | ||||||
CMS Energy Corp. (Multi-Utilities) | 304 | 17,653 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 523 | 39,502 | ||||||
Colgate-Palmolive Co. (Household Products) | 859 | 68,471 | ||||||
Comcast Corp.—Class A (Media) | 4,188 | 183,645 | ||||||
Comerica, Inc. (Banks) | 138 | 7,702 | ||||||
Conagra Brands, Inc. (Food Products) | 499 | 14,301 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,238 | 143,695 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 360 | 32,749 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 169 | 40,856 | ||||||
Constellation Energy Corp. (Electric Utilities) | 333 | 38,924 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 911 | 44,639 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 801 | 24,390 | ||||||
Corteva, Inc. (Chemicals) | 735 | 35,221 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 426 | 37,228 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 462 | 304,957 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 785 | 20,033 | ||||||
Crown Castle, Inc. (Specialized REITs) | 453 | 52,181 | ||||||
CSX Corp. (Ground Transportation) | 2,061 | 71,455 | ||||||
Cummins, Inc. (Machinery) | 148 | 35,456 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,340 | 105,806 | ||||||
D.R. Horton, Inc. (Household Durables) | 314 | 47,722 | ||||||
Danaher Corp. (Life Sciences Tools & Services) | 686 | 158,699 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 125 | 20,538 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 56 | 5,867 | ||||||
Deere & Co. (Machinery) | 279 | 111,564 | ||||||
Delta Air Lines, Inc. (Passenger Airlines) | 671 | 26,994 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 221 | 7,865 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 668 | 30,260 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 403 | 50,008 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 187 | 29,000 | ||||||
Digital Realty Trust, Inc. (Specialized REITs) | 316 | 42,527 | ||||||
Discover Financial Services (Consumer Finance) | 261 | 29,336 | ||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 229 | 31,133 | ||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 218 | 30,967 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 873 | 41,031 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 36 | 14,840 | ||||||
Dover Corp. (Machinery) | 146 | 22,456 | ||||||
Dow, Inc. (Chemicals) | 732 | 40,143 | ||||||
DTE Energy Co. (Multi-Utilities) | 215 | 23,706 | ||||||
Duke Energy Corp. (Electric Utilities) | 804 | 78,020 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 448 | 34,465 | ||||||
Eastman Chemical Co. (Chemicals) | 124 | 11,138 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 416 | 100,182 | ||||||
eBay, Inc. (Broadline Retail) | 541 | 23,598 | ||||||
Ecolab, Inc. (Chemicals) | 265 | 52,563 | ||||||
Edison International (Electric Utilities) | 400 | 28,596 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 633 | 48,266 | ||||||
Electronic Arts, Inc. (Entertainment) | 255 | 34,887 | ||||||
Elevance Health, Inc. (Health Care Providers & Services) | 245 | 115,532 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 832 | 484,990 | ||||||
Emerson Electric Co. (Electrical Equipment) | 595 | 57,911 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 142 | 18,764 | ||||||
Entergy Corp. (Electric Utilities) | 221 | 22,363 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 608 | 73,538 | ||||||
EPAM Systems, Inc.* (IT Services) | 60 | 17,840 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 429 | 16,585 | ||||||
Equifax, Inc. (Professional Services) | 129 | 31,900 | ||||||
Equinix, Inc. (Specialized REITs) | 98 | 78,928 | ||||||
Equity Residential (Residential REITs) | 360 | 22,018 | ||||||
Essex Property Trust, Inc. (Residential REITs) | 67 | 16,612 | ||||||
Etsy, Inc.* (Broadline Retail) | 125 | 10,131 | ||||||
Everest Group, Ltd. (Insurance) | 45 | 15,911 | ||||||
Evergy, Inc. (Electric Utilities) | 240 | 12,528 | ||||||
Eversource Energy (Electric Utilities) | 364 | 22,466 | ||||||
Exelon Corp. (Electric Utilities) | 1,038 | 37,264 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 139 | 21,099 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Bull :: 73
Common Stocks, continued
Shares | Value | |||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 152 | $ | 19,334 | |||||
Extra Space Storage, Inc. (Specialized REITs) | 220 | 35,273 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4,177 | 417,615 | ||||||
F5, Inc.* (Communications Equipment) | 62 | 11,097 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 40 | 19,082 | ||||||
Fair Isaac Corp.* (Software) | 26 | 30,264 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 596 | 38,603 | ||||||
Federal Realty Investment Trust (Retail REITs) | 77 | 7,935 | ||||||
FedEx Corp. (Air Freight & Logistics) | 241 | 60,966 | ||||||
Fidelity National Information Services, Inc. (Financial Services) | 618 | 37,123 | ||||||
Fifth Third Bancorp (Banks) | 710 | 24,488 | ||||||
First Horizon Corp. (Banks) | 1 | 8 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 111 | 19,123 | ||||||
FirstEnergy Corp. (Electric Utilities) | 539 | 19,760 | ||||||
Fiserv, Inc.* (Financial Services) | 626 | 83,158 | ||||||
FleetCor Technologies, Inc.* (Financial Services) | 75 | 21,196 | ||||||
FMC Corp. (Chemicals) | 130 | 8,197 | ||||||
Ford Motor Co. (Automobiles) | 4,101 | 49,991 | ||||||
Fortinet, Inc.* (Software) | 665 | 38,922 | ||||||
Fortive Corp. (Machinery) | 367 | 27,022 | ||||||
Fox Corp.—Class A (Media) | 258 | 7,655 | ||||||
Fox Corp.—Class B (Media) | 138 | 3,816 | ||||||
Franklin Resources, Inc. (Capital Markets) | 294 | 8,758 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 1,496 | 63,685 | ||||||
Garmin, Ltd. (Household Durables) | 160 | 20,566 | ||||||
Gartner, Inc.* (IT Services) | 81 | 36,540 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 408 | 31,547 | ||||||
Gen Digital, Inc. (Software) | 588 | 13,418 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 64 | 8,271 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 236 | 61,282 | ||||||
General Electric Co. (Industrial Conglomerates) | 1,135 | 144,861 | ||||||
General Mills, Inc. (Food Products) | 606 | 39,475 | ||||||
General Motors Co. (Automobiles) | 1,428 | 51,294 | ||||||
Genuine Parts Co. (Distributors) | 146 | 20,222 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,299 | 105,232 | ||||||
Global Payments, Inc. (Financial Services) | 272 | 34,544 | ||||||
Globe Life, Inc. (Insurance) | 89 | 10,833 | ||||||
Halliburton Co. (Energy Equipment & Services) | 933 | 33,728 | ||||||
Hasbro, Inc. (Leisure Products) | 136 | 6,944 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 207 | 56,031 | ||||||
Healthpeak Properties, Inc. (Health Care REITs) | 571 | 11,306 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 136 | 10,297 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 288 | 41,518 | ||||||
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 1,338 | 22,719 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 267 | 48,618 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 255 | 18,220 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 688 | 144,280 | ||||||
Hormel Foods Corp. (Food Products) | 302 | 9,697 | ||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 736 | 14,330 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 408 | 22,081 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 907 | 27,292 | ||||||
Hubbell, Inc. (Electrical Equipment) | 56 | 18,420 | ||||||
Humana, Inc. (Health Care Providers & Services) | 128 | 58,600 | ||||||
Huntington Bancshares, Inc. (Banks) | 1,510 | 19,207 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 41 | 10,645 | ||||||
IDEX Corp. (Machinery) | 79 | 17,152 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 87 | 48,289 | ||||||
Illinois Tool Works, Inc. (Machinery) | 286 | 74,915 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 166 | 23,114 | ||||||
Incyte Corp.* (Biotechnology) | 194 | 12,181 | ||||||
Ingersoll Rand, Inc. (Machinery) | 422 | 32,637 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 73 | 15,840 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 4,396 | 220,899 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 597 | 76,673 | ||||||
International Business Machines Corp. (IT Services) | 952 | 155,700 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 266 | 21,538 | ||||||
International Paper Co. (Containers & Packaging) | 361 | 13,050 | ||||||
Intuit, Inc. (Software) | 292 | 182,509 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 367 | 123,811 | ||||||
Invesco, Ltd. (Capital Markets) | 469 | 8,367 | ||||||
Invitation Homes, Inc. (Residential REITs) | 600 | 20,466 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 191 | 44,194 | ||||||
Iron Mountain, Inc. (Specialized REITs) | 305 | 21,344 | ||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 85 | 16,978 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 133 | 16,944 | ||||||
Jack Henry & Associates, Inc. (Financial Services) | 76 | 12,419 | ||||||
Jacobs Solutions, Inc. (Professional Services) | 131 | 17,004 | ||||||
Johnson & Johnson (Pharmaceuticals) | 2,511 | 393,574 | ||||||
Johnson Controls International PLC (Building Products) | 710 | 40,924 | ||||||
JPMorgan Chase & Co. (Banks) | 3,015 | 512,851 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 333 | 9,817 | ||||||
Kellanova (Food Products) | 275 | 15,375 | ||||||
Kenvue, Inc. (Personal Care Products) | 1,798 | 38,710 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 1,050 | 34,986 | ||||||
KeyCorp (Banks) | 977 | 14,069 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 185 | 29,432 |
See accompanying notes to financial statements.
74 :: ProFund VP Bull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Kimberly-Clark Corp. (Household Products) | 352 | $ | 42,772 | |||||
Kimco Realty Corp. (Retail REITs) | 686 | 14,619 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 2,017 | 35,580 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 142 | 82,545 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 198 | 41,703 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 89 | 20,229 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 137 | 107,307 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 151 | 16,322 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 385 | 18,946 | ||||||
Leidos Holdings, Inc. (Professional Services) | 143 | 15,478 | ||||||
Lennar Corp.—Class A (Household Durables) | 261 | 38,899 | ||||||
Linde PLC (Chemicals) | 506 | 207,818 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 148 | 13,853 | ||||||
LKQ Corp. (Distributors) | 279 | 13,333 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 230 | 104,245 | ||||||
Loews Corp. (Insurance) | 191 | 13,292 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 602 | 133,975 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 120 | 61,355 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 267 | 25,386 | ||||||
M&T Bank Corp. (Banks) | 173 | 23,715 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 610 | 14,738 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 396 | 58,751 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 40 | 11,714 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 258 | 58,146 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 514 | 97,387 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 64 | 31,931 | ||||||
Masco Corp. (Building Products) | 234 | 15,673 | ||||||
Mastercard, Inc.—Class A (Financial Services) | 864 | 368,505 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 284 | 10,366 | ||||||
McCormick & Co., Inc. (Food Products) | 262 | 17,926 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 757 | 224,457 | ||||||
McKesson Corp. (Health Care Providers & Services) | 139 | 64,354 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,388 | 114,343 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 2,643 | 288,140 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 2,315 | 819,417 | ||||||
MetLife, Inc. (Insurance) | 648 | 42,852 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 23 | 27,898 | ||||||
MGM Resorts International* (Hotels, Restaurants & Leisure) | 285 | 12,734 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 564 | 50,862 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,145 | 97,714 | ||||||
Microsoft Corp. (Software) | 7,753 | 2,915,439 | ||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 122 | 16,404 | ||||||
Moderna, Inc.* (Biotechnology) | 346 | 34,410 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 55 | 5,693 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 61 | 22,040 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 193 | 11,814 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 1,419 | 102,779 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 50 | 31,539 | ||||||
Monster Beverage Corp.* (Beverages) | 770 | 44,360 | ||||||
Moody’s Corp. (Capital Markets) | 164 | 64,052 | ||||||
Morgan Stanley (Capital Markets) | 1,318 | 122,904 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 173 | 54,165 | ||||||
MSCI, Inc. (Capital Markets) | 82 | 46,383 | ||||||
Nasdaq, Inc. (Capital Markets) | 355 | 20,640 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 218 | 19,219 | ||||||
Netflix, Inc.* (Entertainment) | 457 | 222,503 | ||||||
Newmont Corp. (Metals & Mining) | 1,202 | 49,751 | ||||||
News Corp.—Class A (Media) | 397 | 9,746 | ||||||
News Corp.—Class B (Media) | 120 | 3,086 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 2,140 | 129,983 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 1,276 | 138,535 | ||||||
NiSource, Inc. (Multi-Utilities) | 431 | 11,443 | ||||||
Nordson Corp. (Machinery) | 56 | 14,793 | ||||||
Norfolk Southern Corp. (Ground Transportation) | 236 | 55,786 | ||||||
Northern Trust Corp. (Capital Markets) | 216 | 18,226 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 148 | 69,285 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 444 | 8,898 | ||||||
NRG Energy, Inc. (Electric Utilities) | 235 | 12,150 | ||||||
Nucor Corp. (Metals & Mining) | 256 | 44,554 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 2,576 | 1,275,686 | ||||||
NVR, Inc.* (Household Durables) | 3 | 21,001 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 269 | 61,784 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 689 | 41,140 | ||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 93 | 37,696 | ||||||
Omnicom Group, Inc. (Media) | 206 | 17,821 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 449 | 37,505 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 608 | 42,694 | ||||||
Oracle Corp. (Software) | 1,657 | 174,698 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 62 | 58,905 | ||||||
Otis Worldwide Corp. (Machinery) | 427 | 38,204 | ||||||
PACCAR, Inc. (Machinery) | 546 | 53,317 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Bull :: 75
Common Stocks, continued
Shares | Value | |||||||
Packaging Corp. of America (Containers & Packaging) | 93 | $ | 15,151 | |||||
Palo Alto Networks, Inc.* (Software) | 324 | 95,541 | ||||||
Paramount Global(a) —Class B (Media) | 503 | 7,439 | ||||||
Parker-Hannifin Corp. (Machinery) | 134 | 61,734 | ||||||
Paychex, Inc. (Professional Services) | 335 | 39,902 | ||||||
Paycom Software, Inc. (Professional Services) | 51 | 10,543 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 1,125 | 69,086 | ||||||
Pentair PLC (Machinery) | 172 | 12,506 | ||||||
PepsiCo, Inc. (Beverages) | 1,434 | 243,550 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 5,889 | 169,544 | ||||||
PG&E Corp. (Electric Utilities) | 2,225 | 40,117 | ||||||
Philip Morris International, Inc. (Tobacco) | 1,619 | 152,316 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 459 | 61,111 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 118 | 8,477 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 243 | 54,646 | ||||||
Pool Corp. (Distributors) | 40 | 15,948 | ||||||
PPG Industries, Inc. (Chemicals) | 246 | 36,789 | ||||||
PPL Corp. (Electric Utilities) | 769 | 20,840 | ||||||
Principal Financial Group, Inc. (Insurance) | 229 | 18,015 | ||||||
Prologis, Inc. (Industrial REITs) | 964 | 128,501 | ||||||
Prudential Financial, Inc. (Insurance) | 377 | 39,099 | ||||||
PTC, Inc.* (Software) | 124 | 21,695 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 519 | 31,737 | ||||||
Public Storage (Specialized REITs) | 165 | 50,325 | ||||||
PulteGroup, Inc. (Household Durables) | 225 | 23,225 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 102 | 11,486 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 1,161 | 167,915 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 152 | 32,802 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 117 | 16,132 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 41 | 5,912 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 196 | 21,854 | ||||||
Realty Income Corp. (Retail REITs) | 755 | 43,352 | ||||||
Regency Centers Corp. (Retail REITs) | 171 | 11,457 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 112 | 98,368 | ||||||
Regions Financial Corp. (Banks) | 970 | 18,799 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 213 | 35,126 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 153 | 26,319 | ||||||
Revvity, Inc. (Life Sciences Tools & Services) | 129 | 14,101 | ||||||
Robert Half, Inc. (Professional Services) | 110 | 9,671 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 120 | 37,258 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 293 | 12,795 | ||||||
Roper Technologies, Inc. (Software) | 111 | 60,514 | ||||||
Ross Stores, Inc. (Specialty Retail) | 353 | 48,852 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 246 | 31,855 | ||||||
RTX Corp. (Aerospace & Defense) | 1,500 | 126,210 | ||||||
S&P Global, Inc. (Capital Markets) | 338 | 148,895 | ||||||
Salesforce, Inc.* (Software) | 1,015 | 267,087 | ||||||
SBA Communications Corp. (Specialized REITs) | 113 | 28,667 | ||||||
Schlumberger N.V. (Energy Equipment & Services) | 1,490 | 77,540 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 203 | 17,330 | ||||||
Sempra (Multi-Utilities) | 656 | 49,023 | ||||||
ServiceNow, Inc.* (Software) | 214 | 151,189 | ||||||
Simon Property Group, Inc. (Retail REITs) | 340 | 48,497 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 166 | 18,662 | ||||||
Snap-on, Inc. (Machinery) | 55 | 15,886 | ||||||
Southwest Airlines Co. (Passenger Airlines) | 622 | 17,963 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 160 | 15,696 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 1,192 | 114,444 | ||||||
State Street Corp. (Capital Markets) | 322 | 24,942 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 159 | 18,778 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 103 | 22,645 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 353 | 105,709 | ||||||
Synchrony Financial (Consumer Finance) | 432 | 16,498 | ||||||
Synopsys, Inc.* (Software) | 159 | 81,871 | ||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 526 | 38,466 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 233 | 25,092 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 165 | 26,557 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 239 | 8,798 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 233 | 20,241 | ||||||
Target Corp. (Consumer Staples Distribution & Retail) | 481 | 68,504 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 324 | 45,522 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 49 | 21,868 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 49 | 12,218 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 159 | 17,255 | ||||||
Tesla, Inc.* (Automobiles) | 2,885 | 716,865 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 947 | 161,426 | ||||||
Textron, Inc. (Aerospace & Defense) | 204 | 16,406 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 698 | 13,437 | ||||||
The Allstate Corp. (Insurance) | 273 | 38,215 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 802 | 41,744 | ||||||
The Boeing Co.* (Aerospace & Defense) | 593 | 154,571 | ||||||
The Charles Schwab Corp. (Capital Markets) | 1,552 | 106,778 | ||||||
The Cigna Group (Health Care Providers & Services) | 305 | 91,332 | ||||||
The Clorox Co. (Household Products) | 129 | 18,394 | ||||||
The Coca-Cola Co. (Beverages) | 4,058 | 239,138 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 52 | 19,679 |
See accompanying notes to financial statements.
76 :: ProFund VP Bull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
The Estee Lauder Cos., Inc. (Personal Care Products) | 242 | $ | 35,393 | |||||
The Goldman Sachs Group, Inc. (Capital Markets) | 340 | 131,161 | ||||||
The Hartford Financial Services Group, Inc. (Insurance) | 314 | 25,239 | ||||||
The Hershey Co. (Food Products) | 156 | 29,085 | ||||||
The Home Depot, Inc. (Specialty Retail) | 1,043 | 361,452 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 399 | 13,023 | ||||||
The JM Smucker Co. (Food Products) | 111 | 14,028 | ||||||
The Kraft Heinz Co. (Food Products) | 832 | 30,767 | ||||||
The Kroger Co. (Consumer Staples Distribution & Retail) | 690 | 31,540 | ||||||
The Mosaic Co. (Chemicals) | 341 | 12,184 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 415 | 64,263 | ||||||
The Procter & Gamble Co. (Household Products) | 2,458 | 360,195 | ||||||
The Progressive Corp. (Insurance) | 610 | 97,160 | ||||||
The Sherwin-Williams Co. (Chemicals) | 246 | 76,726 | ||||||
The Southern Co. (Electric Utilities) | 1,138 | 79,796 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 1,193 | 111,915 | ||||||
The Travelers Cos., Inc. (Insurance) | 238 | 45,337 | ||||||
The Walt Disney Co. (Entertainment) | 1,908 | 172,273 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 1,269 | 44,199 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 403 | 213,908 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 531 | 85,135 | ||||||
Tractor Supply Co. (Specialty Retail) | 113 | 24,298 | ||||||
Trane Technologies PLC (Building Products) | 238 | 58,049 | ||||||
TransDigm Group, Inc. (Aerospace & Defense) | 58 | 58,673 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 259 | 13,779 | ||||||
Truist Financial Corp. (Banks) | 1,391 | 51,356 | ||||||
Tyler Technologies, Inc.* (Software) | 44 | 18,397 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 297 | 15,964 | ||||||
U.S. Bancorp (Banks) | 1,624 | 70,287 | ||||||
Uber Technologies, Inc.* (Ground Transportation) | 2,146 | 132,129 | ||||||
UDR, Inc. (Residential REITs) | 316 | 12,100 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 51 | 24,989 | ||||||
Union Pacific Corp. (Ground Transportation) | 636 | 156,214 | ||||||
United Airlines Holdings, Inc.* (Passenger Airlines) | 342 | 14,111 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 754 | 118,551 | ||||||
United Rentals, Inc. (Trading Companies & Distributors) | 71 | 40,712 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 965 | 508,043 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 64 | 9,756 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 355 | 46,150 | ||||||
Ventas, Inc. (Health Care REITs) | 420 | 20,933 | ||||||
Veralto Corp. (Commercial Services & Supplies) | 229 | 18,838 | ||||||
VeriSign, Inc.* (IT Services) | 93 | 19,154 | ||||||
Verisk Analytics, Inc. (Professional Services) | 151 | 36,068 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 4,385 | 165,315 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 269 | 109,453 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 345 | 6,486 | ||||||
Viatris, Inc. (Pharmaceuticals) | 1,251 | 13,548 | ||||||
VICI Properties, Inc. (Specialized REITs) | 1,079 | 34,399 | ||||||
Visa, Inc.—Class A (Financial Services) | 1,663 | 432,962 | ||||||
Vulcan Materials Co. (Construction Materials) | 139 | 31,554 | ||||||
W.R. Berkley Corp. (Insurance) | 212 | 14,993 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 46 | 38,120 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 748 | 19,530 | ||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 1,488 | 234,583 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 2,315 | 26,345 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 382 | 68,416 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 62 | 20,412 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 329 | 27,692 | ||||||
Wells Fargo & Co. (Banks) | 3,788 | 186,445 | ||||||
Welltower, Inc. (Health Care REITs) | 577 | 52,028 | ||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 77 | 27,113 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 338 | 17,701 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 187 | 23,730 | ||||||
Westrock Co. (Containers & Packaging) | 267 | 11,086 | ||||||
Weyerhaeuser Co. (Specialized REITs) | 761 | 26,460 | ||||||
Whirlpool Corp. (Household Durables) | 57 | 6,941 | ||||||
Willis Towers Watson PLC (Insurance) | 108 | 26,050 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 100 | 9,111 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 576 | 35,660 | ||||||
Xylem, Inc. (Machinery) | 251 | 28,704 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 292 | 38,153 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 54 | 14,760 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 218 | 26,531 | ||||||
Zions Bancorp NA (Banks) | 155 | 6,800 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 479 | 94,540 | ||||||
TOTAL COMMON STOCKS (Cost $12,399,684) | 41,759,384 |
Repurchase Agreements(b)(c) (23.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $12,590,238 | $ | 12,583,000 | $ | 12,583,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $12,583,000) | 12,583,000 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Bull :: 77
Collateral for Securities Loaned(d)(NM)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 4,650 | $ | 4,650 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,650) | 4,650 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $24,987,334)—99.9% | 54,347,034 | |||||||
Net other assets (liabilities)—0.1% | 30,244 | |||||||
NET ASSETS—100.0% | $ | 54,377,278 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $4,437. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $1,367,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
NM | Not meaningful, amount is less than 0.05% |
REIT | Real Estate Investment Trust |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini S&P 500 Futures Contracts | 12 | 3/18/24 | $ | 2,892,000 | $ | 116,796 |
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 | 1/29/24 | 5.93 | % | $ | 3,095,619 | $ | (8,423 | ) | |||||||
S&P 500 | UBS AG | 1/29/24 | 5.83 | % | 6,634,834 | (17,427 | ) | |||||||||
$ | 9,730,453 | $ | (25,850 | ) |
(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 December 31, 2023, 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.
78 :: ProFund VP Bull :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP Bull invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 683,959 | 1.3 | % | ||||
Air Freight & Logistics | 209,391 | 0.4 | % | |||||
Automobile Components | 35,251 | 0.1 | % | |||||
Automobiles | 818,150 | 1.5 | % | |||||
Banks | 1,360,554 | 2.5 | % | |||||
Beverages | 625,610 | 1.2 | % | |||||
Biotechnology | 844,734 | 1.6 | % | |||||
Broadline Retail | 1,474,880 | 2.6 | % | |||||
Building Products | 208,658 | 0.4 | % | |||||
Capital Markets | 1,251,679 | 2.3 | % | |||||
Chemicals | 675,296 | 1.2 | % | |||||
Commercial Services & Supplies | 234,053 | 0.4 | % | |||||
Communications Equipment | 350,464 | 0.6 | % | |||||
Construction & Engineering | 32,802 | 0.1 | % | |||||
Construction Materials | 63,485 | 0.1 | % | |||||
Consumer Finance | 210,293 | 0.4 | % | |||||
Consumer Staples Distribution & Retail | 759,680 | 1.4 | % | |||||
Containers & Packaging | 89,720 | 0.2 | % | |||||
Distributors | 49,503 | 0.1 | % | |||||
Diversified Telecommunication Services | 290,443 | 0.5 | % | |||||
Electric Utilities | 645,099 | 1.3 | % | |||||
Electrical Equipment | 261,780 | 0.5 | % | |||||
Electronic Equipment, Instruments & Components | 260,377 | 0.5 | % | |||||
Energy Equipment & Services | 147,157 | 0.3 | % | |||||
Entertainment | 496,418 | 0.9 | % | |||||
Financial Services | 1,735,933 | 3.2 | % | |||||
Food Products | 370,079 | 0.7 | % | |||||
Gas Utilities | 17,965 | NM | ||||||
Ground Transportation | 470,258 | 0.9 | % | |||||
Health Care Equipment & Supplies | 1,073,510 | 2.0 | % | |||||
Health Care Providers & Services | 1,186,996 | 2.2 | % | |||||
Health Care REITs | 84,267 | 0.2 | % | |||||
Hotel & Resort REITs | 14,330 | NM | ||||||
Hotels, Restaurants & Leisure | 907,565 | 1.7 | % | |||||
Household Durables | 164,047 | 0.3 | % | |||||
Household Products | 514,134 | 0.9 | % | |||||
Independent Power and Renewable Electricity Producers | 13,437 | NM | ||||||
Industrial Conglomerates | 352,109 | 0.6 | % | |||||
Industrial REITs | 128,501 | 0.2 | % | |||||
Insurance | 860,079 | 1.6 | % | |||||
Interactive Media & Services | 2,424,082 | 4.5 | % | |||||
IT Services | 517,163 | 1.0 | % | |||||
Leisure Products | 6,944 | NM | ||||||
Life Sciences Tools & Services | 604,444 | 1.1 | % | |||||
Machinery | 743,069 | 1.4 | % | |||||
Media | 287,042 | 0.5 | % | |||||
Metals & Mining | 176,768 | 0.3 | % | |||||
Multi-Utilities | 273,654 | 0.5 | % | |||||
Office REITs | 31,259 | 0.1 | % | |||||
Oil, Gas & Consumable Fuels | 1,476,088 | 2.7 | % | |||||
Passenger Airlines | 68,439 | 0.1 | % | |||||
Personal Care Products | 74,103 | 0.1 | % | |||||
Pharmaceuticals | 1,561,663 | 2.8 | % | |||||
Professional Services | 296,758 | 0.5 | % | |||||
Real Estate Management & Development | 66,831 | 0.1 | % | |||||
Residential REITs | 126,329 | 0.2 | % | |||||
Retail REITs | 125,860 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 3,384,839 | 6.2 | % | |||||
Software | 4,499,600 | 8.3 | % | |||||
Specialized REITs | 475,021 | 0.9 | % | |||||
Specialty Retail | 849,631 | 1.6 | % | |||||
Technology Hardware, Storage & Peripherals | 3,039,958 | 5.6 | % | |||||
Textiles, Apparel & Luxury Goods | 221,086 | 0.4 | % | |||||
Tobacco | 226,743 | 0.4 | % | |||||
Trading Companies & Distributors | 117,435 | 0.2 | % | |||||
Water Utilities | 26,794 | NM | ||||||
Wireless Telecommunication Services | 85,135 | 0.2 | % | |||||
Other** | 12,617,894 | 23.2 | % | |||||
Total | $ | 54,377,278 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Communication Services† :: 79
Common Stocks (97.2%)
Shares | Value | |||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 7,314 | $ | 1,021,693 | |||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 6,157 | 867,706 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 21,143 | 354,780 | ||||||
Charter Communications, Inc.*—Class A (Media) | 973 | 378,186 | ||||||
Comcast Corp.—Class A (Media) | 8,495 | 372,506 | ||||||
Electronic Arts, Inc. (Entertainment) | 2,608 | 356,800 | ||||||
Fox Corp.—Class A (Media) | 2,736 | 81,177 | ||||||
Fox Corp.—Class B (Media) | 1,459 | 40,341 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 1,572 | 147,139 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 3,009 | 109,829 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 5,498 | 1,946,071 | ||||||
Netflix, Inc.* (Entertainment) | 789 | 384,149 | ||||||
News Corp.—Class A (Media) | 4,213 | 103,429 | ||||||
News Corp.—Class B (Media) | 1,270 | 32,664 | ||||||
Omnicom Group, Inc. (Media) | 2,192 | 189,630 | ||||||
Paramount Global—Class B (Media) | 5,340 | 78,979 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 1,752 | 281,984 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 4,239 | 138,361 | ||||||
The Walt Disney Co. (Entertainment) | 3,854 | 347,978 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 2,288 | 366,835 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 9,352 | 352,570 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 24,573 | 279,641 | ||||||
TOTAL COMMON STOCKS (Cost $6,299,671) | 8,232,448 |
Repurchase Agreements(a) (3.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $259,149 | $ | 259,000 | $ | 259,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $259,000) | 259,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,558,671)—100.3% | 8,491,448 | |||||||
Net other assets (liabilities)—(0.3)% | (23,344 | ) | ||||||
NET ASSETS—100.0% | $ | 8,468,104 |
† | As described in Note 1, effective March 17, 2023, this ProFund’s name changed due to a change to its underlying benchmark index. |
* | 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) | |||||||||||
S&P Communication Services Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 243,695 | $ | (821 | ) |
(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 December 31, 2023, 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 Communication Services invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Diversified Telecommunication Services | $ | 707,350 | 8.4 | % | ||||
Entertainment | 1,797,691 | 21.2 | % | |||||
Interactive Media & Services | 3,945,299 | 46.6 | % | |||||
Media | 1,415,273 | 16.7 | % | |||||
Wireless Telecommunication Services | 366,835 | 4.3 | % | |||||
Other** | 235,656 | 2.8 | % | |||||
Total | $ | 8,468,104 | 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.
80 :: ProFund VP Consumer Discretionary† :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (98.9%)
Shares | Value | |||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,994 | $ | 407,603 | |||||
Amazon.com, Inc.* (Broadline Retail) | 35,505 | 5,394,629 | ||||||
Aptiv PLC* (Automobile Components) | 1,948 | 174,775 | ||||||
AutoZone, Inc.* (Specialty Retail) | 121 | 312,859 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 1,566 | 67,589 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 1,334 | 104,426 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 240 | 851,333 | ||||||
BorgWarner, Inc. (Automobile Components) | 1,619 | 58,041 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 1,486 | 69,664 | ||||||
CarMax, Inc.* (Specialty Retail) | 1,093 | 83,877 | ||||||
Carnival Corp.* (Hotels, Restaurants & Leisure) | 6,939 | 128,649 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 189 | 432,235 | ||||||
D.R. Horton, Inc. (Household Durables) | 2,076 | 315,510 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 829 | 136,205 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 240 | 98,935 | ||||||
eBay, Inc. (Broadline Retail) | 3,575 | 155,942 | ||||||
Etsy, Inc.* (Broadline Retail) | 825 | 66,866 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 918 | 139,343 | ||||||
Ford Motor Co. (Automobiles) | 27,082 | 330,130 | ||||||
Garmin, Ltd. (Household Durables) | 1,054 | 135,481 | ||||||
General Motors Co. (Automobiles) | 9,432 | 338,797 | ||||||
Genuine Parts Co. (Distributors) | 966 | 133,791 | ||||||
Hasbro, Inc. (Leisure Products) | 898 | 45,852 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 1,766 | 321,571 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 2,543 | 125,141 | ||||||
Lennar Corp.—Class A (Household Durables) | 1,723 | 256,796 | ||||||
LKQ Corp. (Distributors) | 1,843 | 88,077 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 3,975 | 884,636 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 793 | 405,453 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 1,700 | 383,337 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 3,602 | 1,068,029 | ||||||
MGM Resorts International* (Hotels, Restaurants & Leisure) | 1,882 | 84,088 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 364 | 37,674 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 8,430 | 915,244 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 2,930 | 58,717 | ||||||
NVR, Inc.* (Household Durables) | 22 | 154,010 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 407 | 386,683 | ||||||
Pool Corp. (Distributors) | 266 | 106,057 | ||||||
PulteGroup, Inc. (Household Durables) | 1,485 | 153,282 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 274 | 39,511 | ||||||
Ross Stores, Inc. (Specialty Retail) | 2,332 | 322,725 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 1,624 | 210,292 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 7,870 | 755,599 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 1,579 | 58,123 | ||||||
Tesla, Inc.* (Automobiles) | 16,935 | 4,208,009 | ||||||
The Home Depot, Inc. (Specialty Retail) | 3,067 | 1,062,868 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 7,880 | 739,223 | ||||||
Tractor Supply Co. (Specialty Retail) | 745 | 160,197 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 339 | 166,107 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 2,277 | 42,808 | ||||||
Whirlpool Corp. (Household Durables) | 378 | 46,029 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 661 | 60,224 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 1,931 | 252,304 | ||||||
TOTAL COMMON STOCKS (Cost $14,944,258) | 23,535,346 |
Repurchase Agreements(a) (0.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $208,120 | $ | 208,000 | $ | 208,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $208,000) | 208,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,152,258)—99.8% | 23,743,346 | |||||||
Net other assets (liabilities)—0.2% | 42,282 | |||||||
NET ASSETS—100.0% | $ | 23,785,628 |
† | As described in Note 1, effective March 17, 2023, this ProFund’s name changed due to a change to its underlying benchmark index. |
* | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Consumer Discretionary† :: 81
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Consumer Discretionary Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 269,231 | $ | (2,078 | ) |
(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 December 31, 2023, 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 Discretionary invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Automobile Components | $ | 232,816 | 1.0 | % | ||||
Automobiles | 4,876,936 | 20.5 | % | |||||
Broadline Retail | 5,617,437 | 23.6 | % | |||||
Distributors | 327,925 | 1.4 | % | |||||
Hotels, Restaurants & Leisure | 5,583,269 | 23.5 | % | |||||
Household Durables | 1,098,782 | 4.6 | % | |||||
Leisure Products | 45,852 | 0.2 | % | |||||
Specialty Retail | 4,291,190 | 18.0 | % | |||||
Textiles, Apparel & Luxury Goods | 1,461,139 | 6.1 | % | |||||
Other** | 250,282 | 1.1 | % | |||||
Total | $ | 23,785,628 | 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.
82 :: ProFund VP Consumer Staples† :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (97.4%)
Shares | Value | |||||||
Altria Group, Inc. (Tobacco) | 8,659 | $ | 349,304 | |||||
Archer-Daniels-Midland Co. (Food Products) | 2,611 | 188,566 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 896 | 51,162 | ||||||
Bunge Global SA (Food Products) | 711 | 71,775 | ||||||
Campbell Soup Co. (Food Products) | 962 | 41,587 | ||||||
Church & Dwight Co., Inc. (Household Products) | 1,206 | 114,039 | ||||||
Colgate-Palmolive Co. (Household Products) | 4,031 | 321,311 | ||||||
Conagra Brands, Inc. (Food Products) | 2,340 | 67,064 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 791 | 191,224 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 1,884 | 1,243,592 | ||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 1,074 | 146,010 | ||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 1,023 | 145,317 | ||||||
General Mills, Inc. (Food Products) | 2,844 | 185,258 | ||||||
Hormel Foods Corp. (Food Products) | 1,418 | 45,532 | ||||||
Kellanova (Food Products) | 1,291 | 72,180 | ||||||
Kenvue, Inc. (Personal Care Products) | 8,440 | 181,713 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 4,929 | 164,234 | ||||||
Kimberly-Clark Corp. (Household Products) | 1,655 | 201,099 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 709 | 76,636 | ||||||
McCormick & Co., Inc. (Food Products) | 1,230 | 84,157 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 907 | 55,517 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 6,440 | 466,450 | ||||||
Monster Beverage Corp.* (Beverages) | 3,616 | 208,318 | ||||||
PepsiCo, Inc. (Beverages) | 5,851 | 993,734 | ||||||
Philip Morris International, Inc. (Tobacco) | 5,015 | 471,811 | ||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 2,469 | 180,558 | ||||||
Target Corp. (Consumer Staples Distribution & Retail) | 2,260 | 321,869 | ||||||
The Clorox Co. (Household Products) | 607 | 86,552 | ||||||
The Coca-Cola Co. (Beverages) | 16,558 | 975,763 | ||||||
The Estee Lauder Cos., Inc. (Personal Care Products) | 1,138 | 166,433 | ||||||
The Hershey Co. (Food Products) | 734 | 136,847 | ||||||
The JM Smucker Co. (Food Products) | 519 | 65,591 | ||||||
The Kraft Heinz Co. (Food Products) | 3,903 | 144,333 | ||||||
The Kroger Co. (Consumer Staples Distribution & Retail) | 3,240 | 148,100 | ||||||
The Procter & Gamble Co. (Household Products) | 10,031 | 1,469,943 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 1,397 | 75,089 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 3,512 | 91,698 | ||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 3,035 | 478,468 | ||||||
TOTAL COMMON STOCKS (Cost $5,789,503) | 10,478,834 |
Repurchase Agreements(a) (2.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $221,127 | $ | 221,000 | $ | 221,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $221,000) | 221,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,010,503)—99.5% | 10,699,834 | |||||||
Net other assets (liabilities)—0.5% | 48,949 | |||||||
NET ASSETS—100.0% | $ | 10,748,783 |
† | As described in Note 1, effective March 17, 2023, this ProFund’s name changed due to a change to its underlying benchmark index. |
* | 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) | |||||||||||
S&P Consumer Staples Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 238,548 | $ | 1,469 |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Consumer Staples† :: 83
ProFund VP Consumer Staples invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Beverages | $ | 2,639,952 | 24.6 | % | ||||
Consumer Staples Distribution & Retail | 2,755,612 | 25.6 | % | |||||
Food Products | 1,721,065 | 16.0 | % | |||||
Household Products | 2,192,944 | 20.4 | % | |||||
Personal Care Products | 348,146 | 3.2 | % | |||||
Tobacco | 821,115 | 7.6 | % | |||||
Other** | 269,949 | 2.6 | % | |||||
Total | $ | 10,748,783 | 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.
84 :: ProFund VP Dow 30 :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (100.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $327,188 | $ | 327,000 | $ | 327,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $327,000) | 327,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $327,000)—100.1% | 327,000 | |||||||
Net other assets (liabilities)—(0.1)% | (264 | ) | ||||||
NET ASSETS—100.0% | $ | 326,736 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $16,000. |
(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 | 1/29/24 | 5.93 | % | $ | 264,966 | $ | 145 | ||||||||
Dow Jones Industrial Average | UBS AG | 1/29/24 | 5.48 | % | 61,717 | 35 | ||||||||||
$ | 326,683 | $ | 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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Emerging Markets :: 85
Common Stocks (88.6%)
Shares | Value | |||||||
Alibaba Group Holding, Ltd.ADR (Broadline Retail) | 23,804 | $ | 1,845,047 | |||||
Ambev S.A.ADR (Beverages) | 57,636 | 161,381 | ||||||
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services) | 13,519 | 250,372 | ||||||
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 22,321 | 210,041 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 3,706 | 441,348 | ||||||
Banco Bradesco S.A.ADR (Banks) | 69,406 | 242,921 | ||||||
Banco de ChileADR (Banks) | 2,838 | 65,501 | ||||||
Beigene, Ltd.*ADR (Biotechnology) | 799 | 144,108 | ||||||
Cemex S.A.B. de C.V.*ADR (Construction Materials) | 19,779 | 153,287 | ||||||
Centrais Eletricas Brasileiras S.A.ADR (Electric Utilities) | 13,507 | 116,430 | ||||||
Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services) | 4,967 | 194,061 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESPADR (Water Utilities) | 4,465 | 68,002 | ||||||
Coca-Cola Femsa S.A.B. de C.V.ADR (Beverages) | 686 | 64,923 | ||||||
Cosan S.A.ADR (Oil, Gas & Consumable Fuels) | 3,795 | 59,430 | ||||||
Dr. Reddy’s Laboratories, Ltd.ADR (Pharmaceuticals) | 1,591 | 110,702 | ||||||
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages) | 2,400 | 312,840 | ||||||
Full Truck Alliance Co., Ltd.*ADR (Ground Transportation) | 8,731 | 61,204 | ||||||
Gerdau S.A.ADR (Metals & Mining) | 15,112 | 73,293 | ||||||
Gold Fields, Ltd.ADR (Metals & Mining) | 11,675 | 168,821 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V.ADR (Transportation Infrastructure) | 512 | 89,713 | ||||||
H World Group, Ltd.ADR (Hotels, Restaurants & Leisure) | 1,833 | 61,296 | ||||||
HDFC Bank, Ltd.ADR (Banks) | 23,999 | 1,610,573 | ||||||
ICICI Bank, Ltd.ADR (Banks) | 33,487 | 798,330 | ||||||
Infosys, Ltd.ADR (IT Services) | 45,432 | 835,040 | ||||||
Itau Unibanco Holding S.A.ADR (Banks) | 63,317 | 440,053 | ||||||
JD.com, Inc.ADR (Broadline Retail) | 16,059 | 463,944 | ||||||
KB Financial Group, Inc.ADR (Banks) | 4,903 | 202,837 | ||||||
KE Holdings, Inc.ADR (Real Estate Management & Development) | 8,796 | 142,583 | ||||||
NetEase, Inc.ADR (Entertainment) | 4,549 | 423,785 | ||||||
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | 1,954 | 143,189 | ||||||
NIO, Inc.*(a)ADR (Automobiles) | 18,264 | 165,654 | ||||||
PDD Holdings, Inc.*ADR (Broadline Retail) | 8,857 | 1,295,868 | ||||||
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 24,311 | 388,246 | ||||||
POSCO Holdings, Inc.ADR(a) (Metals & Mining) | 3,890 | 369,978 | ||||||
PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services) | 6,213 | 160,047 | ||||||
Sasol, Ltd.ADR (Chemicals) | 7,542 | 74,967 | ||||||
Shinhan Financial Group Co., Ltd.ADR (Banks) | 6,399 | 196,961 | ||||||
Sociedad Quimica y Minera de Chile S.A.ADR(a) (Electrical Equipment) | 1,866 | 112,371 | ||||||
Suzano S.A.ADR (Paper & Forest Products) | 9,689 | 110,067 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 36,502 | 3,796,207 | ||||||
TAL Education Group*ADR (Diversified Consumer Services) | 6,031 | 76,172 | ||||||
Tencent Music Entertainment Group*ADR (Entertainment) | 8,428 | 75,936 | ||||||
Trip.com Group, Ltd.*ADR (Hotels, Restaurants & Leisure) | 7,261 | 261,468 | ||||||
United Microelectronics Corp.ADR(a) (Semiconductors & Semiconductor Equipment) | 30,386 | 257,066 | ||||||
Vale S.A.ADR (Metals & Mining) | 47,446 | 752,494 | ||||||
Vipshop Holdings, Ltd.*ADR (Broadline Retail) | 3,677 | 65,304 | ||||||
Wipro, Ltd.ADR (IT Services) | 18,423 | 102,616 | ||||||
Woori Financial Group, Inc.ADR (Banks) | 2,915 | 88,091 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 5,570 | 118,530 | ||||||
TOTAL COMMON STOCKS (Cost $9,767,707) | 18,423,098 |
Preferred Stock (2.2%)
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 30,011 | 458,568 | ||||||
TOTAL PREFERRED STOCK (Cost $77,896) | 458,568 |
Repurchase Agreements(b)(c) (7.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $1,577,907 | $ | 1,577,000 | $ | 1,577,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,577,000) | 1,577,000 |
Collateral for Securities Loaned(d) (4.4%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio–Institutional Shares, 5.28%(e) | 915,426 | $ | 915,426 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $915,426) | 915,426 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,338,029)—102.8% | 21,374,092 | |||||||
Net other assets (liabilities)—(2.8)% | (580,965 | ) | ||||||
NET ASSETS—100.0% | $ | 20,793,127 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $880,068. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $158,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
86 :: ProFund VP Emerging Markets :: Schedule of Portfolio Investments :: December 31, 2023
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 | 1/29/24 | 5.93 | % | $ | 914,081 | $ | 2,209 | ||||||||
S&P Emerging 50 ADR Index (USD) | UBS AG | 1/29/24 | 5.83 | % | 895,928 | 2,188 | ||||||||||
$ | 1,810,009 | $ | 4,397 |
(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 December 31, 2023, 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 Emerging Markets invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 118,530 | 0.6 | % | ||||
Automobiles | 165,654 | 0.8 | % | |||||
Banks | 3,645,268 | 17.5 | % | |||||
Beverages | 539,144 | 2.7 | % | |||||
Biotechnology | 144,108 | 0.7 | % | |||||
Broadline Retail | 3,670,163 | 17.5 | % | |||||
Chemicals | 74,967 | 0.4 | % | |||||
Construction Materials | 153,287 | 0.7 | % | |||||
Diversified Consumer Services | 219,361 | 1.1 | % | |||||
Diversified Telecommunication Services | 354,108 | 1.7 | % | |||||
Electric Utilities | 116,430 | 0.6 | % | |||||
Electrical Equipment | 112,371 | 0.6 | % | |||||
Entertainment | 499,721 | 2.4 | % | |||||
Ground Transportation | 61,204 | 0.3 | % | |||||
Hotels, Restaurants & Leisure | 322,764 | 1.6 | % | |||||
Interactive Media & Services | 441,348 | 2.1 | % | |||||
IT Services | 937,656 | 4.5 | % | |||||
Metals & Mining | 1,364,586 | 6.5 | % | |||||
Oil, Gas & Consumable Fuels | 906,244 | 4.4 | % | |||||
Paper & Forest Products | 110,067 | 0.5 | % | |||||
Pharmaceuticals | 110,702 | 0.5 | % | |||||
Real Estate Management & Development | 142,583 | 0.7 | % | |||||
Semiconductors & Semiconductor Equipment | 4,263,314 | 20.5 | % | |||||
Transportation Infrastructure | 89,713 | 0.4 | % | |||||
Water Utilities | 68,002 | 0.3 | % | |||||
Wireless Telecommunication Services | 250,372 | 1.2 | % | |||||
Other** | 1,911,460 | 9.2 | % | |||||
Total | $ | 20,793,127 | 100.0 | % |
ProFund VP Emerging Markets invested in securities with exposure to the following countries as of December 31, 2023:
Value | % of Net Assets | |||||||
Brazil | $ | 2,870,885 | 13.8 | % | ||||
Chile | 177,872 | 0.9 | % | |||||
China | 4,489,568 | 21.6 | % | |||||
India | 3,457,261 | 16.6 | % | |||||
Indonesia | 160,047 | 0.8 | % | |||||
Ireland | 1,295,868 | 6.2 | % | |||||
Mexico | 871,135 | 4.2 | % | |||||
South Africa | 243,788 | 1.2 | % | |||||
South Korea | 857,868 | 4.1 | % | |||||
Taiwan | 4,457,375 | 21.4 | % | |||||
Other** | 1,911,460 | 9.2 | % | |||||
Total | $ | 20,793,127 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Energy† :: 87
Common Stocks (97.9%)
Shares | Value | |||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 9,019 | $ | 323,602 | |||||
Baker Hughes Co. (Energy Equipment & Services) | 29,586 | 1,011,249 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 51,236 | 7,642,362 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 34,651 | 4,021,942 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 22,116 | 564,400 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 18,837 | 853,316 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5,262 | 816,031 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 17,018 | 2,058,327 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 12,094 | 467,554 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 97,792 | 9,777,243 | ||||||
Halliburton Co. (Energy Equipment & Services) | 26,316 | 951,323 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 8,128 | 1,171,732 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 56,859 | 1,002,993 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 17,208 | 415,745 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 11,163 | 1,656,143 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 19,413 | 1,159,150 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 17,126 | 1,202,588 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 12,944 | 1,723,364 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 6,859 | 1,542,452 | ||||||
Schlumberger N.V. (Energy Equipment & Services) | 39,016 | 2,030,394 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 6,556 | 569,520 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 35,767 | 1,245,765 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 10,009 | 1,301,170 | ||||||
TOTAL COMMON STOCKS (Cost $15,297,815) | 43,508,365 |
Repurchase Agreements(a) (2.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $975,561 | $ | 975,000 | $ | 975,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $975,000) | 975,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $16,272,815)—100.1% | 44,483,365 | |||||||
Net other assets (liabilities)—(0.1)% | (52,067 | ) | ||||||
NET ASSETS—100.0% | $ | 44,431,298 |
† | As described in Note 1, effective March 17, 2023, this ProFund’s name changed due to a change to its underlying benchmark index. |
(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) | |||||||||||
S&P Energy Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 974,523 | $ | (33,445 | ) |
(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 December 31, 2023, 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 Energy invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Energy Equipment & Services | $ | 3,992,966 | 9.0 | % | ||||
Oil, Gas & Consumable Fuels | 39,515,399 | 88.9 | % | |||||
Other** | 922,933 | 2.1 | % | |||||
Total | $ | 44,431,298 | 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.
88 :: ProFund VP Europe 30 :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.9%)
Shares | Value | |||||||
Anheuser-Busch InBev S.A./N.V.ADR(a) (Beverages) | 10,224 | $ | 660,675 | |||||
ArcelorMittal SANYS (Metals & Mining) | 13,328 | 378,382 | ||||||
Argenx SE*ADR (Biotechnology) | 913 | 347,333 | ||||||
Ascendis Pharma A/S*ADR (Biotechnology) | 2,739 | 344,977 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 1,095 | 828,827 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 6,755 | 454,949 | ||||||
Barclays PLCADR (Banks) | 50,209 | 395,647 | ||||||
BioNTech SE*ADR (Biotechnology) | 3,652 | 385,432 | ||||||
BP PLCADR (Oil, Gas & Consumable Fuels) | 16,615 | 588,171 | ||||||
British American Tobacco PLCADR (Tobacco) | 16,803 | 492,160 | ||||||
Diageo PLCADR (Beverages) | 3,652 | 531,950 | ||||||
Equinor ASAADR(a) (Oil, Gas & Consumable Fuels) | 18,075 | 571,893 | ||||||
GSK PLCADR (Pharmaceuticals) | 14,059 | 521,027 | ||||||
Haleon PLCADR (Personal Care Products) | 50,574 | 416,224 | ||||||
HSBC Holdings PLCADR(a) (Banks) | 18,075 | 732,761 | ||||||
ING Groep N.V.ADR (Banks) | 30,673 | 460,708 | ||||||
National Grid PLCADR(a) (Multi-Utilities) | 6,573 | 446,898 | ||||||
Nokia OyjADR (Communications Equipment) | 108,817 | 372,154 | ||||||
Novo Nordisk A/SADR (Pharmaceuticals) | 1,095 | 113,278 | ||||||
RELX PLCADR (Professional Services) | 13,146 | 521,370 | ||||||
Rio Tinto PLCADR (Metals & Mining) | 8,764 | 652,567 | ||||||
Ryanair Holdings PLC*ADR (Passenger Airlines) | 2,921 | 389,545 | ||||||
Sanofi S.A.ADR (Pharmaceuticals) | 13,146 | 653,751 | ||||||
SAP SEADR(a) (Software) | 5,295 | 818,554 | ||||||
Shell PLCADR (Oil, Gas & Consumable Fuels) | 13,511 | 889,025 | ||||||
STMicroelectronics N.V.NYS (Semiconductors & Semiconductor Equipment) | 8,764 | 439,339 | ||||||
Telefonaktiebolaget LM EricssonADR (Communications Equipment) | 58,973 | 371,530 | ||||||
Tenaris S.A.ADR (Energy Equipment & Services) | 10,590 | 368,108 | ||||||
TotalEnergies SEADR (Oil, Gas & Consumable Fuels) | 11,137 | 750,411 | ||||||
Vodafone Group PLCADR (Wireless Telecommunication Services) | 43,636 | 379,633 | ||||||
TOTAL COMMON STOCKS (Cost $10,166,253) | 15,277,279 |
Repurchase Agreements(b) (1.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%-5.23%, dated 12/29/2023, due 1/2/24, total to be received $184,106 | $ | 184,000 | $ | 184,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $184,000) | 184,000 |
Collateral for Securities Loaned(c) (20.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 3,111,397 | $ | 3,111,397 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $3,111,397) | 3,111,397 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $13,461,650)—121.4% | 18,572,676 | |||||||
Net other assets (liabilities)—(21.4)% | (3,268,644 | ) | ||||||
NET ASSETS—100.0% | $ | 15,304,032 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $3,045,768. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
ADR | American Depositary Receipt |
NYS | New York Shares |
ProFund VP Europe 30 invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Banks | $ | 1,589,116 | 10.4 | % | ||||
Beverages | 1,192,625 | 7.8 | % | |||||
Biotechnology | 1,077,742 | 7.1 | % | |||||
Communications Equipment | 743,684 | 4.8 | % | |||||
Energy Equipment & Services | 368,108 | 2.4 | % | |||||
Metals & Mining | 1,030,949 | 6.8 | % | |||||
Multi-Utilities | 446,898 | 2.9 | % | |||||
Oil, Gas & Consumable Fuels | 2,799,500 | 18.3 | % | |||||
Passenger Airlines | 389,545 | 2.5 | % | |||||
Personal Care Products | 416,224 | 2.7 | % | |||||
Pharmaceuticals | 1,743,005 | 11.4 | % | |||||
Professional Services | 521,370 | 3.4 | % | |||||
Semiconductors & Semiconductor Equipment | 1,268,166 | 8.3 | % | |||||
Software | 818,554 | 5.4 | % | |||||
Tobacco | 492,160 | 3.2 | % | |||||
Wireless Telecommunication Services | 379,633 | 2.5 | % | |||||
Other** | 26,753 | 0.1 | % | |||||
Total | $ | 15,304,032 | 100.0 | % |
ProFund VP Europe 30 invested in securities with exposure to the following countries as of December 31, 2023:
Value | % of Net Assets | |||||||
Belgium | $ | 660,675 | 4.3 | % | ||||
Denmark | 458,255 | 3.0 | % | |||||
Finland | 372,154 | 2.4 | % | |||||
France | 1,843,501 | 12.1 | % | |||||
Germany | 1,203,986 | 7.9 | % | |||||
Ireland | 389,545 | 2.5 | % | |||||
Luxembourg | 746,490 | 4.9 | % | |||||
Netherlands | 1,636,868 | 10.7 | % | |||||
Norway | 571,893 | 3.7 | % | |||||
Sweden | 371,530 | 2.4 | % | |||||
United Kingdom | 7,022,382 | 46.0 | % | |||||
Other** | 26,753 | 0.1 | % | |||||
Total | $ | 15,304,032 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Falling U.S. Dollar :: 89
Repurchase Agreements(a)(b) (98.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $1,128,649 | $ | 1,128,000 | $ | 1,128,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,128,000) | 1,128,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,128,000)—98.0% | 1,128,000 | |||||||
Net other assets (liabilities)—2.0% | 22,517 | |||||||
NET ASSETS—100.0% | $ | 1,150,517 |
(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 December 31, 2023, 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. |
As of December 31, 2023, 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 | 65,445 | U.S. dollar | $ | 82,651 | 1/19/24 | $ | 83,411 | $ | 760 | |||||||||
Canadian dollar | 98,687 | U.S. dollar | 73,375 | 1/19/24 | 74,508 | 1,133 | ||||||||||||
Euro | 292,454 | U.S. dollar | 318,654 | 1/19/24 | 323,073 | 4,419 | ||||||||||||
Japanese yen | 18,213,471 | U.S. dollar | 127,399 | 1/19/24 | 129,593 | 2,194 | ||||||||||||
Swedish krona | 396,608 | U.S. dollar | 38,369 | 1/19/24 | 39,370 | 1,001 | ||||||||||||
Swiss franc | 21,150 | U.S. dollar | 24,328 | 1/19/24 | 25,208 | 880 | ||||||||||||
Total Long Contracts | $ | 664,776 | $ | 675,163 | $ | 10,387 |
As of December 31, 2023, 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 | $ | 30,086 | British pound | 23,789 | 1/19/24 | $ | 30,319 | $ | (233 | ) | ||||||||
U.S. dollar | 23,219 | Canadian dollar | 31,093 | 1/19/24 | 23,475 | (256 | ) | |||||||||||
U.S. dollar | 149,574 | Euro | 136,864 | 1/19/24 | 151,194 | (1,620 | ) | |||||||||||
U.S. dollar | 33,907 | Japanese yen | 4,821,980 | 1/19/24 | 34,310 | (403 | ) | |||||||||||
U.S. dollar | 11,000 | Swedish krona | 112,387 | 1/19/24 | 11,156 | (156 | ) | |||||||||||
U.S. dollar | 9,410 | Swiss franc | 8,136 | 1/19/24 | 9,698 | (288 | ) | |||||||||||
Total Short Contracts | $ | 257,196 | $ | 260,152 | $ | (2,956 | ) | |||||||||||
Long: | ||||||||||||||||||
British pound | 66,318 | U.S. dollar | $ | 83,018 | 1/19/24 | $ | 84,523 | $ | 1,505 | |||||||||
Canadian dollar | 72,160 | U.S. dollar | 53,196 | 1/19/24 | 54,481 | 1,285 | ||||||||||||
Euro | 448,855 | U.S. dollar | 485,139 | 1/19/24 | 495,849 | 10,710 | ||||||||||||
Japanese yen | 8,775,299 | U.S. dollar | 60,740 | 1/19/24 | 62,438 | 1,698 | ||||||||||||
Swedish krona | 207,692 | U.S. dollar | 19,921 | 1/19/24 | 20,617 | 696 | ||||||||||||
Swiss franc | 22,679 | U.S. dollar | 25,970 | 1/19/24 | 27,031 | 1,061 | ||||||||||||
Total Long Contracts | $ | 727,984 | $ | 744,939 | $ | 16,955 | ||||||||||||
Total unrealized appreciation | $ | 27,342 | ||||||||||||||||
Total unrealized (depreciation) | (2,956 | ) | ||||||||||||||||
Total net unrealized appreciation/(depreciation) | $ | 24,386 |
See accompanying notes to financial statements.
90 :: ProFund VP Financials :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (98.6%)
Shares | Value | |||||||
Aflac, Inc. (Insurance) | 2,715 | $ | 223,988 | |||||
American Express Co. (Consumer Finance) | 2,939 | 550,593 | ||||||
American International Group, Inc. (Insurance) | 3,584 | 242,816 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 517 | 196,372 | ||||||
Aon PLC—Class A (Insurance) | 1,023 | 297,713 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 1,905 | 141,484 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 1,102 | 247,818 | ||||||
Assurant, Inc. (Insurance) | 268 | 45,155 | ||||||
Bank of America Corp. (Banks) | 35,147 | 1,183,399 | ||||||
Berkshire Hathaway, Inc.*—Class B (Financial Services) | 9,289 | 3,313,015 | ||||||
BlackRock, Inc. (Capital Markets) | 714 | 579,625 | ||||||
Blackstone, Inc. (Capital Markets) | 3,628 | 474,978 | ||||||
Brown & Brown, Inc. (Insurance) | 1,205 | 85,688 | ||||||
Capital One Financial Corp. (Consumer Finance) | 1,944 | 254,897 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 539 | 96,244 | ||||||
Chubb, Ltd. (Insurance) | 2,082 | 470,532 | ||||||
Cincinnati Financial Corp. (Insurance) | 801 | 82,871 | ||||||
Citigroup, Inc. (Banks) | 9,770 | 502,569 | ||||||
Citizens Financial Group, Inc. (Banks) | 2,379 | 78,840 | ||||||
CME Group, Inc. (Capital Markets) | 1,838 | 387,083 | ||||||
Comerica, Inc. (Banks) | 673 | 37,560 | ||||||
Discover Financial Services (Consumer Finance) | 1,276 | 143,422 | ||||||
Everest Group, Ltd. (Insurance) | 221 | 78,141 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 194 | 92,548 | ||||||
Fidelity National Information Services, Inc. (Financial Services) | 3,025 | 181,712 | ||||||
Fifth Third Bancorp (Banks) | 3,475 | 119,853 | ||||||
First Horizon Corp. (Banks) | — | (a) | 5 | |||||
Fiserv, Inc.* (Financial Services) | 3,064 | 407,022 | ||||||
FleetCor Technologies, Inc.* (Financial Services) | 368 | 104,000 | ||||||
Franklin Resources, Inc. (Capital Markets) | 1,438 | 42,838 | ||||||
Global Payments, Inc. (Financial Services) | 1,329 | 168,783 | ||||||
Globe Life, Inc. (Insurance) | 437 | 53,192 | ||||||
Huntington Bancshares, Inc. (Banks) | 7,390 | 94,001 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 2,922 | 375,272 | ||||||
Invesco, Ltd. (Capital Markets) | 2,294 | 40,925 | ||||||
Jack Henry & Associates, Inc. (Financial Services) | 372 | 60,789 | ||||||
JPMorgan Chase & Co. (Banks) | 14,758 | 2,510,336 | ||||||
KeyCorp (Banks) | 4,779 | 68,818 | ||||||
Loews Corp. (Insurance) | 934 | 64,997 | ||||||
M&T Bank Corp. (Banks) | 848 | 116,244 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 193 | 56,520 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 2,517 | 476,897 | ||||||
Mastercard, Inc.—Class A (Financial Services) | 4,228 | 1,803,284 | ||||||
MetLife, Inc. (Insurance) | 3,174 | 209,897 | ||||||
Moody's Corp. (Capital Markets) | 803 | 313,620 | ||||||
Morgan Stanley (Capital Markets) | 6,452 | 601,649 | ||||||
MSCI, Inc. (Capital Markets) | 404 | 228,523 | ||||||
Nasdaq, Inc. (Capital Markets) | 1,737 | 100,989 | ||||||
Northern Trust Corp. (Capital Markets) | 1,057 | 89,190 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 5,504 | 338,001 | ||||||
Principal Financial Group, Inc. (Insurance) | 1,120 | 88,110 | ||||||
Prudential Financial, Inc. (Insurance) | 1,842 | 191,034 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 959 | 106,929 | ||||||
Regions Financial Corp. (Banks) | 4,748 | 92,016 | ||||||
S&P Global, Inc. (Capital Markets) | 1,654 | 728,620 | ||||||
State Street Corp. (Capital Markets) | 1,576 | 122,077 | ||||||
Synchrony Financial (Consumer Finance) | 2,113 | 80,695 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 1,141 | 122,874 | ||||||
The Allstate Corp. (Insurance) | 1,336 | 187,013 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 3,926 | 204,348 | ||||||
The Charles Schwab Corp. (Capital Markets) | 7,598 | 522,742 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 1,665 | 642,307 | ||||||
The Hartford Financial Services Group, Inc. (Insurance) | 1,535 | 123,383 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 2,034 | 314,965 | ||||||
The Progressive Corp. (Insurance) | 2,988 | 475,929 | ||||||
The Travelers Cos., Inc. (Insurance) | 1,166 | 222,111 | ||||||
Truist Financial Corp. (Banks) | 6,808 | 251,351 | ||||||
U.S. Bancorp (Banks) | 7,948 | 343,989 | ||||||
Visa, Inc.—Class A (Financial Services) | 8,138 | 2,118,728 | ||||||
W.R. Berkley Corp. (Insurance) | 1,040 | 73,549 | ||||||
Wells Fargo & Co. (Banks) | 18,540 | 912,539 | ||||||
Willis Towers Watson PLC (Insurance) | 527 | 127,112 | ||||||
Zions Bancorp NA (Banks) | 756 | 33,166 | ||||||
TOTAL COMMON STOCKS (Cost $7,565,712) | 26,520,295 |
Repurchase Agreements(b) (1.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $387,223 | $ | 387,000 | $ | 387,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $387,000) | 387,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,952,712)—100.0% | 26,907,295 | |||||||
Net other assets (liabilities)—NM | (2,552 | ) | ||||||
NET ASSETS—100.0% | $ | 26,904,743 |
* | 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. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Financials :: 91
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
S&P Financial Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 545,053 | $ | 1,740 |
(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 December 31, 2023, 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 Financials invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Banks | $ | 6,659,651 | 24.8 | % | ||||
Capital Markets | 6,126,273 | 22.8 | % | |||||
Consumer Finance | 1,029,607 | 3.8 | % | |||||
Financial Services | 8,495,334 | 31.6 | % | |||||
Insurance | 4,209,430 | 15.6 | % | |||||
Other** | 384,448 | 1.4 | % | |||||
Total | $ | 26,904,743 | 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.
92 :: ProFund VP Government Money Market :: Schedule of Portfolio Investments :: December 31, 2023
U.S. Treasury Obligations (51.4%)
Principal Amount | Value | |||||||
U.S. Treasury Bills 2.65%+, 1/2/24 | $ | 2,000,000 | $ | 1,999,706 | ||||
4.71%+, 1/9/24 | 2,000,000 | 1,997,650 | ||||||
5.14%+, 2/1/24 | 2,000,000 | 1,990,898 | ||||||
5.16%+, 2/8/24 | 2,000,000 | 1,988,890 | ||||||
5.16%+, 2/15/24 | 2,000,000 | 1,986,903 | ||||||
5.18%+, 2/22/24 | 2,000,000 | 1,984,855 | ||||||
5.20%+, 2/29/24 | 2,000,000 | 1,982,826 | ||||||
5.21%+, 3/7/24 | 2,000,000 | 1,980,798 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,912,526) | 15,912,526 | |||||||
Repurchase Agreements(a) (48.2%) | ||||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $14,911,572 | 14,903,000 | 14,903,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $14,903,000) | 14,903,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $30,815,526)—99.6% | 30,815,526 | |||||||
Net other assets (liabilities)—0.4% | 125,017 | |||||||
NET ASSETS—100.0% | $ | 30,940,543 |
+ | Reflects the effective yield or interest rate in effect at December 31, 2023. |
(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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Health Care :: 93
Common Stocks (97.3%)
Shares | Value | |||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 12,439 | $ | 1,369,161 | |||||
AbbVie, Inc. (Biotechnology) | 12,656 | 1,961,300 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 2,097 | 291,546 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 511 | 140,014 | ||||||
Amgen, Inc. (Biotechnology) | 3,836 | 1,104,845 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 3,637 | 140,606 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 2,080 | 507,166 | ||||||
Biogen, Inc.* (Biotechnology) | 1,039 | 268,862 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 150 | 48,434 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 1,134 | 87,499 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 10,496 | 606,774 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 14,586 | 748,408 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 1,767 | 178,114 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 1,292 | 58,050 | ||||||
Cencora, Inc. (Health Care Providers & Services) | 1,195 | 245,429 | ||||||
Centene Corp.* (Health Care Providers & Services) | 3,829 | 284,150 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 368 | 86,995 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 9,207 | 726,985 | ||||||
Danaher Corp. (Life Sciences Tools & Services) | 4,714 | 1,090,537 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 386 | 40,437 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 1,519 | 54,061 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 2,770 | 343,729 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 4,348 | 331,535 | ||||||
Elevance Health, Inc. (Health Care Providers & Services) | 1,684 | 794,107 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 5,716 | 3,331,971 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 2,806 | 216,960 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 8,932 | 723,581 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 1,420 | 384,366 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 936 | 70,865 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 1,756 | 125,466 | ||||||
Humana, Inc. (Health Care Providers & Services) | 882 | 403,788 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 596 | 330,810 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,138 | 158,455 | ||||||
Incyte Corp.* (Biotechnology) | 1,333 | 83,699 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 501 | 108,707 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 2,524 | 851,497 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 1,313 | 303,802 | ||||||
Johnson & Johnson (Pharmaceuticals) | 17,256 | 2,704,705 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 609 | 138,420 | ||||||
McKesson Corp. (Health Care Providers & Services) | 954 | 441,683 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 9,538 | 785,740 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 18,159 | 1,979,694 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 155 | 188,009 | ||||||
Moderna, Inc.* (Biotechnology) | 2,390 | 237,686 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 418 | 151,028 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 40,475 | 1,165,275 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 805 | 110,993 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 768 | 674,527 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 1,054 | 181,309 | ||||||
Revvity, Inc. (Life Sciences Tools & Services) | 884 | 96,630 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 708 | 155,654 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 2,424 | 725,891 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 337 | 84,028 | ||||||
The Cigna Group (Health Care Providers & Services) | 2,098 | 628,246 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 355 | 134,346 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 2,770 | 1,470,287 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 6,630 | 3,490,495 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 437 | 66,616 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 1,847 | 751,526 | ||||||
Viatris, Inc. (Pharmaceuticals) | 8,599 | 93,127 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 424 | 139,594 | ||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 530 | 186,624 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 1,498 | 182,307 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 3,291 | 649,545 | ||||||
TOTAL COMMON STOCKS (Cost $6,405,558) | 36,216,696 |
See accompanying notes to financial statements.
94 :: ProFund VP Health Care :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a) (2.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $865,498 | $ | 865,000 | $ | 865,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $865,000) | 865,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,270,558)—99.6% | 37,081,696 | |||||||
Net other assets (liabilities)—0.4% | 158,986 | |||||||
NET ASSETS—100.0% | $ | 37,240,682 |
* | 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) | |||||||||||||
S&P Health Care Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 1,050,783 | $ | 6,733 |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Biotechnology | $ | 5,806,026 | 15.6 | % | ||||
Health Care Equipment & Supplies | 7,375,761 | 19.8 | % | |||||
Health Care Providers & Services | 8,155,722 | 21.9 | % | |||||
Life Sciences Tools & Services | 4,148,412 | 11.1 | % | |||||
Pharmaceuticals | 10,730,775 | 28.9 | % | |||||
Other** | 1,023,986 | 2.7 | % | |||||
Total | $ | 37,240,682 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Industrials :: 95
Common Stocks (97.7%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 2,407 | $ | 263,133 | |||||
A.O. Smith Corp. (Building Products) | 535 | 44,105 | ||||||
Allegion PLC (Building Products) | 383 | 48,522 | ||||||
American Airlines Group, Inc.* (Passenger Airlines) | 2,847 | 39,118 | ||||||
AMETEK, Inc. (Electrical Equipment) | 1,006 | 165,879 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 1,792 | 417,482 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 307 | 79,307 | ||||||
Broadridge Financial Solutions, Inc. (Professional Services) | 512 | 105,344 | ||||||
Builders FirstSource, Inc.* (Building Products) | 538 | 89,814 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 508 | 43,886 | ||||||
Carrier Global Corp. (Building Products) | 3,656 | 210,037 | ||||||
Caterpillar, Inc. (Machinery) | 2,223 | 657,275 | ||||||
Ceridian HCM Holding, Inc.* (Professional Services) | 679 | 45,574 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 377 | 227,203 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 3,807 | 186,543 | ||||||
CSX Corp. (Ground Transportation) | 8,610 | 298,509 | ||||||
Cummins, Inc. (Machinery) | 618 | 148,054 | ||||||
Deere & Co. (Machinery) | 1,167 | 466,649 | ||||||
Delta Air Lines, Inc. (Passenger Airlines) | 2,803 | 112,764 | ||||||
Dover Corp. (Machinery) | 610 | 93,824 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 1,739 | 418,786 | ||||||
Emerson Electric Co. (Electrical Equipment) | 2,484 | 241,768 | ||||||
Equifax, Inc. (Professional Services) | 537 | 132,795 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 633 | 80,518 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 2,490 | 161,277 | ||||||
FedEx Corp. (Air Freight & Logistics) | 1,008 | 254,994 | ||||||
Fortive Corp. (Machinery) | 1,531 | 112,728 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 268 | 34,636 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 986 | 256,035 | ||||||
General Electric Co. (Industrial Conglomerates) | 4,742 | 605,222 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 2,873 | 602,497 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 1,704 | 92,220 | ||||||
Hubbell, Inc. (Electrical Equipment) | 234 | 76,970 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 173 | 44,918 | ||||||
IDEX Corp. (Machinery) | 329 | 71,429 | ||||||
Illinois Tool Works, Inc. (Machinery) | 1,193 | 312,494 | ||||||
Ingersoll Rand, Inc. (Machinery) | 1,764 | 136,428 | ||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 355 | 70,908 | ||||||
Jacobs Solutions, Inc. (Professional Services) | 549 | 71,260 | ||||||
Johnson Controls International PLC (Building Products) | 2,964 | 170,845 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 825 | 173,762 | ||||||
Leidos Holdings, Inc. (Professional Services) | 599 | 64,836 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 962 | 436,017 | ||||||
Masco Corp. (Building Products) | 978 | 65,506 | ||||||
Nordson Corp. (Machinery) | 236 | 62,342 | ||||||
Norfolk Southern Corp. (Ground Transportation) | 985 | 232,834 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 618 | 289,311 | ||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 390 | 158,079 | ||||||
Otis Worldwide Corp. (Machinery) | 1,784 | 159,614 | ||||||
PACCAR, Inc. (Machinery) | 2,279 | 222,544 | ||||||
Parker-Hannifin Corp. (Machinery) | 560 | 257,992 | ||||||
Paychex, Inc. (Professional Services) | 1,401 | 166,873 | ||||||
Paycom Software, Inc. (Professional Services) | 213 | 44,031 | ||||||
Pentair PLC (Machinery) | 721 | 52,424 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 633 | 136,601 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 891 | 146,935 | ||||||
Robert Half, Inc. (Professional Services) | 462 | 40,619 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 499 | 154,930 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 1,223 | 53,408 | ||||||
RTX Corp. (Aerospace & Defense) | 6,265 | 527,137 | ||||||
Snap-on, Inc. (Machinery) | 230 | 66,433 | ||||||
Southwest Airlines Co. (Passenger Airlines) | 2,595 | 74,944 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 668 | 65,531 | ||||||
Textron, Inc. (Aerospace & Defense) | 854 | 68,679 | ||||||
The Boeing Co.* (Aerospace & Defense) | 2,478 | 645,914 | ||||||
Trane Technologies PLC (Building Products) | 996 | 242,925 | ||||||
TransDigm Group, Inc. (Aerospace & Defense) | 241 | 243,796 | ||||||
Uber Technologies, Inc.* (Ground Transportation) | 8,967 | 552,098 | ||||||
Union Pacific Corp. (Ground Transportation) | 2,656 | 652,366 | ||||||
United Airlines Holdings, Inc.* (Passenger Airlines) | 1,429 | 58,961 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 3,152 | 495,588 | ||||||
United Rentals, Inc. (Trading Companies & Distributors) | 295 | 169,160 | ||||||
Veralto Corp. (Commercial Services & Supplies) | 955 | 78,558 | ||||||
Verisk Analytics, Inc. (Professional Services) | 632 | 150,960 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 192 | 159,108 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 1,598 | 286,202 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 781 | 99,109 | ||||||
Xylem, Inc. (Machinery) | 1,051 | 120,192 | ||||||
TOTAL COMMON STOCKS (Cost $7,260,621) | 15,368,069 |
See accompanying notes to financial statements.
96 :: ProFund VP Industrials :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a) (3.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%,dated 12/29/2023, due 1/2/24, total to be received $545,313 | $ | 545,000 | $ | 545,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $545,000) | 545,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,805,621)—101.2% | 15,913,069 | |||||||
Net other assets (liabilities)—(1.2)% | (180,301 | ) | ||||||
NET ASSETS—100.0% | $ | 15,732,768 |
* | 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) | |||||||||||||
S&P Industrials Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 374,783 | $ | (149 | ) |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 2,857,096 | 18.2 | % | ||||
Air Freight & Logistics | 874,986 | 5.6 | % | |||||
Building Products | 871,754 | 5.5 | % | |||||
Commercial Services & Supplies | 978,849 | 6.2 | % | |||||
Construction & Engineering | 136,601 | 0.9 | % | |||||
Electrical Equipment | 1,092,969 | 6.9 | % | |||||
Ground Transportation | 1,964,794 | 12.5 | % | |||||
Industrial Conglomerates | 1,470,852 | 9.3 | % | |||||
Machinery | 3,105,062 | 19.8 | % | |||||
Passenger Airlines | 285,787 | 1.8 | % | |||||
Professional Services | 1,239,774 | 7.9 | % | |||||
Trading Companies & Distributors | 489,545 | 3.1 | % | |||||
Other** | 364,699 | 2.3 | % | |||||
Total | $ | 15,732,768 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP International :: 97
Repurchase Agreements(a)(b) (102.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $10,717,161 | $ | 10,711,000 | $ | 10,711,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,711,000) | 10,711,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,711,000)—102.4% | 10,711,000 | |||||||
Net other assets (liabilities)—(2.4)% | (251,893 | ) | ||||||
NET ASSETS—100.0% | $ | 10,459,107 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $1,363,000. |
(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 | 1/29/24 | 5.83 | % | $ | 5,054,773 | $ | (16,923 | ) | |||||||||
MSCI EAFE Index | UBS AG | 1/29/24 | 6.13 | % | 5,400,724 | (17,446 | ) | |||||||||||
$ | 10,455,497 | $ | (34,369 | ) |
(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 December 31, 2023, 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.
98 :: ProFund VP Internet :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.9%)
Shares | Value | |||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,623 | $ | 357,095 | |||||
Akamai Technologies, Inc.* (IT Services) | 1,799 | 212,912 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 4,773 | 666,740 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 4,017 | 566,116 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 7,657 | 1,163,404 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 1,595 | 375,638 | ||||||
Atlassian Corp.*—Class A (Software) | 1,391 | 330,863 | ||||||
Box, Inc.*—Class A (Software) | 4,141 | 106,051 | ||||||
Carvana Co.* (Specialty Retail) | 2,788 | 147,597 | ||||||
Ciena Corp.* (Communications Equipment) | 2,944 | 132,509 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 11,311 | 571,433 | ||||||
Cloudflare, Inc.*—Class A (IT Services) | 3,049 | 253,860 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 27,168 | 76,614 | ||||||
Confluent, Inc.*—Class A (Software) | 5,102 | 119,387 | ||||||
Datadog, Inc.*—Class A (Software) | 2,475 | 300,416 | ||||||
DocuSign, Inc.* (Software) | 3,335 | 198,266 | ||||||
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,718 | 268,783 | ||||||
DraftKings, Inc.* (Hotels, Restaurants & Leisure) | 5,644 | 198,951 | ||||||
Dropbox, Inc.*—Class A (Software) | 4,983 | 146,899 | ||||||
eBay, Inc. (Broadline Retail) | 5,500 | 239,910 | ||||||
Etsy, Inc.* (Broadline Retail) | 1,976 | 160,155 | ||||||
Fastly, Inc.*—Class A (IT Services) | 4,679 | 83,286 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 1,847 | 196,078 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 5,363 | 158,101 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 4,641 | 169,397 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 2,725 | 964,540 | ||||||
Netflix, Inc.* (Entertainment) | 1,215 | 591,559 | ||||||
Nutanix, Inc.*—Class A (Software) | 3,734 | 178,074 | ||||||
Okta, Inc.* (IT Services) | 2,325 | 210,482 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 6,208 | 381,233 | ||||||
Pinterest, Inc.*—Class A (Interactive Media & Services) | 6,525 | 241,686 | ||||||
ROBLOX Corp.*—Class A (Entertainment) | 5,451 | 249,220 | ||||||
Salesforce, Inc.* (Software) | 2,397 | 630,748 | ||||||
Smartsheet, Inc.*—Class A (Software) | 2,859 | 136,717 | ||||||
Snap, Inc.*—Class A (Interactive Media & Services) | 13,190 | 223,307 | ||||||
Snowflake, Inc.*—Class A (IT Services) | 1,952 | 388,447 | ||||||
Teladoc Health, Inc.* (Health Care Technology) | 5,012 | 108,009 | ||||||
Veeva Systems, Inc.*—Class A (Health Care Technology) | 1,396 | 268,758 | ||||||
Workday, Inc.*—Class A (Software) | 1,291 | 356,393 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 2,963 | 213,069 | ||||||
ZoomInfo Technologies, Inc.* (Interactive Media & Services) | 7,286 | 134,718 | ||||||
TOTAL COMMON STOCKS (Cost $5,798,622) | 12,477,421 |
Repurchase Agreements(a) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $53,030 | $ | 53,000 | $ | 53,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $53,000) | 53,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,851,622)—100.3% | 12,530,421 | |||||||
Net other assets (liabilities)—(0.3)% | (38,960 | ) | ||||||
NET ASSETS—100.0% | $ | 12,491,461 |
* | 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 | 1/23/24 | 5.93 | % | $ | 27,248 | $ | (1,365 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Internet :: 99
ProFund VP Internet invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Broadline Retail | $ | 1,563,469 | 12.5 | % | ||||
Communications Equipment | 1,314,295 | 10.5 | % | |||||
Entertainment | 840,779 | 6.7 | % | |||||
Financial Services | 381,233 | 3.1 | % | |||||
Health Care Technology | 376,767 | 3.0 | % | |||||
Hotels, Restaurants & Leisure | 824,829 | 6.6 | % | |||||
Interactive Media & Services | 2,966,504 | 23.8 | % | |||||
IT Services | 1,345,065 | 10.8 | % | |||||
Software | 2,716,883 | 21.7 | % | |||||
Specialty Retail | 147,597 | 1.2 | % | |||||
Other** | 14,040 | 0.1 | % | |||||
Total | $ | 12,491,461 | 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.
100 :: ProFund VP Japan :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a) (96.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $10,370,962 | $ | 10,365,000 | $ | 10,365,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,365,000) | 10,365,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,365,000)—96.4% | 10,365,000 | |||||||
Net other assets (liabilities)—3.6% | 382,633 | |||||||
NET ASSETS—100.0% | $ | 10,747,633 |
(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 | 64 | 3/8/24 | $ | 10,659,200 | $ | (62,509 | ) |
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 | 1/29/24 | 5.78 | % | $ | 94,902 | $ | (794 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Growth :: 101
Common Stocks (100.0%)
Shares | Value | |||||||
A.O. Smith Corp. (Building Products) | 96 | $ | 7,914 | |||||
AbbVie, Inc. (Biotechnology) | 798 | 123,666 | ||||||
Accenture PLC—Class A (IT Services) | 415 | 145,627 | ||||||
Adobe, Inc.* (Software) | 556 | 331,710 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 1,974 | 290,987 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 266 | 36,213 | ||||||
Akamai Technologies, Inc.* (IT Services) | 88 | 10,415 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 48 | 13,152 | ||||||
Allegion PLC (Building Products) | 41 | 5,194 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 7,230 | 1,009,959 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 6,083 | 857,277 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 11,109 | 1,687,902 | ||||||
American Express Co. (Consumer Finance) | 492 | 92,172 | ||||||
American Tower Corp. (Specialized REITs) | 234 | 50,516 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 65 | 24,689 | ||||||
AMETEK, Inc. (Electrical Equipment) | 135 | 22,260 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 410 | 40,643 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 359 | 71,283 | ||||||
ANSYS, Inc.* (Software) | 61 | 22,136 | ||||||
Aon PLC—Class A (Insurance) | 125 | 36,378 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 375 | 13,455 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 17,862 | 3,438,971 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 1,022 | 165,636 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 457 | 33,941 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 308 | 72,537 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 135 | 30,359 | ||||||
Autodesk, Inc.* (Software) | 136 | 33,113 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 196 | 45,662 | ||||||
AutoZone, Inc.* (Specialty Retail) | 15 | 38,784 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 86 | 22,216 | ||||||
Blackstone, Inc. (Capital Markets) | 625 | 81,826 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 42 | 148,982 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 985 | 56,943 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 537 | 599,426 | ||||||
Broadridge Financial Solutions, Inc. (Professional Services) | 82 | 16,872 | ||||||
Brown & Brown, Inc. (Insurance) | 226 | 16,071 | ||||||
Builders FirstSource, Inc.* (Building Products) | 151 | 25,208 | ||||||
Cadence Design Systems, Inc.* (Software) | 332 | 90,427 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 153 | 7,173 | ||||||
Carnival Corp.* (Hotels, Restaurants & Leisure) | 875 | 16,223 | ||||||
Carrier Global Corp. (Building Products) | 493 | 28,323 | ||||||
Caterpillar, Inc. (Machinery) | 361 | 106,737 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 83 | 14,820 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 69 | 15,685 | ||||||
Celanese Corp. (Chemicals) | 122 | 18,955 | ||||||
Ceridian HCM Holding, Inc.* (Professional Services) | 105 | 7,048 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 127 | 10,097 | ||||||
Charter Communications, Inc.*—Class A (Media) | 57 | 22,155 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 34 | 77,757 | ||||||
Church & Dwight Co., Inc. (Household Products) | 139 | 13,144 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 58 | 34,954 | ||||||
CME Group, Inc. (Capital Markets) | 158 | 33,275 | ||||||
Colgate-Palmolive Co. (Household Products) | 394 | 31,406 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,002 | 116,301 | ||||||
Constellation Energy Corp. (Electric Utilities) | 176 | 20,573 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,069 | 52,381 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 215 | 18,789 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 227 | 149,838 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 607 | 15,491 | ||||||
CSX Corp. (Ground Transportation) | 1,207 | 41,847 | ||||||
D.R. Horton, Inc. (Household Durables) | 368 | 55,928 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 76 | 12,487 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 37 | 3,876 | ||||||
Deere & Co. (Machinery) | 186 | 74,376 | ||||||
Delta Air Lines, Inc. (Passenger Airlines) | 442 | 17,782 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 289 | 35,862 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 219 | 33,963 | ||||||
Digital Realty Trust, Inc. (Specialized REITs) | 152 | 20,456 | ||||||
Discover Financial Services (Consumer Finance) | 166 | 18,658 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 17 | 7,008 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 303 | 72,969 | ||||||
Ecolab, Inc. (Chemicals) | 158 | 31,339 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 275 | 20,969 | ||||||
Electronic Arts, Inc. (Entertainment) | 132 | 18,059 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 974 | 567,764 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 62 | 8,193 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 471 | 56,967 | ||||||
EPAM Systems, Inc.* (IT Services) | 28 | 8,326 | ||||||
Equifax, Inc. (Professional Services) | 59 | 14,590 | ||||||
Equinix, Inc. (Specialized REITs) | 54 | 43,491 | ||||||
Etsy, Inc.* (Broadline Retail) | 65 | 5,268 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 164 | 24,894 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 66 | 8,395 |
See accompanying notes to financial statements.
102 :: ProFund VP Large-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
FactSet Research Systems, Inc. (Capital Markets) | 22 | $ | 10,495 | |||||
Fair Isaac Corp.* (Software) | 30 | 34,920 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 350 | 22,670 | ||||||
First Horizon Corp. (Banks) | — | (a) | — | (b) | ||||
Fiserv, Inc.* (Financial Services) | 382 | 50,745 | ||||||
FleetCor Technologies, Inc.* (Financial Services) | 88 | 24,870 | ||||||
Fortinet, Inc.* (Software) | 780 | 45,653 | ||||||
Fortive Corp. (Machinery) | 431 | 31,735 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 877 | 37,333 | ||||||
Garmin, Ltd. (Household Durables) | 102 | 13,111 | ||||||
Gartner, Inc.* (IT Services) | 96 | 43,306 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 46 | 5,945 | ||||||
General Electric Co. (Industrial Conglomerates) | 572 | 73,004 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 116 | 31,399 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 338 | 48,726 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 314 | 57,176 | ||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 518 | 10,085 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 279 | 15,099 | ||||||
Hubbell, Inc. (Electrical Equipment) | 30 | 9,868 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 57 | 31,638 | ||||||
Illinois Tool Works, Inc. (Machinery) | 153 | 40,077 | ||||||
Ingersoll Rand, Inc. (Machinery) | 382 | 29,544 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 33 | 7,160 | ||||||
Intuit, Inc. (Software) | 343 | 214,385 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 284 | 95,810 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 85 | 19,667 | ||||||
Iron Mountain, Inc. (Specialized REITs) | 183 | 12,806 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 85 | 10,829 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 167 | 97,077 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 161 | 126,105 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 117 | 12,647 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 276 | 13,582 | ||||||
Lennar Corp.—Class A (Household Durables) | 171 | 25,486 | ||||||
Linde PLC (Chemicals) | 308 | 126,498 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 174 | 16,286 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 140 | 71,581 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 380 | 9,181 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 255 | 37,832 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 302 | 68,177 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 314 | 59,493 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 50 | 24,946 | ||||||
Masco Corp. (Building Products) | 149 | 9,980 | ||||||
Mastercard, Inc.—Class A (Financial Services) | 728 | 310,499 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 390 | 115,638 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 1,239 | 135,076 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 2,712 | 959,940 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 10 | 12,130 | ||||||
MGM Resorts International* (Hotels, Restaurants & Leisure) | 228 | 10,187 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 390 | 35,170 | ||||||
Microsoft Corp. (Software) | 9,077 | 3,413,315 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 42 | 15,175 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 700 | 50,700 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 59 | 37,216 | ||||||
Monster Beverage Corp.* (Beverages) | 543 | 31,282 | ||||||
Moody’s Corp. (Capital Markets) | 90 | 35,150 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 118 | 36,945 | ||||||
MSCI, Inc. (Capital Markets) | 56 | 31,676 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 95 | 8,375 | ||||||
Netflix, Inc.* (Entertainment) | 534 | 259,994 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 644 | 69,919 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 521 | 10,441 | ||||||
Nucor Corp. (Metals & Mining) | 190 | 33,068 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 3,018 | 1,494,575 | ||||||
NVR, Inc.* (Household Durables) | 4 | 28,002 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 236 | 54,204 | ||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 109 | 44,181 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 233 | 19,462 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 442 | 31,037 | ||||||
Oracle Corp. (Software) | 1,941 | 204,640 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 52 | 49,404 | ||||||
Otis Worldwide Corp. (Machinery) | 196 | 17,536 | ||||||
PACCAR, Inc. (Machinery) | 468 | 45,700 | ||||||
Palo Alto Networks, Inc.* (Software) | 380 | 112,054 | ||||||
Parker-Hannifin Corp. (Machinery) | 123 | 56,666 | ||||||
Paychex, Inc. (Professional Services) | 157 | 18,700 | ||||||
Paycom Software, Inc. (Professional Services) | 26 | 5,375 | ||||||
Pentair PLC (Machinery) | 142 | 10,325 | ||||||
PepsiCo, Inc. (Beverages) | 605 | 102,753 | ||||||
Philip Morris International, Inc. (Tobacco) | 703 | 66,138 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 143 | 32,158 | ||||||
Pool Corp. (Distributors) | 27 | 10,765 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Growth :: 103
Common Stocks, continued
Shares | Value | |||||||
PTC, Inc.* (Software) | 87 | $ | 15,222 | |||||
Public Storage (Specialized REITs) | 82 | 25,010 | ||||||
PulteGroup, Inc. (Household Durables) | 264 | 27,250 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 708 | 102,398 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 123 | 26,543 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 27 | 3,893 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 78 | 68,507 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 143 | 23,582 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 67 | 20,802 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 149 | 6,507 | ||||||
Roper Technologies, Inc. (Software) | 57 | 31,075 | ||||||
Ross Stores, Inc. (Specialty Retail) | 414 | 57,293 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 289 | 37,423 | ||||||
S&P Global, Inc. (Capital Markets) | 174 | 76,651 | ||||||
Salesforce, Inc.* (Software) | 1,189 | 312,873 | ||||||
SBA Communications Corp. (Specialized REITs) | 52 | 13,192 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 99 | 8,452 | ||||||
ServiceNow, Inc.* (Software) | 250 | 176,623 | ||||||
Simon Property Group, Inc. (Retail REITs) | 148 | 21,111 | ||||||
Snap-on, Inc. (Machinery) | 29 | 8,376 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 825 | 79,208 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 118 | 13,936 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 67 | 14,730 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 264 | 79,057 | ||||||
Synopsys, Inc.* (Software) | 186 | 95,773 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 97 | 15,612 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 273 | 23,716 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 148 | 20,794 | ||||||
Tesla, Inc.* (Automobiles) | 3,379 | 839,614 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 410 | 69,889 | ||||||
The Boeing Co.* (Aerospace & Defense) | 306 | 79,763 | ||||||
The Coca-Cola Co. (Beverages) | 1,856 | 109,375 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 25 | 9,461 | ||||||
The Hershey Co. (Food Products) | 70 | 13,051 | ||||||
The Home Depot, Inc. (Specialty Retail) | 452 | 156,641 | ||||||
The Procter & Gamble Co. (Household Products) | 1,123 | 164,564 | ||||||
The Progressive Corp. (Insurance) | 357 | 56,863 | ||||||
The Sherwin-Williams Co. (Chemicals) | 144 | 44,914 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 910 | 85,367 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 581 | 20,236 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 180 | 95,542 | ||||||
Tractor Supply Co. (Specialty Retail) | 56 | 12,042 | ||||||
Trane Technologies PLC (Building Products) | 193 | 47,073 | ||||||
TransDigm Group, Inc. (Aerospace & Defense) | 67 | 67,777 | ||||||
Tyler Technologies, Inc.* (Software) | 51 | 21,324 | ||||||
Uber Technologies, Inc.* (Ground Transportation) | 2,515 | 154,848 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 39 | 19,110 | ||||||
Union Pacific Corp. (Ground Transportation) | 335 | 82,283 | ||||||
United Rentals, Inc. (Trading Companies & Distributors) | 83 | 47,593 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 430 | 226,382 | ||||||
VeriSign, Inc.* (IT Services) | 52 | 10,710 | ||||||
Verisk Analytics, Inc. (Professional Services) | 98 | 23,408 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 201 | 81,785 | ||||||
Visa, Inc.—Class A (Financial Services) | 1,285 | 334,549 | ||||||
Vulcan Materials Co. (Construction Materials) | 104 | 23,609 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 40 | 33,148 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 210 | 37,611 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 27 | 8,889 | ||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 90 | 31,691 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 118 | 10,751 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 158 | 20,644 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 308 | 60,790 | ||||||
TOTAL COMMON STOCKS (Cost $14,786,038) | 26,074,518 |
Repurchase Agreements(c) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $54,031 | $ | 54,000 | $ | 54,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $54,000) | 54,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $14,840,038)—100.2% | 26,128,518 | |||||||
Net other assets (liabilities)—(0.2)% | (42,985 | ) | ||||||
NET ASSETS—100.0% | $ | 26,085,533 |
* | 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. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
104 :: ProFund VP Large-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP Large-Cap Growth invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 184,855 | 0.7 | % | ||||
Air Freight & Logistics | 8,395 | NM | ||||||
Automobiles | 839,614 | 3.2 | % | |||||
Banks | — | ^ | NM | |||||
Beverages | 243,410 | 0.9 | % | |||||
Biotechnology | 273,958 | 1.1 | % | |||||
Broadline Retail | 1,693,170 | 6.5 | % | |||||
Building Products | 123,692 | 0.5 | % | |||||
Capital Markets | 308,582 | 1.2 | % | |||||
Chemicals | 231,803 | 0.9 | % | |||||
Commercial Services & Supplies | 155,035 | 0.6 | % | |||||
Communications Equipment | 109,482 | 0.4 | % | |||||
Construction & Engineering | 26,543 | 0.1 | % | |||||
Construction Materials | 48,555 | 0.2 | % | |||||
Consumer Finance | 110,830 | 0.4 | % | |||||
Consumer Staples Distribution & Retail | 149,838 | 0.6 | % | |||||
Distributors | 10,765 | NM | ||||||
Electric Utilities | 20,573 | 0.1 | % | |||||
Electrical Equipment | 131,844 | 0.5 | % | |||||
Electronic Equipment, Instruments & Components | 87,951 | 0.3 | % | |||||
Entertainment | 309,951 | 1.2 | % | |||||
Financial Services | 720,663 | 2.8 | % | |||||
Food Products | 76,398 | 0.3 | % | |||||
Ground Transportation | 323,159 | 1.2 | % | |||||
Health Care Equipment & Supplies | 364,782 | 1.4 | % | |||||
Health Care Providers & Services | 276,832 | 1.1 | % | |||||
Hotel & Resort REITs | 10,085 | NM | ||||||
Hotels, Restaurants & Leisure | 753,964 | 2.9 | % | |||||
Household Durables | 149,777 | 0.6 | % | |||||
Household Products | 209,114 | 0.8 | % | |||||
Industrial Conglomerates | 73,004 | 0.3 | % | |||||
Insurance | 233,105 | 0.9 | % | |||||
Interactive Media & Services | 2,827,176 | 10.8 | % | |||||
IT Services | 218,384 | 0.8 | % | |||||
Life Sciences Tools & Services | 167,919 | 0.6 | % | |||||
Machinery | 421,072 | 1.6 | % | |||||
Media | 22,155 | 0.1 | % | |||||
Metals & Mining | 84,337 | 0.3 | % | |||||
Oil, Gas & Consumable Fuels | 439,063 | 1.7 | % | |||||
Passenger Airlines | 17,782 | 0.1 | % | |||||
Pharmaceuticals | 763,630 | 2.9 | % | |||||
Professional Services | 131,655 | 0.5 | % | |||||
Real Estate Management & Development | 18,789 | 0.1 | % | |||||
Retail REITs | 21,111 | 0.1 | % | |||||
Semiconductors & Semiconductor Equipment | 3,171,621 | 12.2 | % | |||||
Software | 5,155,243 | 19.8 | % | |||||
Specialized REITs | 165,471 | 0.6 | % | |||||
Specialty Retail | 418,641 | 1.6 | % | |||||
Technology Hardware, Storage & Peripherals | 3,455,798 | 13.2 | % | |||||
Textiles, Apparel & Luxury Goods | 145,393 | 0.6 | % | |||||
Tobacco | 66,138 | 0.3 | % | |||||
Trading Companies & Distributors | 103,411 | 0.4 | % | |||||
Other** | 11,015 | NM | ||||||
Total | $ | 26,085,533 | 100.0 | % |
^ | Amount is less than $0.50 |
** | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 105
Common Stocks (99.9%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 598 | $ | 65,373 | |||||
A.O. Smith Corp. (Building Products) | 49 | 4,040 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 1,881 | 207,041 | ||||||
AbbVie, Inc. (Biotechnology) | 1,206 | 186,893 | ||||||
Accenture PLC—Class A (IT Services) | 312 | 109,484 | ||||||
Aflac, Inc. (Insurance) | 577 | 47,603 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 316 | 43,933 | ||||||
Air Products and Chemicals, Inc. (Chemicals) | 241 | 65,986 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 236 | 32,129 | ||||||
Akamai Technologies, Inc.* (IT Services) | 87 | 10,296 | ||||||
Albemarle Corp. (Chemicals) | 127 | 18,349 | ||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 170 | 21,551 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 35 | 9,590 | ||||||
Allegion PLC (Building Products) | 59 | 7,475 | ||||||
Alliant Energy Corp. (Electric Utilities) | 277 | 14,210 | ||||||
Altria Group, Inc. (Tobacco) | 1,919 | 77,412 | ||||||
Amcor PLC (Containers & Packaging) | 1,570 | 15,135 | ||||||
Ameren Corp. (Multi-Utilities) | 285 | 20,617 | ||||||
American Airlines Group, Inc.* (Passenger Airlines) | 711 | 9,769 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 570 | 46,295 | ||||||
American Express Co. (Consumer Finance) | 187 | 35,033 | ||||||
American International Group, Inc. (Insurance) | 760 | 51,491 | ||||||
American Tower Corp. (Specialized REITs) | 298 | 64,333 | ||||||
American Water Works Co., Inc. (Water Utilities) | 211 | 27,850 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 52 | 19,751 | ||||||
AMETEK, Inc. (Electrical Equipment) | 130 | 21,436 | ||||||
Amgen, Inc. (Biotechnology) | 580 | 167,051 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 285 | 28,252 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 222 | 44,080 | ||||||
ANSYS, Inc.* (Software) | 40 | 14,515 | ||||||
Aon PLC—Class A (Insurance) | 106 | 30,848 | ||||||
Aptiv PLC* (Automobile Components) | 307 | 27,544 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 578 | 41,743 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 115 | 25,861 | ||||||
Assurant, Inc. (Insurance) | 57 | 9,604 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 7,753 | 130,095 | ||||||
Atmos Energy Corp. (Gas Utilities) | 161 | 18,660 | ||||||
Autodesk, Inc.* (Software) | 111 | 27,026 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 272 | 63,368 | ||||||
AutoZone, Inc.* (Specialty Retail) | 6 | 15,514 | ||||||
AvalonBay Communities, Inc. (Residential REITs) | 154 | 28,832 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 87 | 17,588 | ||||||
Baker Hughes Co. (Energy Equipment & Services) | 1,091 | 37,290 | ||||||
Ball Corp. (Containers & Packaging) | 342 | 19,672 | ||||||
Bank of America Corp. (Banks) | 7,470 | 251,515 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 247 | 10,661 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 550 | 21,263 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 314 | 76,563 | ||||||
Berkshire Hathaway, Inc.*—Class B (Financial Services) | 1,972 | 703,335 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 210 | 16,439 | ||||||
Biogen, Inc.* (Biotechnology) | 157 | 40,627 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 23 | 7,426 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 172 | 13,272 | ||||||
BlackRock, Inc. (Capital Markets) | 152 | 123,394 | ||||||
Blackstone, Inc. (Capital Markets) | 216 | 28,279 | ||||||
BorgWarner, Inc. (Automobile Components) | 255 | 9,142 | ||||||
Boston Properties, Inc. (Office REITs) | 157 | 11,017 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 715 | 41,334 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 2,206 | 113,190 | ||||||
Broadridge Financial Solutions, Inc. (Professional Services) | 55 | 11,316 | ||||||
Brown & Brown, Inc. (Insurance) | 56 | 3,982 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 198 | 11,306 | ||||||
Bunge Global SA (Food Products) | 158 | 15,950 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 127 | 10,972 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 98 | 4,594 | ||||||
Camden Property Trust (Residential REITs) | 116 | 11,518 | ||||||
Campbell Soup Co. (Food Products) | 213 | 9,208 | ||||||
Capital One Financial Corp. (Consumer Finance) | 412 | 54,021 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 267 | 26,914 | ||||||
CarMax, Inc.* (Specialty Retail) | 172 | 13,199 | ||||||
Carnival Corp.* (Hotels, Restaurants & Leisure) | 318 | 5,896 | ||||||
Carrier Global Corp. (Building Products) | 473 | 27,174 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 196 | 8,806 | ||||||
Caterpillar, Inc. (Machinery) | 232 | 68,596 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 41 | 7,321 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 331 | 30,813 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 84 | 19,095 | ||||||
Cencora, Inc. (Health Care Providers & Services) | 181 | 37,174 | ||||||
Centene Corp.* (Health Care Providers & Services) | 579 | 42,968 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 685 | 19,570 | ||||||
Ceridian HCM Holding, Inc.* (Professional Services) | 76 | 5,101 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 95 | 7,553 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 56 | 13,238 | ||||||
Charter Communications, Inc.*—Class A (Media) | 59 | 22,932 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 1,904 | 284,000 | ||||||
Chubb, Ltd. (Insurance) | 442 | 99,893 | ||||||
Church & Dwight Co., Inc. (Household Products) | 144 | 13,617 | ||||||
Cincinnati Financial Corp. (Insurance) | 170 | 17,588 |
See accompanying notes to financial statements.
106 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Cintas Corp. (Commercial Services & Supplies) | 42 | $ | 25,312 | |||||
Cisco Systems, Inc. (Communications Equipment) | 4,392 | 221,883 | ||||||
Citigroup, Inc. (Banks) | 2,075 | 106,738 | ||||||
Citizens Financial Group, Inc. (Banks) | 506 | 16,769 | ||||||
CME Group, Inc. (Capital Markets) | 250 | 52,650 | ||||||
CMS Energy Corp. (Multi-Utilities) | 315 | 18,292 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 544 | 41,088 | ||||||
Colgate-Palmolive Co. (Household Products) | 545 | 43,442 | ||||||
Comcast Corp.—Class A (Media) | 4,353 | 190,878 | ||||||
Comerica, Inc. (Banks) | 143 | 7,981 | ||||||
Conagra Brands, Inc. (Food Products) | 518 | 14,846 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 399 | 46,312 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 374 | 34,023 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 175 | 42,306 | ||||||
Constellation Energy Corp. (Electric Utilities) | 190 | 22,209 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 833 | 25,365 | ||||||
Corteva, Inc. (Chemicals) | 763 | 36,563 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 252 | 22,022 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 278 | 183,502 | ||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 278 | 7,095 | ||||||
Crown Castle, Inc. (Specialized REITs) | 471 | 54,254 | ||||||
CSX Corp. (Ground Transportation) | 1,071 | 37,132 | ||||||
Cummins, Inc. (Machinery) | 154 | 36,894 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,392 | 109,912 | ||||||
Danaher Corp. (Life Sciences Tools & Services) | 713 | 164,946 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 63 | 10,351 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 26 | 2,724 | ||||||
Deere & Co. (Machinery) | 125 | 49,984 | ||||||
Delta Air Lines, Inc. (Passenger Airlines) | 307 | 12,351 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 230 | 8,186 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 695 | 31,484 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 163 | 20,227 | ||||||
Digital Realty Trust, Inc. (Specialized REITs) | 194 | 26,109 | ||||||
Discover Financial Services (Consumer Finance) | 125 | 14,050 | ||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 238 | 32,356 | ||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 226 | 32,103 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 907 | 42,629 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 23 | 9,481 | ||||||
Dover Corp. (Machinery) | 152 | 23,379 | ||||||
Dow, Inc. (Chemicals) | 759 | 41,624 | ||||||
DTE Energy Co. (Multi-Utilities) | 223 | 24,588 | ||||||
Duke Energy Corp. (Electric Utilities) | 836 | 81,125 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 466 | 35,849 | ||||||
Eastman Chemical Co. (Chemicals) | 129 | 11,587 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 165 | 39,735 | ||||||
eBay, Inc. (Broadline Retail) | 563 | 24,558 | ||||||
Ecolab, Inc. (Chemicals) | 134 | 26,579 | ||||||
Edison International (Electric Utilities) | 415 | 29,668 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 413 | 31,491 | ||||||
Electronic Arts, Inc. (Entertainment) | 149 | 20,385 | ||||||
Elevance Health, Inc. (Health Care Providers & Services) | 255 | 120,248 | ||||||
Emerson Electric Co. (Electrical Equipment) | 618 | 60,150 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 93 | 12,289 | ||||||
Entergy Corp. (Electric Utilities) | 228 | 23,071 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 215 | 26,004 | ||||||
EPAM Systems, Inc.* (IT Services) | 38 | 11,299 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 446 | 17,242 | ||||||
Equifax, Inc. (Professional Services) | 81 | 20,030 | ||||||
Equinix, Inc. (Specialized REITs) | 54 | 43,491 | ||||||
Equity Residential (Residential REITs) | 375 | 22,935 | ||||||
Essex Property Trust, Inc. (Residential REITs) | 70 | 17,356 | ||||||
Etsy, Inc.* (Broadline Retail) | 73 | 5,917 | ||||||
Everest Group, Ltd. (Insurance) | 47 | 16,618 | ||||||
Evergy, Inc. (Electric Utilities) | 249 | 12,998 | ||||||
Eversource Energy (Electric Utilities) | 379 | 23,392 | ||||||
Exelon Corp. (Electric Utilities) | 1,080 | 38,772 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 99 | 12,593 | ||||||
Extra Space Storage, Inc. (Specialized REITs) | 228 | 36,555 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4,342 | 434,112 | ||||||
F5, Inc.* (Communications Equipment) | 65 | 11,634 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 22 | 10,495 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 310 | 20,079 | ||||||
Federal Realty Investment Trust (Retail REITs) | 80 | 8,244 | ||||||
FedEx Corp. (Air Freight & Logistics) | 251 | 63,495 | ||||||
Fidelity National Information Services, Inc. (Financial Services) | 643 | 38,625 | ||||||
Fifth Third Bancorp (Banks) | 739 | 25,488 | ||||||
First Horizon Corp. (Banks) | — | (a) | 7 | |||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 116 | 19,984 | ||||||
FirstEnergy Corp. (Electric Utilities) | 560 | 20,530 | ||||||
Fiserv, Inc.* (Financial Services) | 312 | 41,446 | ||||||
FMC Corp. (Chemicals) | 134 | 8,449 | ||||||
Ford Motor Co. (Automobiles) | 4,264 | 51,978 | ||||||
Fox Corp.—Class A (Media) | 268 | 7,952 | ||||||
Fox Corp.—Class B (Media) | 143 | 3,954 | ||||||
Franklin Resources, Inc. (Capital Markets) | 307 | 9,146 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 778 | 33,119 | ||||||
Garmin, Ltd. (Household Durables) | 76 | 9,769 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 425 | 32,861 | ||||||
Gen Digital, Inc. (Software) | 611 | 13,943 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 26 | 3,360 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 246 | 63,879 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 107
Common Stocks, continued
Shares | Value | |||||||
General Electric Co. (Industrial Conglomerates) | 672 | $ | 85,767 | |||||
General Mills, Inc. (Food Products) | 630 | 41,038 | ||||||
General Motors Co. (Automobiles) | 1,484 | 53,305 | ||||||
Genuine Parts Co. (Distributors) | 152 | 21,052 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,351 | 109,445 | ||||||
Global Payments, Inc. (Financial Services) | 282 | 35,814 | ||||||
Globe Life, Inc. (Insurance) | 93 | 11,320 | ||||||
Halliburton Co. (Energy Equipment & Services) | 971 | 35,102 | ||||||
Hasbro, Inc. (Leisure Products) | 141 | 7,199 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 112 | 30,316 | ||||||
Healthpeak Properties, Inc. (Health Care REITs) | 594 | 11,761 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 142 | 10,751 | ||||||
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 1,392 | 23,636 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 266 | 19,006 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 715 | 149,943 | ||||||
Hormel Foods Corp. (Food Products) | 314 | 10,083 | ||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 307 | 5,977 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 178 | 9,633 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 943 | 28,375 | ||||||
Hubbell, Inc. (Electrical Equipment) | 31 | 10,197 | ||||||
Humana, Inc. (Health Care Providers & Services) | 134 | 61,347 | ||||||
Huntington Bancshares, Inc. (Banks) | 1,571 | 19,983 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 43 | 11,165 | ||||||
IDEX Corp. (Machinery) | 82 | 17,803 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 40 | 22,202 | ||||||
Illinois Tool Works, Inc. (Machinery) | 160 | 41,910 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 172 | 23,949 | ||||||
Incyte Corp.* (Biotechnology) | 202 | 12,684 | ||||||
Ingersoll Rand, Inc. (Machinery) | 101 | 7,811 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 47 | 10,198 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 4,570 | 229,642 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 621 | 79,755 | ||||||
International Business Machines Corp. (IT Services) | 990 | 161,915 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 277 | 22,429 | ||||||
International Paper Co. (Containers & Packaging) | 375 | 13,556 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 130 | 43,857 | ||||||
Invesco, Ltd. (Capital Markets) | 489 | 8,724 | ||||||
Invitation Homes, Inc. (Residential REITs) | 624 | 21,285 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 123 | 28,460 | ||||||
Iron Mountain, Inc. (Specialized REITs) | 155 | 10,847 | ||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 88 | 17,577 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 64 | 8,154 | ||||||
Jack Henry & Associates, Inc. (Financial Services) | 79 | 12,909 | ||||||
Jacobs Solutions, Inc. (Professional Services) | 136 | 17,653 | ||||||
Johnson & Johnson (Pharmaceuticals) | 2,610 | 409,092 | ||||||
Johnson Controls International PLC (Building Products) | 738 | 42,538 | ||||||
JPMorgan Chase & Co. (Banks) | 3,135 | 533,264 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 346 | 10,200 | ||||||
Kellanova (Food Products) | 286 | 15,990 | ||||||
Kenvue, Inc. (Personal Care Products) | 1,869 | 40,240 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 1,092 | 36,385 | ||||||
KeyCorp (Banks) | 1,016 | 14,630 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 192 | 30,545 | ||||||
Kimberly-Clark Corp. (Household Products) | 366 | 44,473 | ||||||
Kimco Realty Corp. (Retail REITs) | 720 | 15,343 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 2,098 | 37,009 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 205 | 43,177 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 92 | 20,911 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 53 | 5,729 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 156 | 7,677 | ||||||
Leidos Holdings, Inc. (Professional Services) | 149 | 16,128 | ||||||
Lennar Corp.—Class A (Household Durables) | 119 | 17,736 | ||||||
Linde PLC (Chemicals) | 252 | 103,498 | ||||||
LKQ Corp. (Distributors) | 290 | 13,859 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 239 | 108,324 | ||||||
Loews Corp. (Insurance) | 199 | 13,848 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 626 | 139,316 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 278 | 26,432 | ||||||
M&T Bank Corp. (Banks) | 180 | 24,674 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 299 | 7,224 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 185 | 27,447 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 41 | 12,007 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | — | (a) | 70 | |||||
Marsh & McLennan Cos., Inc. (Insurance) | 257 | 48,694 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 23 | 11,475 | ||||||
Masco Corp. (Building Products) | 112 | 7,502 | ||||||
Mastercard, Inc.—Class A (Financial Services) | 251 | 107,054 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 295 | 10,768 | ||||||
McCormick & Co., Inc. (Food Products) | 273 | 18,679 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 440 | 130,465 | ||||||
McKesson Corp. (Health Care Providers & Services) | 144 | 66,669 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,444 | 118,956 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 1,649 | 179,774 |
See accompanying notes to financial statements.
108 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
MetLife, Inc. (Insurance) | 673 | $ | 44,505 | |||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 15 | 18,194 | ||||||
MGM Resorts International* (Hotels, Restaurants & Leisure) | 95 | 4,245 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 240 | 21,643 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,190 | 101,555 | ||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 127 | 17,076 | ||||||
Moderna, Inc.* (Biotechnology) | 360 | 35,802 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 57 | 5,900 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 26 | 9,394 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 201 | 12,303 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 855 | 61,927 | ||||||
Monster Beverage Corp.* (Beverages) | 319 | 18,378 | ||||||
Moody’s Corp. (Capital Markets) | 90 | 35,150 | ||||||
Morgan Stanley (Capital Markets) | 1,371 | 127,846 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 76 | 23,795 | ||||||
MSCI, Inc. (Capital Markets) | 37 | 20,929 | ||||||
Nasdaq, Inc. (Capital Markets) | 369 | 21,454 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 143 | 12,607 | ||||||
Newmont Corp. (Metals & Mining) | 1,250 | 51,738 | ||||||
News Corp.—Class A (Media) | 413 | 10,139 | ||||||
News Corp.—Class B (Media) | 125 | 3,215 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 2,224 | 135,087 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 757 | 82,187 | ||||||
NiSource, Inc. (Multi-Utilities) | 448 | 11,894 | ||||||
Nordson Corp. (Machinery) | 59 | 15,585 | ||||||
Norfolk Southern Corp. (Ground Transportation) | 245 | 57,913 | ||||||
Northern Trust Corp. (Capital Markets) | 224 | 18,901 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 154 | 72,094 | ||||||
NRG Energy, Inc. (Electric Utilities) | 245 | 12,667 | ||||||
Nucor Corp. (Metals & Mining) | 99 | 17,230 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 70 | 16,078 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 716 | 42,752 | ||||||
Omnicom Group, Inc. (Media) | 215 | 18,600 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 262 | 21,885 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 240 | 16,853 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 17 | 16,151 | ||||||
Otis Worldwide Corp. (Machinery) | 271 | 24,246 | ||||||
PACCAR, Inc. (Machinery) | 153 | 14,940 | ||||||
Packaging Corp. of America (Containers & Packaging) | 97 | 15,802 | ||||||
Paramount Global(b)—Class B (Media) | 525 | 7,765 | ||||||
Parker-Hannifin Corp. (Machinery) | 31 | 14,282 | ||||||
Paychex, Inc. (Professional Services) | 209 | 24,894 | ||||||
Paycom Software, Inc. (Professional Services) | 30 | 6,202 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 1,169 | 71,788 | ||||||
Pentair PLC (Machinery) | 54 | 3,926 | ||||||
PepsiCo, Inc. (Beverages) | 953 | 161,858 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 6,122 | 176,252 | ||||||
PG&E Corp. (Electric Utilities) | 2,314 | 41,721 | ||||||
Philip Morris International, Inc. (Tobacco) | 1,060 | 99,725 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 477 | 63,508 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 123 | 8,836 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 127 | 28,560 | ||||||
Pool Corp. (Distributors) | 18 | 7,177 | ||||||
PPG Industries, Inc. (Chemicals) | 256 | 38,285 | ||||||
PPL Corp. (Electric Utilities) | 800 | 21,680 | ||||||
Principal Financial Group, Inc. (Insurance) | 238 | 18,723 | ||||||
Prologis, Inc. (Industrial REITs) | 1,002 | 133,567 | ||||||
Prudential Financial, Inc. (Insurance) | 391 | 40,551 | ||||||
PTC, Inc.* (Software) | 52 | 9,098 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 541 | 33,082 | ||||||
Public Storage (Specialized REITs) | 100 | 30,500 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 106 | 11,937 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 579 | 83,741 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 49 | 10,574 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 122 | 16,821 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 19 | 2,740 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 204 | 22,746 | ||||||
Realty Income Corp. (Retail REITs) | 784 | 45,017 | ||||||
Regency Centers Corp. (Retail REITs) | 178 | 11,926 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 45 | 39,523 | ||||||
Regions Financial Corp. (Banks) | 1,010 | 19,574 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 95 | 15,666 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 160 | 27,523 | ||||||
Revvity, Inc. (Life Sciences Tools & Services) | 134 | 14,648 | ||||||
Robert Half, Inc. (Professional Services) | 115 | 10,111 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 65 | 20,181 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 174 | 7,599 | ||||||
Roper Technologies, Inc. (Software) | 66 | 35,982 | ||||||
RTX Corp. (Aerospace & Defense) | 1,559 | 131,174 | ||||||
S&P Global, Inc. (Capital Markets) | 197 | 86,782 | ||||||
SBA Communications Corp. (Specialized REITs) | 70 | 17,758 | ||||||
Schlumberger N.V. (Energy Equipment & Services) | 1,549 | 80,610 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 124 | 10,586 | ||||||
Sempra (Multi-Utilities) | 681 | 50,892 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 109
Common Stocks, continued
Shares | Value | |||||||
Simon Property Group, Inc. (Retail REITs) | 223 | $ | 31,809 | |||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 173 | 19,449 | ||||||
Snap-on, Inc. (Machinery) | 31 | 8,954 | ||||||
Southwest Airlines Co. (Passenger Airlines) | 646 | 18,657 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 166 | 16,285 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 507 | 48,677 | ||||||
State Street Corp. (Capital Markets) | 335 | 25,949 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 61 | 7,204 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 47 | 10,333 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 132 | 39,529 | ||||||
Synchrony Financial (Consumer Finance) | 449 | 17,147 | ||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 547 | 40,002 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 242 | 26,061 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 86 | 13,842 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 249 | 9,166 | ||||||
Target Corp. (Consumer Staples Distribution & Retail) | 500 | 71,210 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 206 | 28,943 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 51 | 22,761 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 51 | 12,716 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 166 | 18,014 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 620 | 105,685 | ||||||
Textron, Inc. (Aerospace & Defense) | 213 | 17,129 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 727 | 13,995 | ||||||
The Allstate Corp. (Insurance) | 284 | 39,754 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 834 | 43,410 | ||||||
The Boeing Co.* (Aerospace & Defense) | 345 | 89,928 | ||||||
The Charles Schwab Corp. (Capital Markets) | 1,613 | 110,974 | ||||||
The Cigna Group (Health Care Providers & Services) | 316 | 94,626 | ||||||
The Clorox Co. (Household Products) | 134 | 19,107 | ||||||
The Coca-Cola Co. (Beverages) | 2,574 | 151,686 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 31 | 11,732 | ||||||
The Estee Lauder Cos., Inc. (Personal Care Products) | 252 | 36,855 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 354 | 136,562 | ||||||
The Hartford Financial Services Group, Inc. (Insurance) | 326 | 26,204 | ||||||
The Hershey Co. (Food Products) | 101 | 18,830 | ||||||
The Home Depot, Inc. (Specialty Retail) | 682 | 236,346 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 415 | 13,546 | ||||||
The JM Smucker Co. (Food Products) | 115 | 14,534 | ||||||
The Kraft Heinz Co. (Food Products) | 865 | 31,988 | ||||||
The Kroger Co. (Consumer Staples Distribution & Retail) | 718 | 32,820 | ||||||
The Mosaic Co. (Chemicals) | 354 | 12,648 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 432 | 66,895 | ||||||
The Procter & Gamble Co. (Household Products) | 1,559 | 228,455 | ||||||
The Progressive Corp. (Insurance) | 316 | 50,332 | ||||||
The Sherwin-Williams Co. (Chemicals) | 128 | 39,923 | ||||||
The Southern Co. (Electric Utilities) | 1,183 | 82,952 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 434 | 40,714 | ||||||
The Travelers Cos., Inc. (Insurance) | 248 | 47,242 | ||||||
The Walt Disney Co. (Entertainment) | 1,983 | 179,045 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 805 | 28,038 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 260 | 138,006 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 552 | 88,502 | ||||||
Tractor Supply Co. (Specialty Retail) | 68 | 14,622 | ||||||
Trane Technologies PLC (Building Products) | 77 | 18,780 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 270 | 14,364 | ||||||
Truist Financial Corp. (Banks) | 1,446 | 53,386 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 309 | 16,609 | ||||||
U.S. Bancorp (Banks) | 1,688 | 73,057 | ||||||
UDR, Inc. (Residential REITs) | 328 | 12,559 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 18 | 8,820 | ||||||
Union Pacific Corp. (Ground Transportation) | 364 | 89,405 | ||||||
United Airlines Holdings, Inc.* (Passenger Airlines) | 355 | 14,647 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 783 | 123,111 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 622 | 327,464 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 66 | 10,061 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 369 | 47,970 | ||||||
Ventas, Inc. (Health Care REITs) | 436 | 21,730 | ||||||
Veralto Corp. (Commercial Services & Supplies) | 238 | 19,578 | ||||||
VeriSign, Inc.* (IT Services) | 50 | 10,298 | ||||||
Verisk Analytics, Inc. (Professional Services) | 71 | 16,959 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 4,557 | 171,798 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 101 | 41,096 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 359 | 6,749 | ||||||
Viatris, Inc. (Pharmaceuticals) | 1,303 | 14,111 | ||||||
VICI Properties, Inc. (Specialized REITs) | 1,121 | 35,737 | ||||||
Visa, Inc.—Class A (Financial Services) | 587 | 152,825 | ||||||
Vulcan Materials Co. (Construction Materials) | 52 | 11,804 | ||||||
W.R. Berkley Corp. (Insurance) | 221 | 15,629 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 12 | 9,944 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 778 | 20,314 | ||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 1,547 | 243,884 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 2,406 | 27,380 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 211 | 37,790 |
See accompanying notes to financial statements.
110 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Waters Corp.* (Life Sciences Tools & Services) | 40 | $ | 13,169 | |||||
WEC Energy Group, Inc. (Multi-Utilities) | 342 | 28,786 | ||||||
Wells Fargo & Co. (Banks) | 3,937 | 193,779 | ||||||
Welltower, Inc. (Health Care REITs) | 599 | 54,012 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 352 | 18,434 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 194 | 24,619 | ||||||
Westrock Co. (Containers & Packaging) | 278 | 11,543 | ||||||
Weyerhaeuser Co. (Specialized REITs) | 792 | 27,538 | ||||||
Whirlpool Corp. (Household Durables) | 59 | 7,184 | ||||||
Willis Towers Watson PLC (Insurance) | 112 | 27,014 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 597 | 36,960 | ||||||
Xylem, Inc. (Machinery) | 261 | 29,848 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 164 | 21,428 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 56 | 15,306 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 226 | 27,504 | ||||||
Zions Bancorp NA (Banks) | 161 | 7,063 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 223 | 44,014 | ||||||
TOTAL COMMON STOCKS (Cost $15,500,444) | 20,274,857 |
Repurchase Agreements(c) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $42,024 | $ | 42,000 | $ | 42,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $42,000) | 42,000 |
Collateral for Securities Loaned(d)(NM)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 4,650 | $ | 4,650 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,650) | 4,650 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,547,094)—100.1% | 20,321,507 | |||||||
Net other assets (liabilities)—(0.1)% | (22,707 | ) | ||||||
NET ASSETS—100.0% | $ | 20,298,800 |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50 |
(b) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $4,437. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
NM | Not meaningful, amount is less than 0.05% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 111
ProFund VP Large-Cap Value invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 546,503 | 2.7 | % | ||||
Air Freight & Logistics | 210,171 | 1.0 | % | |||||
Automobile Components | 36,686 | 0.2 | % | |||||
Automobiles | 105,283 | 0.5 | % | |||||
Banks | 1,414,803 | 6.9 | % | |||||
Beverages | 434,222 | 2.1 | % | |||||
Biotechnology | 633,121 | 3.1 | % | |||||
Broadline Retail | 30,475 | 0.2 | % | |||||
Building Products | 107,509 | 0.5 | % | |||||
Capital Markets | 1,028,286 | 5.1 | % | |||||
Chemicals | 495,754 | 2.5 | % | |||||
Commercial Services & Supplies | 105,945 | 0.5 | % | |||||
Communications Equipment | 267,512 | 1.3 | % | |||||
Construction & Engineering | 10,574 | 0.1 | % | |||||
Construction Materials | 23,279 | 0.1 | % | |||||
Consumer Finance | 120,251 | 0.6 | % | |||||
Consumer Staples Distribution & Retail | 656,191 | 3.2 | % | |||||
Containers & Packaging | 93,296 | 0.5 | % | |||||
Distributors | 42,088 | 0.2 | % | |||||
Diversified Telecommunication Services | 301,893 | 1.4 | % | |||||
Electric Utilities | 652,173 | 3.2 | % | |||||
Electrical Equipment | 155,059 | 0.8 | % | |||||
Electronic Equipment, Instruments & Components | 192,785 | 0.9 | % | |||||
Energy Equipment & Services | 153,002 | 0.8 | % | |||||
Entertainment | 240,652 | 1.2 | % | |||||
Financial Services | 1,163,796 | 5.7 | % | |||||
Food Products | 317,154 | 1.6 | % | |||||
Gas Utilities | 18,660 | 0.1 | % | |||||
Ground Transportation | 202,027 | 1.0 | % | |||||
Health Care Equipment & Supplies | 792,112 | 3.9 | % | |||||
Health Care Providers & Services | 988,300 | 4.8 | % | |||||
Health Care REITs | 87,503 | 0.4 | % | |||||
Hotel & Resort REITs | 5,977 | NM | ||||||
Hotels, Restaurants & Leisure | 275,013 | 1.4 | % | |||||
Household Durables | 40,589 | 0.2 | % | |||||
Household Products | 349,094 | 1.7 | % | |||||
Independent Power and Renewable Electricity Producers | 13,995 | 0.1 | % | |||||
Industrial Conglomerates | 301,083 | 1.5 | % | |||||
Industrial REITs | 133,567 | 0.7 | % | |||||
Insurance | 687,304 | 3.4 | % | |||||
Interactive Media & Services | 10,768 | 0.1 | % | |||||
IT Services | 344,380 | 1.7 | % | |||||
Leisure Products | 7,199 | NM | ||||||
Life Sciences Tools & Services | 479,241 | 2.4 | % | |||||
Machinery | 399,062 | 2.0 | % | |||||
Media | 278,981 | 1.4 | % | |||||
Metals & Mining | 109,291 | 0.5 | % | |||||
Multi-Utilities | 284,373 | 1.4 | % | |||||
Office REITs | 32,568 | 0.2 | % | |||||
Oil, Gas & Consumable Fuels | 1,145,610 | 5.6 | % | |||||
Passenger Airlines | 55,424 | 0.3 | % | |||||
Personal Care Products | 77,095 | 0.4 | % | |||||
Pharmaceuticals | 945,239 | 4.7 | % | |||||
Professional Services | 191,762 | 0.9 | % | |||||
Real Estate Management & Development | 52,835 | 0.3 | % | |||||
Residential REITs | 131,561 | 0.6 | % | |||||
Retail REITs | 112,339 | 0.6 | % | |||||
Semiconductors & Semiconductor Equipment | 705,982 | 3.5 | % | |||||
Software | 100,564 | 0.5 | % | |||||
Specialized REITs | 347,122 | 1.7 | % | |||||
Specialty Retail | 511,782 | 2.5 | % | |||||
Technology Hardware, Storage & Peripherals | 93,638 | 0.5 | % | |||||
Textiles, Apparel & Luxury Goods | 100,842 | 0.5 | % | |||||
Tobacco | 177,137 | 0.9 | % | |||||
Trading Companies & Distributors | 30,023 | 0.1 | % | |||||
Water Utilities | 27,850 | 0.1 | % | |||||
Wireless Telecommunication Services | 88,502 | 0.4 | % | |||||
Other** | 23,943 | 0.1 | % | |||||
Total | $ | 20,298,800 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
112 :: ProFund VP Materials† :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (98.8%)
Shares | Value | |||||||
Air Products and Chemicals, Inc. (Chemicals) | 3,327 | $ | 910,933 | |||||
Albemarle Corp. (Chemicals) | 1,771 | 255,874 | ||||||
Amcor PLC (Containers & Packaging) | 21,829 | 210,432 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 1,216 | 245,827 | ||||||
Ball Corp. (Containers & Packaging) | 4,762 | 273,910 | ||||||
Celanese Corp. (Chemicals) | 1,513 | 235,075 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 2,886 | 229,437 | ||||||
Corteva, Inc. (Chemicals) | 10,643 | 510,013 | ||||||
Dow, Inc. (Chemicals) | 10,593 | 580,920 | ||||||
DuPont de Nemours, Inc. (Chemicals) | 6,495 | 499,660 | ||||||
Eastman Chemical Co. (Chemicals) | 1,791 | 160,868 | ||||||
Ecolab, Inc. (Chemicals) | 3,801 | 753,928 | ||||||
FMC Corp. (Chemicals) | 1,884 | 118,786 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 21,478 | 914,318 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 3,855 | 312,139 | ||||||
International Paper Co. (Containers & Packaging) | 5,226 | 188,920 | ||||||
Linde PLC (Chemicals) | 7,263 | 2,982,986 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 3,870 | 367,960 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 933 | 465,483 | ||||||
Newmont Corp. (Metals & Mining) | 15,831 | 655,245 | ||||||
Nucor Corp. (Metals & Mining) | 3,718 | 647,081 | ||||||
Packaging Corp. of America (Containers & Packaging) | 1,355 | 220,743 | ||||||
PPG Industries, Inc. (Chemicals) | 3,561 | 532,548 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 2,297 | 271,276 | ||||||
The Mosaic Co. (Chemicals) | 4,936 | 176,363 | ||||||
The Sherwin-Williams Co. (Chemicals) | 3,527 | 1,100,071 | ||||||
Vulcan Materials Co. (Construction Materials) | 2,007 | 455,609 | ||||||
Westrock Co. (Containers & Packaging) | 3,872 | 160,765 | ||||||
TOTAL COMMON STOCKS (Cost $5,869,728) | 14,437,170 |
Repurchase Agreements(a) (1.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $227,131 | $ | 227,000 | $ | 227,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $227,000) | 227,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,096,728)—100.4% | 14,664,170 | |||||||
Net other assets (liabilities)—(0.4)% | (54,614 | ) | ||||||
NET ASSETS—100.0% | $ | 14,609,556 |
† | As described in Note 1, effective March 17, 2023, this ProFund VP’s name changed due to a change to its underlying benchmark index. |
(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) | |||||||||||
S&P Materials Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 181,792 | $ | (1,636 | ) |
(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 December 31, 2023, 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 Materials invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Chemicals | $ | 9,727,561 | 66.6 | % | ||||
Construction Materials | 921,092 | 6.3 | % | |||||
Containers & Packaging | 1,300,597 | 8.9 | % | |||||
Metals & Mining | 2,487,920 | 17.0 | % | |||||
Other** | 172,386 | 1.2 | % | |||||
Total | $ | 14,609,556 | �� | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap :: 113
Repurchase Agreements(a)(b) (100.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $10,379,967 | $ | 10,374,000 | $ | 10,374,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,374,000) | 10,374,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,374,000)—100.4% | 10,374,000 | |||||||
Net other assets (liabilities)—(0.4)% | (39,101 | ) | ||||||
NET ASSETS—100.0% | $ | 10,334,899 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $1,248,000. |
(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. |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini S&P MidCap 400 Futures Contracts | 5 | 3/18/24 | $ | 1,404,750 | $ | 84,150 |
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 | 1/29/24 | 5.83 | % | $ | 3,827,260 | $ | (36,763 | ) | ||||||||
S&P MidCap 400 | UBS AG | 1/29/24 | 5.68 | % | 5,099,675 | (48,960 | ) | ||||||||||
$ | 8,926,935 | $ | (85,723 | ) |
(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 December 31, 2023, 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.
114 :: ProFund VP Mid-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.9%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 1,088 | $ | 84,602 | |||||
Acuity Brands, Inc. (Electrical Equipment) | 186 | 38,098 | ||||||
Advanced Drainage Systems, Inc. (Building Products) | 808 | 113,637 | ||||||
AECOM (Construction & Engineering) | 752 | 69,507 | ||||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 292 | 8,839 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 161 | 15,305 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 2,328 | 29,170 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 457 | 56,494 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 1,262 | 38,617 | ||||||
Aspen Technology, Inc.* (Software) | 165 | 36,325 | ||||||
Autoliv, Inc. (Automobile Components) | 530 | 58,401 | ||||||
Avis Budget Group, Inc. (Ground Transportation) | 217 | 38,465 | ||||||
Axalta Coating Systems, Ltd.* (Chemicals) | 2,596 | 88,186 | ||||||
Azenta, Inc.* (Life Sciences Tools & Services) | 453 | 29,508 | ||||||
Bank OZK (Banks) | 646 | 32,190 | ||||||
BellRing Brands, Inc.* (Personal Care Products) | 822 | 45,563 | ||||||
Blackbaud, Inc.* (Software) | 316 | 27,397 | ||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 820 | 51,340 | ||||||
Brixmor Property Group, Inc. (Retail REITs) | 1,559 | 36,277 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 657 | 48,276 | ||||||
Brunswick Corp. (Leisure Products) | 495 | 47,891 | ||||||
Burlington Stores, Inc.* (Specialty Retail) | 458 | 89,072 | ||||||
BWX Technologies, Inc. (Aerospace & Defense) | 1,078 | 82,715 | ||||||
Cabot Corp. (Chemicals) | 437 | 36,490 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 97 | 31,414 | ||||||
Calix, Inc.* (Communications Equipment) | 339 | 14,811 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 658 | 33,058 | ||||||
Carlisle Cos., Inc. (Building Products) | 574 | 179,334 | ||||||
Casey's General Stores, Inc. (Consumer Staples Distribution & Retail) | 441 | 121,160 | ||||||
Celsius Holdings, Inc.* (Beverages) | 1,749 | 95,356 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 1,538 | 44,925 | ||||||
Chart Industries, Inc.* (Machinery) | 495 | 67,483 | ||||||
Chemed Corp. (Health Care Providers & Services) | 107 | 62,568 | ||||||
Choice Hotels International, Inc.(a) (Hotels, Restaurants & Leisure) | 145 | 16,429 | ||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 486 | 80,788 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 801 | 108,078 | ||||||
Ciena Corp.* (Communications Equipment) | 714 | 32,137 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 362 | 30,115 | ||||||
Civitas Resources, Inc.(a) (Oil, Gas & Consumable Fuels) | 1,008 | 68,927 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 594 | 103,659 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 1,872 | 37,440 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 56 | 51,990 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 894 | 37,316 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 195 | 15,510 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 422 | 86,793 | ||||||
Commerce Bancshares, Inc. (Banks) | 574 | 30,657 | ||||||
CommVault Systems, Inc.* (Software) | 310 | 24,754 | ||||||
COPT Defense Properties (Office REITs) | 517 | 13,251 | ||||||
Core & Main, Inc.*—Class A (Trading Companies & Distributors) | 917 | 37,056 | ||||||
Coty, Inc.*—Class A (Personal Care Products) | 4,416 | 54,847 | ||||||
Crane Co. (Machinery) | 576 | 68,049 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 715 | 66,788 | ||||||
Crown Holdings, Inc. (Containers & Packaging) | 670 | 61,701 | ||||||
CubeSmart (Specialized REITs) | 1,458 | 67,577 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 318 | 34,500 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 293 | 65,277 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 303 | 202,535 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 385 | 56,576 | ||||||
Dolby Laboratories, Inc.—Class A (Software) | 400 | 34,472 | ||||||
Donaldson Co., Inc. (Machinery) | 811 | 52,999 | ||||||
Doximity, Inc.*—Class A (Health Care Technology) | 696 | 19,516 | ||||||
Dropbox, Inc.*—Class A (Software) | 3,020 | 89,030 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 719 | 39,401 | ||||||
Dynatrace, Inc.* (Software) | 2,813 | 153,843 | ||||||
Eagle Materials, Inc. (Construction Materials) | 412 | 83,570 | ||||||
East West Bancorp, Inc. (Banks) | 898 | 64,611 | ||||||
EastGroup Properties, Inc. (Industrial REITs) | 339 | 62,221 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 555 | 119,564 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 532 | 35,495 | ||||||
EnerSys (Electrical Equipment) | 205 | 20,697 | ||||||
EPR Properties (Specialized REITs) | 550 | 26,648 | ||||||
Equitable Holdings, Inc. (Financial Services) | 1,988 | 66,200 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 2,096 | 21,337 | ||||||
Equity LifeStyle Properties, Inc. (Residential REITs) | 1,407 | 99,250 | ||||||
Erie Indemnity Co.—Class A (Insurance) | 171 | 57,271 | ||||||
Esab Corp. (Machinery) | 669 | 57,949 | ||||||
Essential Utilities, Inc. (Water Utilities) | 1,422 | 53,112 | ||||||
Euronet Worldwide, Inc.* (Financial Services) | 279 | 28,316 | ||||||
Evercore, Inc. (Capital Markets) | 283 | 48,407 | ||||||
Exelixis, Inc.* (Biotechnology) | 3,668 | 87,995 | ||||||
ExlService Holdings, Inc.* (Professional Services) | 1,108 | 34,182 | ||||||
Exponent, Inc. (Professional Services) | 304 | 26,764 | ||||||
First Financial Bankshares, Inc. (Banks) | 605 | 18,332 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Growth :: 115
Common Stocks, continued
Shares | Value | |||||||
First Industrial Realty Trust, Inc. (Industrial REITs) | 748 | $ | 39,397 | |||||
FirstCash Holdings, Inc. (Consumer Finance) | 437 | 47,366 | ||||||
Five Below, Inc.* (Specialty Retail) | 657 | 140,046 | ||||||
Floor & Decor Holdings, Inc.*—Class A (Specialty Retail) | 1,257 | 140,231 | ||||||
Flowserve Corp. (Machinery) | 695 | 28,648 | ||||||
Fortune Brands Innovations, Inc. (Building Products) | 595 | 45,303 | ||||||
Fox Factory Holding Corp.* (Automobile Components) | 189 | 12,754 | ||||||
FTI Consulting, Inc.* (Professional Services) | 419 | 83,444 | ||||||
Gaming & Leisure Properties, Inc. (Specialized REITs) | 1,354 | 66,819 | ||||||
GATX Corp. (Trading Companies & Distributors) | 154 | 18,514 | ||||||
Gentex Corp. (Automobile Components) | 1,761 | 57,514 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 1,661 | 176,332 | ||||||
Graco, Inc. (Machinery) | 1,993 | 172,912 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 349 | 46,082 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 884 | 54,065 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 1,698 | 82,132 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 359 | 30,698 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 1,557 | 57,547 | ||||||
Hancock Whitney Corp. (Banks) | 529 | 25,704 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 515 | 34,145 | ||||||
Hexcel Corp. (Aerospace & Defense) | 486 | 35,843 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 521 | 20,934 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 609 | 73,025 | ||||||
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure) | 522 | 68,074 | ||||||
IDACORP, Inc. (Electric Utilities) | 233 | 22,909 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 345 | 22,397 | ||||||
Ingredion, Inc. (Food Products) | 276 | 29,955 | ||||||
Insperity, Inc. (Professional Services) | 209 | 24,499 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 744 | 61,678 | ||||||
International Bancshares Corp. (Banks) | 271 | 14,721 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 156 | 16,932 | ||||||
Iridium Communications, Inc. (Diversified Telecommunication Services) | 729 | 30,006 | ||||||
ITT, Inc. (Machinery) | 969 | 115,621 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 313 | 38,499 | ||||||
KB Home (Household Durables) | 451 | 28,169 | ||||||
KBR, Inc. (Professional Services) | 732 | 40,560 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 260 | 87,076 | ||||||
Kirby Corp.* (Marine Transportation) | 293 | 22,995 | ||||||
Knife River Corp.* (Construction Materials) | 473 | 31,303 | ||||||
Lamar Advertising Co.—Class A (Specialized REITs) | 599 | 63,662 | ||||||
Lancaster Colony Corp. (Food Products) | 116 | 19,301 | ||||||
Landstar System, Inc. (Ground Transportation) | 289 | 55,965 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 808 | 50,096 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,628 | 112,316 | ||||||
Lennox International, Inc. (Building Products) | 378 | 169,163 | ||||||
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure) | 1,062 | 87,201 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 675 | 146,786 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 205 | 54,850 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 235 | 12,159 | ||||||
Livent Corp.* (Chemicals) | 1,299 | 23,356 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 492 | 34,848 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 403 | 37,459 | ||||||
Manhattan Associates, Inc.* (Software) | 726 | 156,321 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 325 | 38,093 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 1,308 | 74,373 | ||||||
Mattel, Inc.* (Leisure Products) | 1,832 | 34,588 | ||||||
Maximus, Inc. (Professional Services) | 524 | 43,943 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 275 | 84,296 | ||||||
MGIC Investment Corp. (Financial Services) | 1,242 | 23,958 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 363 | 37,342 | ||||||
Morningstar, Inc. (Capital Markets) | 307 | 87,875 | ||||||
MP Materials Corp.* (Metals & Mining) | 678 | 13,458 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 437 | 73,779 | ||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 295 | 29,872 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 744 | 31,739 | ||||||
Murphy USA, Inc. (Specialty Retail) | 229 | 81,652 | ||||||
National Storage Affiliates Trust (Specialized REITs) | 446 | 18,496 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 1,159 | 152,709 | ||||||
NewMarket Corp. (Chemicals) | 82 | 44,758 | ||||||
NNN REIT, Inc. (Retail REITs) | 795 | 34,265 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 245 | 41,260 | ||||||
nVent Electric PLC (Electrical Equipment) | 1,957 | 115,639 | ||||||
Olin Corp. (Chemicals) | 593 | 31,992 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Broadline Retail) | 729 | 55,324 | ||||||
Omega Healthcare Investors, Inc. (Health Care REITs) | 1,183 | 36,271 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 580 | 88,682 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 1,149 | 38,710 | ||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 2,995 | 131,540 | ||||||
Owens Corning (Building Products) | 1,048 | 155,345 | ||||||
Park Hotels & Resorts, Inc. (Hotel & Resort REITs) | 2,475 | 37,868 |
See accompanying notes to financial statements.
116 :: ProFund VP Mid-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Paylocity Holding Corp.* (Professional Services) | 509 | $ | 83,908 | |||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 455 | 114,452 | ||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 4,900 | 66,640 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 372 | 32,446 | ||||||
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 1,009 | 73,657 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 335 | 27,507 | ||||||
Primerica, Inc. (Insurance) | 414 | 85,185 | ||||||
Progyny, Inc.*(a) (Health Care Providers & Services) | 983 | 36,548 | ||||||
Qualys, Inc.* (Software) | 435 | 85,382 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 1,269 | 86,609 | ||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 2,846 | 86,632 | ||||||
Rayonier, Inc. (Specialized REITs) | 610 | 20,380 | ||||||
RBC Bearings, Inc.* (Machinery) | 344 | 98,002 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 678 | 189,623 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 340 | 66,640 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 613 | 110,218 | ||||||
Rexford Industrial Realty, Inc. (Industrial REITs) | 972 | 54,529 | ||||||
RH* (Specialty Retail) | 83 | 24,193 | ||||||
RLI Corp. (Insurance) | 308 | 41,001 | ||||||
Royal Gold, Inc. (Metals & Mining) | 404 | 48,868 | ||||||
RPM International, Inc. (Chemicals) | 821 | 91,648 | ||||||
Saia, Inc.* (Ground Transportation) | 314 | 137,601 | ||||||
Science Applications International Corp. (Professional Services) | 218 | 27,102 | ||||||
SEI Investments Co. (Capital Markets) | 590 | 37,495 | ||||||
Selective Insurance Group, Inc. (Insurance) | 393 | 39,096 | ||||||
Service Corp. International (Diversified Consumer Services) | 889 | 60,852 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 436 | 83,084 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 376 | 49,734 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 503 | 99,584 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,576 | 98,248 | ||||||
SLM Corp. (Consumer Finance) | 1,066 | 20,382 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 1,165 | 19,630 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 12,995 | 85,117 | ||||||
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail) | 490 | 23,574 | ||||||
STAG Industrial, Inc. (Industrial REITs) | 1,071 | 42,047 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 547 | 155,490 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 189 | 21,561 | ||||||
Tempur Sealy International, Inc. (Household Durables) | 2,031 | 103,520 | ||||||
Teradata Corp.* (Software) | 1,155 | 50,254 | ||||||
Terex Corp. (Machinery) | 444 | 25,512 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 628 | 104,832 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 788 | 96,316 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 52 | 17,971 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 532 | 46,789 | ||||||
The Carlyle Group, Inc. (Capital Markets) | 1,226 | 49,886 | ||||||
The Middleby Corp.* (Machinery) | 317 | 46,653 | ||||||
The New York Times Co.—Class A (Media) | 1,929 | 94,502 | ||||||
The Scotts Miracle-Gro Co. (Chemicals) | 186 | 11,858 | ||||||
The Timken Co. (Machinery) | 299 | 23,965 | ||||||
The Toro Co. (Machinery) | 588 | 56,442 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 1,062 | 20,688 | ||||||
TKO Group Holdings, Inc. (Entertainment) | 304 | 24,800 | ||||||
Toll Brothers, Inc. (Household Durables) | 1,269 | 130,441 | ||||||
TopBuild Corp.* (Household Durables) | 376 | 140,722 | ||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 598 | 23,376 | ||||||
Trex Co., Inc.* (Building Products) | 1,281 | 106,054 | ||||||
UFP Industries, Inc. (Building Products) | 730 | 91,652 | ||||||
United Therapeutics Corp.* (Biotechnology) | 249 | 54,753 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 513 | 98,116 | ||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 297 | 63,401 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 739 | 50,673 | ||||||
Valvoline, Inc.* (Specialty Retail) | 1,636 | 61,481 | ||||||
Visteon Corp.* (Automobile Components) | 148 | 18,485 | ||||||
Vistra Corp. (Independent Power and Renewable Electricity Producers) | 3,964 | 152,693 | ||||||
Vontier Corp. (Electronic Equipment, Instruments & Components) | 1,820 | 62,881 | ||||||
Voya Financial, Inc. (Financial Services) | 493 | 35,969 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 399 | 170,959 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 323 | 67,294 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 851 | 83,254 | ||||||
Westlake Corp. (Chemicals) | 378 | 52,905 | ||||||
WEX, Inc.* (Financial Services) | 504 | 98,054 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 756 | 152,545 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 348 | 89,290 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 693 | 30,152 | ||||||
Woodward, Inc. (Aerospace & Defense) | 713 | 97,061 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 646 | 51,945 | ||||||
XPO, Inc.* (Ground Transportation) | 644 | 56,408 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 656 | 33,968 | ||||||
ZoomInfo Technologies, Inc.* (Interactive Media & Services) | 1,151 | 21,282 | ||||||
TOTAL COMMON STOCKS (Cost $11,303,377) | 14,907,032 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Growth :: 117
Repurchase Agreements(b) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $67,038 | $ | 67,000 | $ | 67,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $67,000) | 67,000 |
Collateral for Securities Loaned(c) (0.8%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 124,867 | $ | 124,867 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $124,867) | 124,867 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,495,244)—101.1% | �� | 15,098,899 | ||||||
Net other assets (liabilities)—(1.1)% | (163,053 | ) | ||||||
NET ASSETS—100.0% | $ | 14,935,846 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $120,458. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
REIT | Real Estate Investment Trust |
ProFund VP Mid-Cap Growth invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 280,896 | 1.9 | % | ||||
Air Freight & Logistics | 54,065 | 0.4 | % | |||||
Automobile Components | 147,154 | 1.0 | % | |||||
Banks | 253,161 | 1.7 | % | |||||
Beverages | 165,317 | 1.1 | % | |||||
Biotechnology | 391,621 | 2.6 | % | |||||
Broadline Retail | 55,324 | 0.4 | % | |||||
Building Products | 960,072 | 6.4 | % | |||||
Capital Markets | 358,366 | 2.4 | % | |||||
Chemicals | 381,193 | 2.5 | % | |||||
Commercial Services & Supplies | 329,059 | 2.2 | % | |||||
Communications Equipment | 46,948 | 0.3 | % | |||||
Construction & Engineering | 275,864 | 1.8 | % | |||||
Construction Materials | 114,873 | 0.8 | % | |||||
Consumer Finance | 67,748 | 0.5 | % | |||||
Consumer Staples Distribution & Retail | 144,734 | 1.0 | % | |||||
Containers & Packaging | 118,195 | 0.8 | % | |||||
Diversified Consumer Services | 189,066 | 1.3 | % | |||||
Diversified Telecommunication Services | 30,006 | 0.2 | % | |||||
Electric Utilities | 22,909 | 0.2 | % | |||||
Electrical Equipment | 174,434 | 1.2 | % | |||||
Electronic Equipment, Instruments & Components | 213,239 | 1.4 | % | |||||
Energy Equipment & Services | 178,852 | 1.2 | % | |||||
Entertainment | 24,800 | 0.2 | % | |||||
Financial Services | 252,497 | 1.7 | % | |||||
Food Products | 49,256 | 0.3 | % | |||||
Ground Transportation | 288,439 | 1.9 | % | |||||
Health Care Equipment & Supplies | 350,979 | 2.3 | % | |||||
Health Care Providers & Services | 307,373 | 2.1 | % | |||||
Health Care REITs | 36,271 | 0.2 | % | |||||
Health Care Technology | 19,516 | 0.1 | % | |||||
Hotel & Resort REITs | 37,868 | 0.3 | % | |||||
Hotels, Restaurants & Leisure | 770,729 | 5.1 | % | |||||
Household Durables | 402,852 | 2.7 | % | |||||
Independent Power and Renewable Electricity Producers | 152,693 | 0.9 | % | |||||
Industrial REITs | 198,194 | 1.3 | % | |||||
Insurance | 376,269 | 2.5 | % | |||||
Interactive Media & Services | 21,282 | 0.1 | % | |||||
IT Services | 176,332 | 1.2 | % | |||||
Leisure Products | 116,447 | 0.8 | % | |||||
Life Sciences Tools & Services | 291,928 | 2.0 | % | |||||
Machinery | 1,028,315 | 6.9 | % | |||||
Marine Transportation | 22,995 | 0.2 | % | |||||
Media | 94,502 | 0.6 | % | |||||
Metals & Mining | 251,949 | 1.7 | % | |||||
Office REITs | 13,251 | 0.1 | % | |||||
Oil, Gas & Consumable Fuels | 753,104 | 5.0 | % | |||||
Paper & Forest Products | 34,848 | 0.2 | % | |||||
Personal Care Products | 100,410 | 0.7 | % | |||||
Pharmaceuticals | 38,499 | 0.3 | % | |||||
Professional Services | 395,816 | 2.7 | % | |||||
Residential REITs | 99,250 | 0.7 | % | |||||
Retail REITs | 70,542 | 0.5 | % | |||||
Semiconductors & Semiconductor Equipment | 628,432 | 4.2 | % | |||||
Software | 657,778 | 4.5 | % | |||||
Specialized REITs | 263,582 | 1.7 | % | |||||
Specialty Retail | 745,796 | 5.0 | % | |||||
Technology Hardware, Storage & Peripherals | 155,490 | 1.0 | % | |||||
Textiles, Apparel & Luxury Goods | 416,139 | 2.8 | % | |||||
Trading Companies & Distributors | 256,401 | 1.7 | % | |||||
Water Utilities | 53,112 | 0.4 | % | |||||
Other** | 28,814 | 0.1 | % | |||||
Total | $ | 14,935,846 | 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. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
118 :: ProFund VP Mid-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.4%)
Shares | Value | |||||||
Acuity Brands, Inc. (Electrical Equipment) | 147 | $ | 30,110 | |||||
Adient PLC* (Automobile Components) | 914 | 33,233 | ||||||
AECOM (Construction & Engineering) | 731 | 67,566 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 330 | 49,969 | ||||||
AGCO Corp. (Machinery) | 606 | 73,574 | ||||||
Agree Realty Corp. (Retail REITs) | 980 | 61,691 | ||||||
Alcoa Corp. (Metals & Mining) | 1,740 | 59,160 | ||||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 452 | 13,682 | ||||||
ALLETE, Inc. (Electric Utilities) | 561 | 34,311 | ||||||
Ally Financial, Inc. (Consumer Finance) | 2,647 | 92,433 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 185 | 17,586 | ||||||
American Financial Group, Inc. (Insurance) | 638 | 75,852 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,006 | 33,471 | ||||||
Annaly Capital Management, Inc. (Mortgage REITs) | 4,877 | 94,468 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,396 | 17,492 | ||||||
Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | 2,755 | 62,483 | ||||||
Apartment Income REIT Corp. (Residential REITs) | 1,433 | 49,768 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 263 | 32,512 | ||||||
Aramark (Hotels, Restaurants & Leisure) | 2,545 | 71,514 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 529 | 64,669 | ||||||
ASGN, Inc.* (Professional Services) | 460 | 44,238 | ||||||
Ashland, Inc. (Chemicals) | 499 | 42,071 | ||||||
Aspen Technology, Inc.* (Software) | 137 | 30,160 | ||||||
Associated Banc-Corp. (Banks) | 1,450 | 31,016 | ||||||
Autoliv, Inc. (Automobile Components) | 292 | 32,175 | ||||||
AutoNation, Inc.* (Specialty Retail) | 253 | 37,996 | ||||||
Avient Corp. (Chemicals) | 889 | 36,956 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 883 | 44,503 | ||||||
Azenta, Inc.* (Life Sciences Tools & Services) | 211 | 13,745 | ||||||
Bank OZK (Banks) | 492 | 24,516 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 406 | 31,364 | ||||||
BellRing Brands, Inc.* (Personal Care Products) | 602 | 33,369 | ||||||
Berry Global Group, Inc. (Containers & Packaging) | 1,152 | 77,634 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Household Products) | 1,304 | 86,925 | ||||||
Black Hills Corp. (Multi-Utilities) | 663 | 35,769 | ||||||
Blackbaud, Inc.* (Software) | 160 | 13,872 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 626 | 33,128 | ||||||
Brixmor Property Group, Inc. (Retail REITs) | 1,642 | 38,209 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 362 | 26,599 | ||||||
Brunswick Corp. (Leisure Products) | 262 | 25,349 | ||||||
Burlington Stores, Inc.* (Specialty Retail) | 253 | 49,203 | ||||||
Cable One, Inc. (Media) | 45 | 25,047 | ||||||
Cabot Corp. (Chemicals) | 178 | 14,863 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 137 | 44,369 | ||||||
Cadence Bank (Banks) | 1,781 | 52,700 | ||||||
Calix, Inc.* (Communications Equipment) | 292 | 12,757 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 590 | 29,642 | ||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 359 | 26,886 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 627 | 18,315 | ||||||
Chemed Corp. (Health Care Providers & Services) | 59 | 34,500 | ||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 1,086 | 83,557 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 124 | 14,049 | ||||||
Ciena Corp.* (Communications Equipment) | 850 | 38,259 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 226 | 18,801 | ||||||
Cleveland-Cliffs, Inc.* (Metals & Mining) | 4,923 | 100,527 | ||||||
CNO Financial Group, Inc. (Insurance) | 1,094 | 30,523 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 940 | 39,236 | ||||||
Coherent Corp.* (Electronic Equipment, Instruments & Components) | 1,285 | 55,936 | ||||||
Columbia Banking System, Inc. (Banks) | 2,034 | 54,267 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 174 | 13,840 | ||||||
Commerce Bancshares, Inc. (Banks) | 683 | 36,479 | ||||||
Commercial Metals Co. (Metals & Mining) | 1,140 | 57,046 | ||||||
CommVault Systems, Inc.* (Software) | 170 | 13,575 | ||||||
Concentrix Corp. (Professional Services) | 461 | 45,275 | ||||||
COPT Defense Properties (Office REITs) | 670 | 17,172 | ||||||
Core & Main, Inc.*—Class A (Trading Companies & Distributors) | 572 | 23,115 | ||||||
Cousins Properties, Inc. (Office REITs) | 1,480 | 36,038 | ||||||
Crane NXT Co. (Electronic Equipment, Instruments & Components) | 470 | 26,729 | ||||||
Crown Holdings, Inc. (Containers & Packaging) | 623 | 57,372 | ||||||
CubeSmart (Specialized REITs) | 987 | 45,747 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 362 | 39,273 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 131 | 29,185 | ||||||
Darling Ingredients, Inc.* (Food Products) | 1,556 | 77,550 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 281 | 41,293 | ||||||
Dolby Laboratories, Inc.—Class A (Software) | 249 | 21,459 | ||||||
Donaldson Co., Inc. (Machinery) | 506 | 33,067 | ||||||
Doximity, Inc.*—Class A (Health Care Technology) | 576 | 16,151 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 350 | 19,180 | ||||||
East West Bancorp, Inc. (Banks) | 632 | 45,472 | ||||||
EastGroup Properties, Inc. (Industrial REITs) | 171 | 31,385 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 538 | 35,895 | ||||||
EnerSys (Electrical Equipment) | 224 | 22,615 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 485 | 27,170 | ||||||
Envista Holdings Corp.* (Health Care Equipment & Supplies) | 1,672 | 40,228 | ||||||
EPR Properties (Specialized REITs) | 279 | 13,518 | ||||||
Equitable Holdings, Inc. (Financial Services) | 1,458 | 48,551 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 2,496 | 25,409 | ||||||
Equity LifeStyle Properties, Inc. (Residential REITs) | 654 | 46,133 | ||||||
Erie Indemnity Co.—Class A (Insurance) | 102 | 34,162 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Value :: 119
Common Stocks, continued
Shares | Value | |||||||
Essent Group, Ltd. (Financial Services) | 1,042 | $ | 54,955 | |||||
Essential Utilities, Inc. (Water Utilities) | 1,274 | 47,584 | ||||||
Euronet Worldwide, Inc.* (Financial Services) | 196 | 19,892 | ||||||
Evercore, Inc. (Capital Markets) | 105 | 17,960 | ||||||
ExlService Holdings, Inc.* (Professional Services) | 692 | 21,348 | ||||||
Exponent, Inc. (Professional Services) | 242 | 21,306 | ||||||
F.N.B. Corp. (Banks) | 3,501 | 48,209 | ||||||
Federated Hermes, Inc. (Capital Markets) | 841 | 28,476 | ||||||
Fidelity National Financial, Inc. (Insurance) | 2,521 | 128,620 | ||||||
First American Financial Corp. (Insurance) | 1,006 | 64,827 | ||||||
First Financial Bankshares, Inc. (Banks) | 752 | 22,786 | ||||||
First Horizon Corp. (Banks) | 5,451 | 77,186 | ||||||
First Industrial Realty Trust, Inc. (Industrial REITs) | 671 | 35,342 | ||||||
Flowers Foods, Inc. (Food Products) | 1,874 | 42,184 | ||||||
Flowserve Corp. (Machinery) | 704 | 29,019 | ||||||
Fluor Corp.* (Construction & Engineering) | 1,661 | 65,061 | ||||||
Fortune Brands Innovations, Inc. (Building Products) | 737 | 56,115 | ||||||
Fox Factory Holding Corp.* (Automobile Components) | 256 | 17,275 | ||||||
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services) | 2,157 | 54,658 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 2,619 | 45,911 | ||||||
Gaming & Leisure Properties, Inc. (Specialized REITs) | 1,484 | 73,236 | ||||||
GATX Corp. (Trading Companies & Distributors) | 218 | 26,208 | ||||||
Genpact, Ltd. (Professional Services) | 1,628 | 56,507 | ||||||
Gentex Corp. (Automobile Components) | 819 | 26,749 | ||||||
Glacier Bancorp, Inc. (Banks) | 1,081 | 44,667 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 1,125 | 59,952 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 35 | 24,378 | ||||||
Graphic Packaging Holding Co. (Containers & Packaging) | 2,986 | 73,605 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 248 | 16,266 | ||||||
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail) | 968 | 26,097 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 429 | 26,238 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 198 | 16,931 | ||||||
Hancock Whitney Corp. (Banks) | 403 | 19,582 | ||||||
Harley-Davidson, Inc. (Automobiles) | 1,236 | 45,534 | ||||||
Healthcare Realty Trust, Inc. (Health Care REITs) | 3,715 | 64,009 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 409 | 27,117 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 232 | 28,028 | ||||||
Hertz Global Holdings, Inc.* (Ground Transportation) | 1,292 | 13,424 | ||||||
Hexcel Corp. (Aerospace & Defense) | 418 | 30,828 | ||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 1,528 | 84,911 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 264 | 10,608 | ||||||
Home BancShares, Inc. (Banks) | 1,830 | 46,354 | ||||||
IDACORP, Inc. (Electric Utilities) | 301 | 29,594 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 215 | 13,958 | ||||||
Independence Realty Trust, Inc. (Residential REITs) | 2,192 | 33,538 | ||||||
Ingredion, Inc. (Food Products) | 407 | 44,172 | ||||||
Insperity, Inc. (Professional Services) | 172 | 20,162 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 664 | 28,917 | ||||||
Interactive Brokers Group, Inc. (Capital Markets) | 428 | 35,481 | ||||||
International Bancshares Corp. (Banks) | 297 | 16,133 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 159 | 17,258 | ||||||
Iridium Communications, Inc. (Diversified Telecommunication Services) | 604 | 24,861 | ||||||
Janus Henderson Group PLC (Capital Markets) | 1,292 | 38,954 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 356 | 43,788 | ||||||
Jefferies Financial Group, Inc. (Capital Markets) | 1,642 | 66,353 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 464 | 87,636 | ||||||
KB Home (Household Durables) | 373 | 23,298 | ||||||
KBR, Inc. (Professional Services) | 711 | 39,397 | ||||||
Kemper Corp. (Insurance) | 588 | 28,618 | ||||||
Kilroy Realty Corp. (Office REITs) | 1,041 | 41,473 | ||||||
Kirby Corp.* (Marine Transportation) | 334 | 26,212 | ||||||
Kite Realty Group Trust (Retail REITs) | 2,140 | 48,920 | ||||||
Knife River Corp.* (Construction Materials) | 160 | 10,589 | ||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 1,573 | 90,683 | ||||||
Kyndryl Holdings, Inc.* (IT Services) | 2,238 | 46,506 | ||||||
Lamar Advertising Co.—Class A (Specialized REITs) | 359 | 38,155 | ||||||
Lancaster Colony Corp. (Food Products) | 103 | 17,138 | ||||||
Landstar System, Inc. (Ground Transportation) | 112 | 21,689 | ||||||
Lear Corp. (Automobile Components) | 568 | 80,207 | ||||||
Leggett & Platt, Inc. (Household Durables) | 1,301 | 34,047 | ||||||
Lithia Motors, Inc. (Specialty Retail) | 268 | 88,247 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 73 | 19,532 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 331 | 17,126 | ||||||
Livent Corp.* (Chemicals) | 691 | 12,424 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 219 | 15,512 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 653 | 34,230 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 195 | 18,125 | ||||||
Macy's, Inc. (Broadline Retail) | 2,669 | 53,700 | ||||||
ManpowerGroup, Inc. (Professional Services) | 476 | 37,828 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 323 | 27,419 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 164 | 19,222 | ||||||
MasTec, Inc.* (Construction & Engineering) | 590 | 44,675 | ||||||
Mattel, Inc.* (Leisure Products) | 1,930 | 36,438 | ||||||
Maximus, Inc. (Professional Services) | 160 | 13,418 | ||||||
MDU Resources Group, Inc. (Construction & Engineering) | 1,986 | 39,323 | ||||||
Medical Properties Trust, Inc. (Health Care REITs) | 5,847 | 28,709 | ||||||
MGIC Investment Corp. (Financial Services) | 1,677 | 32,349 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 313 | 32,198 | ||||||
MP Materials Corp.* (Metals & Mining) | 844 | 16,753 |
See accompanying notes to financial statements.
120 :: ProFund VP Mid-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 208 | $ | 21,062 | |||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 815 | 34,768 | ||||||
National Fuel Gas Co. (Gas Utilities) | 895 | 44,902 | ||||||
National Storage Affiliates Trust (Specialized REITs) | 384 | 15,924 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 1,919 | 38,591 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 952 | 42,440 | ||||||
New York Community Bancorp, Inc. (Banks) | 7,046 | 72,081 | ||||||
Nexstar Media Group, Inc. (Media) | 315 | 49,376 | ||||||
NNN REIT, Inc. (Retail REITs) | 1,120 | 48,272 | ||||||
Nordstrom, Inc. (Broadline Retail) | 946 | 17,454 | ||||||
Northwestern Energy Group, Inc. (Multi-Utilities) | 597 | 30,381 | ||||||
NOV, Inc. (Energy Equipment & Services) | 3,841 | 77,895 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 146 | 24,588 | ||||||
OGE Energy Corp. (Electric Utilities) | 1,953 | 68,218 | ||||||
Old National Bancorp (Banks) | 2,854 | 48,204 | ||||||
Old Republic International Corp. (Insurance) | 2,542 | 74,735 | ||||||
Olin Corp. (Chemicals) | 705 | 38,035 | ||||||
Omega Healthcare Investors, Inc. (Health Care REITs) | 1,409 | 43,200 | ||||||
ONE Gas, Inc. (Gas Utilities) | 541 | 34,473 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 778 | 26,211 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 523 | 39,638 | ||||||
Oshkosh Corp. (Machinery) | 638 | 69,166 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 830 | 23,614 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 1,060 | 46,598 | ||||||
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 1,481 | 38,536 | ||||||
Penske Automotive Group, Inc. (Specialty Retail) | 190 | 30,497 | ||||||
Performance Food Group Co.* (Consumer Staples Distribution & Retail) | 1,517 | 104,901 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 1,321 | 42,510 | ||||||
Physicians Realty Trust (Health Care REITs) | 2,326 | 30,959 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 393 | 10,870 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 441 | 38,464 | ||||||
PNM Resources, Inc. (Electric Utilities) | 837 | 34,819 | ||||||
Polaris, Inc. (Leisure Products) | 518 | 49,091 | ||||||
Portland General Electric Co. (Electric Utilities) | 987 | 42,777 | ||||||
Post Holdings, Inc.* (Food Products) | 495 | 43,590 | ||||||
PotlatchDeltic Corp. (Specialized REITs) | 774 | 38,003 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 277 | 22,744 | ||||||
Prosperity Bancshares, Inc. (Banks) | 914 | 61,905 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 589 | 71,928 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | 482 | 35,523 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 1,921 | 20,305 | ||||||
Rayonier, Inc. (Specialized REITs) | 825 | 27,563 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 647 | 95,770 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 643 | 104,025 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 231 | 45,276 | ||||||
Rexford Industrial Realty, Inc. (Industrial REITs) | 1,255 | 70,406 | ||||||
RH* (Specialty Retail) | 83 | 24,193 | ||||||
RLI Corp. (Insurance) | 137 | 18,237 | ||||||
Royal Gold, Inc. (Metals & Mining) | 307 | 37,135 | ||||||
RPM International, Inc. (Chemicals) | 577 | 64,411 | ||||||
Ryder System, Inc. (Ground Transportation) | 432 | 49,706 | ||||||
Sabra Health Care REIT, Inc. (Health Care REITs) | 2,255 | 32,179 | ||||||
Science Applications International Corp. (Professional Services) | 335 | 41,647 | ||||||
SEI Investments Co. (Capital Markets) | 488 | 31,012 | ||||||
Selective Insurance Group, Inc. (Insurance) | 266 | 26,462 | ||||||
Sensata Technologies Holding PLC (Electrical Equipment) | 1,476 | 55,453 | ||||||
Service Corp. International (Diversified Consumer Services) | 706 | 48,326 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 789 | 35,702 | ||||||
SLM Corp. (Consumer Finance) | 1,324 | 25,315 | ||||||
Sonoco Products Co. (Containers & Packaging) | 955 | 53,356 | ||||||
SouthState Corp. (Banks) | 741 | 62,577 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 586 | 37,123 | ||||||
Spire, Inc. (Gas Utilities) | 513 | 31,980 | ||||||
Spirit Realty Capital, Inc. (Retail REITs) | 1,378 | 60,205 | ||||||
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail) | 585 | 28,144 | ||||||
STAG Industrial, Inc. (Industrial REITs) | 886 | 34,784 | ||||||
Starwood Property Trust, Inc. (Mortgage REITs) | 2,902 | 61,000 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 902 | 44,703 | ||||||
Stifel Financial Corp. (Capital Markets) | 995 | 68,805 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 2,118 | 41,576 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 225 | 25,668 | ||||||
Synovus Financial Corp. (Banks) | 1,426 | 53,689 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 1,048 | 55,910 | ||||||
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 499 | 53,697 | ||||||
TEGNA, Inc. (Media) | 1,922 | 29,407 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 991 | 74,890 | ||||||
Terex Corp. (Machinery) | 289 | 16,606 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 468 | 30,247 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 50 | 17,280 | ||||||
The Carlyle Group, Inc. (Capital Markets) | 1,098 | 44,678 | ||||||
The Chemours Co. (Chemicals) | 1,449 | 45,701 | ||||||
The Gap, Inc. (Specialty Retail) | 2,092 | 43,744 | ||||||
The Goodyear Tire & Rubber Co.* (Automobile Components) | 2,766 | 39,609 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 349 | 42,376 | ||||||
The Middleby Corp.* (Machinery) | 262 | 38,559 | ||||||
The Scotts Miracle-Gro Co. (Chemicals) | 251 | 16,001 | ||||||
The Timken Co. (Machinery) | 386 | 30,938 | ||||||
The Toro Co. (Machinery) | 526 | 50,491 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 750 | 14,610 | ||||||
The Western Union Co. (Financial Services) | 3,553 | 42,352 | ||||||
Thor Industries, Inc. (Automobiles) | 519 | 61,372 | ||||||
TKO Group Holdings, Inc. (Entertainment) | 333 | 27,166 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Value :: 121
Common Stocks, continued
Shares | Value | |||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 212 | $ | 8,287 | |||||
UGI Corp. (Gas Utilities) | 2,044 | 50,283 | ||||||
UMB Financial Corp. (Banks) | 426 | 35,592 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,842 | 16,191 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 1,887 | 15,756 | ||||||
United Bankshares, Inc. (Banks) | 1,316 | 49,416 | ||||||
United States Steel Corp. (Metals & Mining) | 2,174 | 105,764 | ||||||
United Therapeutics Corp.* (Biotechnology) | 251 | 55,192 | ||||||
Unum Group (Insurance) | 1,788 | 80,853 | ||||||
US Foods Holding Corp.* (Consumer Staples Distribution & Retail) | 2,206 | 100,174 | ||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 127 | 27,111 | ||||||
Valley National Bancorp (Banks) | 4,161 | 45,188 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 204 | 47,636 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 1,231 | 29,507 | ||||||
Visteon Corp.* (Automobile Components) | 150 | 18,735 | ||||||
Vornado Realty Trust (Office REITs) | 1,559 | 44,042 | ||||||
Voya Financial, Inc. (Financial Services) | 612 | 44,652 | ||||||
Webster Financial Corp. (Banks) | 1,678 | 85,174 | ||||||
Werner Enterprises, Inc. (Ground Transportation) | 619 | 26,227 | ||||||
WESCO International, Inc. (Trading Companies & Distributors) | 428 | 74,420 | ||||||
Wintrust Financial Corp. (Banks) | 597 | 55,372 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 647 | 28,151 | ||||||
WP Carey, Inc. (Diversified REITs) | 2,133 | 138,240 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 275 | 22,113 | ||||||
XPO, Inc.* (Ground Transportation) | 599 | 52,466 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 305 | 15,793 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 449 | 30,168 | ||||||
ZoomInfo Technologies, Inc.* (Interactive Media & Services) | 1,936 | 35,797 | ||||||
TOTAL COMMON STOCKS (Cost $9,813,528) | 12,211,177 |
Repurchase Agreements(b) (0.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $81,047 | $ | 81,000 | $ | 81,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $81,000) | 81,000 |
Collateral for Securities Loaned(c) (0.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 40,645 | $ | 40,645 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $40,645) | 40,645 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,935,173)—100.4% | 12,332,822 | |||||||
Net other assets (liabilities)—(0.4)% | (46,449 | ) | ||||||
NET ASSETS—100.0% | $ | 12,286,373 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $38,513. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
122 :: ProFund VP Mid-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP Mid-Cap Value invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 60,013 | 0.5 | % | ||||
Air Freight & Logistics | 26,238 | 0.2 | % | |||||
Automobile Components | 247,983 | 2.0 | % | |||||
Automobiles | 106,906 | 0.9 | % | |||||
Banks | 1,196,549 | 9.7 | % | |||||
Beverages | 17,280 | 0.1 | % | |||||
Biotechnology | 55,192 | 0.4 | % | |||||
Broadline Retail | 71,154 | 0.6 | % | |||||
Building Products | 56,115 | 0.5 | % | |||||
Capital Markets | 381,688 | 3.1 | % | |||||
Chemicals | 270,462 | 2.2 | % | |||||
Commercial Services & Supplies | 44,703 | 0.4 | % | |||||
Communications Equipment | 85,246 | 0.7 | % | |||||
Construction & Engineering | 264,261 | 2.2 | % | |||||
Construction Materials | 10,589 | 0.1 | % | |||||
Consumer Finance | 117,748 | 1.0 | % | |||||
Consumer Staples Distribution & Retail | 259,316 | 2.1 | % | |||||
Containers & Packaging | 346,447 | 2.8 | % | |||||
Diversified Consumer Services | 72,704 | 0.6 | % | |||||
Diversified REITs | 138,240 | 1.1 | % | |||||
Diversified Telecommunication Services | 79,519 | 0.7 | % | |||||
Electric Utilities | 209,719 | 1.7 | % | |||||
Electrical Equipment | 245,524 | 2.0 | % | |||||
Electronic Equipment, Instruments & Components | 407,019 | 3.3 | % | |||||
Energy Equipment & Services | 96,210 | 0.8 | % | |||||
Entertainment | 27,166 | 0.2 | % | |||||
Financial Services | 242,751 | 2.0 | % | |||||
Food Products | 235,504 | 1.9 | % | |||||
Gas Utilities | 241,201 | 2.0 | % | |||||
Ground Transportation | 254,195 | 2.1 | % | |||||
Health Care Equipment & Supplies | 297,618 | 2.5 | % | |||||
Health Care Providers & Services | 260,118 | 2.2 | % | |||||
Health Care REITs | 199,056 | 1.6 | % | |||||
Health Care Technology | 16,151 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 234,247 | 1.9 | % | |||||
Household Durables | 141,283 | 1.1 | % | |||||
Household Products | 86,925 | 0.7 | % | |||||
Independent Power and Renewable Electricity Producers | 39,638 | 0.3 | % | |||||
Industrial REITs | 171,917 | 1.4 | % | |||||
Insurance | 787,694 | 6.4 | % | |||||
Interactive Media & Services | 65,965 | 0.5 | % | |||||
IT Services | 46,506 | 0.4 | % | |||||
Leisure Products | 126,671 | 1.0 | % | |||||
Life Sciences Tools & Services | 40,344 | 0.3 | % | |||||
Machinery | 341,420 | 2.7 | % | |||||
Marine Transportation | 26,212 | 0.2 | % | |||||
Media | 103,830 | 0.9 | % | |||||
Metals & Mining | 376,385 | 3.1 | % | |||||
Mortgage REITs | 155,468 | 1.3 | % | |||||
Multi-Utilities | 66,150 | 0.5 | % | |||||
Office REITs | 138,725 | 1.1 | % | |||||
Oil, Gas & Consumable Fuels | 374,398 | 3.0 | % | |||||
Paper & Forest Products | 15,512 | 0.1 | % | |||||
Personal Care Products | 33,369 | 0.3 | % | |||||
Pharmaceuticals | 86,298 | 0.7 | % | |||||
Professional Services | 385,495 | 3.0 | % | |||||
Real Estate Management & Development | 87,636 | 0.7 | % | |||||
Residential REITs | 129,439 | 1.1 | % | |||||
Retail REITs | 257,297 | 2.1 | % | |||||
Semiconductors & Semiconductor Equipment | 192,840 | 1.6 | % | |||||
Software | 79,066 | 0.6 | % | |||||
Specialized REITs | 252,146 | 2.1 | % | |||||
Specialty Retail | 361,084 | 3.0 | % | |||||
Textiles, Apparel & Luxury Goods | 174,243 | 1.4 | % | |||||
Trading Companies & Distributors | 144,805 | 1.2 | % | |||||
Water Utilities | 47,584 | 0.4 | % | |||||
Other** | 75,196 | 0.6 | % | |||||
Total | $ | 12,286,373 | 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. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Nasdaq-100 :: 123
Common Stocks (66.4%)
Shares | Value | |||||||
Adobe, Inc.* (Software) | 3,547 | $ | 2,116,140 | |||||
Advanced Micro Devices, Inc.*(Semiconductors & Semiconductor Equipment) | 12,585 | 1,855,155 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 3,387 | 461,106 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 17,849 | 2,493,327 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 17,267 | 2,433,438 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 31,169 | 4,735,817 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 4,097 | 332,758 | ||||||
Amgen, Inc. (Biotechnology) | 4,169 | 1,200,756 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 3,865 | 767,434 | ||||||
ANSYS, Inc.* (Software) | 677 | 245,670 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 46,910 | 9,031,582 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 6,517 | 1,056,210 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 684 | 517,733 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 4,536 | 305,500 | ||||||
Atlassian Corp.*—Class A (Software) | 1,208 | 287,335 | ||||||
Autodesk, Inc.* (Software) | 1,665 | 405,394 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 3,205 | 746,669 | ||||||
Baker Hughes Co. (Energy Equipment & Services) | 7,839 | 267,937 | ||||||
Biogen, Inc.* (Biotechnology) | 1,129 | 292,151 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 272 | 964,844 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 3,639 | 4,062,033 | ||||||
Cadence Design Systems, Inc.* (Software) | 2,119 | 577,152 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 1,044 | 237,322 | ||||||
Charter Communications, Inc.*—Class A (Media) | 1,152 | 447,759 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 793 | 477,909 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 31,655 | 1,599,211 | ||||||
Coca-Cola Europacific Partners PLC (Beverages) | 3,558 | 237,461 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 3,906 | 295,020 | ||||||
Comcast Corp.—Class A (Media) | 31,283 | 1,371,760 | ||||||
Constellation Energy Corp. (Electric Utilities) | 2,488 | 290,822 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 7,480 | 366,520 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 3,181 | 277,988 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 3,449 | 2,276,616 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 1,773 | 452,682 | ||||||
CSX Corp. (Ground Transportation) | 15,394 | 533,709 | ||||||
Datadog, Inc.*—Class A (Software) | 2,354 | 285,729 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 3,010 | 373,511 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 1,394 | 216,182 | ||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 1,697 | 241,059 | ||||||
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure) | 2,888 | 285,594 | ||||||
Electronic Arts, Inc. (Entertainment) | 2,097 | 286,891 | ||||||
Exelon Corp. (Electric Utilities) | 7,755 | 278,405 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 4,451 | 288,291 | ||||||
Fortinet, Inc.* (Software) | 5,983 | 350,185 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 3,546 | 274,177 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 9,707 | 786,364 | ||||||
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment) | 4,267 | 258,580 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 5,136 | 1,077,071 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 647 | 359,117 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,237 | 172,240 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 32,844 | 1,650,411 | ||||||
Intuit, Inc. (Software) | 2,181 | 1,363,190 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 2,743 | 925,378 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 10,893 | 362,955 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,059 | 615,597 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,027 | 804,408 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 946 | 483,680 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 2,288 | 515,967 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 6,721 | 405,344 | ||||||
MercadoLibre, Inc.* (Broadline Retail) | 394 | 619,187 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 10,650 | 3,769,673 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,215 | 380,109 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 8,598 | 733,753 | ||||||
Microsoft Corp. (Software) | 22,417 | 8,429,689 | ||||||
Moderna, Inc.* (Biotechnology) | 2,970 | 295,367 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 10,602 | 767,903 | ||||||
MongoDB, Inc.* (IT Services) | 556 | 227,321 | ||||||
Monster Beverage Corp.* (Beverages) | 8,105 | 466,929 | ||||||
Netflix, Inc.* (Entertainment) | 3,410 | 1,660,260 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 7,450 | 3,689,389 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 2,008 | 461,197 | ||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 850 | 344,531 |
See accompanying notes to financial statements.
124 :: ProFund VP Nasdaq-100 :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 3,355 | $ | 280,243 | |||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 461 | 437,987 | ||||||
PACCAR, Inc. (Machinery) | 4,075 | 397,924 | ||||||
Palo Alto Networks, Inc.* (Software) | 2,456 | 724,225 | ||||||
Paychex, Inc. (Professional Services) | 2,814 | 335,176 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 8,399 | 515,783 | ||||||
PDD Holdings, Inc.*ADR (Broadline Retail) | 5,203 | 761,251 | ||||||
PepsiCo, Inc. (Beverages) | 10,710 | 1,818,986 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 8,671 | 1,254,087 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 835 | 733,372 | ||||||
Roper Technologies, Inc. (Software) | 832 | 453,581 | ||||||
Ross Stores, Inc. (Specialty Retail) | 2,638 | 365,073 | ||||||
Sirius XM Holdings, Inc.(a) (Media) | 29,906 | 163,586 | ||||||
Splunk, Inc.* (Software) | 1,313 | 200,036 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 8,855 | 850,169 | ||||||
Synopsys, Inc.* (Software) | 1,185 | 610,168 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 1,325 | 213,259 | ||||||
Tesla, Inc.* (Automobiles) | 14,513 | 3,606,190 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 7,075 | 1,206,005 | ||||||
The Kraft Heinz Co. (Food Products) | 9,555 | 353,344 | ||||||
The Trade Desk, Inc.*—Class A (Media) | 3,476 | 250,133 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 9,009 | 1,444,413 | ||||||
Verisk Analytics, Inc. (Professional Services) | 1,129 | 269,673 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,007 | 816,628 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 6,730 | 175,720 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 18,997 | 216,186 | ||||||
Workday, Inc.*—Class A (Software) | 1,628 | 449,426 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 4,299 | 266,151 | ||||||
Zscaler, Inc.* (Software) | 1,155 | 255,902 | ||||||
TOTAL COMMON STOCKS (Cost $33,799,116) | 97,951,231 |
Repurchase Agreements(b)(c) (32.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $47,208,136 | $ | 47,181,000 | $ | 47,181,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $47,181,000) | 47,181,000 |
Collateral for Securities Loaned(d) (0.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 439,645 | $ | 439,645 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $439,645) | 439,645 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $81,419,761)—98.7% | 145,571,876 | |||||||
Net other assets (liabilities)—1.3% | 1,875,885 | |||||||
NET ASSETS—100.0% | $ | 147,447,761 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $422,100. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $3,042,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
ADR | American Depositary Receipt |
NYS | New York Shares |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||
E-Mini Nasdaq-100 Futures Contracts | 50 | 3/18/24 | $ | 17,023,500 | $ | 911,679 |
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 | 1/29/24 | 5.93 | % | $ | 32,288,960 | $ | (160,882 | ) | |||||||
Nasdaq-100 Index | UBS AG | 1/29/24 | 6.13 | % | 168,259 | (857 | ) | |||||||||
$ | 32,457,219 | $ | (161,739 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Nasdaq-100 :: 125
ProFund VP Nasdaq-100 invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Automobiles | $ | 3,606,190 | 2.5 | % | ||||
Beverages | 2,886,331 | 1.9 | % | |||||
Biotechnology | 4,124,638 | 2.8 | % | |||||
Broadline Retail | 6,116,255 | 4.2 | % | |||||
Commercial Services & Supplies | 844,429 | 0.6 | % | |||||
Communications Equipment | 1,599,211 | 1.1 | % | |||||
Consumer Staples Distribution & Retail | 2,693,395 | 1.8 | % | |||||
Electric Utilities | 1,168,136 | 0.8 | % | |||||
Electronic Equipment, Instruments & Components | 237,322 | 0.2 | % | |||||
Energy Equipment & Services | 267,937 | 0.2 | % | |||||
Entertainment | 2,376,596 | 1.6 | % | |||||
Financial Services | 515,783 | 0.3 | % | |||||
Food Products | 1,121,247 | 0.8 | % | |||||
Ground Transportation | 878,240 | 0.6 | % | |||||
Health Care Equipment & Supplies | 1,932,183 | 1.3 | % | |||||
Hotels, Restaurants & Leisure | 3,077,680 | 2.1 | % | |||||
Industrial Conglomerates | 1,077,071 | 0.7 | % | |||||
Interactive Media & Services | 8,696,438 | 5.9 | % | |||||
IT Services | 522,341 | 0.4 | % | |||||
Life Sciences Tools & Services | 172,240 | 0.1 | % | |||||
Machinery | 397,924 | 0.3 | % | |||||
Media | 2,233,238 | 1.5 | % | |||||
Oil, Gas & Consumable Fuels | 216,182 | 0.1 | % | |||||
Pharmaceuticals | 305,500 | 0.2 | % | |||||
Professional Services | 1,351,518 | 0.9 | % | |||||
Real Estate Management & Development | 277,988 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 19,997,688 | 13.5 | % | |||||
Software | 17,206,504 | 11.7 | % | |||||
Specialty Retail | 803,060 | 0.5 | % | |||||
Technology Hardware, Storage & Peripherals | 9,031,582 | 6.1 | % | |||||
Textiles, Apparel & Luxury Goods | 483,680 | 0.3 | % | |||||
Trading Companies & Distributors | 288,291 | 0.2 | % | |||||
Wireless Telecommunication Services | 1,444,413 | 1.0 | % | |||||
Other** | 49,496,530 | 33.6 | % | |||||
Total | $ | 147,447,761 | 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.
126 :: ProFund VP Pharmaceuticals :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.5%)
Shares | Value | |||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 11,892 | $ | 72,184 | |||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 3,662 | 226,495 | ||||||
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals) | 18,478 | 271,996 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,132 | 117,558 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 3,057 | 125,826 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 5,889 | 468,706 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 8,214 | 421,460 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 8,525 | 191,898 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 11,113 | 499,307 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 2,840 | 87,415 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 8,482 | 275,495 | ||||||
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | 18,588 | 439,049 | ||||||
Elanco Animal Health, Inc.* (Pharmaceuticals) | 32,280 | 480,972 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 691 | 402,798 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 4,937 | 51,987 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 7,439 | 240,280 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 6,828 | 109,521 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 6,854 | 490,883 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 3,431 | 422,013 | ||||||
Johnson & Johnson (Pharmaceuticals) | 2,676 | 419,436 | ||||||
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,127 | 80,490 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 3,983 | 434,227 | ||||||
Organon & Co. (Pharmaceuticals) | 37,494 | 540,664 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 6,205 | 209,357 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 13,935 | 448,428 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 14,357 | 413,338 | ||||||
Pliant Therapeutics, Inc.* (Pharmaceuticals) | 6,700 | 121,337 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 2,772 | 169,702 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 28,829 | 253,407 | ||||||
Royalty Pharma PLC—Class A (Pharmaceuticals) | 14,463 | 406,266 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 5,023 | 145,366 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 5,105 | 103,376 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 4,476 | 50,310 | ||||||
Viatris, Inc. (Pharmaceuticals) | 42,035 | 455,239 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 2,239 | 441,911 | ||||||
TOTAL COMMON STOCKS (Cost $7,285,038) | 10,088,697 |
Warrant(NM)
Shares | Value | |||||||
Cassava Sciences, Inc.*+ expiring at 11/15/24 (Pharmaceuticals) | 3,483 | $ | 2,665 | |||||
TOTAL WARRANT (Cost $—) | 2,665 |
Repurchase Agreements(b) (2.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $258,148 | $ | 258,000 | $ | 258,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $258,000) | 258,000 |
Collateral for Securities Loaned(c) (2.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 229,478 | $ | 229,478 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $229,478) | 229,478 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,772,516)—104.3% | 10,578,840 | |||||||
Net other assets (liabilities)—(4.3)% | (439,529 | ) | ||||||
NET ASSETS—100.0% | $ | 10,139,311 |
* | Non-income producing security. | |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of December 31, 2023, these securities represented 0.026% of the net assets of the Fund. | |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $191,898. | |
(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 December 31, 2023. | |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. | |
NM | Not meaningful, amount is less than 0.05% |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Pharmaceuticals Select Industry Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 86,103 | $ | 1,471 |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Pharmaceuticals :: 127
ProFund VP Pharmaceuticals invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Pharmaceuticals | $ | 10,088,697 | 99.5 | % | ||||
Other** | 50,614 | 0.5 | % | |||||
Total | $ | 10,139,311 | 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.
128 :: ProFund VP Precious Metals :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (91.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $22,681,039 | $ | 22,668,000 | $ | 22,668,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $22,668,000) | 22,668,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $22,668,000)—91.8% | 22,668,000 | |||||||
Net other assets (liabilities)—8.2% | 2,023,037 | |||||||
NET ASSETS—100.0% | $ | 24,691,037 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $2,893,000. | |
(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 | 1/23/24 | 5.93 | % | $ | 15,012,459 | $ | (251,442 | ) | |||||||
Dow Jones Precious Metals Index | UBS AG | 1/23/24 | 6.08 | % | 9,575,842 | (176,549 | ) | |||||||||
$ | 24,588,301 | $ | (427,991 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Real Estate :: 129
Common Stocks (96.9%)
Shares | Value | |||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 974 | $ | 123,475 | |||||
American Tower Corp. (Specialized REITs) | 2,905 | 627,130 | ||||||
AvalonBay Communities, Inc. (Residential REITs) | 885 | 165,691 | ||||||
Boston Properties, Inc. (Office REITs) | 901 | 63,223 | ||||||
Camden Property Trust (Residential REITs) | 665 | 66,028 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 1,899 | 176,778 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 2,544 | 222,320 | ||||||
Crown Castle, Inc. (Specialized REITs) | 2,704 | 311,474 | ||||||
Digital Realty Trust, Inc. (Specialized REITs) | 1,887 | 253,952 | ||||||
Equinix, Inc. (Specialized REITs) | 585 | 471,153 | ||||||
Equity Commonwealth (Office REITs) | 1 | 14 | ||||||
Equity Residential (Residential REITs) | 2,153 | 131,677 | ||||||
Essex Property Trust, Inc. (Residential REITs) | 400 | 99,176 | ||||||
Extra Space Storage, Inc. (Specialized REITs) | 1,317 | 211,155 | ||||||
Federal Realty Investment Trust (Retail REITs) | 458 | 47,197 | ||||||
Healthpeak Properties, Inc. (Health Care REITs) | 3,409 | 67,498 | ||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 4,395 | 85,571 | ||||||
Invitation Homes, Inc. (Residential REITs) | 3,583 | 122,216 | ||||||
Iron Mountain, Inc. (Specialized REITs) | 1,819 | 127,294 | ||||||
Kimco Realty Corp. (Retail REITs) | 4,139 | 88,202 | ||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 727 | 97,752 | ||||||
Prologis, Inc. (Industrial REITs) | 5,757 | 767,408 | ||||||
Public Storage (Specialized REITs) | 986 | 300,730 | ||||||
Realty Income Corp. (Retail REITs) | 4,509 | 258,907 | ||||||
Regency Centers Corp. (Retail REITs) | 1,022 | 68,474 | ||||||
SBA Communications Corp. (Specialized REITs) | 672 | 170,480 | ||||||
Simon Property Group, Inc. (Retail REITs) | 2,032 | 289,844 | ||||||
UDR, Inc. (Residential REITs) | 1,884 | 72,138 | ||||||
Ventas, Inc. (Health Care REITs) | 2,507 | 124,949 | ||||||
VICI Properties, Inc. (Specialized REITs) | 6,444 | 205,435 | ||||||
Welltower, Inc. (Health Care REITs) | 3,448 | 310,906 | ||||||
Weyerhaeuser Co. (Specialized REITs) | 4,547 | 158,099 | ||||||
TOTAL COMMON STOCKS (Cost $2,874,971) | 6,286,346 |
Repurchase Agreements(a) (3.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $209,120 | $ | 209,000 | $ | 209,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $209,000) | 209,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,083,971)—100.1% | 6,495,346 | |||||||
Net other assets (liabilities)—(0.1)% | (8,196 | ) | ||||||
NET ASSETS—100.0% | $ | 6,487,150 |
* | 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. | |
REIT | Real Estate Investment Trust |
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
S&P Real Estate Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 234,460 | $ | 204 |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Health Care REITs | $ | 503,353 | 7.8 | % | ||||
Hotel & Resort REITs | 85,571 | 1.3 | % | |||||
Industrial REITs | 767,408 | 11.8 | % | |||||
Office REITs | 186,712 | 2.9 | % | |||||
Real Estate Management & Development | 399,098 | 6.2 | % | |||||
Residential REITs | 754,678 | 11.6 | % | |||||
Retail REITs | 752,624 | 11.6 | % | |||||
Specialized REITs | 2,836,902 | 43.7 | % | |||||
Other** | 200,804 | 3.1 | % | |||||
Total | $ | 6,487,150 | 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. | |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
130 :: ProFund VP Rising Rates Opportunity :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (101.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $8,323,785 | $ | 8,319,000 | $ | 8,319,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $8,319,000) | 8,319,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,319,000)—101.2% | 8,319,000 | |||||||
Net other assets (liabilities)—(1.2)% | (99,112 | ) | ||||||
NET ASSETS—100.0% | $ | 8,219,888 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $213,000. | |
(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, 4.75% due on 11/15/53 | Citibank North America | 1/16/24 | (5.40 | )% | $ | (4,597,331 | ) | $ | (29,851 | ) | ||||||
30-Year U.S. Treasury Bond, 4.75% due on 11/15/53 | Societe' Generale | 1/16/24 | (5.30 | )% | (5,667,788 | ) | (60,714 | ) | ||||||||
$ | (10,265,119 | ) | $ | (90,565 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Semiconductor :: 131
Common Stocks (68.0%)
Shares | Value | |||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 18,982 | $ | 2,798,137 | |||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 837 | 25,336 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,213 | 40,357 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 5,854 | 1,162,370 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 9,828 | 1,592,824 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 385 | 49,931 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 5,157 | 5,756,501 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 633 | 52,659 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 1,604 | 211,953 | ||||||
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 1,764 | 211,362 | ||||||
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment) | 975 | 59,085 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 49,532 | 2,488,983 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,597 | 928,336 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,548 | 1,212,486 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,622 | 111,902 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 10,137 | 611,362 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 6,356 | 573,184 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 12,900 | 1,100,886 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 739 | 76,021 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 563 | 355,129 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 29,019 | 14,370,789 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 3,028 | 695,471 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 5,060 | 422,662 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 668 | 54,849 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 1,144 | 128,826 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 13,076 | 1,891,182 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 1,263 | 86,200 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 373 | 49,337 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 1,873 | 210,563 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 667 | 62,431 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 1,796 | 194,902 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 10,670 | 1,818,808 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 512 | 97,925 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 1,472 | 64,047 | ||||||
TOTAL COMMON STOCKS (Cost $18,382,310) | 39,566,796 |
Repurchase Agreements(b) (3.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $1,797,033 | $ | 1,796,000 | $ | 1,796,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,796,000) | 1,796,000 |
Collateral for Securities Loaned(c) (0.1%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 87,285 | $ | 87,285 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $87,285) | 87,285 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $20,265,595)—71.2% | 41,450,081 | |||||||
Net other assets (liabilities)—28.8% | 16,772,346 | |||||||
NET ASSETS—100.0% | $ | 58,222,427 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $59,085. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
See accompanying notes to financial statements.
132 :: ProFund VP Semiconductor :: Schedule of Portfolio Investments :: December 31, 2023
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 | 1/23/24 | 5.93 | % | $ | 18,588,047 | $ | (8,099 | ) |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Semiconductors & Semiconductor Equipment | $ | 39,566,796 | 68.0 | % | ||||
Other** | 18,655,631 | 32.0 | % | |||||
Total | $ | 58,222,427 | 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Short Dow 30 :: 133
Repurchase Agreements(a)(b) (94.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $6,003 | $ | 6,000 | $ | 6,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $6,000) | 6,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,000)—94.9% | 6,000 | |||||||
Net other assets (liabilities)—5.1% | 323 | |||||||
NET ASSETS—100.0% | $ | 6,323 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, 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 | 1/29/24 | (5.68 | )% | $ | (858 | ) | $ | (1 | ) | |||||
Dow Jones Industrial Average | UBS AG | 1/29/24 | (5.18 | )% | (5,422 | ) | (3 | ) | |||||||
$ | (6,280 | ) | $ | (4 | ) |
(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 December 31, 2023, 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.
134 :: ProFund VP Short Emerging Markets :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (100.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $515,296 | $ | 515,000 | $ | 515,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $515,000) | 515,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $515,000)—100.4% | 515,000 | |||||||
Net other assets (liabilities)—(0.4)% | (1,813 | ) | ||||||
NET ASSETS—100.0% | $ | 513,187 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $1,000. |
(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 | 1/29/24 | (4.98 | )% | $ | (503,554 | ) | $ | (1,244 | ) | |||||
S&P Emerging 50 ADR Index (USD) | UBS AG | 1/29/24 | (4.83 | )% | (6,316 | ) | (35 | ) | |||||||
$ | (509,870 | ) | $ | (1,279 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Short International :: 135
Repurchase Agreements(a)(b) (100.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $518,298 | $ | 518,000 | $ | 518,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $518,000) | 518,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $518,000)—100.2% | 518,000 | |||||||
Net other assets (liabilities)—(0.2)% | (773 | ) | ||||||
NET ASSETS—100.0% | $ | 517,227 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $102,000. |
(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 | 1/29/24 | (5.13 | )% | $ | (494,028 | ) | $ | 1,582 | ||||||
MSCI EAFE Index | UBS AG | 1/29/24 | (5.03 | )% | (19,586 | ) | 36 | ||||||||
$ | (513,614 | ) | $ | 1,618 |
(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 December 31, 2023, 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.
136 :: ProFund VP Short Mid-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (98.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $68,039 | $ | 68,000 | $ | 68,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $68,000) | 68,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $68,000)—98.0% | 68,000 | |||||||
Net other assets (liabilities)—2.0% | 1,356 | |||||||
NET ASSETS—100.0% | $ | 69,356 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $10,000. |
(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 | 1/29/24 | (5.43 | )% | $ | (6,692 | ) | $ | 51 | ||||||
S&P MidCap 400 | UBS AG | 1/29/24 | (5.33 | )% | (62,537 | ) | 601 | ||||||||
$ | (69,229 | ) | $ | 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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Short Nasdaq-100 :: 137
Repurchase Agreements(a)(b) (110.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $4,830,777 | $ | 4,828,000 | $ | 4,828,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,828,000) | 4,828,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $4,828,000)—110.5% | 4,828,000 | |||||||
Net other assets (liabilities)—(10.5)% | (458,614 | ) | ||||||
NET ASSETS—100.0% | $ | 4,369,386 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $797,000. |
(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. |
Futures Contracts Sold
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini Nasdaq-100 Futures Contracts | 2 | 3/18/24 | $ | (680,940 | ) | $ | (36,469 | ) |
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 | 1/29/24 | (5.68 | )% | $ | (353,345 | ) | $ | 4,494 | ||||||
Nasdaq-100 Index | UBS AG | 1/29/24 | (5.48 | )% | (3,314,708 | ) | 16,759 | ||||||||
$ | (3,668,053 | ) | $ | 21,253 |
(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 December 31, 2023, 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.
138 :: ProFund VP Short Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(a)(b) (103.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $2,267,303 | $ | 2,266,000 | $ | 2,266,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,266,000) | 2,266,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $2,266,000)—103.3% | 2,266,000 | |||||||
Net other assets (liabilities)—(3.3)% | (72,170 | ) | ||||||
NET ASSETS—100.0% | $ | 2,193,830 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $355,000. |
(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. |
Futures Contracts Sold
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini Russell 2000 Index Futures Contracts | 2 | 3/18/24 | $ | (204,770 | ) | $ | (16,819 | ) |
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 | 1/29/24 | (5.33 | )% | $ | (964,886 | ) | $ | 22,517 | ||||||
Russell 2000 Index | UBS AG | 1/29/24 | (4.83 | )% | (1,031,779 | ) | 19,614 | ||||||||
$ | (1,996,665 | ) | $ | 42,131 |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 139
Common Stocks (63.4%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Specialty Retail) | 98 | $ | 1,056 | |||||
1st Source Corp. (Banks) | 63 | 3,462 | ||||||
23andMe Holding Co.*—Class A (Health Care Providers & Services) | 1,153 | 1,053 | ||||||
2seventy bio, Inc.* (Biotechnology) | 190 | 811 | ||||||
2U, Inc.* (Diversified Consumer Services) | 303 | 373 | ||||||
374Water, Inc.* (Machinery) | 233 | 331 | ||||||
3D Systems Corp.* (Machinery) | 494 | 3,137 | ||||||
4D Molecular Therapeutics, Inc.* (Biotechnology) | 151 | 3,059 | ||||||
5E Advanced Materials, Inc.* (Metals & Mining) | 148 | 209 | ||||||
89bio, Inc.* (Biotechnology) | 242 | 2,703 | ||||||
8x8, Inc.* (Software) | 454 | 1,716 | ||||||
908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | 83 | 931 | ||||||
A10 Networks, Inc. (Software) | 267 | 3,516 | ||||||
Aadi Bioscience, Inc.* (Biotechnology) | 61 | 123 | ||||||
AAON, Inc. (Building Products) | 257 | 18,985 | ||||||
AAR Corp.* (Aerospace & Defense) | 128 | 7,987 | ||||||
Aaron's Co., Inc. (The) (Specialty Retail) | 114 | 1,240 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 185 | 16,321 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 251 | 11,252 | ||||||
Acacia Research Corp.* (Financial Services) | 143 | 561 | ||||||
Academy Sports & Outdoors, Inc. (Specialty Retail) | 274 | 18,084 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 459 | 14,371 | ||||||
Acadia Realty Trust (Retail REITs) | 355 | 6,031 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 201 | 2,064 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 349 | 2,122 | ||||||
Accolade, Inc.* (Health Care Providers & Services) | 257 | 3,087 | ||||||
Accuray, Inc.* (Health Care Equipment & Supplies) | 357 | 1,010 | ||||||
ACELYRIN, Inc.* (Biotechnology) | 124 | 925 | ||||||
ACI Worldwide, Inc.* (Software) | 411 | 12,577 | ||||||
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | 262 | 275 | ||||||
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 183 | 3,576 | ||||||
ACNB Corp. (Banks) | 32 | 1,432 | ||||||
Acrivon Therapeutics, Inc.* (Biotechnology) | 32 | 157 | ||||||
Actinium Pharmaceuticals, Inc.* (Biotechnology) | 102 | 518 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 117 | 7,391 | ||||||
ACV Auctions, Inc.*—Class A (Commercial Services & Supplies) | 482 | 7,302 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 362 | 2,639 | ||||||
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services) | 429 | 2,102 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 60 | 5,571 | ||||||
Adeia, Inc. (Software) | 405 | 5,018 | ||||||
Adicet Bio, Inc.* (Biotechnology) | 114 | 215 | ||||||
Adient PLC* (Automobile Components) | 356 | 12,944 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 807 | 3,648 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 151 | 8,901 | ||||||
ADTRAN Holdings, Inc. (Communications Equipment) | 295 | 2,165 | ||||||
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | 143 | 15,576 | ||||||
AdvanSix, Inc. (Chemicals) | 98 | 2,936 | ||||||
Advantage Solutions, Inc.* (Media) | 328 | 1,187 | ||||||
Aehr Test Systems* (Semiconductors & Semiconductor Equipment) | 104 | 2,759 | ||||||
Aerovate Therapeutics, Inc.* (Biotechnology) | 43 | 973 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 98 | 12,352 | ||||||
AerSale Corp.* (Aerospace & Defense) | 97 | 1,231 | ||||||
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 304 | 230 | ||||||
AFC Gamma, Inc. (Mortgage REITs) | 62 | 746 | ||||||
Agenus, Inc.* (Biotechnology) | 1,443 | 1,195 | ||||||
Agiliti, Inc.* (Health Care Providers & Services) | 112 | 887 | ||||||
Agilysys, Inc.* (Software) | 76 | 6,446 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 211 | 4,699 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 214 | 3,769 | ||||||
AirSculpt Technologies, Inc.*(a) (Health Care Providers & Services) | 45 | 337 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 195 | 4,553 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 264 | 220 | ||||||
Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | 86 | 420 | ||||||
Alamo Group, Inc. (Machinery) | 39 | 8,197 | ||||||
Alarm.com Holdings, Inc.* (Software) | 182 | 11,761 | ||||||
Albany International Corp. (Machinery) | 118 | 11,590 | ||||||
Aldeyra Therapeutics, Inc.* (Biotechnology) | 176 | 618 | ||||||
Alector, Inc.* (Biotechnology) | 240 | 1,915 | ||||||
Alerus Financial Corp. (Financial Services) | 68 | 1,523 | ||||||
Alexander & Baldwin, Inc. (Diversified REITs) | 275 | 5,231 | ||||||
Alexander's, Inc. (Retail REITs) | 8 | 1,709 | ||||||
Alico, Inc. (Food Products) | 27 | 785 | ||||||
Alight, Inc.*—Class A (Professional Services) | 1,570 | 13,392 | ||||||
Alignment Healthcare, Inc.* (Health Care Providers & Services) | 322 | 2,772 | ||||||
Alkami Technology, Inc.* (Software) | 152 | 3,686 | ||||||
Alkermes PLC* (Biotechnology) | 629 | 17,448 | ||||||
Allakos, Inc.* (Biotechnology) | 251 | 685 | ||||||
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 366 | 448 | ||||||
Allegiant Travel Co. (Passenger Airlines) | 60 | 4,957 | ||||||
ALLETE, Inc. (Electric Utilities) | 220 | 13,455 | ||||||
Allient, Inc. (Electrical Equipment) | 49 | 1,480 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 357 | 1,146 | ||||||
Allovir, Inc.* (Biotechnology) | 192 | 131 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 87 | 2,267 | ||||||
Alpha Metallurgical Resources, Inc. (Metals & Mining) | 44 | 14,912 | ||||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 350 | 5,289 | ||||||
Alpine Immune Sciences, Inc.* (Biotechnology) | 123 | 2,344 |
See accompanying notes to financial statements.
140 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Alpine Income Property Trust, Inc. (Diversified REITs) | 48 | $ | 812 | |||||
Alta Equipment Group, Inc. (Trading Companies & Distributors) | 87 | 1,076 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 206 | 17,335 | ||||||
AlTi Global, Inc.* (Capital Markets) | 86 | 753 | ||||||
Altimmune, Inc.* (Biotechnology) | 200 | 2,250 | ||||||
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers) | 242 | 1,653 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 102 | 1,519 | ||||||
Amalgamated Financial Corp. (Banks) | 67 | 1,805 | ||||||
A-Mark Precious Metals, Inc. (Financial Services) | 73 | 2,208 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 168 | 2,769 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 144 | 8,826 | ||||||
AMC Networks, Inc.*—Class A (Media) | 117 | 2,198 | ||||||
Amerant Bancorp, Inc. (Banks) | 97 | 2,383 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 122 | 3,864 | ||||||
American Assets Trust, Inc. (Diversified REITs) | 185 | 4,164 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Automobile Components) | 433 | 3,815 | ||||||
American Coastal Insurance Corp.* (Insurance) | 74 | 700 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 693 | 14,664 | ||||||
American Equity Investment Life Holding Co.* (Insurance) | 298 | 16,628 | ||||||
American National Bankshares, Inc. (Banks) | 39 | 1,901 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 6 | 104 | ||||||
American Software, Inc.—Class A (Software) | 122 | 1,379 | ||||||
American States Water Co. (Water Utilities) | 140 | 11,259 | ||||||
American Vanguard Corp. (Chemicals) | 102 | 1,119 | ||||||
American Well Corp.*—Class A (Health Care Technology) | 939 | 1,399 | ||||||
American Woodmark Corp.* (Building Products) | 63 | 5,850 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 22 | 1,667 | ||||||
Ameris Bancorp (Banks) | 251 | 13,316 | ||||||
AMERISAFE, Inc. (Insurance) | 73 | 3,415 | ||||||
Ames National Corp. (Banks) | 33 | 704 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 1,077 | 15,283 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 427 | 14,206 | ||||||
AMMO, Inc.* (Leisure Products) | 341 | 716 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 144 | 10,783 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 461 | 2,798 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 146 | 9,030 | ||||||
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels) | 136 | 806 | ||||||
Amplitude, Inc.*—Class A (Software) | 256 | 3,256 | ||||||
Amprius Technologies, Inc.* (Electrical Equipment) | 20 | 106 | ||||||
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals) | 193 | 2,841 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 71 | 1,521 | ||||||
Anavex Life Sciences Corp.*(a) (Biotechnology) | 274 | 2,551 | ||||||
Angel Oak Mortgage REIT, Inc. (Mortgage REITs) | 44 | 466 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 144 | 1,129 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 55 | 3,033 | ||||||
Anika Therapeutics, Inc.* (Biotechnology) | 56 | 1,269 | ||||||
Annexon, Inc.* (Biotechnology) | 172 | 781 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 49 | 1,633 | ||||||
Anywhere Real Estate, Inc.* (Real Estate Management & Development) | 408 | 3,309 | ||||||
Apartment Investment and Management Co.* (Residential REITs) | 554 | 4,338 | ||||||
API Group Corp.* (Construction & Engineering) | 793 | 27,438 | ||||||
Apogee Enterprises, Inc. (Building Products) | 83 | 4,433 | ||||||
Apogee Therapeutics, Inc.* (Biotechnology) | 78 | 2,179 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs) | 538 | 6,316 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 162 | 6,205 | ||||||
Appfolio, Inc.*—Class A (Software) | 73 | 12,647 | ||||||
Appian Corp.*—Class A (Software) | 156 | 5,875 | ||||||
Apple Hospitality REIT, Inc. (Hotel & Resort REITs) | 818 | 13,587 | ||||||
Applied Digital Corp.*(a) (IT Services) | 310 | 2,089 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 146 | 25,213 | ||||||
Arbor Realty Trust, Inc.(a) (Mortgage REITs) | 698 | 10,596 | ||||||
Arbutus Biopharma Corp.* (Biotechnology) | 479 | 1,198 | ||||||
ArcBest Corp. (Ground Transportation) | 90 | 10,818 | ||||||
Arcellx, Inc.* (Biotechnology) | 145 | 8,048 | ||||||
Arch Resources, Inc. (Metals & Mining) | 69 | 11,450 | ||||||
Archer Aviation, Inc.*(a)—Class A (Aerospace & Defense) | 577 | 3,543 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 528 | 8,131 | ||||||
Arcosa, Inc. (Construction & Engineering) | 184 | 15,206 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 88 | 2,775 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 204 | 3,896 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 299 | 966 | ||||||
Ardelyx, Inc.* (Biotechnology) | 872 | 5,406 | ||||||
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels) | 158 | 2,226 | ||||||
Ares Commercial Real Estate Corp. (Mortgage REITs) | 196 | 2,031 | ||||||
Argan, Inc. (Construction & Engineering) | 48 | 2,246 | ||||||
Aris Water Solutions, Inc.—Class A (Commercial Services & Supplies) | 113 | 948 | ||||||
Arko Corp. (Specialty Retail) | 307 | 2,533 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 338 | 3,218 | ||||||
Armada Hoffler Properties, Inc. (Diversified REITs) | 255 | 3,154 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage REITs) | 187 | 3,613 | ||||||
Array Technologies, Inc.* (Electrical Equipment) | 574 | 9,643 | ||||||
Arrow Financial Corp. (Banks) | 56 | 1,565 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 384 | 11,750 | ||||||
ARS Pharmaceuticals, Inc.* (Biotechnology) | 92 | 504 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 141
Common Stocks, continued
Shares | Value | |||||||
Artesian Resources Corp.—Class A (Water Utilities) | 35 | $ | 1,451 | |||||
Artisan Partners Asset Management, Inc.— Class A (Capital Markets) | 233 | 10,294 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 149 | 2,664 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 186 | 7,656 | ||||||
Asana, Inc.*—Class A (Software) | 308 | 5,855 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 78 | 17,548 | ||||||
ASGN, Inc.* (Professional Services) | 179 | 17,214 | ||||||
Aspen Aerogels, Inc.* (Chemicals) | 194 | 3,061 | ||||||
Assertio Holdings, Inc.* (Pharmaceuticals) | 335 | 358 | ||||||
AssetMark Financial Holdings, Inc.* (Capital Markets) | 83 | 2,486 | ||||||
Associated Banc-Corp. (Banks) | 574 | 12,278 | ||||||
AST SpaceMobile, Inc.* (Diversified Telecommunication Services) | 304 | 1,833 | ||||||
Astec Industries, Inc. (Machinery) | 86 | 3,199 | ||||||
Astria Therapeutics, Inc.* (Biotechnology) | 124 | 952 | ||||||
Astronics Corp.* (Aerospace & Defense) | 99 | 1,725 | ||||||
Asure Software, Inc.* (Professional Services) | 86 | 819 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 366 | 188 | ||||||
Atea Pharmaceuticals, Inc.* (Pharmaceuticals) | 289 | 881 | ||||||
ATI, Inc.* (Metals & Mining) | 489 | 22,235 | ||||||
Atkore, Inc.* (Electrical Equipment) | 144 | 23,040 | ||||||
Atlanta Braves Holdings, Inc.* (Entertainment) | 173 | 6,848 | ||||||
Atlanta Braves Holdings, Inc.* (Entertainment) | 38 | 1,626 | ||||||
Atlantic Union Bankshares Corp. (Banks) | 285 | 10,414 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 17 | 657 | ||||||
Atlas Energy Solutions, Inc. (Energy Equipment & Services) | 68 | 1,171 | ||||||
Atmus Filtration Technologies, Inc.* (Automobile Components) | 63 | 1,480 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 41 | 1,598 | ||||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 84 | 589 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 177 | 6,317 | ||||||
Atrion Corp. (Health Care Equipment & Supplies) | 5 | 1,894 | ||||||
Aura Biosciences, Inc.* (Biotechnology) | 105 | 930 | ||||||
Aurinia Pharmaceuticals, Inc.* (Biotechnology) | 512 | 4,603 | ||||||
Aurora Innovation, Inc.* (Software) | 1,282 | 5,602 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 175 | 3,925 | ||||||
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | 191 | 512 | ||||||
AvePoint, Inc.* (Software) | 563 | 4,622 | ||||||
Aviat Networks, Inc.* (Communications Equipment) | 43 | 1,404 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 235 | 1,528 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 280 | 2,534 | ||||||
AvidXchange Holdings, Inc.* (Financial Services) | 566 | 7,013 | ||||||
Avient Corp. (Chemicals) | 343 | 14,259 | ||||||
Avista Corp. (Multi-Utilities) | 291 | 10,400 | ||||||
Avita Medical, Inc.* (Biotechnology) | 95 | 1,303 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 123 | 15,952 | ||||||
Axogen, Inc.* (Health Care Equipment & Supplies) | 153 | 1,045 | ||||||
Axonics, Inc.* (Health Care Equipment & Supplies) | 189 | 11,761 | ||||||
Axos Financial, Inc.* (Banks) | 211 | 11,521 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 135 | 10,745 | ||||||
AZZ, Inc. (Building Products) | 94 | 5,460 | ||||||
B Riley Financial, Inc.(a) (Capital Markets) | 78 | 1,637 | ||||||
B&G Foods, Inc. (Food Products) | 269 | 2,825 | ||||||
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | 222 | 324 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 111 | 17,135 | ||||||
Bakkt Holdings, Inc.* (Capital Markets) | 269 | 600 | ||||||
Balchem Corp. (Chemicals) | 121 | 17,998 | ||||||
Bally's Corp.* (Hotels, Restaurants & Leisure) | 112 | 1,561 | ||||||
Banc of California, Inc. (Banks) | 498 | 6,688 | ||||||
BancFirst Corp. (Banks) | 83 | 8,078 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Financial Services) | 104 | 2,573 | ||||||
Bandwidth, Inc.*—Class A (Diversified Telecommunication Services) | 88 | 1,273 | ||||||
Bank First Corp. (Banks) | 36 | 3,120 | ||||||
Bank of Hawaii Corp. (Banks) | 149 | 10,797 | ||||||
Bank of Marin Bancorp (Banks) | 60 | 1,321 | ||||||
Bank7 Corp. (Banks) | 14 | 383 | ||||||
BankUnited, Inc. (Banks) | 282 | 9,145 | ||||||
Bankwell Financial Group, Inc. (Banks) | 22 | 664 | ||||||
Banner Corp. (Banks) | 130 | 6,963 | ||||||
Bar Harbor Bankshares (Banks) | 57 | 1,674 | ||||||
BARK, Inc.* (Specialty Retail) | 505 | 407 | ||||||
Barnes Group, Inc. (Machinery) | 186 | 6,069 | ||||||
Barrett Business Services, Inc. (Professional Services) | 25 | 2,895 | ||||||
BayCom Corp. (Banks) | 43 | 1,014 | ||||||
BCB Bancorp, Inc. (Banks) | 57 | 732 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 220 | 19,144 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 274 | 7,458 | ||||||
Beazer Homes USA, Inc.* (Household Durables) | 111 | 3,751 | ||||||
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | 40 | 2,671 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 161 | 12,437 | ||||||
BellRing Brands, Inc.* (Personal Care Products) | 500 | 27,715 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 134 | 3,704 | ||||||
Benson Hill, Inc.* (Food Products) | 656 | 114 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 165 | 4,097 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 285 | 2,004 | ||||||
Beyond Air, Inc.* (Health Care Equipment & Supplies) | 101 | 198 | ||||||
Beyond Meat, Inc.*(a) (Food Products) | 224 | 1,994 | ||||||
Beyond, Inc.* (Specialty Retail) | 171 | 4,735 | ||||||
BGC Group, Inc.—Class A (Capital Markets) | 1,356 | 9,790 | ||||||
Big 5 Sporting Goods Corp. (Specialty Retail) | 80 | 507 | ||||||
Big Lots, Inc. (Broadline Retail) | 108 | 841 | ||||||
BigBear.ai Holdings, Inc.* (IT Services) | 110 | 235 |
See accompanying notes to financial statements.
142 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
BigCommerce Holdings, Inc.*—Class 1 (IT Services) | 254 | $ | 2,471 | |||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 3 | 495 | ||||||
BioAtla, Inc.* (Biotechnology) | 167 | 411 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 717 | 4,295 | ||||||
Biohaven, Ltd.* (Biotechnology) | 259 | 11,085 | ||||||
BioLife Solutions, Inc.* (Life Sciences Tools & Services) | 132 | 2,145 | ||||||
Biomea Fusion, Inc.*(a) (Biotechnology) | 75 | 1,089 | ||||||
Biote Corp.*—Class A (Pharmaceuticals) | 52 | 257 | ||||||
BioVie, Inc.* (Biotechnology) | 45 | 57 | ||||||
Bioxcel Therapeutics, Inc.*(a) (Biotechnology) | 76 | 224 | ||||||
Bit Digital, Inc.* (Software) | 333 | 1,409 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 86 | 3,097 | ||||||
Black Hills Corp. (Multi-Utilities) | 256 | 13,812 | ||||||
Blackbaud, Inc.* (Software) | 165 | 14,306 | ||||||
Blackline, Inc.* (Software) | 216 | 13,487 | ||||||
BlackSky Technology, Inc.* (Professional Services) | 452 | 633 | ||||||
Blackstone Mortgage Trust, Inc.(a)—Class A (Mortgage REITs) | 654 | 13,910 | ||||||
Blade Air Mobility, Inc.* (Passenger Airlines) | 228 | 805 | ||||||
Blink Charging Co.* (Electrical Equipment) | 205 | 695 | ||||||
Bloom Energy Corp.*—Class A (Electrical Equipment) | 730 | 10,804 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 332 | 9,346 | ||||||
Blue Bird Corp.* (Machinery) | 96 | 2,588 | ||||||
Blue Foundry Bancorp* (Banks) | 85 | 822 | ||||||
Blue Ridge Bankshares, Inc. (Banks) | 67 | 203 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 404 | 558 | ||||||
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure) | 41 | 3,080 | ||||||
BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | 32 | 3,626 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 231 | 21,307 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 150 | 19,404 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 113 | 8,674 | ||||||
Borr Drilling, Ltd.* (Energy Equipment & Services) | 833 | 6,131 | ||||||
Boston Omaha Corp.*—Class A (Media) | 89 | 1,400 | ||||||
Bowlero Corp.*(a)—Class A (Hotels, Restaurants & Leisure) | 63 | 892 | ||||||
Bowman Consulting Group, Ltd.* (Construction & Engineering) | 41 | 1,456 | ||||||
Box, Inc.*—Class A (Software) | 535 | 13,701 | ||||||
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs) | 247 | 618 | ||||||
Brandywine Realty Trust (Office REITs) | 644 | 3,478 | ||||||
Braze, Inc.*—Class A (Software) | 199 | 10,573 | ||||||
BRC, Inc.*—Class A (Food Products) | 147 | 534 | ||||||
Bread Financial Holdings, Inc. (Consumer Finance) | 189 | 6,226 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 434 | 17,521 | ||||||
Bridgewater Bancshares, Inc.* (Banks) | 77 | 1,041 | ||||||
Bright Green Corp.* (Pharmaceuticals) | 234 | 77 | ||||||
Brightcove, Inc.* (IT Services) | 164 | 425 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 123 | 2,357 | ||||||
BrightSpire Capital, Inc. (Mortgage REITs) | 488 | 3,631 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 156 | 1,314 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 166 | 7,168 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 89 | 2,516 | ||||||
Broadstone Net Lease, Inc. (Diversified REITs) | 712 | 12,261 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 705 | 4,103 | ||||||
Brookfield Business Corp.—Class A (Industrial Conglomerates) | 98 | 2,281 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 454 | 16,017 | ||||||
Brookline Bancorp, Inc. (Banks) | 331 | 3,611 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 229 | 5,501 | ||||||
BRT Apartments Corp. (Residential REITs) | 45 | 837 | ||||||
Build-A-Bear Workshop, Inc. (Specialty Retail) | 50 | 1,150 | ||||||
Bumble, Inc.*—Class A (Interactive Media & Services) | 383 | 5,645 | ||||||
Burke & Herbert Financial Services Corp. (Banks) | 25 | 1,573 | ||||||
Business First Bancshares, Inc. (Banks) | 91 | 2,243 | ||||||
Butterfly Network, Inc.* (Health Care Equipment & Supplies) | 536 | 579 | ||||||
Byline Bancorp, Inc. (Banks) | 93 | 2,191 | ||||||
C&F Financial Corp. (Banks) | 12 | 818 | ||||||
C3.ai, Inc.*(a)—Class A (Software) | 308 | 8,843 | ||||||
Cabaletta Bio, Inc.* (Biotechnology) | 130 | 2,951 | ||||||
Cabot Corp. (Chemicals) | 210 | 17,535 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 245 | 11,123 | ||||||
Cadence Bank (Banks) | 692 | 20,476 | ||||||
Cadiz, Inc.* (Water Utilities) | 153 | 428 | ||||||
Cadre Holdings, Inc. (Aerospace & Defense) | 74 | 2,434 | ||||||
Calavo Growers, Inc. (Food Products) | 66 | 1,941 | ||||||
Caledonia Mining Corp. PLC (Metals & Mining) | 62 | 756 | ||||||
Caleres, Inc. (Specialty Retail) | 129 | 3,964 | ||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 264 | 14,436 | ||||||
California Water Service Group (Water Utilities) | 220 | 11,412 | ||||||
Calix, Inc.* (Communications Equipment) | 224 | 9,787 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 233 | 7,549 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 156 | 8,953 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 45 | 270 | ||||||
Cambridge Bancorp (Banks) | 29 | 2,013 | ||||||
Camden National Corp. (Banks) | 54 | 2,032 | ||||||
Camping World Holdings, Inc.—Class A (Specialty Retail) | 159 | 4,175 | ||||||
Cannae Holdings, Inc.* (Financial Services) | 260 | 5,073 | ||||||
Cano Health, Inc.* (Health Care Providers & Services) | 9 | 53 | ||||||
Cantaloupe, Inc.* (Financial Services) | 217 | 1,608 | ||||||
Capital Bancorp, Inc. (Banks) | 36 | 871 | ||||||
Capital City Bank Group, Inc. (Banks) | 50 | 1,472 | ||||||
Capitol Federal Financial, Inc. (Banks) | 483 | 3,115 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 73 | 1,368 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 143
Common Stocks, continued
Shares | Value | |||||||
Cara Therapeutics, Inc.* (Pharmaceuticals) | 176 | $ | 131 | |||||
Cardlytics, Inc.* (Media) | 138 | 1,271 | ||||||
CareDx, Inc.* (Biotechnology) | 197 | 2,364 | ||||||
CareMax, Inc.* (Health Care Providers & Services) | 284 | 141 | ||||||
CareTrust REIT, Inc. (Health Care REITs) | 380 | 8,504 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 371 | 8,963 | ||||||
Caribou Biosciences, Inc.* (Biotechnology) | 309 | 1,771 | ||||||
Carisma Therapeutics, Inc. (Biotechnology) | 100 | 293 | ||||||
CarParts.com, Inc.* (Specialty Retail) | 206 | 651 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 186 | 13,169 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 51 | 1,276 | ||||||
Carrols Restaurant Group, Inc. (Hotels, Restaurants & Leisure) | 138 | 1,087 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 252 | 4,780 | ||||||
Carter Bankshares, Inc.* (Banks) | 86 | 1,287 | ||||||
Cartesian Therapeutics, Inc.* (Biotechnology) | 444 | 306 | ||||||
Carvana Co.* (Specialty Retail) | 364 | 19,271 | ||||||
Casella Waste Systems, Inc.* (Commercial Services & Supplies) | 214 | 18,289 | ||||||
Cass Information Systems, Inc. (Financial Services) | 52 | 2,343 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 151 | 3,399 | ||||||
Castle Biosciences, Inc.* (Health Care Providers & Services) | 94 | 2,029 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 381 | 6,405 | ||||||
Cathay General Bancorp (Banks) | 263 | 11,722 | ||||||
Cavco Industries, Inc.* (Household Durables) | 33 | 11,438 | ||||||
CBIZ, Inc.* (Professional Services) | 182 | 11,391 | ||||||
CBL & Associates Properties, Inc. (Retail REITs) | 102 | 2,491 | ||||||
CECO Environmental Corp.* (Commercial Services & Supplies) | 112 | 2,271 | ||||||
Celcuity, Inc.* (Biotechnology) | 66 | 962 | ||||||
Celldex Therapeutics, Inc.* (Biotechnology) | 176 | 6,980 | ||||||
Centerspace (Residential REITs) | 58 | 3,376 | ||||||
Central Garden & Pet Co.* (Household Products) | 37 | 1,854 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 149 | 6,562 | ||||||
Central Pacific Financial Corp. (Banks) | 100 | 1,968 | ||||||
Central Valley Community Bancorp (Banks) | 38 | 849 | ||||||
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | 47 | 2,557 | ||||||
Century Aluminum Co.* (Metals & Mining) | 199 | 2,416 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 103 | 503 | ||||||
Century Communities, Inc. (Household Durables) | 108 | 9,843 | ||||||
Century Therapeutics, Inc.* (Biotechnology) | 87 | 289 | ||||||
Cerence, Inc.* (Software) | 153 | 3,008 | ||||||
Cerevel Therapeutics Holdings, Inc.* (Biotechnology) | 265 | 11,236 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 672 | 1,452 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 88 | 1,998 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 742 | 21,674 | ||||||
Charge Enterprises, Inc.* (Diversified Telecommunication Services) | 515 | 59 | ||||||
Chart Industries, Inc.* (Machinery) | 163 | 22,221 | ||||||
Chatham Lodging Trust (Hotel & Resort REITs) | 182 | 1,951 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 431 | 4,896 | ||||||
Chemung Financial Corp. (Banks) | 13 | 647 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 80 | 8,450 | ||||||
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs) | 62 | 1,003 | ||||||
Chico’s FAS, Inc.* (Specialty Retail) | 455 | 3,449 | ||||||
Chimera Investment Corp. (Mortgage REITs) | 861 | 4,296 | ||||||
ChoiceOne Financial Services, Inc. (Banks) | 27 | 791 | ||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 159 | 26,430 | ||||||
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure) | 69 | 2,638 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 69 | 5,523 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 416 | 5,861 | ||||||
Cipher Mining, Inc.* (Software) | 158 | 653 | ||||||
Citius Pharmaceuticals, Inc.* (Pharmaceuticals) | 466 | 353 | ||||||
Citizens & Northern Corp. (Banks) | 57 | 1,279 | ||||||
Citizens Financial Services, Inc. (Banks) | 14 | 906 | ||||||
City Holding Co. (Banks) | 57 | 6,285 | ||||||
City Office REIT, Inc. (Office REITs) | 147 | 898 | ||||||
Civista Bancshares, Inc. (Banks) | 59 | 1,088 | ||||||
Civitas Resources, Inc.(a) (Oil, Gas & Consumable Fuels) | 307 | 20,993 | ||||||
Claros Mortgage Trust, Inc. (Mortgage REITs) | 344 | 4,689 | ||||||
Clarus Corp. (Leisure Products) | 110 | 758 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 642 | 2,459 | ||||||
Cleanspark, Inc.* (Software) | 567 | 6,254 | ||||||
Clear Channel Outdoor Holdings, Inc.* (Media) | 1,421 | 2,586 | ||||||
Clear Secure, Inc.—Class A (Software) | 312 | 6,443 | ||||||
Clearfield, Inc.* (Communications Equipment) | 50 | 1,454 | ||||||
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies) | 86 | 584 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 62 | 2,239 | ||||||
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components) | 16 | 877 | ||||||
Clipper Realty, Inc. (Residential REITs) | 43 | 232 | ||||||
CNB Financial Corp. (Banks) | 78 | 1,762 | ||||||
CNO Financial Group, Inc. (Insurance) | 424 | 11,830 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 594 | 11,880 | ||||||
Coastal Financial Corp.* (Banks) | 41 | 1,821 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 18 | 16,711 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 263 | 802 | ||||||
Codorus Valley Bancorp, Inc. (Banks) | 36 | 925 | ||||||
Coeur Mining, Inc.* (Metals & Mining) | 1,254 | 4,088 | ||||||
Cogent Biosciences, Inc.* (Biotechnology) | 314 | 1,846 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 166 | 12,625 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 98 | 7,422 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 378 | 1,259 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 177 | 6,264 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 131 | 4,032 |
See accompanying notes to financial statements.
144 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Colony Bankcorp, Inc. (Banks) | 62 | $ | 825 | |||||
Columbia Financial, Inc.* (Banks) | 112 | 2,159 | ||||||
Columbus McKinnon Corp. (Machinery) | 107 | 4,175 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 134 | 27,559 | ||||||
Commercial Metals Co. (Metals & Mining) | 444 | 22,218 | ||||||
Commercial Vehicle Group, Inc.* (Machinery) | 122 | 855 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 793 | 2,236 | ||||||
Community Bank System, Inc. (Banks) | 202 | 10,526 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 475 | 1,487 | ||||||
Community Healthcare Trust, Inc. (Health Care REITs) | 101 | 2,691 | ||||||
Community Trust Bancorp, Inc. (Banks) | 59 | 2,588 | ||||||
CommVault Systems, Inc.* (Software) | 167 | 13,335 | ||||||
Compass Diversified Holdings (Financial Services) | 239 | 5,366 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 130 | 3,292 | ||||||
Compass Therapeutics, Inc.* (Biotechnology) | 345 | 538 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 1,078 | 4,053 | ||||||
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals) | 62 | 335 | ||||||
Computer Programs and Systems, Inc.* (Health Care Technology) | 53 | 594 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 6 | 152 | ||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | 348 | 3,080 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 103 | 868 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 97 | 795 | ||||||
Conduent, Inc.* (Professional Services) | 651 | 2,376 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 116 | 12,703 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 139 | 3,184 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 75 | 1,966 | ||||||
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels) | 116 | 11,661 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 290 | 1,262 | ||||||
Consolidated Water Co., Ltd. (Water Utilities) | 57 | 2,029 | ||||||
Constellium SE* (Metals & Mining) | 489 | 9,760 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 152 | 6,615 | ||||||
Consumer Portfolio Services, Inc.* (Consumer Finance) | 32 | 300 | ||||||
Contango ORE, Inc.* (Metals & Mining) | 30 | 543 | ||||||
ContextLogic, Inc.*—Class A (Broadline Retail) | 84 | 500 | ||||||
Cooper-Standard Holdings, Inc.* (Automobile Components) | 64 | 1,251 | ||||||
COPT Defense Properties (Office REITs) | 427 | 10,944 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 304 | 9,874 | ||||||
Core Laboratories, Inc. (Energy Equipment & Services) | 178 | 3,143 | ||||||
Core Molding Technologies, Inc.* (Chemicals) | 28 | 519 | ||||||
CoreCard Corp.* (Software) | 28 | 387 | ||||||
CoreCivic, Inc.* (Commercial Services & Supplies) | 431 | 6,262 | ||||||
CorMedix, Inc.* (Pharmaceuticals) | 208 | 782 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 140 | 1,974 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 33 | 8,158 | ||||||
Costamare, Inc. (Marine Transportation) | 175 | 1,822 | ||||||
Couchbase, Inc.* (IT Services) | 132 | 2,973 | ||||||
Coursera, Inc.* (Diversified Consumer Services) | 494 | 9,569 | ||||||
Covenant Logistics Group, Inc. (Ground Transportation) | 32 | 1,473 | ||||||
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals) | 16 | 307 | ||||||
CRA International, Inc. (Professional Services) | 26 | 2,570 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 83 | 6,398 | ||||||
Crawford & Co.—Class A (Insurance) | 54 | 712 | ||||||
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment) | 435 | 8,469 | ||||||
Crescent Energy Co.—Class A (Oil, Gas & Consumable Fuels) | 292 | 3,857 | ||||||
Cricut, Inc.—Class A (Household Durables) | 180 | 1,186 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 247 | 8,788 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 130 | 2,943 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 171 | 2,322 | ||||||
CryoPort, Inc.* (Life Sciences Tools & Services) | 164 | 2,540 | ||||||
CS Disco, Inc.* (Software) | 85 | 645 | ||||||
CSG Systems International, Inc. (Professional Services) | 120 | 6,385 | ||||||
CSW Industrials, Inc. (Building Products) | 59 | 12,237 | ||||||
CTO Realty Growth, Inc. (Diversified REITs) | 83 | 1,438 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 117 | 5,118 | ||||||
Cue Biopharma, Inc.* (Biotechnology) | 135 | 356 | ||||||
Cullinan Oncology, Inc.* (Biotechnology) | 98 | 999 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 630 | 6,804 | ||||||
Custom Truck One Source, Inc.* (Trading Companies & Distributors) | 214 | 1,323 | ||||||
Customers Bancorp, Inc.* (Banks) | 108 | 6,223 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 69 | 243 | ||||||
CVB Financial Corp. (Banks) | 505 | 10,196 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 112 | 3,394 | ||||||
CVRx, Inc.* (Health Care Equipment & Supplies) | 42 | 1,320 | ||||||
CXApp, Inc.* (IT Services) | 7 | 9 | ||||||
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | 429 | 10,133 | ||||||
Cytek Biosciences, Inc.* (Life Sciences Tools & Services) | 459 | 4,186 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 353 | 29,471 | ||||||
Daily Journal Corp.* (Media) | 5 | 1,704 | ||||||
Dakota Gold Corp.* (Metals & Mining) | 212 | 555 | ||||||
Daktronics, Inc.* (Electronic Equipment, Instruments & Components) | 142 | 1,204 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 145
Common Stocks, continued
Shares | Value | |||||||
Dana, Inc. (Automobile Components) | 495 | $ | 7,232 | |||||
Danimer Scientific, Inc.* (Chemicals) | 332 | 339 | ||||||
Daseke, Inc.* (Ground Transportation) | 155 | 1,256 | ||||||
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 137 | 7,377 | ||||||
Day One Biopharmaceuticals, Inc.* (Biotechnology) | 237 | 3,460 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 203 | 3,274 | ||||||
Definitive Healthcare Corp.* (Health Care Technology) | 175 | 1,740 | ||||||
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | 243 | 6,269 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 165 | 3,539 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 448 | 9,614 | ||||||
Denny’s Corp.* (Hotels, Restaurants & Leisure) | 194 | 2,111 | ||||||
Design Therapeutics, Inc.* (Biotechnology) | 123 | 326 | ||||||
Designer Brands, Inc.—Class A (Specialty Retail) | 163 | 1,443 | ||||||
Desktop Metal, Inc.*(a)—Class A (Machinery) | 1,062 | 798 | ||||||
Destination XL Group, Inc.* (Specialty Retail) | 212 | 933 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 161 | 417 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 519 | 5,091 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 10 | 1,656 | ||||||
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | 385 | 5,005 | ||||||
DiamondRock Hospitality Co. (Hotel & Resort REITs) | 797 | 7,484 | ||||||
Digi International, Inc.* (Communications Equipment) | 133 | 3,458 | ||||||
Digimarc Corp.* (Software) | 54 | 1,950 | ||||||
Digital Turbine, Inc.* (Software) | 362 | 2,483 | ||||||
DigitalBridge Group, Inc. (Real Estate Management & Development) | 613 | 10,753 | ||||||
DigitalOcean Holdings, Inc.* (IT Services) | 240 | 8,806 | ||||||
Dillard’s, Inc.(a)—Class A (Broadline Retail) | 13 | 5,248 | ||||||
Dime Community Bancshares, Inc. (Banks) | 132 | 3,555 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 59 | 2,929 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 171 | 13,769 | ||||||
Disc Medicine, Inc.* (Biotechnology) | 34 | 1,964 | ||||||
Distribution Solutions Group, Inc.* (Building Products) | 38 | 1,199 | ||||||
Diversified Healthcare Trust (Health Care REITs) | 905 | 3,385 | ||||||
DMC Global, Inc.* (Energy Equipment & Services) | 74 | 1,393 | ||||||
DocGo, Inc.* (Health Care Providers & Services) | 294 | 1,643 | ||||||
Dole PLC (Food Products) | 271 | 3,331 | ||||||
Domo, Inc.*—Class B (Software) | 120 | 1,235 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 59 | 825 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 93 | 5,800 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 131 | 5,747 | ||||||
Dorman Products, Inc.* (Automobile Components) | 100 | 8,341 | ||||||
Douglas Dynamics, Inc. (Machinery) | 85 | 2,523 | ||||||
Douglas Elliman, Inc. (Real Estate Management & Development) | 306 | 903 | ||||||
Douglas Emmett, Inc. (Office REITs) | 611 | 8,860 | ||||||
Dragonfly Energy Holdings Corp.* (Electrical Equipment) | 109 | 59 | ||||||
Dream Finders Homes, Inc.*—Class A (Household Durables) | 91 | 3,233 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 129 | 3,002 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 51 | 2,655 | ||||||
Duluth Holdings, Inc.*—Class B (Specialty Retail) | 51 | 274 | ||||||
Duolingo, Inc.* (Diversified Consumer Services) | 111 | 25,180 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 52 | 1,752 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 108 | 12,430 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 491 | 6,864 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 169 | 2,248 | ||||||
Dynex Capital, Inc. (Mortgage REITs) | 213 | 2,667 | ||||||
DZS, Inc.* (Communications Equipment) | 81 | 160 | ||||||
E2open Parent Holdings, Inc.* (Software) | 643 | 2,823 | ||||||
Eagle Bancorp, Inc. (Banks) | 111 | 3,346 | ||||||
Eagle Bulk Shipping, Inc. (Marine Transportation) | 35 | 1,939 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 38 | 199 | ||||||
Easterly Government Properties, Inc. (Office REITs) | 363 | 4,879 | ||||||
Eastern Bankshares, Inc. (Banks) | 587 | 8,335 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 215 | 839 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 454 | 7,523 | ||||||
Ecovyst, Inc.* (Chemicals) | 350 | 3,420 | ||||||
Edgewell Personal Care Co. (Personal Care Products) | 191 | 6,996 | ||||||
Edgewise Therapeutics, Inc.* (Pharmaceuticals) | 162 | 1,772 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 312 | 3,161 | ||||||
eGain Corp.* (Software) | 78 | 650 | ||||||
eHealth, Inc.* (Insurance) | 106 | 924 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 105 | 926 | ||||||
elf Beauty, Inc.* (Personal Care Products) | 205 | 29,589 | ||||||
Ellington Financial, Inc. (Mortgage REITs) | 285 | 3,622 | ||||||
Elme Communities (Residential REITs) | 333 | 4,861 | ||||||
Embecta Corp. (Health Care Equipment & Supplies) | 219 | 4,146 | ||||||
Emerald Holding, Inc.* (Media) | 59 | 353 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 196 | 470 | ||||||
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 49 | 539 | ||||||
Empire State Realty Trust, Inc. (Diversified REITs) | 500 | 4,845 | ||||||
Employers Holdings, Inc. (Insurance) | 97 | 3,822 | ||||||
Enact Holdings, Inc. (Financial Services) | 112 | 3,236 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 75 | 706 |
See accompanying notes to financial statements.
146 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Encore Capital Group, Inc.* (Consumer Finance) | 88 | $ | 4,466 | |||||
Encore Energy Corp.* (Oil, Gas & Consumable Fuels) | 555 | 2,181 | ||||||
Encore Wire Corp. (Electrical Equipment) | 57 | 12,175 | ||||||
Energizer Holdings, Inc. (Household Products) | 271 | 8,585 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 594 | 4,271 | ||||||
Energy Recovery, Inc.* (Machinery) | 212 | 3,994 | ||||||
Energy Vault Holdings, Inc.* (Electrical Equipment) | 375 | 874 | ||||||
Enerpac Tool Group Corp. (Machinery) | 207 | 6,436 | ||||||
EnerSys (Electrical Equipment) | 156 | 15,750 | ||||||
Enfusion, Inc.*—Class A (Software) | 143 | 1,387 | ||||||
EngageSmart, Inc.* (Software) | 184 | 4,214 | ||||||
Enhabit, Inc.* (Health Care Providers & Services) | 190 | 1,967 | ||||||
Enliven Therapeutics, Inc.* (Pharmaceuticals) | 88 | 1,218 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 96 | 2,103 | ||||||
Enova International, Inc.* (Consumer Finance) | 110 | 6,090 | ||||||
Enovix Corp.*(a) (Electrical Equipment) | 525 | 6,573 | ||||||
Enpro, Inc. (Machinery) | 79 | 12,382 | ||||||
Enstar Group, Ltd.* (Insurance) | 46 | 13,540 | ||||||
Enterprise Bancorp, Inc. (Banks) | 37 | 1,194 | ||||||
Enterprise Financial Services Corp. (Banks) | 137 | 6,117 | ||||||
Entrada Therapeutics, Inc.* (Biotechnology) | 81 | 1,222 | ||||||
Entravision Communications Corp.—Class A (Media) | 228 | 951 | ||||||
Envela Corp.* (Specialty Retail) | 28 | 136 | ||||||
Envestnet, Inc.* (Software) | 190 | 9,409 | ||||||
Enviri Corp.* (Commercial Services & Supplies) | 299 | 2,691 | ||||||
Enviva, Inc. (Oil, Gas & Consumable Fuels) | 117 | 117 | ||||||
Eos Energy Enterprises, Inc.* (Electrical Equipment) | 406 | 443 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 100 | 7,984 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,656 | 16,858 | ||||||
Equity Bancshares, Inc.—Class A (Banks) | 56 | 1,898 | ||||||
Equity Commonwealth (Office REITs) | 388 | 7,450 | ||||||
Erasca, Inc.* (Biotechnology) | 305 | 650 | ||||||
Escalade, Inc. (Leisure Products) | 38 | 763 | ||||||
ESCO Technologies, Inc. (Machinery) | 97 | 11,352 | ||||||
Esquire Financial Holdings, Inc. (Banks) | 26 | 1,299 | ||||||
ESS Tech, Inc.* (Electrical Equipment) | 345 | 393 | ||||||
ESSA Bancorp, Inc. (Banks) | 33 | 661 | ||||||
Essent Group, Ltd. (Financial Services) | 397 | 20,938 | ||||||
Essential Properties Realty Trust, Inc. (Diversified REITs) | 591 | 15,107 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 86 | 2,745 | ||||||
European Wax Center, Inc.*—Class A (Diversified Consumer Services) | 129 | 1,753 | ||||||
Evans Bancorp, Inc. (Banks) | 20 | 631 | ||||||
Eve Holding, Inc.* (Aerospace & Defense) | 68 | 498 | ||||||
Eventbrite, Inc.*—Class A (Interactive Media & Services) | 293 | 2,449 | ||||||
Everbridge, Inc.* (Software) | 154 | 3,744 | ||||||
EverCommerce, Inc.* (Software) | 88 | 971 | ||||||
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure) | 320 | 3,606 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 81 | 991 | ||||||
EVERTEC, Inc. (Financial Services) | 247 | 10,112 | ||||||
EVgo, Inc.* (Specialty Retail) | 391 | 1,400 | ||||||
EVI Industries, Inc. (Trading Companies & Distributors) | 18 | 427 | ||||||
Evolent Health, Inc.*—Class A (Health Care Technology) | 417 | 13,773 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 157 | 1,653 | ||||||
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | 116 | 674 | ||||||
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components) | 431 | 2,034 | ||||||
Excelerate Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 68 | 1,051 | ||||||
ExlService Holdings, Inc.* (Professional Services) | 613 | 18,911 | ||||||
eXp World Holdings, Inc.(a) (Real Estate Management & Development) | 270 | 4,190 | ||||||
Expensify, Inc.*—Class A (Software) | 209 | 516 | ||||||
Exponent, Inc. (Professional Services) | 192 | 16,904 | ||||||
Expro Group Holdings N.V.* (Energy Equipment & Services) | 340 | 5,413 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 479 | 8,450 | ||||||
Eyenovia, Inc.* (Pharmaceuticals) | 113 | 235 | ||||||
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | 101 | 2,334 | ||||||
F&G Annuities & Life, Inc. (Insurance) | 71 | 3,266 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 139 | 26,455 | ||||||
Farmers & Merchants Bancorp, Inc. (Banks) | 48 | 1,190 | ||||||
Farmers National Banc Corp. (Banks) | 138 | 1,994 | ||||||
Farmland Partners, Inc. (Specialized REITs) | 169 | 2,109 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 72 | 1,622 | ||||||
Fastly, Inc.*—Class A (IT Services) | 458 | 8,152 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 320 | 1,197 | ||||||
FB Financial Corp. (Banks) | 134 | 5,340 | ||||||
Federal Agricultural Mortgage Corp.—Class C (Financial Services) | 35 | 6,693 | ||||||
Federal Signal Corp. (Machinery) | 228 | 17,497 | ||||||
Fennec Pharmaceuticals, Inc.* (Biotechnology) | 68 | 763 | ||||||
FibroGen, Inc.* (Biotechnology) | 349 | 309 | ||||||
Fidelis Insurance Holdings, Ltd.* (Insurance) | 57 | 722 | ||||||
Fidelity D&D Bancorp, Inc. (Banks) | 18 | 1,045 | ||||||
Figs, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 484 | 3,364 | ||||||
Finance Of America Cos., Inc.*—Class A (Financial Services) | 202 | 222 | ||||||
Financial Institutions, Inc. (Banks) | 58 | 1,235 | ||||||
First Advantage Corp. (Professional Services) | 205 | 3,397 | ||||||
First Bancorp (Banks) | 151 | 5,589 | ||||||
First Bancorp (Banks) | 652 | 10,725 | ||||||
First Bank/Hamilton NJ (Banks) | 77 | 1,132 | ||||||
First Busey Corp. (Banks) | 197 | 4,890 | ||||||
First Business Financial Services, Inc. (Banks) | 30 | 1,203 | ||||||
First Commonwealth Financial Corp. (Banks) | 388 | 5,991 | ||||||
First Community Bankshares, Inc. (Banks) | 66 | 2,449 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 147
Common Stocks, continued
Shares | Value | |||||||
First Community Corp. (Banks) | 28 | $ | 603 | |||||
First Financial Bancorp (Banks) | 358 | 8,503 | ||||||
First Financial Bankshares, Inc. (Banks) | 494 | 14,968 | ||||||
First Financial Corp. (Banks) | 44 | 1,893 | ||||||
First Foundation, Inc. (Banks) | 193 | 1,868 | ||||||
First Interstate BancSystem, Inc.—Class A (Banks) | 313 | 9,625 | ||||||
First Merchants Corp. (Banks) | 225 | 8,343 | ||||||
First Mid Bancshares, Inc. (Banks) | 84 | 2,911 | ||||||
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 84 | 1,688 | ||||||
First Western Financial, Inc.* (Banks) | 31 | 615 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 143 | 15,500 | ||||||
FiscalNote Holdings, Inc.*(a) (Professional Services) | 226 | 258 | ||||||
Fisker, Inc.* (Automobiles) | 792 | 1,386 | ||||||
Five Star Bancorp (Banks) | 49 | 1,283 | ||||||
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 113 | 3,284 | ||||||
Fluence Energy, Inc.* (Electrical Equipment) | 223 | 5,319 | ||||||
Fluor Corp.* (Construction & Engineering) | 541 | 21,191 | ||||||
Flushing Financial Corp. (Banks) | 105 | 1,730 | ||||||
Flywire Corp.* (Financial Services) | 403 | 9,329 | ||||||
Foghorn Therapeutics, Inc.* (Biotechnology) | 77 | 497 | ||||||
Foot Locker, Inc. (Specialty Retail) | 311 | 9,688 | ||||||
Forafric Global PLC* (Food Products) | 19 | 201 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 70 | 2,315 | ||||||
Forge Global Holdings, Inc.* (Capital Markets) | 415 | 1,423 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 292 | 12,179 | ||||||
Forrester Research, Inc.* (Professional Services) | 45 | 1,206 | ||||||
Forum Energy Technologies, Inc.* (Energy Equipment & Services) | 37 | 820 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 97 | 6,098 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 182 | 266 | ||||||
Four Corners Property Trust, Inc. (Specialized REITs) | 343 | 8,678 | ||||||
Fox Factory Holding Corp.* (Automobile Components) | 162 | 10,932 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage REITs) | 315 | 4,256 | ||||||
Franklin Covey Co.* (Professional Services) | 44 | 1,915 | ||||||
Franklin Electric Co., Inc. (Machinery) | 175 | 16,914 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 129 | 3,386 | ||||||
Freshworks, Inc.*—Class A (Software) | 614 | 14,423 | ||||||
Frontdoor, Inc.* (Diversified Consumer Services) | 307 | 10,813 | ||||||
Frontier Group Holdings, Inc.* (Passenger Airlines) | 145 | 792 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 25 | 1,572 | ||||||
FS Bancorp, Inc. (Banks) | 25 | 924 | ||||||
FTAI Aviation, Ltd. (Trading Companies & Distributors) | 378 | 17,539 | ||||||
FTAI Infrastructure, Inc. (Ground Transportation) | 374 | 1,455 | ||||||
FTC Solar, Inc.* (Electrical Equipment) | 255 | 177 | ||||||
fuboTV, Inc.* (Interactive Media & Services) | 1,072 | 3,409 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 1,723 | 2,757 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 78 | 2,255 | ||||||
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | 123 | 661 | ||||||
Fulton Financial Corp. (Banks) | 609 | 10,024 | ||||||
Funko, Inc.*—Class A (Leisure Products) | 134 | 1,036 | ||||||
FutureFuel Corp. (Oil, Gas & Consumable Fuels) | 98 | 596 | ||||||
FVCBankcorp, Inc.* (Banks) | 60 | 852 | ||||||
Gambling.com Group, Ltd.* (Media) | 57 | 556 | ||||||
Gannett Co., Inc.* (Media) | 545 | 1,254 | ||||||
GATX Corp. (Trading Companies & Distributors) | 135 | 16,230 | ||||||
GCM Grosvenor, Inc.—Class A (Capital Markets) | 156 | 1,398 | ||||||
Genco Shipping & Trading, Ltd. (Marine Transportation) | 160 | 2,654 | ||||||
Gencor Industries, Inc.* (Machinery) | 40 | 646 | ||||||
Genelux Corp.* (Biotechnology) | 70 | 981 | ||||||
Generation Bio Co.* (Biotechnology) | 171 | 282 | ||||||
Genesco, Inc.* (Specialty Retail) | 42 | 1,479 | ||||||
Genie Energy, Ltd.—Class B (Electric Utilities) | 75 | 2,110 | ||||||
Gentherm, Inc.* (Automobile Components) | 124 | 6,493 | ||||||
Genworth Financial, Inc.* (Insurance) | 1,752 | 11,703 | ||||||
German American Bancorp, Inc. (Banks) | 106 | 3,435 | ||||||
Geron Corp.* (Biotechnology) | 1,941 | 4,096 | ||||||
Getty Realty Corp. (Retail REITs) | 181 | 5,289 | ||||||
Gevo, Inc.* (Oil, Gas & Consumable Fuels) | 885 | 1,027 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 116 | 9,162 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 157 | 5,335 | ||||||
Glacier Bancorp, Inc. (Banks) | 423 | 17,478 | ||||||
Gladstone Commercial Corp. (Diversified REITs) | 151 | 1,999 | ||||||
Gladstone Land Corp. (Specialized REITs) | 127 | 1,835 | ||||||
Glatfelter Corp.* (Paper & Forest Products) | 167 | 324 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 180 | 14,308 | ||||||
Global Business Travel Group I* (Hotels, Restaurants & Leisure) | 121 | 780 | ||||||
Global Industrial Co. (Trading Companies & Distributors) | 50 | 1,942 | ||||||
Global Medical REIT, Inc. (Health Care REITs) | 231 | 2,564 | ||||||
Global Net Lease, Inc. (Diversified REITs) | 738 | 7,343 | ||||||
Global Water Resources, Inc. (Water Utilities) | 43 | 562 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 2,655 | 5,151 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 156 | 12,859 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 251 | 2,543 | ||||||
GoHealth, Inc.*—Class A (Insurance) | 16 | 213 | ||||||
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 380 | 8,736 | ||||||
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure) | 77 | 3,075 | ||||||
Golden Ocean Group, Ltd. (Marine Transportation) | 467 | 4,558 | ||||||
Goosehead Insurance, Inc.*—Class A (Insurance) | 81 | 6,140 | ||||||
GoPro, Inc.*—Class A (Household Durables) | 477 | 1,655 | ||||||
GrafTech International, Ltd. (Electrical Equipment) | 734 | 1,607 |
See accompanying notes to financial statements.
148 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | ||||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 14 | $ | 9,751 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 167 | 8,494 | |||||||
Granite Point Mortgage Trust, Inc. (Mortgage REITs) | 193 | 1,146 | |||||||
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels) | 128 | 771 | |||||||
Graphite Bio, Inc.* (Biotechnology) | 105 | 275 | |||||||
Gray Television, Inc. (Media) | 319 | 2,858 | |||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 248 | 1,905 | |||||||
Great Southern Bancorp, Inc. (Banks) | 34 | 2,018 | |||||||
Green Brick Partners, Inc.* (Household Durables) | 99 | 5,142 | |||||||
Green Dot Corp.*—Class A (Consumer Finance) | 175 | 1,733 | |||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 221 | 5,574 | |||||||
Greene County Bancorp, Inc. (Banks) | 27 | 761 | |||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 98 | 1,119 | |||||||
Greif, Inc.—Class A (Containers & Packaging) | 92 | 6,034 | |||||||
Greif, Inc.—Class B (Containers & Packaging) | 20 | 1,320 | |||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 213 | 2,839 | |||||||
Griffon Corp. (Building Products) | 159 | 9,691 | |||||||
Grindr, Inc.* (Interactive Media & Services) | 154 | 1,352 | |||||||
Gritstone bio, Inc.* (Biotechnology) | 332 | 677 | |||||||
Group 1 Automotive, Inc. (Specialty Retail) | 52 | 15,846 | |||||||
GrowGeneration Corp.* (Specialty Retail) | 222 | 557 | |||||||
Guaranty Bancshares, Inc. (Banks) | 31 | 1,042 | |||||||
Guardant Health, Inc.* (Health Care Providers & Services) | 428 | 11,577 | |||||||
Guess?, Inc. (Specialty Retail) | 106 | 2,444 | |||||||
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | 43 | 5,728 | |||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 122 | 6,383 | |||||||
H.B. Fuller Co. (Chemicals) | 206 | 16,770 | |||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 190 | 16,247 | |||||||
Hallador Energy Co.* (Oil, Gas & Consumable Fuels) | 86 | 760 | |||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 492 | 18,184 | |||||||
Hamilton Lane, Inc.—Class A (Capital Markets) | 138 | 15,656 | |||||||
Hancock Whitney Corp. (Banks) | 329 | 15,986 | |||||||
Hanesbrands, Inc.* (Textiles, Apparel & Luxury Goods) | 1,333 | 5,945 | |||||||
Hanmi Financial Corp. (Banks) | 115 | 2,231 | |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs) | 401 | 11,059 | |||||||
HarborOne Bancorp, Inc. (Banks) | 156 | 1,869 | |||||||
Harmonic, Inc.* (Communications Equipment) | 417 | 5,438 | |||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 122 | 3,941 | |||||||
Harrow, Inc.* (Pharmaceuticals) | 115 | 1,288 | |||||||
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | 153 | 819 | |||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 56 | 1,988 | |||||||
Hawaiian Holdings, Inc.* (Passenger Airlines) | 193 | 2,741 | |||||||
Hawkins, Inc. (Chemicals) | 74 | 5,211 | |||||||
Haynes International, Inc. (Metals & Mining) | 48 | 2,738 | |||||||
HBT Financial, Inc. (Banks) | 51 | 1,077 | |||||||
HCI Group, Inc. (Insurance) | 25 | 2,185 | |||||||
Health Catalyst, Inc.* (Health Care Technology) | 214 | 1,982 | |||||||
Healthcare Services Group, Inc.* (Commercial Services & Supplies) | 282 | 2,924 | |||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 319 | 21,150 | |||||||
HealthStream, Inc. (Health Care Technology) | 91 | 2,460 | |||||||
Heartland Express, Inc. (Ground Transportation) | 178 | 2,538 | |||||||
Heartland Financial USA, Inc. (Banks) | 160 | 6,018 | |||||||
Hecla Mining Co. (Metals & Mining) | 2,316 | 11,140 | |||||||
Heidrick & Struggles International, Inc. (Professional Services) | 76 | 2,244 | |||||||
Helen of Troy, Ltd.* (Household Durables) | 90 | 10,873 | |||||||
Helios Technologies, Inc. (Machinery) | 126 | 5,714 | |||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 545 | 5,603 | |||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 370 | 13,401 | |||||||
Herbalife, Ltd.* (Personal Care Products) | 374 | 5,707 | |||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 107 | 15,931 | |||||||
Heritage Commerce Corp. (Banks) | 224 | 2,222 | |||||||
Heritage Financial Corp. (Banks) | 131 | 2,802 | |||||||
Heron Therapeutics, Inc.* (Biotechnology) | 391 | 665 | |||||||
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail) | 152 | 812 | |||||||
Hibbett, Inc. (Specialty Retail) | 47 | 3,385 | |||||||
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels) | 46 | 655 | |||||||
Hillenbrand, Inc. (Machinery) | 265 | 12,680 | |||||||
HilleVax, Inc.* (Biotechnology) | 99 | 1,589 | |||||||
Hillman Solutions Corp.* (Machinery) | 740 | 6,815 | |||||||
Hilltop Holdings, Inc. (Banks) | 177 | 6,232 | |||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 305 | 12,254 | |||||||
Himalaya Shipping, Ltd.* (Marine Transportation) | 106 | 717 | |||||||
Hims & Hers Health, Inc.* (Health Care Providers & Services) | 462 | 4,112 | |||||||
Hingham Institution For Savings The (Banks) | 6 | 1,166 | |||||||
Hippo Holdings, Inc.* (Insurance) | 40 | 365 | |||||||
HireQuest, Inc. (Professional Services) | 20 | 307 | |||||||
HireRight Holdings Corp.* (Professional Services) | 51 | 686 | |||||||
HNI Corp. (Commercial Services & Supplies) | 175 | 7,320 | |||||||
Holley, Inc.* (Automobile Components) | 199 | 969 | |||||||
Home Bancorp, Inc. (Banks) | 27 | 1,134 | |||||||
Home BancShares, Inc. (Banks) | 723 | 18,314 | |||||||
HomeStreet, Inc. (Banks) | 68 | 700 | |||||||
HomeTrust Bancshares, Inc. (Banks) | 56 | 1,508 | |||||||
Hooker Furnishings Corp. (Household Durables) | 41 | 1,069 | |||||||
Hope Bancorp, Inc. (Banks) | 437 | 5,279 | |||||||
Horace Mann Educators Corp. (Insurance) | 156 | 5,101 | |||||||
Horizon Bancorp, Inc. (Banks) | 164 | 2,347 | |||||||
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | 19 | 2,957 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 149
Common Stocks, continued
Shares | Value | |||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 119 | $ | 10,940 | |||||
Hudson Pacific Properties, Inc. (Office REITs) | 523 | 4,869 | ||||||
Hudson Technologies, Inc.* (Trading Companies & Distributors) | 166 | 2,239 | ||||||
Humacyte, Inc.* (Biotechnology) | 232 | 659 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 73 | 7,504 | ||||||
Hyliion Holdings Corp.* (Machinery) | 558 | 454 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 42 | 2,612 | ||||||
I3 Verticals, Inc.*—Class A (Financial Services) | 85 | 1,799 | ||||||
i-80 Gold Corp.* (Metals & Mining) | 731 | 1,287 | ||||||
IBEX Holdings, Ltd.* (Professional Services) | 36 | 684 | ||||||
ICF International, Inc. (Professional Services) | 71 | 9,520 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 108 | 3,632 | ||||||
Icosavax, Inc.* (Biotechnology) | 104 | 1,639 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 229 | 8,148 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 58 | 1,977 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 31 | 2,456 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 50 | 416 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 392 | 1,047 | ||||||
Ikena Oncology, Inc.* (Pharmaceuticals) | 116 | 229 | ||||||
IMAX Corp.* (Entertainment) | 170 | 2,553 | ||||||
Immersion Corp. (Technology Hardware, Storage & Peripherals) | 117 | 826 | ||||||
Immuneering Corp.*—Class A (Biotechnology) | 84 | 617 | ||||||
ImmunityBio, Inc.*(a) (Biotechnology) | 502 | 2,520 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 908 | 26,921 | ||||||
Immunovant, Inc.* (Biotechnology) | 205 | 8,637 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 88 | 7,923 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 203 | 13,179 | ||||||
Independence Realty Trust, Inc. (Residential REITs) | 855 | 13,081 | ||||||
Independent Bank Corp. (Banks) | 168 | 11,056 | ||||||
Independent Bank Corp. (Banks) | 76 | 1,978 | ||||||
Independent Bank Group, Inc. (Banks) | 137 | 6,971 | ||||||
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 571 | 4,631 | ||||||
Infinera Corp.* (Communications Equipment) | 755 | 3,586 | ||||||
Information Services Group, Inc. (IT Services) | 132 | 622 | ||||||
InfuSystem Holdings, Inc.* (Health Care Providers & Services) | 68 | 717 | ||||||
Ingevity Corp.* (Chemicals) | 139 | 6,564 | ||||||
Ingles Markets, Inc.—Class A (Consumer Staples Distribution & Retail) | 54 | 4,664 | ||||||
Inhibrx, Inc.* (Biotechnology) | 130 | 4,940 | ||||||
Inmode, Ltd.* (Health Care Equipment & Supplies) | 293 | 6,516 | ||||||
Innodata, Inc.* (Professional Services) | 98 | 798 | ||||||
Innospec, Inc. (Chemicals) | 94 | 11,585 | ||||||
Innovage Holding Corp.* (Health Care Providers & Services) | 71 | 426 | ||||||
INNOVATE Corp.* (Construction & Engineering) | 205 | 252 | ||||||
Innovative Industrial Properties, Inc. (Industrial REITs) | 106 | 10,687 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 225 | 3,609 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 87 | 478 | ||||||
Inozyme Pharma, Inc.* (Biotechnology) | 180 | 767 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 109 | 19,314 | ||||||
Insmed, Inc.* (Biotechnology) | 524 | 16,239 | ||||||
Insperity, Inc. (Professional Services) | 135 | 15,825 | ||||||
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 82 | 810 | ||||||
Installed Building Products, Inc. (Household Durables) | 89 | 16,271 | ||||||
Insteel Industries, Inc. (Building Products) | 72 | 2,757 | ||||||
Instructure Holdings, Inc.* (Software) | 74 | 1,999 | ||||||
Intapp, Inc.* (Software) | 105 | 3,992 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 126 | 12,484 | ||||||
Integral Ad Science Holding Corp.* (Media) | 184 | 2,648 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 334 | 10,184 | ||||||
Inter Parfums, Inc. (Personal Care Products) | 70 | 10,081 | ||||||
InterDigital, Inc. (Software) | 100 | 10,854 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 217 | 2,739 | ||||||
International Bancshares Corp. (Banks) | 204 | 11,081 | ||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 411 | 11,265 | ||||||
International Money Express, Inc.* (Financial Services) | 121 | 2,673 | ||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 154 | 7,004 | ||||||
inTEST Corp.* (Semiconductors & Semiconductor Equipment) | 45 | 612 | ||||||
Intevac, Inc.* (Technology Hardware, Storage & Peripherals) | 97 | 419 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 355 | 25,424 | ||||||
Intrepid Potash, Inc.* (Chemicals) | 41 | 979 | ||||||
InvenTrust Properties Corp. (Retail REITs) | 257 | 6,512 | ||||||
Invesco Mortgage Capital, Inc. (Mortgage REITs) | 170 | 1,506 | ||||||
Investors Title Co. (Insurance) | 5 | 811 | ||||||
Invitae Corp.*(a) (Health Care Providers & Services) | 995 | 624 | ||||||
IonQ, Inc.* (Technology Hardware, Storage & Peripherals) | 610 | 7,558 | ||||||
Iovance Biotherapeutics, Inc.* (Biotechnology) | 869 | 7,065 | ||||||
iRadimed Corp. (Health Care Equipment & Supplies) | 28 | 1,329 | ||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 116 | 12,417 | ||||||
iRobot Corp.* (Household Durables) | 104 | 4,025 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 525 | 6,006 | ||||||
Ispire Technology, Inc.*(a) (Tobacco) | 67 | 813 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 94 | 1,029 | ||||||
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | 161 | 837 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 173 | 13,063 |
See accompanying notes to financial statements.
150 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Ivanhoe Electric, Inc.* (Metals & Mining) | 239 | $ | 2,409 | |||||
J & J Snack Foods Corp. (Food Products) | 57 | 9,527 | ||||||
J Jill, Inc.* (Specialty Retail) | 17 | 438 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 77 | 6,286 | ||||||
Jackson Financial, Inc.—Class A (Financial Services) | 314 | 16,077 | ||||||
JAKKS Pacific, Inc.* (Leisure Products) | 28 | 995 | ||||||
James River Group Holdings, Ltd. (Insurance) | 140 | 1,294 | ||||||
Jamf Holding Corp.* (Software) | 268 | 4,840 | ||||||
Janus International Group, Inc.* (Building Products) | 322 | 4,202 | ||||||
Janux Therapeutics, Inc.* (Biotechnology) | 65 | 697 | ||||||
JBG SMITH Properties (Office REITs) | 384 | 6,532 | ||||||
JELD-WEN Holding, Inc.* (Building Products) | 323 | 6,098 | ||||||
JetBlue Airways Corp.* (Passenger Airlines) | 1,274 | 7,071 | ||||||
Joby Aviation, Inc.*(a) (Passenger Airlines) | 1,055 | 7,016 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 34 | 3,503 | ||||||
John Bean Technologies Corp. (Machinery) | 121 | 12,033 | ||||||
John Marshall Bancorp, Inc. (Banks) | 48 | 1,083 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 138 | 4,380 | ||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 21 | 1,122 | ||||||
Kadant, Inc. (Machinery) | 45 | 12,614 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 61 | 4,343 | ||||||
Kaltura, Inc.* (Software) | 318 | 620 | ||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 117 | 1,433 | ||||||
Kaman Corp. (Aerospace & Defense) | 106 | 2,539 | ||||||
Karat Packaging, Inc. (Trading Companies & Distributors) | 26 | 646 | ||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 428 | 370 | ||||||
KB Home (Household Durables) | 270 | 16,864 | ||||||
Kearny Financial Corp. (Banks) | 212 | 1,902 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 118 | 2,551 | ||||||
Kennametal, Inc. (Machinery) | 306 | 7,892 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 454 | 5,621 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 85 | 3,380 | ||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 269 | 255 | ||||||
Kforce, Inc. (Professional Services) | 73 | 4,932 | ||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 90 | 2,426 | ||||||
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels) | 69 | 2,305 | ||||||
Kingsway Financial Services, Inc.* (Insurance) | 41 | 344 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 119 | 2,087 | ||||||
Kite Realty Group Trust (Retail REITs) | 826 | 18,881 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage REITs) | 223 | 2,950 | ||||||
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services) | 47 | 529 | ||||||
Knife River Corp.* (Construction Materials) | 215 | 14,229 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 341 | 6,107 | ||||||
Kodiak Gas Services, Inc. (Energy Equipment & Services) | 60 | 1,205 | ||||||
Kodiak Sciences, Inc.* (Biotechnology) | 122 | 371 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 213 | 13,295 | ||||||
Koppers Holdings, Inc. (Chemicals) | 77 | 3,944 | ||||||
Korn Ferry (Professional Services) | 198 | 11,751 | ||||||
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies) | 129 | 317 | ||||||
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | 1,730 | 11,608 | ||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 484 | 9,820 | ||||||
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure) | 332 | 5,010 | ||||||
Kronos Worldwide, Inc. (Chemicals) | 83 | 825 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 81 | 10,049 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 211 | 11,546 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 267 | 3,839 | ||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 22 | 1,672 | ||||||
KVH Industries, Inc.* (Communications Equipment) | 71 | 373 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 144 | 3,666 | ||||||
Ladder Capital Corp. (Mortgage REITs) | 429 | 4,938 | ||||||
Lakeland Bancorp, Inc. (Banks) | 236 | 3,490 | ||||||
Lakeland Financial Corp. (Banks) | 94 | 6,125 | ||||||
Lancaster Colony Corp. (Food Products) | 75 | 12,480 | ||||||
Lands’ End, Inc.* (Specialty Retail) | 56 | 535 | ||||||
Landsea Homes Corp.* (Household Durables) | 76 | 999 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 258 | 15,996 | ||||||
LanzaTech Global, Inc.* (Commercial Services & Supplies) | 77 | �� | 387 | |||||
Larimar Therapeutics, Inc.* (Biotechnology) | 96 | 437 | ||||||
Latham Group, Inc.* (Leisure Products) | 146 | 384 | ||||||
Laureate Education, Inc. (Diversified Consumer Services) | 497 | 6,814 | ||||||
La-Z-Boy, Inc. (Household Durables) | 165 | 6,092 | ||||||
Lazydays Holdings, Inc.* (Specialty Retail) | 28 | 197 | ||||||
LCI Industries (Automobile Components) | 93 | 11,691 | ||||||
LCNB Corp. (Banks) | 40 | 631 | ||||||
Legacy Housing Corp.* (Household Durables) | 38 | 958 | ||||||
Legalzoom.com, Inc.* (Professional Services) | 449 | 5,074 | ||||||
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies) | 75 | 4,257 | ||||||
Lemonade, Inc.*(a) (Insurance) | 192 | 3,097 | ||||||
LendingClub Corp.* (Consumer Finance) | 411 | 3,592 | ||||||
LendingTree, Inc.* (Consumer Finance) | 41 | 1,243 | ||||||
Leonardo DRS, Inc.* (Aerospace & Defense) | 260 | 5,210 | ||||||
Leslie’s, Inc.* (Specialty Retail) | 673 | 4,650 | ||||||
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | 350 | 536 | ||||||
LGI Homes, Inc.* (Household Durables) | 78 | 10,386 | ||||||
Liberty Energy, Inc. (Energy Equipment & Services) | 623 | 11,301 | ||||||
Liberty Latin America, Ltd.*—Class A (Diversified Telecommunication Services) | 132 | 965 | ||||||
Liberty Latin America, Ltd.*—Class C (Diversified Telecommunication Services) | 521 | 3,824 | ||||||
Li-Cycle Holdings Corp.* (Commercial Services & Supplies) | 528 | 309 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 151
Common Stocks, continued
Shares | Value | ||||||||
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure) | 169 | $ | 2,549 | ||||||
LifeStance Health Group, Inc.* (Health Care Providers & Services) | 402 | 3,148 | |||||||
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals) | 64 | 4,571 | |||||||
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure) | 347 | 28,491 | |||||||
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components) | 443 | 2,206 | |||||||
Limbach Holdings, Inc.* (Construction & Engineering) | 35 | 1,591 | |||||||
Limoneira Co. (Food Products) | 67 | 1,382 | |||||||
Lincoln Educational Services Corp.* (Diversified Consumer Services) | 89 | 894 | |||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 132 | 1,488 | |||||||
Lindsay Corp. (Machinery) | 42 | 5,425 | |||||||
Lineage Cell Therapeutics, Inc.* (Biotechnology) | 502 | 547 | |||||||
Lions Gate Entertainment Corp.*—Class A (Entertainment) | 220 | 2,398 | |||||||
Lions Gate Entertainment Corp.*—Class B (Entertainment) | 457 | 4,657 | |||||||
Liquidia Corp.* (Pharmaceuticals) | 180 | 2,165 | |||||||
Liquidity Services, Inc.* (Commercial Services & Supplies) | 87 | 1,497 | |||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 206 | 10,658 | |||||||
Live Oak Bancshares, Inc. (Banks) | 127 | 5,779 | |||||||
Livent Corp.* (Chemicals) | 685 | 12,316 | |||||||
LivePerson, Inc.* (Software) | 296 | 1,122 | |||||||
LiveRamp Holdings, Inc.* (Software) | 249 | 9,432 | |||||||
Livewire Group, Inc.* (Automobiles) | 72 | 814 | |||||||
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals) | 58 | 350 | |||||||
Loop Media, Inc.* (Entertainment) | 144 | 144 | |||||||
LSB Industries, Inc.* (Chemicals) | 203 | 1,890 | |||||||
LSI Industries, Inc. (Electrical Equipment) | 106 | 1,492 | |||||||
LTC Properties, Inc. (Health Care REITs) | 156 | 5,011 | |||||||
Lumen Technologies, Inc.* (Diversified Telecommunication Services) | 3,820 | 6,991 | |||||||
Luminar Technologies, Inc.*(a) (Automobile Components) | 1,031 | 3,474 | |||||||
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | 122 | 811 | |||||||
Luther Burbank Corp.* (Banks) | 38 | 407 | |||||||
Luxfer Holdings PLC (Machinery) | 101 | 903 | |||||||
LXP Industrial Trust (Industrial REITs) | 1,099 | 10,902 | |||||||
Lyell Immunopharma, Inc.* (Biotechnology) | 657 | 1,275 | |||||||
M.D.C Holdings, Inc. (Household Durables) | 228 | 12,597 | |||||||
M/I Homes, Inc.* (Household Durables) | 102 | 14,049 | |||||||
Macatawa Bank Corp. (Banks) | 99 | 1,117 | |||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 206 | 19,148 | |||||||
MacroGenics, Inc.* (Biotechnology) | 230 | 2,213 | |||||||
Madison Square Garden Entertainment Corp.* (Entertainment) | 151 | 4,800 | |||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 56 | 12,957 | |||||||
Magnite, Inc.* (Media) | 512 | 4,782 | |||||||
Magnolia Oil & Gas Corp.—Class A (Oil, Gas & Consumable Fuels) | 681 | 14,498 | |||||||
Maiden Holdings, Ltd.* (Insurance) | 343 | 785 | |||||||
MainStreet Bancshares, Inc. (Banks) | 27 | 670 | |||||||
Malibu Boats, Inc.*—Class A (Leisure Products) | 78 | 4,276 | |||||||
Mammoth Energy Services, Inc.* (Energy Equipment & Services) | 87 | 388 | |||||||
MannKind Corp.* (Biotechnology) | 988 | 3,596 | |||||||
Marathon Digital Holdings, Inc.* (Software) | 807 | 18,956 | |||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 90 | 3,931 | |||||||
Marine Products Corp. (Leisure Products) | 31 | 353 | |||||||
MarineMax, Inc.* (Specialty Retail) | 81 | 3,151 | |||||||
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | 191 | 2,076 | |||||||
MarketWise, Inc. (Capital Markets) | 121 | 330 | |||||||
Marqeta, Inc.*—Class A (Financial Services) | 1,819 | 12,697 | |||||||
Marten Transport, Ltd. (Ground Transportation) | 221 | 4,637 | |||||||
Masonite International Corp.* (Building Products) | 84 | 7,111 | |||||||
Masterbrand, Inc.* (Building Products) | 492 | 7,306 | |||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 65 | 1,472 | |||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 429 | 24,392 | |||||||
Materion Corp. (Metals & Mining) | 78 | 10,150 | |||||||
Mativ Holdings, Inc. (Chemicals) | 207 | 3,169 | |||||||
Matson, Inc. (Marine Transportation) | 131 | 14,357 | |||||||
Matterport, Inc.* (Software) | 967 | 2,601 | |||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 112 | 4,105 | |||||||
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development) | 29 | 461 | |||||||
MaxCyte, Inc.* (Life Sciences Tools & Services) | 330 | 1,551 | |||||||
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment) | 110 | 789 | |||||||
Maximus, Inc. (Professional Services) | 231 | 19,373 | |||||||
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment) | 288 | 6,846 | |||||||
Mayville Engineering Co., Inc.* (Machinery) | 43 | 620 | |||||||
MBIA, Inc. (Insurance) | 172 | 1,053 | |||||||
McGrath RentCorp (Trading Companies & Distributors) | 93 | 11,125 | |||||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 85 | 948 | |||||||
Medifast, Inc. (Personal Care Products) | 41 | 2,756 | |||||||
MeiraGTx Holdings PLC* (Biotechnology) | 122 | 856 | |||||||
Mercantile Bank Corp. (Banks) | 60 | 2,423 | |||||||
Merchants Bancorp (Financial Services) | 61 | 2,597 | |||||||
Mercury General Corp. (Insurance) | 101 | 3,768 | |||||||
MeridianLink, Inc.* (Software) | 99 | 2,452 | |||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 216 | 16,407 | |||||||
Meritage Homes Corp. (Household Durables) | 138 | 24,041 | |||||||
Merrimack Pharmaceuticals, Inc.* (Biotechnology) | 40 | 536 |
See accompanying notes to financial statements.
152 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 419 | $ | 972 | |||||
Mesa Laboratories, Inc. (Life Sciences Tools & Services) | 20 | 2,095 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 129 | 2,932 | ||||||
Metrocity Bankshares, Inc. (Banks) | 70 | 1,681 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 39 | 2,160 | ||||||
MFA Financial, Inc. (Mortgage REITs) | 387 | 4,361 | ||||||
MGE Energy, Inc. (Electric Utilities) | 138 | 9,979 | ||||||
MGP Ingredients, Inc. (Beverages) | 61 | 6,010 | ||||||
MicroStrategy, Inc.*(a) (Software) | 47 | 29,685 | ||||||
Microvast Holdings, Inc.* (Machinery) | 814 | 1,140 | ||||||
MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | 714 | 1,899 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 54 | 1,311 | ||||||
Middlefield Banc Corp. (Banks) | 30 | 971 | ||||||
Middlesex Water Co. (Water Utilities) | 67 | 4,397 | ||||||
Midland States Bancorp, Inc. (Banks) | 78 | 2,150 | ||||||
MidWestOne Financial Group, Inc. (Banks) | 54 | 1,453 | ||||||
Miller Industries, Inc. (Machinery) | 42 | 1,776 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 280 | 7,470 | ||||||
MiMedx Group, Inc.* (Biotechnology) | 437 | 3,832 | ||||||
Minerals Technologies, Inc. (Chemicals) | 123 | 8,771 | ||||||
Mineralys Therapeutics, Inc.* (Biotechnology) | 73 | 628 | ||||||
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 759 | 7,780 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 93 | 2,745 | ||||||
Mission Produce, Inc.* (Food Products) | 183 | 1,846 | ||||||
Mistras Group, Inc.* (Professional Services) | 78 | 571 | ||||||
Mitek Systems, Inc.* (Software) | 165 | 2,152 | ||||||
Model N, Inc.* (Software) | 144 | 3,878 | ||||||
Modine Manufacturing Co.* (Automobile Components) | 195 | 11,642 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 49 | 2,156 | ||||||
Moelis & Co.—Class A (Capital Markets) | 253 | 14,201 | ||||||
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure) | 51 | 3,527 | ||||||
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure) | 171 | 472 | ||||||
Monro, Inc. (Specialty Retail) | 118 | 3,462 | ||||||
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers) | 252 | 2,245 | ||||||
Monte Rosa Therapeutics, Inc.* (Biotechnology) | 114 | 644 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 105 | 3,374 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 107 | 15,491 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 139 | 4,014 | ||||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 58 | 1,749 | ||||||
Mr. Cooper Group, Inc.* (Financial Services) | 244 | 15,889 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 318 | 3,501 | ||||||
Mueller Industries, Inc. (Machinery) | 425 | 20,039 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 588 | 8,467 | ||||||
Multiplan Corp.* (Health Care Technology) | 1,458 | 2,100 | ||||||
Mural Oncology PLC* (Biotechnology) | 62 | 367 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 563 | 24,018 | ||||||
MVB Financial Corp. (Banks) | 43 | 970 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 138 | 2,698 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 63 | 9,112 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 306 | 5,857 | ||||||
N-able, Inc.* (Software) | 265 | 3,511 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 35 | 2,857 | ||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 16 | 584 | ||||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 178 | 133 | ||||||
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies) | 180 | 1,147 | ||||||
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components) | 126 | 4,316 | ||||||
Nathan’s Famous, Inc. (Hotels, Restaurants & Leisure) | 11 | 858 | ||||||
National Bank Holdings Corp.—Class A (Banks) | 140 | 5,207 | ||||||
National Bankshares, Inc. (Banks) | 22 | 712 | ||||||
National Beverage Corp.* (Beverages) | 89 | 4,425 | ||||||
National Health Investors, Inc. (Health Care REITs) | 158 | 8,824 | ||||||
National HealthCare Corp. (Health Care Providers & Services) | 48 | 4,436 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 20 | 1,606 | ||||||
National Research Corp. (Health Care Providers & Services) | 55 | 2,176 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 294 | 6,153 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 9 | 4,347 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail) | 36 | 576 | ||||||
Nature’s Sunshine Products, Inc.* (Personal Care Products) | 50 | 865 | ||||||
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services) | 191 | 571 | ||||||
Navient Corp. (Consumer Finance) | 326 | 6,070 | ||||||
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 414 | 3,341 | ||||||
NBT Bancorp, Inc. (Banks) | 174 | 7,292 | ||||||
Nelnet, Inc.—Class A (Consumer Finance) | 49 | 4,323 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 826 | 16,611 | ||||||
NeoGenomics, Inc.* (Health Care Providers & Services) | 483 | 7,815 | ||||||
NerdWallet, Inc.*—Class A (Consumer Finance) | 128 | 1,884 | ||||||
Nerdy, Inc.* (Diversified Consumer Services) | 236 | 809 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 109 | 1,589 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 263 | 5,773 | ||||||
NETSTREIT Corp. (Retail REITs) | 262 | 4,677 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 153
Common Stocks, continued
Shares | Value | |||||||
Neumora Therapeutics, Inc.* (Pharmaceuticals) | 57 | $ | 972 | |||||
Nevro Corp.* (Health Care Equipment & Supplies) | 134 | 2,884 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 369 | 16,450 | ||||||
New York Mortgage Trust, Inc. (Mortgage REITs) | 344 | 2,934 | ||||||
Newmark Group, Inc.—Class A (Real Estate Management & Development) | 520 | 5,699 | ||||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 288 | 1,912 | ||||||
NewtekOne, Inc. (Financial Services) | 88 | 1,214 | ||||||
NexPoint Diversified Real Estate Trust (Diversified REITs) | 116 | 922 | ||||||
Nexpoint Real Estate Finance, Inc. (Mortgage REITs) | 31 | 488 | ||||||
NexPoint Residential Trust, Inc. (Residential REITs) | 85 | 2,927 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 295 | 1,407 | ||||||
Nextdoor Holdings, Inc.* (Interactive Media & Services) | 550 | 1,040 | ||||||
NextNav, Inc.* (Software) | 209 | 930 | ||||||
NEXTracker, Inc.*—Class A (Electrical Equipment) | 188 | 8,808 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 164 | 141 | ||||||
NI Holdings, Inc.* (Insurance) | 31 | 403 | ||||||
Nicolet Bankshares, Inc. (Banks) | 49 | 3,944 | ||||||
Nikola Corp.* (Machinery) | 2,356 | 2,061 | ||||||
NioCorp Developments, Ltd.* (Metals & Mining) | 7 | 22 | ||||||
Nkarta, Inc.* (Biotechnology) | 113 | 746 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 31 | 174 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 170 | 2,295 | ||||||
NMI Holdings, Inc.*—Class A (Financial Services) | 307 | 9,112 | ||||||
Noble Corp. PLC (Energy Equipment & Services) | 427 | 20,564 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 151 | 476 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 777 | 3,263 | ||||||
Northeast Bank (Banks) | 26 | 1,435 | ||||||
Northeast Community Bancorp, Inc. (Banks) | 48 | 852 | ||||||
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels) | 334 | 12,381 | ||||||
Northfield Bancorp, Inc. (Banks) | 152 | 1,912 | ||||||
Northrim Bancorp, Inc. (Banks) | 21 | 1,201 | ||||||
Northwest Bancshares, Inc. (Banks) | 483 | 6,028 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 136 | 5,296 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 38 | 1,150 | ||||||
Northwestern Energy Group, Inc. (Multi-Utilities) | 234 | 11,908 | ||||||
Norwood Financial Corp. (Banks) | 28 | 921 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 916 | 3,426 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 136 | 22,903 | ||||||
Novavax, Inc.*(a) (Biotechnology) | 360 | 1,728 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 403 | 4,562 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Care Products) | 189 | 3,670 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 180 | 1,858 | ||||||
NuScale Power Corp.* (Electrical Equipment) | 205 | 674 | ||||||
Nuvalent, Inc.*—Class A (Biotechnology) | 100 | 7,359 | ||||||
Nuvation Bio, Inc.* (Pharmaceuticals) | 551 | 832 | ||||||
Nuvectis Pharma, Inc.* (Biotechnology) | 27 | 225 | ||||||
NV5 Global, Inc.* (Professional Services) | 53 | 5,889 | ||||||
NVE Corp. (Semiconductors & Semiconductor Equipment) | 18 | 1,412 | ||||||
Oak Valley Bancorp (Banks) | 26 | 779 | ||||||
Ocean Biomedical, Inc.* (Biotechnology) | 32 | 21 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 381 | 8,108 | ||||||
OceanFirst Financial Corp. (Banks) | 221 | 3,837 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 302 | 1,347 | ||||||
Ocwen Financial Corp.* (Financial Services) | 25 | 769 | ||||||
Office Properties Income Trust (Office REITs) | 182 | 1,332 | ||||||
OFG Bancorp (Banks) | 175 | 6,559 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 589 | 9,648 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 239 | 1,623 | ||||||
Oil-Dri Corp. of America (Household Products) | 19 | 1,275 | ||||||
Old National Bancorp (Banks) | 1,111 | 18,765 | ||||||
Old Second Bancorp, Inc. (Banks) | 165 | 2,548 | ||||||
Olema Pharmaceuticals, Inc.* (Biotechnology) | 101 | 1,417 | ||||||
Olo, Inc.*—Class A (Software) | 391 | 2,237 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 38 | 2,535 | ||||||
Omega Flex, Inc. (Machinery) | 12 | 846 | ||||||
Omega Therapeutics, Inc.* (Biotechnology) | 91 | 274 | ||||||
Omeros Corp.* (Pharmaceuticals) | 230 | 752 | ||||||
OmniAb, Inc.* (Life Sciences Tools & Services) | 353 | 2,178 | ||||||
Omnicell, Inc.* (Health Care Equipment & Supplies) | 170 | 6,397 | ||||||
ON24, Inc. (Software) | 117 | 922 | ||||||
ONE Gas, Inc. (Gas Utilities) | 210 | 13,381 | ||||||
One Liberty Properties, Inc. (Diversified REITs) | 62 | 1,358 | ||||||
OneSpan, Inc.* (Software) | 152 | 1,629 | ||||||
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | 316 | 4,456 | ||||||
OneWater Marine, Inc.* (Specialty Retail) | 44 | 1,487 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 186 | 28,439 | ||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 91 | 976 | ||||||
Open Lending Corp.* (Capital Markets) | 377 | 3,208 | ||||||
Opendoor Technologies, Inc.* (Real Estate Management & Development) | 2,105 | 9,430 | ||||||
OPENLANE, Inc.* (Commercial Services & Supplies) | 409 | 6,057 | ||||||
OPKO Health, Inc.* (Health Care Providers & Services) | 1,527 | 2,306 | ||||||
OppFi, Inc.* (Consumer Finance) | 40 | 205 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 61 | 873 | ||||||
Optinose, Inc.* (Pharmaceuticals) | 275 | 355 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 636 | 21,427 | ||||||
Orange County Bancorp, Inc. (Banks) | 19 | 1,145 |
See accompanying notes to financial statements.
154 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 273 | $ | 2,239 | |||||
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies) | 55 | 502 | ||||||
Orchid Island Capital, Inc. (Mortgage REITs) | 199 | 1,678 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 265 | 1,084 | ||||||
ORIC Pharmaceuticals, Inc.* (Biotechnology) | 148 | 1,362 | ||||||
Origin Bancorp, Inc. (Banks) | 110 | 3,913 | ||||||
Origin Materials, Inc.* (Chemicals) | 442 | 370 | ||||||
Orion Office REIT, Inc. (Office REITs) | 216 | 1,236 | ||||||
Orion SA (Chemicals) | 210 | 5,823 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 203 | 15,385 | ||||||
Orrstown Financial Services, Inc. (Banks) | 39 | 1,151 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 133 | 1,793 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 61 | 1,983 | ||||||
Oscar Health, Inc.*—Class A (Insurance) | 598 | 5,472 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 61 | 7,872 | ||||||
Otter Tail Corp. (Electric Utilities) | 157 | 13,340 | ||||||
Outbrain, Inc.* (Interactive Media & Services) | 155 | 679 | ||||||
Outfront Media, Inc. (Specialized REITs) | 559 | 7,804 | ||||||
Outlook Therapeutics, Inc.*(a) (Biotechnology) | 595 | 234 | ||||||
Outset Medical, Inc.* (Health Care Equipment & Supplies) | 189 | 1,022 | ||||||
Overseas Shipholding Group, Inc.—Class A (Oil, Gas & Consumable Fuels) | 233 | 1,228 | ||||||
Ovid Therapeutics, Inc.* (Biotechnology) | 225 | 725 | ||||||
Owens & Minor, Inc.* (Health Care Providers & Services) | 281 | 5,415 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 57 | 5,700 | ||||||
P10, Inc.—Class A (Capital Markets) | 166 | 1,697 | ||||||
P3 Health Partners, Inc.* (Health Care Providers & Services) | 154 | 217 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 954 | 9,359 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 360 | 10,480 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 173 | 5,837 | ||||||
Pactiv Evergreen, Inc. (Containers & Packaging) | 152 | 2,084 | ||||||
PagerDuty, Inc.* (Software) | 344 | 7,964 | ||||||
Pagseguro Digital, Ltd.*—Class A (Financial Services) | 753 | 9,390 | ||||||
Palomar Holdings, Inc.* (Insurance) | 92 | 5,106 | ||||||
PAM Transportation Services, Inc.* (Ground Transportation) | 24 | 499 | ||||||
Pangaea Logistics Solutions, Ltd. (Marine Transportation) | 137 | 1,129 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 124 | 9,453 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 210 | 7,638 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 101 | 4,398 | ||||||
Paragon 28, Inc.* (Health Care Equipment & Supplies) | 166 | 2,063 | ||||||
Paramount Group, Inc. (Office REITs) | 700 | 3,619 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 70 | 1,029 | ||||||
Park National Corp. (Banks) | 55 | 7,307 | ||||||
Parke Bancorp, Inc. (Banks) | 40 | 810 | ||||||
Park-Ohio Holdings Corp. (Machinery) | 33 | 890 | ||||||
Parsons Corp.* (Professional Services) | 156 | 9,783 | ||||||
Pathward Financial, Inc. (Banks) | 99 | 5,240 | ||||||
Patria Investments, Ltd.—Class A (Capital Markets) | 206 | 3,195 | ||||||
Patrick Industries, Inc. (Automobile Components) | 81 | 8,128 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 326 | 9,275 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 1,340 | 14,472 | ||||||
Payoneer Global, Inc.* (Financial Services) | 1,004 | 5,231 | ||||||
Paysafe, Ltd.* (Financial Services) | 123 | 1,573 | ||||||
Paysign, Inc.* (Financial Services) | 123 | 344 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 423 | 18,595 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 44 | 2,957 | ||||||
PCB Bancorp (Banks) | 42 | 774 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 116 | 3,728 | ||||||
PDS Biotechnology Corp.* (Biotechnology) | 105 | 522 | ||||||
Peabody Energy Corp. (Oil, Gas & Consumable Fuels) | 433 | 10,531 | ||||||
Peakstone Realty Trust (Office REITs) | 137 | 2,730 | ||||||
Peapack-Gladstone Financial Corp. (Banks) | 64 | 1,908 | ||||||
Pebblebrook Hotel Trust (Hotel & Resort REITs) | 451 | 7,207 | ||||||
Pediatrix Medical Group, Inc.* (Health Care Providers & Services) | 318 | 2,957 | ||||||
Penns Woods Bancorp, Inc. (Banks) | 26 | 585 | ||||||
PennyMac Financial Services, Inc. (Financial Services) | 96 | 8,484 | ||||||
PennyMac Mortgage Investment Trust (Mortgage REITs) | 330 | 4,934 | ||||||
Peoples Bancorp, Inc. (Banks) | 132 | 4,456 | ||||||
Peoples Financial Services Corp. (Banks) | 26 | 1,266 | ||||||
PepGen, Inc.* (Biotechnology) | 37 | 252 | ||||||
Perdoceo Education Corp. (Diversified Consumer Services) | 247 | 4,337 | ||||||
Perella Weinberg Partners (Capital Markets) | 159 | 1,945 | ||||||
Perficient, Inc.* (IT Services) | 130 | 8,557 | ||||||
Performant Financial Corp.* (Commercial Services & Supplies) | 254 | 794 | ||||||
Perimeter Solutions SA* (Chemicals) | 577 | 2,654 | ||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 1,482 | 20,155 | ||||||
Perpetua Resources Corp.* (Metals & Mining) | 142 | 450 | ||||||
PetIQ, Inc.* (Health Care Providers & Services) | 103 | 2,034 | ||||||
PetMed Express, Inc. (Specialty Retail) | 77 | 582 | ||||||
PGT Innovations, Inc.* (Building Products) | 215 | 8,751 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 121 | 1,105 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 155
Common Stocks, continued
Shares | Value | |||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 77 | $ | 892 | |||||
Phillips Edison & Co., Inc. (Retail REITs) | 447 | 16,306 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 232 | 7,278 | ||||||
Phreesia, Inc.* (Health Care Technology) | 201 | 4,653 | ||||||
Physicians Realty Trust (Health Care REITs) | 902 | 12,006 | ||||||
Piedmont Lithium, Inc.* (Metals & Mining) | 68 | 1,920 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Office REITs) | 467 | 3,320 | ||||||
Pioneer Bancorp, Inc.* (Banks) | 43 | 430 | ||||||
Piper Sandler Cos. (Capital Markets) | 66 | 11,541 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 665 | 2,926 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 90 | 9,168 | ||||||
Planet Labs PBC* (Professional Services) | 663 | 1,638 | ||||||
PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | 139 | 1,172 | ||||||
Playstudios, Inc.* (Entertainment) | 323 | 875 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 104 | 11,246 | ||||||
Pliant Therapeutics, Inc.* (Pharmaceuticals) | 217 | 3,930 | ||||||
Plumas Bancorp (Banks) | 21 | 868 | ||||||
Plymouth Industrial REIT, Inc. (Industrial REITs) | 168 | 4,044 | ||||||
PMV Pharmaceuticals, Inc.* (Biotechnology) | 145 | 450 | ||||||
PNM Resources, Inc. (Electric Utilities) | 325 | 13,520 | ||||||
Ponce Financial Group, Inc.* (Banks) | 73 | 712 | ||||||
Portillo's, Inc.*—Class A (Hotels, Restaurants & Leisure) | 172 | 2,740 | ||||||
Portland General Electric Co. (Electric Utilities) | 386 | 16,729 | ||||||
Poseida Therapeutics, Inc.* (Biotechnology) | 256 | 860 | ||||||
Postal Realty Trust, Inc.—Class A (Office REITs) | 77 | 1,121 | ||||||
Potbelly Corp.* (Hotels, Restaurants & Leisure) | 99 | 1,032 | ||||||
PotlatchDeltic Corp. (Specialized REITs) | 300 | 14,729 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 35 | 3,094 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 216 | 17,736 | ||||||
PowerSchool Holdings, Inc.* (Software) | 213 | 5,018 | ||||||
PRA Group, Inc.* (Consumer Finance) | 146 | 3,825 | ||||||
Precigen, Inc.* (Biotechnology) | 511 | 685 | ||||||
Preferred Bank (Banks) | 49 | 3,579 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 9 | 1,205 | ||||||
Prelude Therapeutics, Inc.* (Biotechnology) | 56 | 239 | ||||||
Premier Financial Corp. (Banks) | 134 | 3,229 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 189 | 11,571 | ||||||
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components) | 13 | 7 | ||||||
PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 95 | 7,199 | ||||||
Prime Medicine, Inc.* (Biotechnology) | 149 | 1,320 | ||||||
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels) | 3 | 319 | ||||||
Primis Financial Corp. (Banks) | 76 | 962 | ||||||
Primo Water Corp. (Beverages) | 593 | 8,925 | ||||||
Primoris Services Corp. (Construction & Engineering) | 202 | 6,708 | ||||||
Princeton Bancorp, Inc. (Banks) | 19 | 682 | ||||||
Priority Technology Holdings, Inc.* (Financial Services) | 66 | 235 | ||||||
Privia Health Group, Inc.* (Health Care Providers & Services) | 427 | 9,834 | ||||||
ProAssurance Corp. (Insurance) | 198 | 2,730 | ||||||
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies) | 153 | 6,412 | ||||||
ProFrac Holding Corp.*—Class A (Energy Equipment & Services) | 98 | 831 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 168 | 5,193 | ||||||
Progress Software Corp. (Software) | 165 | 8,960 | ||||||
Progyny, Inc.*(a) (Health Care Providers & Services) | 301 | 11,191 | ||||||
ProKidney Corp.* (Biotechnology) | 170 | 303 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 365 | 3,059 | ||||||
PROS Holdings, Inc.* (Software) | 170 | 6,594 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 217 | 4,976 | ||||||
Protalix BioTherapeutics, Inc.* (Biotechnology) | 250 | 445 | ||||||
Prothena Corp. PLC* (Biotechnology) | 160 | 5,814 | ||||||
Proto Labs, Inc.* (Machinery) | 100 | 3,896 | ||||||
Provident Financial Services, Inc. (Banks) | 278 | 5,012 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 273 | 7,524 | ||||||
PubMatic, Inc.*—Class A (Media) | 162 | 2,642 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 139 | 1,772 | ||||||
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | 61 | 747 | ||||||
Pure Cycle Corp.* (Water Utilities) | 74 | 775 | ||||||
PureCycle Technologies, Inc.*(a) (Chemicals) | 439 | 1,778 | ||||||
Purple Innovation, Inc. (Household Durables) | 207 | 213 | ||||||
Q2 Holdings, Inc.* (Software) | 216 | 9,377 | ||||||
QCR Holdings, Inc. (Banks) | 63 | 3,679 | ||||||
Quad/Graphics, Inc.* (Commercial Services & Supplies) | 115 | 623 | ||||||
Quaker Chemical Corp. (Chemicals) | 53 | 11,311 | ||||||
Qualys, Inc.* (Software) | 141 | 27,674 | ||||||
Quanex Building Products Corp. (Building Products) | 125 | 3,821 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 133 | 3,636 | ||||||
Quantum-Si, Inc.* (Life Sciences Tools & Services) | 385 | 774 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 200 | 2,564 | ||||||
Quipt Home Medical Corp.* (Health Care Providers & Services) | 154 | 784 | ||||||
Qurate Retail, Inc.*—Class B (Broadline Retail) | 4 | 26 | ||||||
Rackspace Technology, Inc.* (IT Services) | 238 | 476 | ||||||
Radian Group, Inc. (Financial Services) | 597 | 17,044 |
See accompanying notes to financial statements.
156 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 137 | $ | 910 | |||||
RadNet, Inc.* (Health Care Providers & Services) | 229 | 7,962 | ||||||
Rain Oncology, Inc.* (Pharmaceuticals) | 66 | 79 | ||||||
Rallybio Corp.* (Biotechnology) | 115 | 275 | ||||||
Ramaco Resources, Inc.—Class A (Metals & Mining) | 84 | 1,443 | ||||||
Ramaco Resources, Inc.—Class B (Metals & Mining) | 17 | 226 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 413 | 28,187 | ||||||
Ranger Energy Services, Inc. (Energy Equipment & Services) | 55 | 563 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 163 | 949 | ||||||
Rapid7, Inc.* (Software) | 230 | 13,133 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 112 | 2,783 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 240 | 972 | ||||||
Rayzebio, Inc.* (Biotechnology) | 77 | 4,787 | ||||||
RBB Bancorp (Banks) | 64 | 1,219 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 33 | 2,187 | ||||||
RE/MAX Holdings, Inc. (Real Estate Management & Development) | 66 | 880 | ||||||
Ready Capital Corp. (Mortgage REITs) | 607 | 6,222 | ||||||
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | 516 | 5,088 | ||||||
Red River Bancshares, Inc. (Banks) | 18 | 1,010 | ||||||
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | 60 | 748 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 181 | 9,652 | ||||||
Red Violet, Inc.* (Software) | 42 | 839 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 414 | 4,272 | ||||||
Redwire Corp.* (Aerospace & Defense) | 29 | 83 | ||||||
Redwood Trust, Inc. (Mortgage REITs) | 431 | 3,194 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 156 | 2,800 | ||||||
Regional Management Corp. (Consumer Finance) | 31 | 777 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 341 | 3,754 | ||||||
Remitly Global, Inc.* (Financial Services) | 505 | 9,807 | ||||||
Renasant Corp. (Banks) | 210 | 7,073 | ||||||
Reneo Pharmaceuticals, Inc.* (Biotechnology) | 48 | 77 | ||||||
Rent the Runway, Inc.*—Class A (Specialty Retail) | 189 | 100 | ||||||
Repay Holdings Corp.* (Financial Services) | 313 | 2,673 | ||||||
Replimune Group, Inc.* (Biotechnology) | 187 | 1,576 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 32 | 1,765 | ||||||
Reservoir Media, Inc.* (Entertainment) | 75 | 535 | ||||||
Resideo Technologies, Inc.* (Building Products) | 555 | 10,445 | ||||||
Resources Connection, Inc. (Professional Services) | 123 | 1,743 | ||||||
Retail Opportunity Investments Corp. (Retail REITs) | 467 | 6,552 | ||||||
REV Group, Inc. (Machinery) | 120 | 2,180 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 331 | 2,909 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 545 | 15,631 | ||||||
Revolve Group, Inc.* (Specialty Retail) | 156 | 2,586 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 59 | 2,791 | ||||||
RGC Resources, Inc. (Gas Utilities) | 31 | 631 | ||||||
Rhythm Pharmaceuticals, Inc.* (Biotechnology) | 195 | 8,964 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 336 | 974 | ||||||
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components) | 46 | 614 | ||||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 648 | 940 | ||||||
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | 34 | 926 | ||||||
Rimini Street, Inc.* (Software) | 197 | 644 | ||||||
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | 453 | 661 | ||||||
Riot Platforms, Inc.* (Software) | 721 | 11,154 | ||||||
RLJ Lodging Trust (Hotel & Resort REITs) | 587 | 6,880 | ||||||
Rocket Lab USA, Inc.* (Aerospace & Defense) | 1,056 | 5,840 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 237 | 7,103 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 27 | 815 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 66 | 8,717 | ||||||
Rover Group, Inc.* (Diversified Consumer Services) | 346 | 3,764 | ||||||
RPC, Inc. (Energy Equipment & Services) | 321 | 2,337 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 235 | 11,821 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 35 | 1,854 | ||||||
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | 244 | 1,096 | ||||||
RXO, Inc.* (Ground Transportation) | 440 | 10,233 | ||||||
RxSight, Inc.* (Health Care Equipment & Supplies) | 107 | 4,314 | ||||||
Ryerson Holding Corp. (Metals & Mining) | 106 | 3,676 | ||||||
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 222 | 24,432 | ||||||
S&T Bancorp, Inc. (Banks) | 145 | 4,846 | ||||||
Sabra Health Care REIT, Inc. (Health Care REITs) | 877 | 12,515 | ||||||
Sabre Corp.* (Hotels, Restaurants & Leisure) | 1,255 | 5,522 | ||||||
Safe Bulkers, Inc. (Marine Transportation) | 250 | 983 | ||||||
Safehold, Inc. (Specialized REITs) | 185 | 4,329 | ||||||
Safety Insurance Group, Inc. (Insurance) | 55 | 4,179 | ||||||
Sage Therapeutics, Inc.* (Biotechnology) | 201 | 4,356 | ||||||
Sagimet Biosciences, Inc.*—Class A (Biotechnology) | 20 | 108 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 407 | 5,405 | ||||||
Sana Biotechnology, Inc.* (Biotechnology) | 363 | 1,481 | ||||||
Sanara Medtech, Inc.* (Health Care Equipment & Supplies) | 15 | 617 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 157
Common Stocks, continued
Shares | Value | |||||||
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels) | 121 | $ | 1,654 | |||||
Sandy Spring Bancorp, Inc. (Banks) | 166 | 4,522 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 563 | 306 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 215 | 11,045 | ||||||
Sapiens International Corp. N.V. (Software) | 116 | 3,357 | ||||||
Saul Centers, Inc. (Retail REITs) | 44 | 1,728 | ||||||
Savara, Inc.* (Biotechnology) | 342 | 1,607 | ||||||
Savers Value Village, Inc.*(a) (Broadline Retail) | 98 | 1,703 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 93 | 3,684 | ||||||
Schnitzer Steel Industries, Inc. (Metals & Mining) | 98 | 2,956 | ||||||
Scholar Rock Holding Corp.* (Biotechnology) | 211 | 3,967 | ||||||
Scholastic Corp. (Media) | 101 | 3,808 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 207 | 7,410 | ||||||
Scilex Holding Co.* (Pharmaceuticals) | 198 | 404 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 181 | 11,005 | ||||||
scPharmaceuticals, Inc.* (Pharmaceuticals) | 108 | 677 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 319 | 9,079 | ||||||
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services) | 91 | 1,146 | ||||||
Seadrill, Ltd.* (Energy Equipment & Services) | 192 | 9,078 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 138 | 7,291 | ||||||
Security National Financial Corp.*—Class A (Financial Services) | 47 | 423 | ||||||
Seer, Inc.* (Life Sciences Tools & Services) | 222 | 431 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 394 | 9,259 | ||||||
Select Water Solutions, Inc. (Energy Equipment & Services) | 302 | 2,292 | ||||||
Selective Insurance Group, Inc. (Insurance) | 229 | 22,782 | ||||||
Selectquote, Inc.* (Insurance) | 516 | 707 | ||||||
Semler Scientific, Inc.* (Health Care Equipment & Supplies) | 18 | 797 | ||||||
SEMrush Holdings, Inc.*—Class A (Software) | 119 | 1,626 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 242 | 5,302 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 20 | 1,049 | ||||||
Sensient Technologies Corp. (Chemicals) | 160 | 10,560 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 368 | 515 | ||||||
Service Properties Trust (Hotel & Resort REITs) | 624 | 5,329 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 193 | 12,860 | ||||||
SES AI Corp.* (Electrical Equipment) | 472 | 864 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 436 | 4,918 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 143 | 10,598 | ||||||
Sharecare, Inc.* (Health Care Technology) | 1,167 | 1,260 | ||||||
Shenandoah Telecommunications Co. (Diversified Telecommunication Services) | 184 | 3,978 | ||||||
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | 650 | 10,101 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 69 | 2,084 | ||||||
Shore Bancshares, Inc. (Banks) | 113 | 1,610 | ||||||
Shutterstock, Inc. (Interactive Media & Services) | 93 | 4,490 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 151 | 3,169 | ||||||
Sierra Bancorp (Banks) | 51 | 1,150 | ||||||
SIGA Technologies, Inc. (Pharmaceuticals) | 174 | 974 | ||||||
Sight Sciences, Inc.* (Health Care Equipment & Supplies) | 80 | 413 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 169 | 18,127 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 120 | 15,872 | ||||||
Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | 146 | 1,791 | ||||||
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels) | 79 | 2,297 | ||||||
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets) | 36 | 612 | ||||||
Simmons First National Corp.—Class A (Banks) | 471 | 9,345 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 163 | 32,272 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 60 | 2,685 | ||||||
Sinclair, Inc. (Media) | 124 | 1,616 | ||||||
SiriusPoint, Ltd.* (Insurance) | 265 | 3,074 | ||||||
SITE Centers Corp. (Retail REITs) | 722 | 9,841 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 66 | 8,057 | ||||||
Sitio Royalties Corp.—Class A (Oil, Gas & Consumable Fuels) | 312 | 7,335 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 274 | 6,872 | ||||||
SJW Group (Water Utilities) | 121 | 7,907 | ||||||
Skillsoft Corp.* (Professional Services) | 17 | 299 | ||||||
Skyline Champion Corp.* (Household Durables) | 203 | 15,075 | ||||||
Skyward Specialty Insurance Group, Inc.* (Insurance) | 90 | 3,049 | ||||||
SkyWater Technology, Inc.*(a) (Semiconductors & Semiconductor Equipment) | 69 | 664 | ||||||
SkyWest, Inc.* (Passenger Airlines) | 154 | 8,038 | ||||||
SKYX Platforms Corp.* (Electrical Equipment) | 236 | 378 | ||||||
SL Green Realty Corp.(a) (Office REITs) | 245 | 11,066 | ||||||
Sleep Number Corp.* (Specialty Retail) | 81 | 1,201 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 448 | 17,347 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 183 | 3,464 | ||||||
SmartFinancial, Inc. (Banks) | 60 | 1,469 | ||||||
SmartRent, Inc.* (Electronic Equipment, Instruments & Components) | 698 | 2,227 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 173 | 2,346 | ||||||
Snap One Holdings Corp.* (Household Durables) | 69 | 615 | ||||||
Solaris Oilfield Infrastructure, Inc.—Class A (Energy Equipment & Services) | 111 | 884 | ||||||
SolarWinds Corp.* (Software) | 193 | 2,411 | ||||||
Solid Power, Inc.* (Automobile Components) | 586 | 850 | ||||||
Solo Brands, Inc.*—Class A (Leisure Products) | 75 | 462 |
See accompanying notes to financial statements.
158 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
SomaLogic, Inc.* (Life Sciences Tools & Services) | 571 | $ | 1,445 | |||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 56 | 3,148 | ||||||
Sonos, Inc.* (Household Durables) | 482 | 8,261 | ||||||
SoundHound AI, Inc.*—Class A (Software) | 522 | 1,107 | ||||||
SoundThinking, Inc.* (Software) | 36 | 919 | ||||||
South Plains Financial, Inc. (Banks) | 45 | 1,303 | ||||||
Southern First Bancshares, Inc.* (Banks) | 29 | 1,076 | ||||||
Southern Missouri Bancorp, Inc. (Banks) | 36 | 1,922 | ||||||
Southern States Bancshares, Inc. (Banks) | 29 | 849 | ||||||
Southland Holdings, Inc.* (Construction & Engineering) | 14 | 72 | ||||||
Southside Bancshares, Inc. (Banks) | 109 | 3,414 | ||||||
SouthState Corp. (Banks) | 289 | 24,406 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 234 | 14,824 | ||||||
Sovos Brands, Inc.* (Food Products) | 210 | 4,626 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 75 | 3,844 | ||||||
SpartanNash Co. (Consumer Staples Distribution & Retail) | 131 | 3,006 | ||||||
Sphere Entertainment Co.* (Entertainment) | 101 | 3,430 | ||||||
Spire, Inc. (Gas Utilities) | 196 | 12,219 | ||||||
Spirit Airlines, Inc. (Passenger Airlines) | 416 | 6,818 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 67 | 1,037 | ||||||
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | 141 | 601 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 254 | 9,271 | ||||||
Sprinklr, Inc.*—Class A (Software) | 400 | 4,816 | ||||||
Sprout Social, Inc.*—Class A (Software) | 181 | 11,121 | ||||||
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail) | 387 | 18,619 | ||||||
SPS Commerce, Inc.* (Software) | 139 | 26,944 | ||||||
SPX Technologies, Inc.* (Machinery) | 167 | 16,869 | ||||||
Squarespace, Inc.*—Class A (IT Services) | 192 | 6,338 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 184 | 5,743 | ||||||
Stagwell, Inc.* (Media) | 303 | 2,009 | ||||||
Standard Motor Products, Inc. (Automobile Components) | 78 | 3,105 | ||||||
Standex International Corp. (Machinery) | 45 | 7,127 | ||||||
Star Holdings* (Diversified REITs) | 49 | 734 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 352 | 4,759 | ||||||
Stellar Bancorp, Inc. (Banks) | 185 | 5,150 | ||||||
Stem, Inc.*(a) (Electrical Equipment) | 539 | 2,091 | ||||||
Stepan Co. (Chemicals) | 80 | 7,564 | ||||||
StepStone Group, Inc.—Class A (Capital Markets) | 205 | 6,525 | ||||||
Sterling Bancorp, Inc.* (Banks) | 81 | 467 | ||||||
Sterling Check Corp.* (Professional Services) | 119 | 1,656 | ||||||
Sterling Infrastructure, Inc.* (Construction & Engineering) | 113 | 9,936 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 285 | 11,970 | ||||||
Stewart Information Services Corp. (Insurance) | 101 | 5,934 | ||||||
Stitch Fix, Inc.*—Class A (Specialty Retail) | 323 | 1,153 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 103 | 5,303 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 103 | 542 | ||||||
StoneCo, Ltd.*—Class A (Financial Services) | 1,104 | 19,905 | ||||||
Stoneridge, Inc.* (Automobile Components) | 100 | 1,957 | ||||||
StoneX Group, Inc.* (Capital Markets) | 101 | 7,457 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 85 | 7,851 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 21 | 606 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 161 | 9,559 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 67 | 3,045 | ||||||
Summit Financial Group, Inc. (Banks) | 43 | 1,320 | ||||||
Summit Hotel Properties, Inc. (Hotel & Resort REITs) | 397 | 2,668 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 453 | 17,422 | ||||||
Summit Therapeutics, Inc.* (Biotechnology) | 438 | 1,143 | ||||||
Sun Country Airlines Holdings, Inc.* (Passenger Airlines) | 143 | 2,249 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 317 | 3,405 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 403 | 6,146 | ||||||
SunOpta, Inc.* (Food Products) | 355 | 1,942 | ||||||
SunPower Corp.*(a) (Electrical Equipment) | 330 | 1,594 | ||||||
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 790 | 8,477 | ||||||
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure) | 516 | 1,636 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 176 | 50,029 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 186 | 5,383 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 288 | 9,213 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 53 | 1,927 | ||||||
Sutro Biopharma, Inc.* (Biotechnology) | 227 | 974 | ||||||
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure) | 366 | 4,136 | ||||||
SWK Holdings Corp.* (Financial Services) | 14 | 245 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 136 | 6,679 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 150 | 17,112 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 253 | 5,467 | ||||||
System1, Inc.* (Interactive Media & Services) | 123 | 273 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 88 | 1,258 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 412 | 5,863 | ||||||
Tanger, Inc. (Retail REITs) | 388 | 10,755 | ||||||
Tango Therapeutics, Inc.* (Biotechnology) | 168 | 1,663 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 118 | 1,148 | ||||||
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals) | 31 | 1,295 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 159
Common Stocks, continued
Shares | Value | |||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 108 | $ | 2,187 | |||||
Taylor Morrison Home Corp.* (Household Durables) | 392 | 20,913 | ||||||
TechTarget, Inc.* (Media) | 96 | 3,347 | ||||||
Teekay Corp.* (Oil, Gas & Consumable Fuels) | 234 | 1,673 | ||||||
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels) | 90 | 4,497 | ||||||
TEGNA, Inc. (Media) | 766 | 11,719 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 79 | 1,359 | ||||||
Tela Bio, Inc.* (Health Care Equipment & Supplies) | 61 | 404 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 376 | 6,899 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 2,095 | 1,583 | ||||||
Tenable Holdings, Inc.* (Software) | 433 | 19,944 | ||||||
Tenaya Therapeutics, Inc.* (Biotechnology) | 175 | 567 | ||||||
Tennant Co. (Machinery) | 71 | 6,581 | ||||||
Terawulf, Inc.* (Software) | 560 | 1,344 | ||||||
Terex Corp. (Machinery) | 252 | 14,480 | ||||||
Terns Pharmaceuticals, Inc.* (Pharmaceuticals) | 161 | 1,045 | ||||||
Terran Orbital Corp.* (Aerospace & Defense) | 374 | 426 | ||||||
Terreno Realty Corp. (Industrial REITs) | 314 | 19,678 | ||||||
TETRA Technologies, Inc.* (Energy Equipment & Services) | 474 | 2,142 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 182 | 11,763 | ||||||
Textainer Group Holdings, Ltd. (Trading Companies & Distributors) | 153 | 7,528 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 526 | 8,984 | ||||||
The Andersons, Inc. (Consumer Staples Distribution & Retail) | 122 | 7,020 | ||||||
The Bancorp, Inc.* (Banks) | 198 | 7,635 | ||||||
The Bank of NT Butterfield & Son, Ltd. (Banks) | 184 | 5,890 | ||||||
The Beauty Health Co.* (Personal Care Products) | 309 | 961 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 175 | 15,392 | ||||||
The Buckle, Inc. (Specialty Retail) | 116 | 5,512 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 65 | 464 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 184 | 6,442 | ||||||
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail) | 133 | 3,914 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 45 | 1,045 | ||||||
The Duckhorn Portfolio, Inc.* (Beverages) | 165 | 1,625 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 225 | 1,798 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 207 | 23,226 | ||||||
The First Bancorp, Inc. (Banks) | 37 | 1,044 | ||||||
The First Bancshares, Inc. (Banks) | 116 | 3,402 | ||||||
The First of Long Island Corp. (Banks) | 80 | 1,059 | ||||||
The GEO Group, Inc.* (Commercial Services & Supplies) | 457 | 4,949 | ||||||
The Goodyear Tire & Rubber Co.* (Automobile Components) | 1,068 | 15,293 | ||||||
The Gorman-Rupp Co. (Machinery) | 86 | 3,056 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 115 | 5,081 | ||||||
The Hackett Group, Inc. (IT Services) | 94 | 2,140 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 338 | 3,701 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 53 | 509 | ||||||
The Lovesac Co.* (Household Durables) | 54 | 1,380 | ||||||
The Macerich Co. (Retail REITs) | 820 | 12,653 | ||||||
The Manitowoc Co., Inc.* (Machinery) | 132 | 2,203 | ||||||
The Marcus Corp. (Entertainment) | 91 | 1,327 | ||||||
The ODP Corp.* (Specialty Retail) | 123 | 6,925 | ||||||
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure) | 82 | 502 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 108 | 1,503 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 59 | 1,666 | ||||||
The Shyft Group, Inc. (Machinery) | 128 | 1,564 | ||||||
The Simply Good Foods Co.* (Food Products) | 344 | 13,623 | ||||||
The St Joe Co. (Real Estate Management & Development) | 130 | 7,823 | ||||||
The Vita Coco Co., Inc.* (Beverages) | 108 | 2,770 | ||||||
The York Water Co. (Water Utilities) | 54 | 2,085 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 194 | 2,181 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 127 | 4,136 | ||||||
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals) | 76 | 308 | ||||||
Third Coast Bancshares, Inc.* (Banks) | 49 | 974 | ||||||
Third Harmonic Bio, Inc.* (Pharmaceuticals) | 73 | 801 | ||||||
Thoughtworks Holding, Inc.* (IT Services) | 350 | 1,684 | ||||||
ThredUp, Inc.*—Class A (Specialty Retail) | 271 | 610 | ||||||
Thryv Holdings, Inc.* (Media) | 117 | 2,381 | ||||||
Tidewater, Inc.* (Energy Equipment & Services) | 176 | 12,691 | ||||||
Tile Shop Holdings, Inc.* (Specialty Retail) | 109 | 802 | ||||||
Tilly's, Inc.*—Class A (Specialty Retail) | 84 | 633 | ||||||
Timberland Bancorp, Inc. (Banks) | 28 | 881 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 165 | 3,869 | ||||||
Tingo Group, Inc.*+ (Wireless Telecommunication Services) | 468 | 323 | ||||||
Tiptree, Inc. (Insurance) | 91 | 1,725 | ||||||
Titan International, Inc.* (Machinery) | 199 | 2,961 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 78 | 2,253 | ||||||
Tompkins Financial Corp. (Banks) | 53 | 3,192 | ||||||
Topgolf Callaway Brands Corp.* (Leisure Products) | 545 | 7,816 | ||||||
Torrid Holdings, Inc.* (Specialty Retail) | 45 | 260 | ||||||
Towne Bank (Banks) | 266 | 7,916 | ||||||
Townsquare Media, Inc.—Class A (Media) | 44 | 465 | ||||||
TPG RE Finance Trust, Inc. (Mortgage REITs) | 261 | 1,697 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 156 | 646 | ||||||
Traeger, Inc.* (Household Durables) | 133 | 363 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 31 | 3,389 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 5 | 173 |
See accompanying notes to financial statements.
160 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 120 | $ | 9,472 | |||||
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment) | 110 | 402 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 276 | 2,481 | ||||||
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | 171 | 2,180 | ||||||
Tredegar Corp. (Metals & Mining) | 100 | 541 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 196 | 8,124 | ||||||
Trevi Therapeutics, Inc.* (Pharmaceuticals) | 159 | 213 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 365 | 12,921 | ||||||
TriCo Bancshares (Banks) | 118 | 5,070 | ||||||
TriMas Corp. (Containers & Packaging) | 157 | 3,977 | ||||||
TriNet Group, Inc.* (Professional Services) | 121 | 14,391 | ||||||
Trinity Industries, Inc. (Machinery) | 308 | 8,190 | ||||||
Trinseo PLC (Chemicals) | 133 | 1,113 | ||||||
Triumph Financial, Inc.* (Banks) | 84 | 6,735 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 244 | 4,046 | ||||||
Tronox Holdings PLC (Chemicals) | 444 | 6,287 | ||||||
TrueBlue, Inc.* (Professional Services) | 115 | 1,764 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 339 | 1,173 | ||||||
Trupanion, Inc.*(a) (Insurance) | 150 | 4,577 | ||||||
TrustCo Bank Corp. (Banks) | 71 | 2,205 | ||||||
Trustmark Corp. (Banks) | 231 | 6,440 | ||||||
TTEC Holdings, Inc. (Professional Services) | 74 | 1,604 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 392 | 6,198 | ||||||
Tucows, Inc.*—Class A (IT Services) | 38 | 1,026 | ||||||
Turning Point Brands, Inc. (Tobacco) | 65 | 1,711 | ||||||
Turnstone Biologics Corp.* (Biotechnology) | 24 | 61 | ||||||
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals) | 61 | 668 | ||||||
TuSimple Holdings, Inc.*—Class A (Ground Transportation) | 633 | 556 | ||||||
Tutor Perini Corp.* (Construction & Engineering) | 160 | 1,456 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 216 | 7,962 | ||||||
Two Harbors Investment Corp. (Mortgage REITs) | 368 | 5,126 | ||||||
Tyra Biosciences, Inc.* (Biotechnology) | 53 | 734 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 57 | 5,309 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 286 | 3,235 | ||||||
Udemy, Inc.* (Diversified Consumer Services) | 333 | 4,905 | ||||||
UFP Industries, Inc. (Building Products) | 228 | 28,625 | ||||||
UFP Technologies, Inc.* (Health Care Equipment & Supplies) | 27 | 4,645 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 169 | 5,770 | ||||||
UMB Financial Corp. (Banks) | 168 | 14,036 | ||||||
UMH Properties, Inc. (Residential REITs) | 226 | 3,462 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 57 | 10,426 | ||||||
Unisys Corp.* (IT Services) | 251 | 1,411 | ||||||
United Bankshares, Inc. (Banks) | 496 | 18,625 | ||||||
United Community Banks, Inc. (Banks) | 438 | 12,816 | ||||||
United Fire Group, Inc. (Insurance) | 79 | 1,589 | ||||||
United Homes Group, Inc.* (Household Durables) | 20 | 169 | ||||||
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail) | 222 | 3,603 | ||||||
United States Lime & Minerals, Inc. (Construction Materials) | 8 | 1,843 | ||||||
Uniti Group, Inc. (Specialized REITs) | 902 | 5,214 | ||||||
Unitil Corp. (Multi-Utilities) | 61 | 3,207 | ||||||
Unity Bancorp, Inc. (Banks) | 27 | 799 | ||||||
Universal Corp. (Tobacco) | 91 | 6,126 | ||||||
Universal Health Realty Income Trust (Health Care REITs) | 49 | 2,119 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 92 | 1,470 | ||||||
Universal Logistics Holdings, Inc. (Ground Transportation) | 26 | 729 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 124 | 1,552 | ||||||
Univest Financial Corp. (Banks) | 110 | 2,423 | ||||||
Upbound Group, Inc. (Specialty Retail) | 209 | 7,100 | ||||||
Upstart Holdings, Inc.*(a) (Consumer Finance) | 277 | 11,318 | ||||||
Upwork, Inc.* (Professional Services) | 474 | 7,048 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 1,429 | 9,146 | ||||||
Urban Edge Properties (Retail REITs) | 435 | 7,961 | ||||||
Urban One, Inc.* (Media) | 42 | 148 | ||||||
Urban One, Inc.* (Media) | 34 | 137 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 242 | 8,637 | ||||||
UroGen Pharma, Ltd.* (Biotechnology) | 103 | 1,545 | ||||||
USANA Health Sciences, Inc.* (Personal Care Products) | 43 | 2,305 | ||||||
USCB Financial Holdings, Inc.* (Banks) | 39 | 478 | ||||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 13 | 1,095 | ||||||
Utz Brands, Inc. (Food Products) | 273 | 4,434 | ||||||
V2X, Inc.* (Aerospace & Defense) | 44 | 2,043 | ||||||
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels) | 407 | 1,827 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 230 | 15,771 | ||||||
Valhi, Inc. (Chemicals) | 9 | 137 | ||||||
Valley National Bancorp (Banks) | 1,637 | 17,778 | ||||||
Value Line, Inc. (Capital Markets) | 3 | 146 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 213 | 899 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 147 | 3,014 | ||||||
Varonis Systems, Inc.* (Software) | 412 | 18,655 | ||||||
Vaxcyte, Inc.* (Biotechnology) | 356 | 22,356 | ||||||
Vaxxinity, Inc.*—Class A (Biotechnology) | 161 | 137 | ||||||
Vector Group, Ltd. (Tobacco) | 551 | 6,215 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 193 | 5,989 | ||||||
Velo3D, Inc.* (Machinery) | 344 | 137 | ||||||
Velocity Financial, Inc.* (Financial Services) | 33 | 568 | ||||||
Ventyx Biosciences, Inc.* (Pharmaceuticals) | 176 | 435 | ||||||
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | 99 | 762 | ||||||
Vera Therapeutics, Inc.* (Biotechnology) | 128 | 1,969 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 161
Common Stocks, continued
Shares | Value | |||||||
Veracyte, Inc.* (Biotechnology) | 276 | $ | 7,593 | |||||
Veradigm, Inc.* (Health Care Technology) | 409 | 4,290 | ||||||
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 1 | 2 | ||||||
Vericel Corp.* (Biotechnology) | 181 | 6,445 | ||||||
Verint Systems, Inc.* (Software) | 236 | 6,379 | ||||||
Veris Residential, Inc. (Residential REITs) | 300 | 4,719 | ||||||
Veritex Holdings, Inc. (Banks) | 199 | 4,631 | ||||||
Veritone, Inc.* (Software) | 99 | 179 | ||||||
Verra Mobility Corp.* (Professional Services) | 530 | 12,206 | ||||||
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | 79 | 578 | ||||||
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels) | 246 | 834 | ||||||
Verve Therapeutics, Inc.* (Biotechnology) | 198 | 2,760 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 78 | 2,824 | ||||||
Viant Technology, Inc.*—Class A (Software) | 55 | 379 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 838 | 8,439 | ||||||
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies) | 379 | 139 | ||||||
Vicor Corp.* (Electrical Equipment) | 84 | 3,775 | ||||||
Victory Capital Holdings, Inc.—Class A (Capital Markets) | 101 | 3,478 | ||||||
Viemed Healthcare, Inc.* (Health Care Providers & Services) | 128 | 1,005 | ||||||
Vigil Neuroscience, Inc.* (Biotechnology) | 60 | 203 | ||||||
Viking Therapeutics, Inc.* (Biotechnology) | 365 | 6,793 | ||||||
Village Super Market, Inc.—Class A (Consumer Staples Distribution & Retail) | 34 | 892 | ||||||
Vimeo, Inc.* (Interactive Media & Services) | 576 | 2,258 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 317 | 3,189 | ||||||
Virgin Galactic Holdings, Inc.* (Aerospace & Defense) | 1,243 | 3,045 | ||||||
Virginia National Bankshares Corp. (Banks) | 18 | 619 | ||||||
Viridian Therapeutics, Inc.* (Biotechnology) | 162 | 3,528 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 26 | 6,286 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 489 | 11,721 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 47 | 1,601 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 219 | 6,476 | ||||||
Visteon Corp.* (Automobile Components) | 104 | 12,990 | ||||||
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels) | 88 | 4,003 | ||||||
Vital Farms, Inc.* (Food Products) | 115 | 1,804 | ||||||
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels) | 95 | 2,080 | ||||||
Vivid Seats, Inc.*—Class A (Entertainment) | 91 | 575 | ||||||
Vizio Holding Corp.*—Class A (Household Durables) | 290 | 2,233 | ||||||
Vor BioPharma, Inc.* (Biotechnology) | 142 | 320 | ||||||
VOXX International Corp.* (Household Durables) | 44 | 470 | ||||||
Voyager Therapeutics, Inc.* (Biotechnology) | 120 | 1,013 | ||||||
VSE Corp. (Commercial Services & Supplies) | 50 | 3,231 | ||||||
Vuzix Corp.* (Electronic Equipment, Instruments & Components) | 223 | 465 | ||||||
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels) | 372 | 1,213 | ||||||
Wabash National Corp. (Machinery) | 175 | 4,484 | ||||||
Waldencast PLC*—Class A (Personal Care Products) | 137 | 1,499 | ||||||
Walker & Dunlop, Inc. (Financial Services) | 120 | 13,321 | ||||||
Warby Parker, Inc.*—Class A (Specialty Retail) | 321 | 4,526 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 196 | 11,950 | ||||||
Washington Federal, Inc. (Banks) | 244 | 8,042 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 65 | 2,105 | ||||||
Waterstone Financial, Inc. (Financial Services) | 66 | 937 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 103 | 21,459 | ||||||
WaVe Life Sciences, Ltd.* (Pharmaceuticals) | 223 | 1,126 | ||||||
WD-40 Co. (Household Products) | 52 | 12,431 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 270 | 26,414 | ||||||
Weave Communications, Inc.* (Software) | 126 | 1,445 | ||||||
Weis Markets, Inc. (Consumer Staples Distribution & Retail) | 63 | 4,029 | ||||||
Werner Enterprises, Inc. (Ground Transportation) | 240 | 10,169 | ||||||
WesBanco, Inc. (Banks) | 219 | 6,870 | ||||||
West Bancorp, Inc. (Banks) | 62 | 1,314 | ||||||
Westamerica Bancorp (Banks) | 98 | 5,528 | ||||||
Westrock Coffee Co.* (Food Products) | 107 | 1,092 | ||||||
Weyco Group, Inc. (Distributors) | 23 | 721 | ||||||
Whitestone REIT (Retail REITs) | 185 | 2,274 | ||||||
WideOpenWest, Inc.* (Media) | 189 | 765 | ||||||
Willdan Group, Inc.* (Professional Services) | 46 | 989 | ||||||
Willis Lease Finance Corp.* (Trading Companies & Distributors) | 11 | 538 | ||||||
Winmark Corp. (Specialty Retail) | 11 | 4,593 | ||||||
Winnebago Industries, Inc. (Automobiles) | 110 | 8,017 | ||||||
WisdomTree, Inc. (Capital Markets) | 523 | 3,624 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 294 | 2,614 | ||||||
Workhorse Group, Inc.* (Automobiles) | 782 | 282 | ||||||
Workiva, Inc.* (Software) | 189 | 19,189 | ||||||
World Acceptance Corp.* (Consumer Finance) | 16 | 2,088 | ||||||
World Kinect Corp. (Oil, Gas & Consumable Fuels) | 227 | 5,171 | ||||||
Worthington Industries, Inc. (Household Durables) | 117 | 6,733 | ||||||
Worthington Steel, Inc.* (Metals & Mining) | 117 | 3,288 | ||||||
WSFS Financial Corp. (Banks) | 233 | 10,702 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 206 | 1,803 | ||||||
X4 Pharmaceuticals, Inc.* (Biotechnology) | 467 | 392 | ||||||
Xencor, Inc.* (Biotechnology) | 220 | 4,671 | ||||||
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs) | 407 | 5,543 | ||||||
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals) | 503 | 1,182 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 443 | 8,120 |
See accompanying notes to financial statements.
162 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
XOMA Corp.* (Biotechnology) | 28 | $ | 518 | |||||
Xometry, Inc.*—Class A (Trading Companies & Distributors) | 129 | 4,632 | ||||||
XPEL, Inc.* (Automobile Components) | 85 | 4,577 | ||||||
Xperi, Inc.* (Software) | 165 | 1,818 | ||||||
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 95 | 1,225 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 252 | 11,931 | ||||||
Yext, Inc.* (Software) | 404 | 2,380 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 138 | 941 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 220 | 3,333 | ||||||
Zeta Global Holdings Corp.*—Class A (Software) | 526 | 4,639 | ||||||
Zevia PBC*—Class A (Beverages) | 95 | 191 | ||||||
Zevra Therapeutics, Inc.* (Pharmaceuticals) | 137 | 897 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 176 | 11,826 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 98 | 1,740 | ||||||
ZipRecruiter, Inc.* (Interactive Media & Services) | 256 | 3,558 | ||||||
Zumiez, Inc.* (Specialty Retail) | 61 | 1,241 | ||||||
Zuora, Inc.*—Class A (Software) | 504 | 4,738 | ||||||
Zura Bio, Ltd.* (Biotechnology) | 64 | 299 | ||||||
Zurn Elkay Water Solutions Corp. (Building Products) | 561 | 16,499 | ||||||
Zymeworks, Inc.* (Biotechnology) | 205 | 2,130 | ||||||
Zynex, Inc.*(a) (Health Care Equipment & Supplies) | 69 | 751 | ||||||
TOTAL COMMON STOCKS (Cost $7,836,664) | 9,611,254 |
Rights(NM)
Cartesian Therapeutics, Inc., CVR*+ (Pharmaceuticals) | 445 | 80 | ||||||
Chinook Therapeutics CVR*+ (Health Care Providers & Services) | 222 | — | ||||||
TOTAL RIGHTS (Cost $—) | 80 |
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 250 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Warrant(NM)
Shares | Value | |||||||
Cassava Sciences, Inc.*+ expiring 11/15/24 (Pharmaceuticals) | 60 | $ | 46 | |||||
TOTAL WARRANT (Cost $—) | 46 |
Repurchase Agreements(b)(c) (37.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $5,618,230 | $ | 5,615,000 | $ | 5,615,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,615,000) | 5,615,000 |
Collateral for Securities Loaned(d) (1.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 193,047 | $ | 193,047 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $193,047) | 193,047 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $13,644,711)—101.7% | 15,419,427 | |||||||
Net other assets (liabilities)—(1.7)% | (261,683 | ) | ||||||
NET ASSETS—100.0% | $ | 15,157,744 |
* | Non-income producing security. |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of December 31, 2023, 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 December 31, 2023. The total value of securities on loan as of December 31, 2023 was $179,746. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $687,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
NM | Not meaningful, amount is less than 0.05% |
CVR | Contingent Value Rights |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 163
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||
E-Mini Russell 2000 Index Futures Contracts | 4 | 3/18/24 | $ | 409,540 | $ | 33,603 |
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 | 1/29/24 | 5.73 | % | $ | 2,754,788 | $ | (53,669 | ) | |||||||||
Russell 2000 Index | UBS AG | 1/29/24 | 5.33 | % | 2,318,968 | (44,148 | ) | |||||||||||
$ | 5,073,756 | $ | (97,817 | ) |
(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 December 31, 2023, 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.
164 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP Small-Cap invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 83,603 | 0.6 | % | ||||
Air Freight & Logistics | 21,717 | 0.1 | % | |||||
Automobile Components | 127,164 | 0.8 | % | |||||
Automobiles | 10,499 | 0.1 | % | |||||
Banks | 913,958 | 5.9 | % | |||||
Beverages | 40,657 | 0.3 | % | |||||
Biotechnology | 722,033 | 4.8 | % | |||||
Broadline Retail | 8,318 | 0.1 | % | |||||
Building Products | 194,904 | 1.3 | % | |||||
Capital Markets | 134,685 | 0.9 | % | |||||
Chemicals | 181,779 | 1.1 | % | |||||
Commercial Services & Supplies | 149,892 | 1.0 | % | |||||
Communications Equipment | 56,424 | 0.4 | % | |||||
Construction & Engineering | 161,932 | 1.1 | % | |||||
Construction Materials | 33,494 | 0.2 | % | |||||
Consumer Finance | 75,490 | 0.5 | % | |||||
Consumer Staples Distribution & Retail | 54,334 | 0.4 | % | |||||
Containers & Packaging | 26,710 | 0.2 | % | |||||
Distributors | 721 | NM | ||||||
Diversified Consumer Services | 119,256 | 0.8 | % | |||||
Diversified REITs | 59,368 | 0.4 | % | |||||
Diversified Telecommunication Services | 51,668 | 0.3 | % | |||||
Electric Utilities | 69,133 | 0.4 | % | |||||
Electrical Equipment | 131,077 | 0.9 | % | |||||
Electronic Equipment, Instruments & Components | 261,057 | 1.7 | % | |||||
Energy Equipment & Services | 231,928 | 1.5 | % | |||||
Entertainment | 35,629 | 0.2 | % | |||||
Financial Services | 231,805 | 1.5 | % | |||||
Food Products | 93,197 | 0.6 | % | |||||
Gas Utilities | 87,268 | 0.5 | % | |||||
Ground Transportation | 44,363 | 0.3 | % | |||||
Health Care Equipment & Supplies | 269,893 | 1.8 | % | |||||
Health Care Providers & Services | 240,388 | 1.6 | % | |||||
Health Care REITs | 57,619 | 0.4 | % | |||||
Health Care Technology | 45,219 | 0.3 | % | |||||
Hotel & Resort REITs | 84,176 | 0.6 | % | |||||
Hotels, Restaurants & Leisure | 210,092 | 1.4 | % | |||||
Household Durables | 229,520 | 1.5 | % | |||||
Household Products | 30,707 | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 25,429 | 0.2 | % | |||||
Industrial Conglomerates | 2,281 | NM | ||||||
Industrial REITs | 45,311 | 0.3 | % | |||||
Insurance | 169,776 | 1.1 | % | |||||
Interactive Media & Services | 68,746 | 0.5 | % | |||||
IT Services | 50,253 | 0.3 | % | |||||
Leisure Products | 39,411 | 0.3 | % | |||||
Life Sciences Tools & Services | 35,187 | 0.2 | % | |||||
Machinery | 338,153 | 2.1 | % | |||||
Marine Transportation | 28,159 | 0.2 | % | |||||
Media | 60,010 | 0.4 | % | |||||
Metals & Mining | 177,377 | 1.2 | % | |||||
Mortgage REITs | 114,075 | 0.8 | % | |||||
Multi-Utilities | 39,327 | 0.3 | % | |||||
Office REITs | 72,334 | 0.5 | % | |||||
Oil, Gas & Consumable Fuels | 430,013 | 2.9 | % | |||||
Paper & Forest Products | 9,242 | 0.1 | % | |||||
Passenger Airlines | 40,487 | 0.3 | % | |||||
Personal Care Products | 92,144 | 0.6 | % | |||||
Pharmaceuticals | 168,054 | 1.1 | % | |||||
Professional Services | 241,096 | 1.6 | % | |||||
Real Estate Management & Development | 75,924 | 0.5 | % | |||||
Residential REITs | 37,833 | 0.2 | % | |||||
Retail REITs | 113,660 | 0.7 | % | |||||
Semiconductors & Semiconductor Equipment | 298,734 | 2.0 | % | |||||
Software | 566,665 | 3.7 | % | |||||
Specialized REITs | 44,698 | 0.3 | % | |||||
Specialty Retail | 257,077 | 1.7 | % | |||||
Technology Hardware, Storage & Peripherals | 71,075 | 0.5 | % | |||||
Textiles, Apparel & Luxury Goods | 52,263 | 0.3 | % | |||||
Tobacco | 14,865 | 0.1 | % | |||||
Trading Companies & Distributors | 196,937 | 1.3 | % | |||||
Water Utilities | 42,305 | 0.3 | % | |||||
Wireless Telecommunication Services | 10,802 | 0.1 | % | |||||
Other** | 5,546,364 | 36.6 | % | |||||
Total | $ | 15,157,744 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 165
Common Stocks (99.9%)
Shares | Value | |||||||
A10 Networks, Inc. (Software) | 914 | $ | 12,037 | |||||
AAON, Inc. (Building Products) | 1,880 | 138,875 | ||||||
AAR Corp.* (Aerospace & Defense) | 673 | 41,995 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 1,404 | 123,861 | ||||||
ACI Worldwide, Inc.* (Software) | 1,909 | 58,415 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 190 | 17,642 | ||||||
Adeia, Inc. (Software) | 1,195 | 14,806 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 1,110 | 65,435 | ||||||
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | 645 | 70,253 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 733 | 92,387 | ||||||
Agilysys, Inc.* (Software) | 566 | 48,008 | ||||||
Alamo Group, Inc. (Machinery) | 288 | 60,535 | ||||||
Alarm.com Holdings, Inc.* (Software) | 1,394 | 90,080 | ||||||
Albany International Corp. (Machinery) | 418 | 41,056 | ||||||
Alkermes PLC* (Biotechnology) | 2,978 | 82,610 | ||||||
Alpha Metallurgical Resources, Inc. (Metals & Mining) | 329 | 111,505 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 1,261 | 20,781 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 5,176 | 109,524 | ||||||
American Equity Investment Life Holding Co.* (Insurance) | 1,149 | 64,114 | ||||||
American States Water Co. (Water Utilities) | 546 | 43,910 | ||||||
American Woodmark Corp.* (Building Products) | 256 | 23,770 | ||||||
AMERISAFE, Inc. (Insurance) | 230 | 10,759 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 569 | 42,607 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,042 | 64,449 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 420 | 23,159 | ||||||
Apogee Enterprises, Inc. (Building Products) | 277 | 14,795 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs) | 2,249 | 26,403 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 1,159 | 44,390 | ||||||
Apple Hospitality REIT, Inc. (Hotel & Resort REITs) | 5,933 | 98,547 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 1,081 | 186,678 | ||||||
ArcBest Corp. (Ground Transportation) | 660 | 79,339 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 3,829 | 58,967 | ||||||
Arcosa, Inc. (Construction & Engineering) | 802 | 66,277 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 616 | 11,766 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 2,639 | 25,123 | ||||||
Armada Hoffler Properties, Inc. (Diversified REITs) | 809 | 10,007 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage REITs) | 942 | 18,207 | ||||||
Armstrong World Industries, Inc. (Building Products) | 1,232 | 121,130 | ||||||
Artisan Partners Asset Management, Inc.—Class A (Capital Markets) | 1,069 | 47,228 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 587 | 10,496 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 282 | 63,442 | ||||||
Assured Guaranty, Ltd. (Insurance) | 909 | 68,020 | ||||||
ATI, Inc.* (Metals & Mining) | 3,558 | 161,781 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 913 | 118,407 | ||||||
Axos Financial, Inc.* (Banks) | 901 | 49,195 | ||||||
AZZ, Inc. (Building Products) | 699 | 40,605 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 818 | 126,275 | ||||||
Balchem Corp. (Chemicals) | 504 | 74,970 | ||||||
BancFirst Corp. (Banks) | 251 | 24,430 | ||||||
Bank of Hawaii Corp.(a) (Banks) | 444 | 32,172 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 585 | 14,526 | ||||||
BioLife Solutions, Inc.* (Life Sciences Tools & Services) | 582 | 9,458 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 1,186 | 33,386 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 1,105 | 142,943 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 844 | 64,785 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 812 | 47,656 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 542 | 10,385 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 518 | 22,367 | ||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 1,798 | 98,315 | ||||||
California Water Service Group (Water Utilities) | 644 | 33,404 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 1,549 | 50,188 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 1,134 | 65,080 | ||||||
CareTrust REIT, Inc. (Health Care REITs) | 2,092 | 46,818 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 2,389 | 57,718 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 1,375 | 97,350 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 1,718 | 32,590 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 2,795 | 46,984 | ||||||
Cathay General Bancorp (Banks) | 952 | 42,431 | ||||||
Cavco Industries, Inc.* (Household Durables) | 216 | 74,870 | ||||||
Century Communities, Inc. (Household Durables) | 402 | 36,638 | ||||||
Certara, Inc.* (Health Care Technology) | 1,734 | 30,501 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 283 | 6,427 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 271 | 28,626 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 1,928 | 14,614 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 276 | 10,551 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 2,958 | 41,678 | ||||||
City Holding Co. (Banks) | 248 | 27,344 |
See accompanying notes to financial statements.
166 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 1,207 | $ | 91,805 | |||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 543 | 19,217 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 909 | 27,979 | ||||||
Community Healthcare Trust, Inc. (Health Care REITs) | 283 | 7,539 | ||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | 1,307 | 11,567 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 858 | 93,960 | ||||||
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels) | 778 | 78,212 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 1,636 | 53,137 | ||||||
Core Laboratories, Inc. (Energy Equipment & Services) | 573 | 10,119 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 252 | 62,297 | ||||||
CSG Systems International, Inc. (Professional Services) | 388 | 20,645 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 486 | 21,258 | ||||||
Customers Bancorp, Inc.* (Banks) | 788 | 45,405 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 447 | 13,544 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 1,225 | 102,274 | ||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 958 | 51,588 | ||||||
DiamondRock Hospitality Co. (Hotel & Resort REITs) | 5,845 | 54,885 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 187 | 9,285 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 781 | 62,886 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 689 | 42,973 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 951 | 41,720 | ||||||
Dorman Products, Inc.* (Automobile Components) | 545 | 45,458 | ||||||
DoubleVerify Holdings, Inc.* (Software) | 3,887 | 142,964 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 3,604 | 50,384 | ||||||
elf Beauty, Inc.* (Personal Care Products) | 1,540 | 222,283 | ||||||
Ellington Financial, Inc. (Mortgage REITs) | 2,189 | 27,822 | ||||||
Encore Wire Corp. (Electrical Equipment) | 440 | 93,984 | ||||||
Energizer Holdings, Inc. (Household Products) | 853 | 27,023 | ||||||
Enerpac Tool Group Corp. (Machinery) | 1,015 | 31,556 | ||||||
Enpro, Inc. (Machinery) | 262 | 41,066 | ||||||
Envestnet, Inc.* (Software) | 582 | 28,821 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 458 | 36,567 | ||||||
ESCO Technologies, Inc. (Machinery) | 719 | 84,145 | ||||||
Essential Properties Realty Trust, Inc. (Diversified REITs) | 2,262 | 57,817 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 261 | 8,331 | ||||||
EVERTEC, Inc. (Financial Services) | 1,836 | 75,166 | ||||||
eXp World Holdings, Inc. (Real Estate Management & Development) | 2,146 | 33,306 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 2,169 | 38,261 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 1,013 | 192,804 | ||||||
Federal Signal Corp. (Machinery) | 1,699 | 130,381 | ||||||
First Bancorp (Banks) | 4,811 | 79,140 | ||||||
First Commonwealth Financial Corp. (Banks) | 1,310 | 20,226 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 2,171 | 90,552 | ||||||
Four Corners Property Trust, Inc. (Specialized REITs) | 1,111 | 28,109 | ||||||
Franklin Electric Co., Inc. (Machinery) | 1,106 | 106,895 | ||||||
Frontdoor, Inc.* (Diversified Consumer Services) | 2,220 | 78,187 | ||||||
Gentherm, Inc.* (Automobile Components) | 421 | 22,044 | ||||||
Getty Realty Corp. (Retail REITs) | 575 | 16,802 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 849 | 67,054 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 1,358 | 107,946 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 1,131 | 93,228 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 811 | 8,215 | ||||||
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure) | 365 | 14,574 | ||||||
Goosehead Insurance, Inc.*—Class A (Insurance) | 681 | 51,620 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 625 | 31,788 | ||||||
Green Brick Partners, Inc.* (Household Durables) | 708 | 36,774 | ||||||
Griffon Corp. (Building Products) | 776 | 47,297 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 386 | 117,630 | ||||||
Guess?, Inc. (Specialty Retail) | 762 | 17,572 | ||||||
H.B. Fuller Co. (Chemicals) | 739 | 60,162 | ||||||
Harmonic, Inc.* (Communications Equipment) | 1,690 | 22,038 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 394 | 12,726 | ||||||
Hawkins, Inc. (Chemicals) | 528 | 37,182 | ||||||
Haynes International, Inc. (Metals & Mining) | 199 | 11,353 | ||||||
HCI Group, Inc. (Insurance) | 168 | 14,683 | ||||||
HealthStream, Inc. (Health Care Technology) | 353 | 9,542 | ||||||
Heartland Express, Inc. (Ground Transportation) | 703 | 10,025 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 3,951 | 40,616 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 1,497 | 54,221 | ||||||
HNI Corp. (Commercial Services & Supplies) | 779 | 32,586 | ||||||
Innospec, Inc. (Chemicals) | 437 | 53,856 | ||||||
Innovative Industrial Properties, Inc. (Industrial REITs) | 430 | 43,353 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 786 | 12,607 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 502 | 88,949 | ||||||
Installed Building Products, Inc. (Household Durables) | 657 | 120,113 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 167
Common Stocks, continued
Shares | Value | |||||||
Insteel Industries, Inc. (Building Products) | 342 | $ | 13,095 | |||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 930 | 92,144 | ||||||
Inter Parfums, Inc. (Personal Care Products) | 500 | 72,005 | ||||||
InterDigital, Inc. (Software) | 717 | 77,823 | ||||||
iRobot Corp.* (Household Durables) | 264 | 10,217 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 2,184 | 24,985 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 622 | 46,967 | ||||||
J & J Snack Foods Corp. (Food Products) | 430 | 71,870 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 561 | 45,794 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 132 | 13,601 | ||||||
John Bean Technologies Corp. (Machinery) | 533 | 53,007 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 1,031 | 18,465 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 1,394 | 87,013 | ||||||
Koppers Holdings, Inc. (Chemicals) | 308 | 15,776 | ||||||
Korn Ferry (Professional Services) | 853 | 50,626 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 991 | 54,228 | ||||||
Lakeland Financial Corp. (Banks) | 333 | 21,698 | ||||||
La-Z-Boy, Inc. (Household Durables) | 648 | 23,924 | ||||||
LCI Industries (Automobile Components) | 445 | 55,941 | ||||||
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies) | 552 | 31,332 | ||||||
LGI Homes, Inc.* (Household Durables) | 343 | 45,674 | ||||||
Liberty Energy, Inc. (Energy Equipment & Services) | 4,280 | 77,639 | ||||||
Lindsay Corp. (Machinery) | 150 | 19,374 | ||||||
Liquidity Services, Inc.* (Commercial Services & Supplies) | 625 | 10,756 | ||||||
LiveRamp Holdings, Inc.* (Software) | 1,827 | 69,207 | ||||||
LTC Properties, Inc. (Health Care REITs) | 497 | 15,964 | ||||||
M/I Homes, Inc.* (Household Durables) | 776 | 106,886 | ||||||
Madison Square Garden Sports Corp.* (Entertainment) | 465 | 84,551 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 272 | 11,881 | ||||||
Marten Transport, Ltd. (Ground Transportation) | 757 | 15,882 | ||||||
Materion Corp. (Metals & Mining) | 575 | 74,825 | ||||||
Matson, Inc. (Marine Transportation) | 974 | 106,750 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 544 | 19,938 | ||||||
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment) | 1,283 | 30,497 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 950 | 72,162 | ||||||
Meritage Homes Corp. (Household Durables) | 1,025 | 178,555 | ||||||
MGP Ingredients, Inc. (Beverages) | 252 | 24,827 | ||||||
Middlesex Water Co. (Water Utilities) | 228 | 14,961 | ||||||
Minerals Technologies, Inc. (Chemicals) | 454 | 32,375 | ||||||
Mister Car Wash, Inc.* (Diversified Consumer Services) | 1,168 | 10,092 | ||||||
Moelis & Co.—Class A (Capital Markets) | 1,004 | 56,356 | ||||||
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure) | 372 | 25,724 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 801 | 115,970 | ||||||
Mueller Industries, Inc. (Machinery) | 3,165 | 149,231 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 503 | 9,834 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 466 | 67,397 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 1,211 | 23,179 | ||||||
N-able, Inc.* (Software) | 1,241 | 16,443 | ||||||
National Beverage Corp.* (Beverages) | 358 | 17,800 | ||||||
National HealthCare Corp. (Health Care Providers & Services) | 177 | 16,358 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 65 | 5,218 | ||||||
NeoGenomics, Inc.* (Health Care Providers & Services) | 3,555 | 57,520 | ||||||
New York Mortgage Trust, Inc. (Mortgage REITs) | 2,529 | 21,572 | ||||||
NMI Holdings, Inc.*—Class A (Financial Services) | 1,469 | 43,600 | ||||||
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels) | 2,549 | 94,491 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 2,811 | 59,818 | ||||||
OFG Bancorp (Banks) | 1,312 | 49,174 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 874 | 5,934 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 134 | 8,938 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 2,049 | 16,802 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 436 | 56,266 | ||||||
Otter Tail Corp. (Electric Utilities) | 1,163 | 98,820 | ||||||
Outfront Media, Inc. (Specialized REITs) | 1,701 | 23,746 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 410 | 41,000 | ||||||
Palomar Holdings, Inc.* (Insurance) | 689 | 38,240 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 429 | 32,703 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 1,552 | 56,446 | ||||||
Park National Corp. (Banks) | 163 | 21,656 | ||||||
Pathward Financial, Inc. (Banks) | 730 | 38,639 | ||||||
Patrick Industries, Inc. (Automobile Components) | 580 | 58,203 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 4,927 | 53,212 | ||||||
Payoneer Global, Inc.* (Financial Services) | 3,319 | 17,292 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 854 | 27,448 | ||||||
Perdoceo Education Corp. (Diversified Consumer Services) | 1,025 | 17,999 | ||||||
Perficient, Inc.* (IT Services) | 591 | 38,900 | ||||||
PGT Innovations, Inc.* (Building Products) | 1,591 | 64,754 | ||||||
Phillips Edison & Co., Inc. (Retail REITs) | 1,700 | 62,016 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 1,220 | 38,271 | ||||||
Piper Sandler Cos. (Capital Markets) | 206 | 36,023 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 354 | 36,062 |
See accompanying notes to financial statements.
168 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 337 | $ | 36,440 | |||||
Powell Industries, Inc. (Electrical Equipment) | 254 | 22,454 | ||||||
Preferred Bank (Banks) | 348 | 25,421 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 664 | 40,650 | ||||||
Privia Health Group, Inc.* (Health Care Providers & Services) | 2,863 | 65,934 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 1,247 | 38,545 | ||||||
Progress Software Corp. (Software) | 1,215 | 65,975 | ||||||
Proto Labs, Inc.* (Machinery) | 467 | 18,194 | ||||||
Quaker Chemical Corp. (Chemicals) | 201 | 42,897 | ||||||
Quanex Building Products Corp. (Building Products) | 635 | 19,412 | ||||||
Radian Group, Inc. (Financial Services) | 2,348 | 67,035 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 1,684 | 58,553 | ||||||
Redwood Trust, Inc. (Mortgage REITs) | 3,309 | 24,520 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 485 | 8,706 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 424 | 20,055 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 313 | 41,338 | ||||||
RPC, Inc. (Energy Equipment & Services) | 2,377 | 17,305 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 763 | 38,379 | ||||||
RXO, Inc.* (Ground Transportation) | 1,501 | 34,913 | ||||||
S&T Bancorp, Inc. (Banks) | 565 | 18,882 | ||||||
Sabre Corp.* (Hotels, Restaurants & Leisure) | 5,609 | 24,680 | ||||||
Saul Centers, Inc. (Retail REITs) | 177 | 6,951 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 854 | 30,572 | ||||||
Sealed Air Corp. (Containers & Packaging) | 1,611 | 58,833 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 805 | 17,638 | ||||||
Sensient Technologies Corp. (Chemicals) | 507 | 33,462 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 629 | 41,910 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 1,047 | 77,604 | ||||||
Shenandoah Telecommunications Co. (Diversified Telecommunication Services) | 1,402 | 30,311 | ||||||
Shutterstock, Inc. (Interactive Media & Services) | 340 | 16,415 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 1,251 | 134,183 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 262 | 11,725 | ||||||
SiriusPoint, Ltd.* (Insurance) | 2,523 | 29,267 | ||||||
SITE Centers Corp. (Retail REITs) | 2,359 | 32,153 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 280 | 34,182 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 2,003 | 50,235 | ||||||
SJW Group (Water Utilities) | 348 | 22,742 | ||||||
SkyWest, Inc.* (Passenger Airlines) | 617 | 32,207 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 3,243 | 125,570 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 593 | 11,225 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 618 | 57,845 | ||||||
Southside Bancshares, Inc. (Banks) | 312 | 9,772 | ||||||
SPS Commerce, Inc.* (Software) | 1,023 | 198,299 | ||||||
SPX Technologies, Inc.* (Machinery) | 1,273 | 128,586 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 832 | 25,967 | ||||||
Standex International Corp. (Machinery) | 332 | 52,582 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 1,956 | 82,152 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 251 | 23,185 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 1,108 | 65,782 | ||||||
Summit Hotel Properties, Inc. (Hotel & Resort REITs) | 1,531 | 10,288 | ||||||
Sun Country Airlines Holdings, Inc.* (Passenger Airlines) | 490 | 7,708 | ||||||
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 5,729 | 61,472 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 610 | 17,653 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 835 | 24,699 | ||||||
Tanger, Inc. (Retail REITs) | 2,938 | 81,440 | ||||||
TechTarget, Inc.* (Media) | 418 | 14,571 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 1,375 | 25,232 | ||||||
Tennant Co. (Machinery) | 521 | 48,291 | ||||||
The Andersons, Inc. (Consumer Staples Distribution & Retail) | 469 | 26,986 | ||||||
The Bancorp, Inc.* (Banks) | 1,496 | 57,686 | ||||||
The Buckle, Inc. (Specialty Retail) | 515 | 24,473 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 599 | 20,971 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 1,575 | 176,730 | ||||||
The Marcus Corp. (Entertainment) | 363 | 5,293 | ||||||
The Simply Good Foods Co.* (Food Products) | 1,593 | 63,083 | ||||||
The St Joe Co. (Real Estate Management & Development) | 993 | 59,759 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 611 | 14,328 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 294 | 9,773 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 1,651 | 58,445 | ||||||
Trinity Industries, Inc. (Machinery) | 1,141 | 30,339 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 3,015 | 64,913 | ||||||
Triumph Financial, Inc.* (Banks) | 604 | 48,429 | ||||||
Trupanion, Inc.*(a) (Insurance) | 478 | 14,584 | ||||||
Two Harbors Investment Corp. (Mortgage REITs) | 2,682 | 37,361 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 230 | 21,422 | ||||||
UFP Technologies, Inc.* (Health Care Equipment & Supplies) | 196 | 33,720 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 173 | 31,643 | ||||||
Uniti Group, Inc. (Specialized REITs) | 3,462 | 20,010 | ||||||
Unitil Corp. (Multi-Utilities) | 202 | 10,619 | ||||||
Universal Health Realty Income Trust (Health Care REITs) | 171 | 7,396 | ||||||
Upbound Group, Inc. (Specialty Retail) | 695 | 23,609 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 169
Common Stocks, continued
Shares | Value | |||||||
Urban Edge Properties (Retail REITs) | 1,936 | $ | 35,429 | |||||
Urban Outfitters, Inc.* (Specialty Retail) | 1,577 | 56,283 | ||||||
Vector Group, Ltd. (Tobacco) | 1,664 | 18,770 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 1,571 | 48,748 | ||||||
Vericel Corp.* (Biotechnology) | 1,331 | 47,397 | ||||||
Veris Residential, Inc. (Residential REITs) | 895 | 14,078 | ||||||
Verra Mobility Corp.* (Professional Services) | 4,637 | 106,790 | ||||||
Vestis Corp. (Commercial Services & Supplies) | 1,932 | 40,842 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 583 | 21,105 | ||||||
Vicor Corp.* (Electrical Equipment) | 333 | 14,965 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 119 | 28,769 | ||||||
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels) | 332 | 15,103 | ||||||
Walker & Dunlop, Inc. (Financial Services) | 401 | 44,515 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 1,452 | 88,528 | ||||||
WD-40 Co. (Household Products) | 378 | 90,369 | ||||||
Westamerica Bancorp (Banks) | 453 | 25,554 | ||||||
Whitestone REIT (Retail REITs) | 644 | 7,915 | ||||||
Winnebago Industries, Inc. (Automobiles) | 467 | 34,035 | ||||||
WisdomTree, Inc. (Capital Markets) | 3,080 | 21,344 | ||||||
World Acceptance Corp.* (Consumer Finance) | 95 | 12,400 | ||||||
Worthington Industries, Inc. (Household Durables) | 586 | 33,724 | ||||||
Worthington Steel, Inc.* (Metals & Mining) | 586 | 16,467 | ||||||
WSFS Financial Corp. (Banks) | 762 | 34,999 | ||||||
Xencor, Inc.* (Biotechnology) | 883 | 18,746 | ||||||
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs) | 1,745 | 23,767 | ||||||
XPEL, Inc.* (Automobile Components) | 593 | 31,933 | ||||||
Xperi, Inc.* (Software) | 606 | 6,678 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 1,908 | 90,325 | ||||||
TOTAL COMMON STOCKS (Cost $11,613,450) | 16,165,464 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $40,023 | $ | 40,000 | $ | 40,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $40,000) | 40,000 |
Collateral for Securities Loaned(c) (0.1%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 19,774 | $ | 19,774 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $19,774) | 19,774 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,673,224)—100.2% | 16,225,238 | |||||||
Net other assets (liabilities)—(0.2)% | (27,285 | ) | ||||||
NET ASSETS—100.0% | $ | 16,197,953 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $19,141. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
170 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP Small-Cap Growth invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 255,570 | 1.6 | % | ||||
Automobile Components | 213,579 | 1.3 | % | |||||
Automobiles | 34,035 | 0.2 | % | |||||
Banks | 728,689 | 4.6 | % | |||||
Beverages | 42,627 | 0.3 | % | |||||
Biotechnology | 417,031 | 2.6 | % | |||||
Building Products | 550,787 | 3.4 | % | |||||
Capital Markets | 279,140 | 1.7 | % | |||||
Chemicals | 350,680 | 2.2 | % | |||||
Commercial Services & Supplies | 204,526 | 1.3 | % | |||||
Communications Equipment | 60,299 | 0.4 | % | |||||
Construction & Engineering | 165,462 | 1.0 | % | |||||
Consumer Finance | 50,945 | 0.3 | % | |||||
Consumer Staples Distribution & Retail | 26,986 | 0.2 | % | |||||
Containers & Packaging | 68,667 | 0.4 | % | |||||
Diversified Consumer Services | 260,680 | 1.6 | % | |||||
Diversified REITs | 67,824 | 0.4 | % | |||||
Diversified Telecommunication Services | 122,116 | 0.8 | % | |||||
Electric Utilities | 98,820 | 0.6 | % | |||||
Electrical Equipment | 131,403 | 0.8 | % | |||||
Electronic Equipment, Instruments & Components | 760,705 | 4.7 | % | |||||
Energy Equipment & Services | 377,831 | 2.3 | % | |||||
Entertainment | 131,522 | 0.8 | % | |||||
Financial Services | 247,608 | 1.5 | % | |||||
Food Products | 223,407 | 1.4 | % | |||||
Gas Utilities | 28,626 | 0.2 | % | |||||
Ground Transportation | 140,159 | 0.9 | % | |||||
Health Care Equipment & Supplies | 509,228 | 3.1 | % | |||||
Health Care Providers & Services | 563,453 | 3.4 | % | |||||
Health Care REITs | 77,717 | 0.5 | % | |||||
Health Care Technology | 82,340 | 0.5 | % | |||||
Hotel & Resort REITs | 248,959 | 1.6 | % | |||||
Hotels, Restaurants & Leisure | 419,462 | 2.6 | % | |||||
Household Durables | 734,151 | 4.5 | % | |||||
Household Products | 117,392 | 0.7 | % | |||||
Industrial REITs | 43,353 | 0.3 | % | |||||
Insurance | 312,068 | 1.9 | % | |||||
Interactive Media & Services | 261,961 | 1.6 | % | |||||
IT Services | 38,900 | 0.2 | % | |||||
Life Sciences Tools & Services | 9,458 | 0.1 | % | |||||
Machinery | 995,238 | 6.1 | % | |||||
Marine Transportation | 106,750 | 0.7 | % | |||||
Media | 14,571 | 0.1 | % | |||||
Metals & Mining | 585,075 | 3.6 | % | |||||
Mortgage REITs | 155,885 | 1.0 | % | |||||
Multi-Utilities | 10,619 | 0.1 | % | |||||
Oil, Gas & Consumable Fuels | 605,211 | 3.8 | % | |||||
Passenger Airlines | 39,915 | 0.2 | % | |||||
Personal Care Products | 294,288 | 1.8 | % | |||||
Pharmaceuticals | 252,360 | 1.6 | % | |||||
Professional Services | 178,061 | 1.1 | % | |||||
Real Estate Management & Development | 104,946 | 0.6 | % | |||||
Residential REITs | 14,078 | 0.1 | % | |||||
Retail REITs | 242,706 | 1.5 | % | |||||
Semiconductors & Semiconductor Equipment | 617,571 | 3.8 | % | |||||
Software | 829,556 | 5.1 | % | |||||
Specialized REITs | 71,865 | 0.4 | % | |||||
Specialty Retail | 749,976 | 4.7 | % | |||||
Textiles, Apparel & Luxury Goods | 210,165 | 1.3 | % | |||||
Tobacco | 18,770 | 0.1 | % | |||||
Trading Companies & Distributors | 461,228 | 2.8 | % | |||||
Water Utilities | 115,017 | 0.7 | % | |||||
Wireless Telecommunication Services | 33,447 | 0.2 | % | |||||
Other** | 32,489 | 0.1 | % | |||||
Total | $ | 16,197,953 | 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. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 171
Common Stocks (100.1%)
Shares | Value | |||||||
3D Systems Corp.* (Machinery) | 4,548 | $ | 28,880 | |||||
A10 Networks, Inc. (Software) | 1,257 | 16,555 | ||||||
AAR Corp.* (Aerospace & Defense) | 322 | 20,093 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 2,235 | 100,196 | ||||||
Academy Sports & Outdoors, Inc. (Specialty Retail) | 2,542 | 167,773 | ||||||
Acadia Realty Trust (Retail REITs) | 3,250 | 55,218 | ||||||
ACI Worldwide, Inc.* (Software) | 1,373 | 42,014 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 2,788 | 20,325 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 322 | 29,898 | ||||||
Adeia, Inc. (Software) | 2,190 | 27,134 | ||||||
ADTRAN Holdings, Inc. (Communications Equipment) | 2,416 | 17,733 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 2,029 | 123,831 | ||||||
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | 484 | 52,717 | ||||||
AdvanSix, Inc. (Chemicals) | 919 | 27,533 | ||||||
Agiliti, Inc.* (Health Care Providers & Services) | 1,194 | 9,456 | ||||||
Alaska Air Group, Inc.* (Passenger Airlines) | 4,370 | 170,736 | ||||||
Albany International Corp. (Machinery) | 553 | 54,316 | ||||||
Alexander & Baldwin, Inc. (Diversified REITs) | 2,474 | 47,055 | ||||||
Alkermes PLC* (Biotechnology) | 2,050 | 56,867 | ||||||
Allegiant Travel Co. (Passenger Airlines) | 514 | 42,462 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 766 | 19,962 | ||||||
AMC Networks, Inc.*—Class A (Media) | 1,039 | 19,523 | ||||||
American Assets Trust, Inc. (Diversified REITs) | 1,657 | 37,299 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Automobile Components) | 3,990 | 35,152 | ||||||
American Equity Investment Life Holding Co.* (Insurance) | 722 | 40,288 | ||||||
American States Water Co. (Water Utilities) | 594 | 47,769 | ||||||
American Woodmark Corp.* (Building Products) | 247 | 22,934 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 199 | 15,078 | ||||||
Ameris Bancorp (Banks) | 2,218 | 117,665 | ||||||
AMERISAFE, Inc. (Insurance) | 374 | 17,496 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 594 | 44,479 | ||||||
Anywhere Real Estate, Inc.* (Real Estate Management & Development) | 3,765 | 30,534 | ||||||
Apogee Enterprises, Inc. (Building Products) | 414 | 22,112 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs) | 1,684 | 19,770 | ||||||
Arbor Realty Trust, Inc.(a) (Mortgage REITs) | 6,428 | 97,577 | ||||||
Arcosa, Inc. (Construction & Engineering) | 681 | 56,278 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 1,086 | 20,743 | ||||||
Armada Hoffler Properties, Inc. (Diversified REITs) | 1,308 | 16,180 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage REITs) | 517 | 9,988 | ||||||
Artisan Partners Asset Management, Inc.—Class A (Capital Markets) | 1,029 | 45,461 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 611 | 10,925 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 360 | 80,989 | ||||||
Assured Guaranty, Ltd. (Insurance) | 741 | 55,449 | ||||||
Astec Industries, Inc. (Machinery) | 776 | 28,867 | ||||||
Atlantic Union Bankshares Corp. (Banks) | 2,559 | 93,506 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 360 | 14,029 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 1,597 | 35,821 | ||||||
Avista Corp. (Multi-Utilities) | 2,638 | 94,282 | ||||||
Axos Financial, Inc.* (Banks) | 646 | 35,272 | ||||||
B Riley Financial, Inc.(a) (Capital Markets) | 563 | 11,817 | ||||||
B&G Foods, Inc. (Food Products) | 2,680 | 28,140 | ||||||
Balchem Corp. (Chemicals) | 485 | 72,143 | ||||||
Banc of California, Inc. (Banks) | 4,461 | 59,911 | ||||||
BancFirst Corp. (Banks) | 189 | 18,395 | ||||||
Bank of Hawaii Corp.(a) (Banks) | 814 | 58,982 | ||||||
BankUnited, Inc. (Banks) | 2,539 | 82,340 | ||||||
Banner Corp. (Banks) | 1,172 | 62,772 | ||||||
Barnes Group, Inc. (Machinery) | 1,728 | 56,385 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 1,217 | 33,638 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 745 | 18,498 | ||||||
BioLife Solutions, Inc.* (Life Sciences Tools & Services) | 472 | 7,670 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 792 | 28,520 | ||||||
Blackstone Mortgage Trust, Inc.(a)—Class A (Mortgage REITs) | 5,877 | 125,005 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 1,511 | 42,535 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 535 | 31,399 | ||||||
Brandywine Realty Trust (Office REITs) | 5,862 | 31,655 | ||||||
Bread Financial Holdings, Inc. (Consumer Finance) | 1,682 | 55,405 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 439 | 8,411 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 873 | 37,696 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 822 | 23,238 | ||||||
Brookline Bancorp, Inc. (Banks) | 3,029 | 33,046 | ||||||
Calavo Growers, Inc. (Food Products) | 606 | 17,822 | ||||||
Caleres, Inc. (Specialty Retail) | 1,142 | 35,094 | ||||||
California Water Service Group (Water Utilities) | 1,181 | 61,259 | ||||||
Capitol Federal Financial, Inc. (Banks) | 4,309 | 27,793 | ||||||
CareTrust REIT, Inc. (Health Care REITs) | 1,502 | 33,615 | ||||||
Cathay General Bancorp (Banks) | 1,314 | 58,565 | ||||||
Centerspace (Residential REITs) | 513 | 29,857 | ||||||
Central Garden & Pet Co.* (Household Products) | 326 | 16,336 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 1,399 | 61,612 |
See accompanying notes to financial statements.
172 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Central Pacific Financial Corp. (Banks) | 921 | $ | 18,125 | |||||
Century Aluminum Co.* (Metals & Mining) | 1,771 | 21,500 | ||||||
Century Communities, Inc. (Household Durables) | 473 | 43,109 | ||||||
Cerence, Inc.* (Software) | 1,376 | 27,052 | ||||||
Certara, Inc.* (Health Care Technology) | 1,535 | 27,001 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 457 | 10,378 | ||||||
Chatham Lodging Trust (Hotel & Resort REITs) | 1,665 | 17,849 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 406 | 42,886 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 1,849 | 14,015 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 255 | 9,749 | ||||||
City Holding Co. (Banks) | 204 | 22,493 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 565 | 20,408 | ||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 1,181 | 30,210 | ||||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 2,813 | 77,161 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 955 | 33,797 | ||||||
Community Bank System, Inc. (Banks) | 1,823 | 94,997 | ||||||
Community Healthcare Trust, Inc. (Health Care REITs) | 518 | 13,800 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 1,152 | 29,169 | ||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | 1,531 | 13,549 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 607 | 15,909 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 2,541 | 11,053 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 1,079 | 35,046 | ||||||
Core Laboratories, Inc. (Energy Equipment & Services) | 892 | 15,753 | ||||||
CoreCivic, Inc.* (Commercial Services & Supplies) | 3,874 | 56,289 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 1,473 | 20,769 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 755 | 58,194 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 1,128 | 25,538 | ||||||
CSG Systems International, Inc. (Professional Services) | 493 | 26,233 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 468 | 20,470 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 5,732 | 61,906 | ||||||
CVB Financial Corp. (Banks) | 4,514 | 91,138 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 449 | 13,605 | ||||||
Cytek Biosciences, Inc.* (Life Sciences Tools & Services) | 3,374 | 30,771 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 1,841 | 153,704 | ||||||
Dana, Inc. (Automobile Components) | 4,380 | 63,993 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 1,489 | 31,939 | ||||||
Designer Brands, Inc.—Class A (Specialty Retail) | 1,494 | 13,222 | ||||||
Digi International, Inc.* (Communications Equipment) | 1,227 | 31,902 | ||||||
Digital Turbine, Inc.* (Software) | 3,109 | 21,328 | ||||||
Dime Community Bancshares, Inc. (Banks) | 1,191 | 32,074 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 304 | 15,094 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 612 | 49,278 | ||||||
Dorman Products, Inc.* (Automobile Components) | 301 | 25,106 | ||||||
Douglas Emmett, Inc. (Office REITs) | 5,688 | 82,476 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 1,167 | 27,156 | ||||||
DXC Technology Co.* (IT Services) | 6,609 | 151,148 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 453 | 15,266 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 1,001 | 115,205 | ||||||
Eagle Bancorp, Inc. (Banks) | 1,021 | 30,773 | ||||||
Easterly Government Properties, Inc. (Office REITs) | 3,246 | 43,626 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 3,997 | 66,231 | ||||||
Edgewell Personal Care Co. (Personal Care Products) | 1,732 | 63,443 | ||||||
Elme Communities (Residential REITs) | 2,997 | 43,755 | ||||||
Embecta Corp. (Health Care Equipment & Supplies) | 1,954 | 36,989 | ||||||
Employers Holdings, Inc. (Insurance) | 876 | 34,514 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 802 | 40,702 | ||||||
Energizer Holdings, Inc. (Household Products) | 1,225 | 38,808 | ||||||
Enerpac Tool Group Corp. (Machinery) | 612 | 19,027 | ||||||
Enhabit, Inc.* (Health Care Providers & Services) | 1,707 | 17,667 | ||||||
Enova International, Inc.* (Consumer Finance) | 1,020 | 56,467 | ||||||
Enpro, Inc. (Machinery) | 392 | 61,442 | ||||||
Envestnet, Inc.* (Software) | 985 | 48,777 | ||||||
Enviri Corp.* (Commercial Services & Supplies) | 2,719 | 24,471 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 360 | 28,742 | ||||||
Essential Properties Realty Trust, Inc. (Diversified REITs) | 2,555 | 65,306 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 460 | 14,683 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 1,767 | 31,170 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 1,774 | 15,505 | ||||||
FB Financial Corp. (Banks) | 1,198 | 47,740 | ||||||
First Bancorp (Banks) | 1,402 | 51,888 | ||||||
First Commonwealth Financial Corp. (Banks) | 1,879 | 29,012 | ||||||
First Financial Bancorp (Banks) | 3,249 | 77,164 | ||||||
First Hawaiian, Inc. (Banks) | 4,353 | 99,510 | ||||||
Foot Locker, Inc. (Specialty Retail) | 2,794 | 87,033 | ||||||
Forrester Research, Inc.* (Professional Services) | 393 | 10,536 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 173
Common Stocks, continued
Shares | Value | |||||||
Fortrea Holdings, Inc.* (Life Sciences Tools & Services) | 3,031 | $ | 105,781 | |||||
Forward Air Corp. (Air Freight & Logistics) | 874 | 54,948 | ||||||
Four Corners Property Trust, Inc. (Specialized REITs) | 1,729 | 43,744 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage REITs) | 2,798 | 37,801 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 1,150 | 30,188 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 687 | 19,861 | ||||||
Fulton Financial Corp. (Banks) | 5,602 | 92,209 | ||||||
Gentherm, Inc.* (Automobile Components) | 604 | 31,625 | ||||||
Genworth Financial, Inc.* (Insurance) | 15,382 | 102,752 | ||||||
Getty Realty Corp. (Retail REITs) | 932 | 27,233 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 1,389 | 47,198 | ||||||
Global Net Lease, Inc. (Diversified REITs) | 6,677 | 66,436 | ||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 1,115 | 11,295 | ||||||
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure) | 287 | 11,460 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 733 | 37,280 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 1,536 | 15,206 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 2,034 | 51,298 | ||||||
Griffon Corp. (Building Products) | 448 | 27,306 | ||||||
H.B. Fuller Co. (Chemicals) | 940 | 76,524 | ||||||
Hanesbrands, Inc.* (Textiles, Apparel & Luxury Goods) | 11,939 | 53,248 | ||||||
Hanmi Financial Corp. (Banks) | 1,037 | 20,118 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs) | 3,792 | 104,583 | ||||||
Harmonic, Inc.* (Communications Equipment) | 1,759 | 22,937 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 636 | 20,543 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 456 | 16,188 | ||||||
Haynes International, Inc. (Metals & Mining) | 192 | 10,954 | ||||||
Hayward Holdings, Inc.* (Building Products) | 4,297 | 58,439 | ||||||
Healthcare Services Group, Inc.* (Commercial Services & Supplies) | 2,517 | 26,101 | ||||||
HealthStream, Inc. (Health Care Technology) | 385 | 10,407 | ||||||
Heartland Express, Inc. (Ground Transportation) | 703 | 10,025 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 686 | 20,258 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 1,560 | 56,503 | ||||||
Heritage Financial Corp. (Banks) | 1,190 | 25,454 | ||||||
Hibbett, Inc. (Specialty Retail) | 423 | 30,464 | ||||||
Highwoods Properties, Inc. (Office REITs) | 3,604 | 82,748 | ||||||
Hillenbrand, Inc. (Machinery) | 2,386 | 114,169 | ||||||
Hilltop Holdings, Inc. (Banks) | 1,579 | 55,597 | ||||||
HNI Corp. (Commercial Services & Supplies) | 634 | 26,520 | ||||||
Hope Bancorp, Inc. (Banks) | 4,094 | 49,456 | ||||||
Horace Mann Educators Corp. (Insurance) | 1,393 | 45,551 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 1,065 | 97,916 | ||||||
Hudson Pacific Properties, Inc. (Office REITs) | 4,325 | 40,266 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 1,003 | 33,731 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 691 | 68,920 | ||||||
Independent Bank Corp. (Banks) | 1,495 | 98,386 | ||||||
Independent Bank Group, Inc. (Banks) | 1,225 | 62,328 | ||||||
Ingevity Corp.* (Chemicals) | 1,150 | 54,303 | ||||||
Innospec, Inc. (Chemicals) | 315 | 38,821 | ||||||
Innovative Industrial Properties, Inc. (Industrial REITs) | 432 | 43,554 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 962 | 15,430 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 331 | 58,650 | ||||||
Insteel Industries, Inc. (Building Products) | 246 | 9,419 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 1,980 | 24,988 | ||||||
iRobot Corp.* (Household Durables) | 626 | 24,226 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 2,013 | 23,029 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 790 | 59,654 | ||||||
Jackson Financial, Inc.—Class A (Financial Services) | 2,414 | 123,597 | ||||||
JBG SMITH Properties (Office REITs) | 2,970 | 50,520 | ||||||
JetBlue Airways Corp.* (Passenger Airlines) | 11,367 | 63,087 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 145 | 14,941 | ||||||
John Bean Technologies Corp. (Machinery) | 435 | 43,261 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 1,451 | 46,054 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 546 | 38,869 | ||||||
Kaman Corp. (Aerospace & Defense) | 963 | 23,064 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 1,090 | 23,566 | ||||||
Kennametal, Inc. (Machinery) | 2,715 | 70,019 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 4,039 | 50,003 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage REITs) | 1,984 | 26,248 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 1,816 | 32,525 | ||||||
Kohl’s Corp. (Broadline Retail) | 3,776 | 108,296 | ||||||
Koppers Holdings, Inc. (Chemicals) | 335 | 17,159 | ||||||
Korn Ferry (Professional Services) | 754 | 44,750 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 711 | 38,906 | ||||||
Lakeland Financial Corp. (Banks) | 460 | 29,974 | ||||||
La-Z-Boy, Inc. (Household Durables) | 675 | 24,921 | ||||||
LCI Industries (Automobile Components) | 321 | 40,353 | ||||||
Leslie’s, Inc.* (Specialty Retail) | 6,275 | 43,360 | ||||||
LGI Homes, Inc.* (Household Durables) | 281 | 37,418 | ||||||
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals) | 559 | 39,924 | ||||||
Lincoln National Corp. (Insurance) | 5,789 | 156,128 | ||||||
Lindsay Corp. (Machinery) | 192 | 24,799 | ||||||
LTC Properties, Inc. (Health Care REITs) | 804 | 25,824 | ||||||
Lumen Technologies, Inc.* (Diversified Telecommunication Services) | 34,418 | 62,985 | ||||||
LXP Industrial Trust (Industrial REITs) | 9,980 | 99,002 |
See accompanying notes to financial statements.
174 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
M.D.C Holdings, Inc. (Household Durables) | 2,038 | $ | 112,600 | |||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 480 | 20,966 | ||||||
MarineMax, Inc.* (Specialty Retail) | 679 | 26,413 | ||||||
Marten Transport, Ltd. (Ground Transportation) | 1,045 | 21,924 | ||||||
Masterbrand, Inc.* (Building Products) | 4,317 | 64,107 | ||||||
Mativ Holdings, Inc. (Chemicals) | 1,848 | 28,293 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 375 | 13,744 | ||||||
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment) | 962 | 22,867 | ||||||
Medifast, Inc. (Personal Care Products) | 373 | 25,073 | ||||||
Mercer International, Inc. (Paper & Forest Products) | 1,497 | 14,192 | ||||||
Mercury General Corp. (Insurance) | 906 | 33,803 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 1,780 | 65,095 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 807 | 61,300 | ||||||
Mesa Laboratories, Inc. (Life Sciences Tools & Services) | 176 | 18,440 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 1,228 | 27,912 | ||||||
MGP Ingredients, Inc. (Beverages) | 226 | 22,266 | ||||||
Middlesex Water Co. (Water Utilities) | 329 | 21,589 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 2,505 | 66,833 | ||||||
Minerals Technologies, Inc. (Chemicals) | 554 | 39,506 | ||||||
Mister Car Wash, Inc.* (Diversified Consumer Services) | 1,674 | 14,463 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 421 | 18,520 | ||||||
Moelis & Co.—Class A (Capital Markets) | 1,048 | 58,825 | ||||||
Monro, Inc. (Specialty Retail) | 1,073 | 31,482 | ||||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 534 | 16,100 | ||||||
Mr. Cooper Group, Inc.* (Financial Services) | 2,247 | 146,325 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 639 | 12,492 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 1,543 | 29,533 | ||||||
N-able, Inc.* (Software) | 853 | 11,302 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 305 | 24,897 | ||||||
National Bank Holdings Corp.—Class A (Banks) | 1,289 | 47,938 | ||||||
National Beverage Corp.* (Beverages) | 360 | 17,899 | ||||||
National HealthCare Corp. (Health Care Providers & Services) | 244 | 22,550 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 101 | 8,108 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 2,669 | 55,862 | ||||||
Navient Corp. (Consumer Finance) | 2,886 | 53,737 | ||||||
NBT Bancorp, Inc. (Banks) | 1,607 | 67,349 | ||||||
NCR Atleos Corp.* (Financial Services) | 2,283 | 55,454 | ||||||
NCR Voyix Corp.* (Software) | 4,591 | 77,634 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 2,421 | 53,141 | ||||||
Newell Brands, Inc. (Household Durables) | 12,998 | 112,823 | ||||||
NexPoint Residential Trust, Inc. (Residential REITs) | 778 | 26,787 | ||||||
NMI Holdings, Inc.*—Class A (Financial Services) | 969 | 28,760 | ||||||
Northfield Bancorp, Inc. (Banks) | 1,347 | 16,945 | ||||||
Northwest Bancshares, Inc. (Banks) | 4,333 | 54,076 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 1,255 | 48,869 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 3,625 | 41,035 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Care Products) | 1,683 | 32,684 | ||||||
NV5 Global, Inc.* (Professional Services) | 435 | 48,337 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 5,288 | 86,617 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 1,110 | 7,537 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 171 | 11,406 | ||||||
Omnicell, Inc.* (Health Care Equipment & Supplies) | 1,551 | 58,364 | ||||||
OPENLANE, Inc.* (Commercial Services & Supplies) | 3,686 | 54,590 | ||||||
Organon & Co. (Pharmaceuticals) | 8,719 | 125,728 | ||||||
Outfront Media, Inc. (Specialized REITs) | 2,872 | 40,093 | ||||||
Owens & Minor, Inc.* (Health Care Providers & Services) | 2,609 | 50,275 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 3,271 | 95,219 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 1,585 | 53,478 | ||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 593 | 45,204 | ||||||
Park National Corp. (Banks) | 290 | 38,529 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 4,929 | 53,233 | ||||||
Payoneer Global, Inc.* (Financial Services) | 4,746 | 24,727 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 386 | 25,943 | ||||||
Pebblebrook Hotel Trust (Hotel & Resort REITs) | 4,108 | 65,646 | ||||||
Pediatrix Medical Group, Inc.* (Health Care Providers & Services) | 2,822 | 26,245 | ||||||
PennyMac Mortgage Investment Trust (Mortgage REITs) | 2,959 | 44,237 | ||||||
Perdoceo Education Corp. (Diversified Consumer Services) | 986 | 17,314 | ||||||
Perficient, Inc.* (IT Services) | 464 | 30,540 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 693 | 8,025 | ||||||
Phillips Edison & Co., Inc. (Retail REITs) | 1,998 | 72,887 | ||||||
Phinia, Inc. (Automobile Components) | 1,593 | 48,252 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 639 | 20,045 | ||||||
Piper Sandler Cos. (Capital Markets) | 262 | 45,816 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 5,231 | 23,016 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 328 | 33,413 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 525 | 56,768 | ||||||
PRA Group, Inc.* (Consumer Finance) | 1,338 | 35,056 | ||||||
Premier, Inc.—Class A (Health Care Providers & Services) | 4,083 | 91,296 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 878 | 53,751 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 175
Common Stocks, continued
Shares | Value | |||||||
PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 854 | $ | 64,716 | |||||
ProAssurance Corp. (Insurance) | 1,738 | 23,967 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 2,894 | 24,252 | ||||||
Proto Labs, Inc.* (Machinery) | 309 | 12,039 | ||||||
Provident Financial Services, Inc. (Banks) | 2,578 | 46,481 | ||||||
Quaker Chemical Corp. (Chemicals) | 228 | 48,660 | ||||||
Quanex Building Products Corp. (Building Products) | 351 | 10,730 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 1,765 | 22,627 | ||||||
Radian Group, Inc. (Financial Services) | 2,353 | 67,178 | ||||||
Ready Capital Corp. (Mortgage REITs) | 5,401 | 55,360 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 786 | 14,109 | ||||||
Renasant Corp. (Banks) | 1,916 | 64,531 | ||||||
Resideo Technologies, Inc.* (Building Products) | 4,981 | 93,743 | ||||||
Resources Connection, Inc. (Professional Services) | 1,089 | 15,431 | ||||||
Retail Opportunity Investments Corp. (Retail REITs) | 4,296 | 60,273 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 189 | 24,961 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 939 | 47,232 | ||||||
RXO, Inc.* (Ground Transportation) | 2,154 | 50,102 | ||||||
S&T Bancorp, Inc. (Banks) | 614 | 20,520 | ||||||
Sabre Corp.* (Hotels, Restaurants & Leisure) | 6,083 | 26,765 | ||||||
Safehold, Inc. (Specialized REITs) | 1,528 | 35,755 | ||||||
Safety Insurance Group, Inc. (Insurance) | 504 | 38,299 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 3,675 | 48,804 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 1,952 | 100,275 | ||||||
Saul Centers, Inc. (Retail REITs) | 226 | 8,875 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 852 | 33,748 | ||||||
Scholastic Corp. (Media) | 931 | 35,099 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 821 | 29,392 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 2,905 | 82,676 | ||||||
Sealed Air Corp. (Containers & Packaging) | 2,956 | 107,954 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 3,584 | 84,224 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 1,204 | 26,380 | ||||||
Sensient Technologies Corp. (Chemicals) | 821 | 54,186 | ||||||
Service Properties Trust (Hotel & Resort REITs) | 5,649 | 48,242 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 902 | 60,100 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 615 | 18,579 | ||||||
Shutterstock, Inc. (Interactive Media & Services) | 400 | 19,312 | ||||||
Simmons First National Corp.—Class A (Banks) | 4,269 | 84,697 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 225 | 10,069 | ||||||
SITE Centers Corp. (Retail REITs) | 3,254 | 44,352 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 248 | 30,276 | ||||||
SJW Group (Water Utilities) | 565 | 36,923 | ||||||
SkyWest, Inc.* (Passenger Airlines) | 641 | 33,460 | ||||||
SL Green Realty Corp.(a) (Office REITs) | 2,196 | 99,192 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 1,047 | 19,820 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 1,182 | 110,636 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 506 | 28,442 | ||||||
Sonos, Inc.* (Household Durables) | 4,374 | 74,970 | ||||||
Southside Bancshares, Inc. (Banks) | 597 | 18,698 | ||||||
SpartanNash Co. (Consumer Staples Distribution & Retail) | 1,181 | 27,104 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 648 | 20,224 | ||||||
Standard Motor Products, Inc. (Automobile Components) | 635 | 25,279 | ||||||
Stellar Bancorp, Inc. (Banks) | 1,599 | 44,516 | ||||||
Stepan Co. (Chemicals) | 723 | 68,360 | ||||||
Stewart Information Services Corp. (Insurance) | 933 | 54,814 | ||||||
StoneX Group, Inc.* (Capital Markets) | 915 | 67,555 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 443 | 40,920 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 604 | 27,452 | ||||||
Summit Hotel Properties, Inc. (Hotel & Resort REITs) | 1,796 | 12,069 | ||||||
Sun Country Airlines Holdings, Inc.* (Passenger Airlines) | 729 | 11,467 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 2,855 | 30,663 | ||||||
SunPower Corp.*(a) (Electrical Equipment) | 2,926 | 14,133 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,118 | 32,355 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 1,205 | 59,177 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 3,428 | 48,780 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 1,199 | 35,466 | ||||||
TechTarget, Inc.* (Media) | 371 | 12,933 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 1,680 | 30,828 | ||||||
The Andersons, Inc. (Consumer Staples Distribution & Retail) | 509 | 29,288 | ||||||
The Buckle, Inc. (Specialty Retail) | 387 | 18,390 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 860 | 30,109 | ||||||
The Chefs’ Warehouse, Inc.* (Consumer Staples Distribution & Retail) | 1,204 | 35,434 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 2,005 | 16,020 | ||||||
The GEO Group, Inc.* (Commercial Services & Supplies) | 4,160 | 45,053 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 1,062 | 46,919 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 3,059 | 33,496 | ||||||
The Macerich Co. (Retail REITs) | 7,347 | 113,364 | ||||||
The Marcus Corp. (Entertainment) | 391 | 5,701 | ||||||
The ODP Corp.* (Specialty Retail) | 1,136 | 63,957 | ||||||
The Simply Good Foods Co.* (Food Products) | 1,145 | 45,342 | ||||||
Thryv Holdings, Inc.* (Media) | 1,056 | 21,490 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 562 | 13,179 | ||||||
Titan International, Inc.* (Machinery) | 1,725 | 25,668 |
See accompanying notes to financial statements.
176 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Tompkins Financial Corp. (Banks) | 426 | $ | 25,658 | |||||
Tootsie Roll Industries, Inc. (Food Products) | 231 | 7,678 | ||||||
Topgolf Callaway Brands Corp.* (Leisure Products) | 4,847 | 69,506 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 1,716 | 71,127 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 1,292 | 45,737 | ||||||
Trinity Industries, Inc. (Machinery) | 1,396 | 37,120 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 2,621 | 43,456 | ||||||
TrueBlue, Inc.* (Professional Services) | 1,062 | 16,291 | ||||||
Trupanion, Inc.*(a) (Insurance) | 632 | 19,282 | ||||||
TrustCo Bank Corp. (Banks) | 647 | 20,089 | ||||||
Trustmark Corp. (Banks) | 2,084 | 58,102 | ||||||
TTEC Holdings, Inc. (Professional Services) | 645 | 13,977 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 3,487 | 55,129 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 231 | 21,515 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 2,630 | 29,745 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 1,532 | 52,302 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 305 | 55,788 | ||||||
United Community Banks, Inc. (Banks) | 4,060 | 118,797 | ||||||
United Fire Group, Inc. (Insurance) | 722 | 14,527 | ||||||
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail) | 2,026 | 32,882 | ||||||
Uniti Group, Inc. (Specialized REITs) | 3,906 | 22,577 | ||||||
Unitil Corp. (Multi-Utilities) | 304 | 15,981 | ||||||
Universal Corp. (Tobacco) | 838 | 56,414 | ||||||
Universal Health Realty Income Trust (Health Care REITs) | 227 | 9,818 | ||||||
Upbound Group, Inc. (Specialty Retail) | 666 | 22,624 | ||||||
Urban Edge Properties (Retail REITs) | 1,644 | 30,085 | ||||||
USANA Health Sciences, Inc.* (Personal Care Products) | 379 | 20,314 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 1,381 | 28,311 | ||||||
Vector Group, Ltd. (Tobacco) | 2,484 | 28,020 | ||||||
Veradigm, Inc.* (Health Care Technology) | 3,724 | 39,064 | ||||||
Veris Residential, Inc. (Residential REITs) | 1,641 | 25,813 | ||||||
Veritex Holdings, Inc. (Banks) | 1,852 | 43,096 | ||||||
Vestis Corp. (Commercial Services & Supplies) | 2,096 | 44,309 | ||||||
Viasat, Inc.* (Communications Equipment) | 2,547 | 71,189 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 7,583 | 76,361 | ||||||
Vicor Corp.* (Electrical Equipment) | 363 | 16,313 | ||||||
Victoria’s Secret & Co.* (Specialty Retail) | 2,637 | 69,986 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 2,934 | 29,516 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 86 | 20,791 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 1,981 | 58,578 | ||||||
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels) | 440 | 20,016 | ||||||
Wabash National Corp. (Machinery) | 1,570 | 40,223 | ||||||
Walker & Dunlop, Inc. (Financial Services) | 648 | 71,934 | ||||||
Washington Federal, Inc. (Banks) | 2,209 | 72,809 | ||||||
Westamerica Bancorp (Banks) | 357 | 20,138 | ||||||
Whitestone REIT (Retail REITs) | 820 | 10,078 | ||||||
Winnebago Industries, Inc. (Automobiles) | 450 | 32,796 | ||||||
WK Kellogg Co. (Food Products) | 2,247 | 29,526 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 2,708 | 24,074 | ||||||
World Kinect Corp. (Oil, Gas & Consumable Fuels) | 2,054 | 46,790 | ||||||
Worthington Industries, Inc. (Household Durables) | 324 | 18,646 | ||||||
Worthington Steel, Inc.* (Metals & Mining) | 323 | 9,076 | ||||||
WSFS Financial Corp. (Banks) | 1,141 | 52,406 | ||||||
Xencor, Inc.* (Biotechnology) | 997 | 21,166 | ||||||
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs) | 1,482 | 20,185 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 3,857 | 70,699 | ||||||
Xperi, Inc.* (Software) | 742 | 8,177 | ||||||
TOTAL COMMON STOCKS (Cost $17,077,186) | 19,448,474 |
Repurchase Agreements(b) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $81,047 | $ | 81,000 | $ | 81,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $81,000) | 81,000 |
Collateral for Securities Loaned(c) (2.2%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(d) | 434,846 | $ | 434,846 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $434,846) | 434,846 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $17,593,032)—102.7% | 19,964,320 | |||||||
Net other assets (liabilities)—(2.7)% | (517,427 | ) | ||||||
NET ASSETS—100.0% | $ | 19,446,893 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $410,470. |
(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 December 31, 2023. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 177
ProFund VP Small-Cap Value invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 159,816 | 0.8 | % | ||||
Air Freight & Logistics | 152,864 | 0.8 | % | |||||
Automobile Components | 269,760 | 1.4 | % | |||||
Automobiles | 32,796 | 0.2 | % | |||||
Banks | 2,848,551 | 14.7 | % | |||||
Beverages | 40,165 | 0.2 | % | |||||
Biotechnology | 348,667 | 1.8 | % | |||||
Broadline Retail | 108,296 | 0.6 | % | |||||
Building Products | 308,790 | 1.6 | % | |||||
Capital Markets | 292,089 | 1.5 | % | |||||
Chemicals | 525,488 | 2.7 | % | |||||
Commercial Services & Supplies | 625,236 | 3.2 | % | |||||
Communications Equipment | 304,433 | 1.6 | % | |||||
Construction & Engineering | 208,763 | 1.1 | % | |||||
Consumer Finance | 272,078 | 1.4 | % | |||||
Consumer Staples Distribution & Retail | 189,424 | 1.0 | % | |||||
Containers & Packaging | 207,063 | 1.1 | % | |||||
Diversified Consumer Services | 72,697 | 0.4 | % | |||||
Diversified REITs | 232,276 | 1.2 | % | |||||
Diversified Telecommunication Services | 154,298 | 0.8 | % | |||||
Electrical Equipment | 30,446 | 0.2 | % | |||||
Electronic Equipment, Instruments & Components | 611,132 | 3.1 | % | |||||
Energy Equipment & Services | 262,314 | 1.3 | % | |||||
Entertainment | 5,701 | NM | ||||||
Financial Services | 517,975 | 2.7 | % | |||||
Food Products | 278,260 | 1.5 | % | |||||
Gas Utilities | 91,755 | 0.5 | % | |||||
Ground Transportation | 82,051 | 0.4 | % | |||||
Health Care Equipment & Supplies | 356,320 | 1.8 | % | |||||
Health Care Providers & Services | 481,849 | 2.5 | % | |||||
Health Care REITs | 83,057 | 0.4 | % | |||||
Health Care Technology | 115,933 | 0.6 | % | |||||
Hotel & Resort REITs | 163,991 | 0.8 | % | |||||
Hotels, Restaurants & Leisure | 305,326 | 1.6 | % | |||||
Household Durables | 509,133 | 2.6 | % | |||||
Household Products | 116,756 | 0.6 | % | |||||
Independent Power and Renewable Electricity Producers | 107,371 | 0.6 | % | |||||
Industrial REITs | 142,556 | 0.7 | % | |||||
Insurance | 636,870 | 3.3 | % | |||||
Interactive Media & Services | 41,939 | 0.2 | % | |||||
IT Services | 181,688 | 0.9 | % | |||||
Leisure Products | 155,536 | 0.8 | % | |||||
Life Sciences Tools & Services | 162,662 | 0.8 | % | |||||
Machinery | 663,134 | 3.4 | % | |||||
Media | 151,119 | 0.8 | % | |||||
Metals & Mining | 164,816 | 0.8 | % | |||||
Mortgage REITs | 520,569 | 2.7 | % | |||||
Multi-Utilities | 110,263 | 0.6 | % | |||||
Office REITs | 430,483 | 2.3 | % | |||||
Oil, Gas & Consumable Fuels | 194,038 | 1.0 | % | |||||
Paper & Forest Products | 93,777 | 0.5 | % | |||||
Passenger Airlines | 321,212 | 1.7 | % | |||||
Personal Care Products | 141,514 | 0.7 | % | |||||
Pharmaceuticals | 384,280 | 2.0 | % | |||||
Professional Services | 219,379 | 1.1 | % | |||||
Real Estate Management & Development | 163,409 | 0.8 | % | |||||
Residential REITs | 126,212 | 0.6 | % | |||||
Retail REITs | 422,365 | 2.3 | % | |||||
Semiconductors & Semiconductor Equipment | 468,378 | 2.4 | % | |||||
Software | 295,882 | 1.5 | % | |||||
Specialized REITs | 142,169 | 0.7 | % | |||||
Specialty Retail | 1,011,586 | 5.1 | % | |||||
Technology Hardware, Storage & Peripherals | 91,468 | 0.5 | % | |||||
Textiles, Apparel & Luxury Goods | 140,620 | 0.7 | % | |||||
Tobacco | 84,434 | 0.4 | % | |||||
Trading Companies & Distributors | 103,533 | 0.5 | % | |||||
Water Utilities | 167,540 | 0.8 | % | |||||
Wireless Telecommunication Services | 42,123 | 0.2 | % | |||||
Other** | (1,581 | ) | (0.1 | )% | ||||
Total | $ | 19,446,893 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
178 :: ProFund VP Technology :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (99.4%)
Shares | Value | |||||||
Accenture PLC—Class A (IT Services) | 3,876 | $ | 1,360,127 | |||||
Adobe, Inc.* (Software) | 2,812 | 1,677,639 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 9,977 | 1,470,709 | ||||||
Akamai Technologies, Inc.* (IT Services) | 931 | 110,184 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 3,695 | 366,284 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 3,077 | 610,969 | ||||||
ANSYS, Inc.* (Software) | 536 | 194,504 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 64,558 | 12,429,352 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 5,166 | 837,254 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 1,556 | 366,454 | ||||||
Autodesk, Inc.* (Software) | 1,320 | 321,394 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 2,618 | 2,922,342 | ||||||
Cadence Design Systems, Inc.* (Software) | 1,680 | 457,582 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 827 | 187,994 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 25,013 | 1,263,656 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 3,096 | 233,841 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 4,742 | 144,394 | ||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 843 | 111,394 | ||||||
EPAM Systems, Inc.* (IT Services) | 356 | 105,853 | ||||||
F5, Inc.* (Communications Equipment) | 369 | 66,044 | ||||||
Fair Isaac Corp.* (Software) | 153 | 178,094 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 660 | 113,705 | ||||||
Fortinet, Inc.* (Software) | 3,936 | 230,374 | ||||||
Gartner, Inc.* (IT Services) | 481 | 216,984 | ||||||
Gen Digital, Inc. (Software) | 3,479 | 79,391 | ||||||
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 7,922 | 134,516 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 5,370 | 161,583 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 26,035 | 1,308,259 | ||||||
International Business Machines Corp. (IT Services) | 5,639 | 922,258 | ||||||
Intuit, Inc. (Software) | 1,731 | 1,081,927 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 790 | 100,646 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 1,969 | 58,046 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 1,097 | 174,522 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 840 | 488,292 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 814 | 637,574 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 3,341 | 301,291 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 6,781 | 578,691 | ||||||
Microsoft Corp. (Software) | 33,762 | 12,695,861 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 296 | 186,711 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 1,025 | 320,917 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 1,289 | 113,638 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 5,204 | 2,577,124 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,592 | 365,651 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 2,659 | 222,106 | ||||||
Oracle Corp. (Software) | 9,811 | 1,034,374 | ||||||
Palo Alto Networks, Inc.* (Software) | 1,920 | 566,170 | ||||||
PTC, Inc.* (Software) | 734 | 128,421 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 601 | 67,679 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 6,873 | 994,042 | ||||||
Roper Technologies, Inc. (Software) | 660 | 359,812 | ||||||
Salesforce, Inc.* (Software) | 6,008 | 1,580,945 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 1,201 | 102,529 | ||||||
ServiceNow, Inc.* (Software) | 1,265 | 893,710 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 984 | 110,621 | ||||||
Synopsys, Inc.* (Software) | 938 | 482,986 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 1,919 | 269,620 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 291 | 129,870 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 944 | 102,443 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 5,608 | 955,940 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 1,536 | 81,715 | ||||||
Tyler Technologies, Inc.* (Software) | 260 | 108,711 | ||||||
VeriSign, Inc.* (IT Services) | 549 | 113,072 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 2,002 | 104,845 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 317 | 86,646 | ||||||
TOTAL COMMON STOCKS (Cost $23,272,444) | 56,760,282 |
Repurchase Agreements(a) (0.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $396,228 | $ | 396,000 | $ | 396,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $396,000) | 396,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $23,668,444)—100.1% | 57,156,282 | |||||||
Net other assets (liabilities)—(0.1)% | (47,267 | ) | ||||||
NET ASSETS—100.0% | $ | 57,109,015 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Technology :: 179
* | 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) | |||||||||||
S&P Technology Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 543,066 | $ | (1,552 | ) |
(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 December 31, 2023, 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 Technology invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 2,075,117 | 3.6 | % | ||||
Electronic Equipment, Instruments & Components | 1,541,691 | 2.7 | % | |||||
IT Services | 3,062,319 | 5.4 | % | |||||
Semiconductors & Semiconductor Equipment | 14,962,797 | 26.2 | % | |||||
Software | 22,071,895 | 38.7 | % | |||||
Technology Hardware, Storage & Peripherals | 13,046,463 | 22.8 | % | |||||
Other** | 348,733 | 0.6 | % | |||||
Total | $ | 57,109,015 | 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.
180 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (62.9%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 162 | $ | 17,710 | |||||
A.O. Smith Corp. (Building Products) | 36 | 2,968 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 509 | 56,025 | ||||||
AbbVie, Inc. (Biotechnology) | 518 | 80,275 | ||||||
Accenture PLC—Class A (IT Services) | 184 | 64,568 | ||||||
Adobe, Inc.* (Software) | 133 | 79,348 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 474 | 69,872 | ||||||
Aflac, Inc. (Insurance) | 156 | 12,870 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 85 | 11,818 | ||||||
Air Products and Chemicals, Inc. (Chemicals) | 65 | 17,797 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 127 | 17,290 | ||||||
Akamai Technologies, Inc.* (IT Services) | 44 | 5,207 | ||||||
Albemarle Corp. (Chemicals) | 35 | 5,057 | ||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 46 | 5,832 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 21 | 5,754 | ||||||
Allegion PLC (Building Products) | 25 | 3,167 | ||||||
Alliant Energy Corp. (Electric Utilities) | 76 | 3,899 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,735 | 242,362 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,461 | 205,899 | ||||||
Altria Group, Inc. (Tobacco) | 519 | 20,936 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 2,666 | 405,072 | ||||||
Amcor PLC (Containers & Packaging) | 424 | 4,087 | ||||||
Ameren Corp. (Multi-Utilities) | 77 | 5,570 | ||||||
American Airlines Group, Inc.* (Passenger Airlines) | 192 | 2,638 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 155 | 12,589 | ||||||
American Express Co. (Consumer Finance) | 169 | 31,661 | ||||||
American International Group, Inc. (Insurance) | 206 | 13,957 | ||||||
American Tower Corp. (Specialized REITs) | 136 | 29,360 | ||||||
American Water Works Co., Inc. (Water Utilities) | 57 | 7,523 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 30 | 11,395 | ||||||
AMETEK, Inc. (Electrical Equipment) | 68 | 11,213 | ||||||
Amgen, Inc. (Biotechnology) | 157 | 45,219 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 175 | 17,347 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 146 | 28,990 | ||||||
ANSYS, Inc.* (Software) | 25 | 9,072 | ||||||
Aon PLC—Class A (Insurance) | 59 | 17,170 | ||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 90 | 3,229 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 4,287 | 825,377 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 245 | 39,707 | ||||||
Aptiv PLC* (Automobile Components) | 83 | 7,446 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 110 | 8,170 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 157 | 11,339 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 74 | 17,428 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 63 | 14,167 | ||||||
Assurant, Inc. (Insurance) | 15 | 2,527 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 2,098 | 35,204 | ||||||
Atmos Energy Corp. (Gas Utilities) | 44 | 5,100 | ||||||
Autodesk, Inc.* (Software) | 63 | 15,339 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 121 | 28,189 | ||||||
AutoZone, Inc.* (Specialty Retail) | 5 | 12,928 | ||||||
AvalonBay Communities, Inc. (Residential REITs) | 42 | 7,863 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 23 | 4,650 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 20 | 5,167 | ||||||
Baker Hughes Co. (Energy Equipment & Services) | 296 | 10,117 | ||||||
Ball Corp. (Containers & Packaging) | 93 | 5,349 | ||||||
Bank of America Corp. (Banks) | 2,020 | 68,014 | ||||||
Bath & Body Works, Inc. (Specialty Retail) | 68 | 2,935 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 149 | 5,760 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 85 | 20,726 | ||||||
Berkshire Hathaway, Inc.*—Class B (Financial Services) | 533 | 190,099 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 57 | 4,462 | ||||||
Biogen, Inc.* (Biotechnology) | 43 | 11,127 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 6 | 1,937 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 47 | 3,627 | ||||||
BlackRock, Inc. (Capital Markets) | 41 | 33,284 | ||||||
Blackstone, Inc. (Capital Markets) | 209 | 27,362 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 10 | 35,472 | ||||||
BorgWarner, Inc. (Automobile Components) | 70 | 2,510 | ||||||
Boston Properties, Inc. (Office REITs) | 43 | 3,017 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 430 | 24,858 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 597 | 30,632 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 129 | 143,996 | ||||||
Broadridge Financial Solutions, Inc. (Professional Services) | 35 | 7,201 | ||||||
Brown & Brown, Inc. (Insurance) | 69 | 4,907 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 54 | 3,083 | ||||||
Builders FirstSource, Inc.* (Building Products) | 37 | 6,177 | ||||||
Bunge Global SA (Food Products) | 43 | 4,341 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 35 | 3,024 | ||||||
Cadence Design Systems, Inc.* (Software) | 79 | 21,517 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 63 | 2,953 | ||||||
Camden Property Trust (Residential REITs) | 32 | 3,177 | ||||||
Campbell Soup Co. (Food Products) | 58 | 2,507 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 181
Common Stocks, continued
Shares | Value | ||||||||
Capital One Financial Corp. (Consumer Finance) | 112 | $ | 14,685 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 72 | 7,258 | |||||||
CarMax, Inc.* (Specialty Retail) | 47 | 3,607 | |||||||
Carnival Corp.* (Hotels, Restaurants & Leisure) | 296 | 5,488 | |||||||
Carrier Global Corp. (Building Products) | 246 | 14,133 | |||||||
Catalent, Inc.* (Pharmaceuticals) | 53 | 2,381 | |||||||
Caterpillar, Inc. (Machinery) | 150 | 44,350 | |||||||
Cboe Global Markets, Inc. (Capital Markets) | 31 | 5,535 | |||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 90 | 8,378 | |||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 40 | 9,093 | |||||||
Celanese Corp. (Chemicals) | 30 | 4,661 | |||||||
Cencora, Inc. (Health Care Providers & Services) | 49 | 10,064 | |||||||
Centene Corp.* (Health Care Providers & Services) | 157 | 11,651 | |||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 186 | 5,314 | |||||||
Ceridian HCM Holding, Inc.* (Professional Services) | 46 | 3,088 | |||||||
CF Industries Holdings, Inc. (Chemicals) | 56 | 4,452 | |||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 15 | 3,546 | |||||||
Charter Communications, Inc.*—Class A (Media) | 30 | 11,660 | |||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 515 | 76,817 | |||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 8 | 18,296 | |||||||
Chubb, Ltd. (Insurance) | 120 | 27,120 | |||||||
Church & Dwight Co., Inc. (Household Products) | 72 | 6,808 | |||||||
Cincinnati Financial Corp. (Insurance) | 46 | 4,759 | |||||||
Cintas Corp. (Commercial Services & Supplies) | 25 | 15,066 | |||||||
Cisco Systems, Inc. (Communications Equipment) | 1,188 | 60,018 | |||||||
Citigroup, Inc. (Banks) | 562 | 28,909 | |||||||
Citizens Financial Group, Inc. (Banks) | 137 | 4,540 | |||||||
CME Group, Inc. (Capital Markets) | 106 | 22,324 | |||||||
CMS Energy Corp. (Multi-Utilities) | 86 | 4,994 | |||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 148 | 11,178 | |||||||
Colgate-Palmolive Co. (Household Products) | 241 | 19,210 | |||||||
Comcast Corp.—Class A (Media) | 1,177 | 51,612 | |||||||
Comerica, Inc. (Banks) | 39 | 2,177 | |||||||
Conagra Brands, Inc. (Food Products) | 141 | 4,041 | |||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 348 | 40,392 | |||||||
Consolidated Edison, Inc. (Multi-Utilities) | 102 | 9,279 | |||||||
Constellation Brands, Inc.—Class A (Beverages) | 48 | 11,604 | |||||||
Constellation Energy Corp. (Electric Utilities) | 94 | 10,988 | |||||||
Copart, Inc.* (Commercial Services & Supplies) | 257 | 12,593 | |||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 226 | 6,882 | |||||||
Corteva, Inc. (Chemicals) | 207 | 9,919 | |||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 120 | 10,487 | |||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 130 | 85,811 | |||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 222 | 5,665 | |||||||
Crown Castle, Inc. (Specialized REITs) | 127 | 14,629 | |||||||
CSX Corp. (Ground Transportation) | 580 | 20,109 | |||||||
Cummins, Inc. (Machinery) | 42 | 10,062 | |||||||
CVS Health Corp. (Health Care Providers & Services) | 376 | 29,689 | |||||||
D.R. Horton, Inc. (Household Durables) | 89 | 13,527 | |||||||
Danaher Corp. (Life Sciences Tools & Services) | 193 | 44,649 | |||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 36 | 5,915 | |||||||
DaVita, Inc.* (Health Care Providers & Services) | 16 | 1,676 | |||||||
Deere & Co. (Machinery) | 78 | 31,189 | |||||||
Delta Air Lines, Inc. (Passenger Airlines) | 189 | 7,604 | |||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 63 | 2,242 | |||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 189 | 8,562 | |||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 113 | 14,022 | |||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 53 | 8,219 | |||||||
Digital Realty Trust, Inc. (Specialized REITs) | 89 | 11,978 | |||||||
Discover Financial Services (Consumer Finance) | 73 | 8,205 | |||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 64 | 8,701 | |||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 61 | 8,665 | |||||||
Dominion Energy, Inc. (Multi-Utilities) | 246 | 11,562 | |||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 10 | 4,122 | |||||||
Dover Corp. (Machinery) | 41 | 6,306 | |||||||
Dow, Inc. (Chemicals) | 206 | 11,297 | |||||||
DTE Energy Co. (Multi-Utilities) | 60 | 6,616 | |||||||
Duke Energy Corp. (Electric Utilities) | 226 | 21,931 | |||||||
DuPont de Nemours, Inc. (Chemicals) | 126 | 9,693 | |||||||
Eastman Chemical Co. (Chemicals) | 35 | 3,144 | |||||||
Eaton Corp. PLC (Electrical Equipment) | 117 | 28,176 | |||||||
eBay, Inc. (Broadline Retail) | 153 | 6,674 | |||||||
Ecolab, Inc. (Chemicals) | 74 | 14,678 | |||||||
Edison International (Electric Utilities) | 112 | 8,007 | |||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 178 | 13,573 | |||||||
Electronic Arts, Inc. (Entertainment) | 72 | 9,850 | |||||||
Elevance Health, Inc. (Health Care Providers & Services) | 69 | 32,538 | |||||||
Eli Lilly & Co. (Pharmaceuticals) | 234 | 136,403 | |||||||
Emerson Electric Co. (Electrical Equipment) | 167 | 16,254 | |||||||
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment) | 40 | 5,286 |
See accompanying notes to financial statements.
182 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Entergy Corp. (Electric Utilities) | 62 | $ | 6,274 | |||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 171 | 20,682 | ||||||
EPAM Systems, Inc.* (IT Services) | 17 | 5,055 | ||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 122 | 4,717 | ||||||
Equifax, Inc. (Professional Services) | 37 | 9,150 | ||||||
Equinix, Inc. (Specialized REITs) | 27 | 21,746 | ||||||
Equity Residential (Residential REITs) | 102 | 6,238 | ||||||
Essex Property Trust, Inc. (Residential REITs) | 19 | 4,711 | ||||||
Etsy, Inc.* (Broadline Retail) | 36 | 2,918 | ||||||
Everest Group, Ltd. (Insurance) | 13 | 4,597 | ||||||
Evergy, Inc. (Electric Utilities) | 67 | 3,497 | ||||||
Eversource Energy (Electric Utilities) | 103 | 6,357 | ||||||
Exelon Corp. (Electric Utilities) | 293 | 10,519 | ||||||
Expedia Group, Inc.* (Hotels, Restaurants & Leisure) | 39 | 5,920 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 43 | 5,470 | ||||||
Extra Space Storage, Inc. (Specialized REITs) | 62 | 9,940 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 1,174 | 117,377 | ||||||
F5, Inc.* (Communications Equipment) | 17 | 3,043 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 11 | 5,248 | ||||||
Fair Isaac Corp.* (Software) | 7 | 8,148 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 168 | 10,881 | ||||||
Federal Realty Investment Trust (Retail REITs) | 21 | 2,164 | ||||||
FedEx Corp. (Air Freight & Logistics) | 68 | 17,202 | ||||||
Fidelity National Information Services, Inc. (Financial Services) | 174 | 10,452 | ||||||
Fifth Third Bancorp (Banks) | 200 | 6,898 | ||||||
First Horizon Corp. (Banks) | — | (a) | 4 | |||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 32 | 5,513 | ||||||
FirstEnergy Corp. (Electric Utilities) | 152 | 5,572 | ||||||
Fiserv, Inc.* (Financial Services) | 176 | 23,380 | ||||||
FleetCor Technologies, Inc.* (Financial Services) | 21 | 5,935 | ||||||
FMC Corp. (Chemicals) | 37 | 2,333 | ||||||
Ford Motor Co. (Automobiles) | 1,154 | 14,067 | ||||||
Fortinet, Inc.* (Software) | 187 | 10,945 | ||||||
Fortive Corp. (Machinery) | 103 | 7,584 | ||||||
Fox Corp.—Class A (Media) | 73 | 2,166 | ||||||
Fox Corp.—Class B (Media) | 40 | 1,106 | ||||||
Franklin Resources, Inc. (Capital Markets) | 83 | 2,473 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 421 | 17,921 | ||||||
Garmin, Ltd. (Household Durables) | 45 | 5,784 | ||||||
Gartner, Inc.* (IT Services) | 22 | 9,924 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 115 | 8,892 | ||||||
Gen Digital, Inc. (Software) | 167 | 3,811 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 18 | 2,326 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 66 | 17,138 | ||||||
General Electric Co. (Industrial Conglomerates) | 319 | 40,714 | ||||||
General Mills, Inc. (Food Products) | 171 | 11,139 | ||||||
General Motors Co. (Automobiles) | 402 | 14,440 | ||||||
Genuine Parts Co. (Distributors) | 41 | 5,679 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 365 | 29,569 | ||||||
Global Payments, Inc. (Financial Services) | 76 | 9,652 | ||||||
Globe Life, Inc. (Insurance) | 25 | 3,043 | ||||||
Halliburton Co. (Energy Equipment & Services) | 263 | 9,507 | ||||||
Hasbro, Inc. (Leisure Products) | 39 | 1,991 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 58 | 15,699 | ||||||
Healthpeak Properties, Inc. (Health Care REITs) | 162 | 3,208 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 39 | 2,953 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 81 | 11,677 | ||||||
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 377 | 6,401 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 75 | 13,657 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 72 | 5,144 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 193 | 40,474 | ||||||
Hormel Foods Corp. (Food Products) | 85 | 2,729 | ||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 208 | 4,050 | ||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 115 | 6,224 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 256 | 7,703 | ||||||
Hubbell, Inc. (Electrical Equipment) | 15 | 4,934 | ||||||
Humana, Inc. (Health Care Providers & Services) | 36 | 16,481 | ||||||
Huntington Bancshares, Inc. (Banks) | 425 | 5,406 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 11 | 2,856 | ||||||
IDEX Corp. (Machinery) | 22 | 4,776 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 24 | 13,321 | ||||||
Illinois Tool Works, Inc. (Machinery) | 80 | 20,955 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 47 | 6,544 | ||||||
Incyte Corp.* (Biotechnology) | 55 | 3,453 | ||||||
Ingersoll Rand, Inc. (Machinery) | 119 | 9,203 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 20 | 4,340 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 1,236 | 62,109 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 168 | 21,576 | ||||||
International Business Machines Corp. (IT Services) | 268 | 43,832 | ||||||
International Flavors & Fragrances, Inc. (Chemicals) | 75 | 6,073 | ||||||
International Paper Co. (Containers & Packaging) | 102 | 3,687 | ||||||
Intuit, Inc. (Software) | 82 | 51,252 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 103 | 34,747 | ||||||
Invesco, Ltd. (Capital Markets) | 133 | 2,373 | ||||||
Invitation Homes, Inc. (Residential REITs) | 170 | 5,799 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 54 | 12,495 | ||||||
Iron Mountain, Inc. (Specialized REITs) | 86 | 6,018 | ||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 23 | 4,594 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 38 | 4,841 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 183
Common Stocks, continued
Shares | Value | |||||||
Jack Henry & Associates, Inc. (Financial Services) | 21 | $ | 3,432 | |||||
Jacobs Solutions, Inc. (Professional Services) | 37 | 4,803 | ||||||
Johnson & Johnson (Pharmaceuticals) | 706 | 110,658 | ||||||
Johnson Controls International PLC (Building Products) | 200 | 11,528 | ||||||
JPMorgan Chase & Co. (Banks) | 847 | 144,076 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 94 | 2,771 | ||||||
Kellanova (Food Products) | 78 | 4,361 | ||||||
Kenvue, Inc. (Personal Care Products) | 507 | 10,916 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 296 | 9,863 | ||||||
KeyCorp (Banks) | 276 | 3,974 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 52 | 8,273 | ||||||
Kimberly-Clark Corp. (Household Products) | 99 | 12,029 | ||||||
Kimco Realty Corp. (Retail REITs) | 194 | 4,134 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 568 | 10,020 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 40 | 23,252 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 56 | 11,795 | ||||||
Laboratory Corp. of America Holdings (Health Care Providers & Services) | 24 | 5,455 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 39 | 30,547 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 43 | 4,648 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 108 | 5,315 | ||||||
Leidos Holdings, Inc. (Professional Services) | 41 | 4,438 | ||||||
Lennar Corp.—Class A (Household Durables) | 73 | 10,880 | ||||||
Linde PLC (Chemicals) | 142 | 58,321 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 42 | 3,931 | ||||||
LKQ Corp. (Distributors) | 79 | 3,775 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 65 | 29,461 | ||||||
Loews Corp. (Insurance) | 54 | 3,758 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 169 | 37,611 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 34 | 17,384 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 75 | 7,131 | ||||||
M&T Bank Corp. (Banks) | 49 | 6,717 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 173 | 4,180 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 111 | 16,468 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 11 | 3,221 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 72 | 16,294 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 144 | 27,284 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 18 | 8,981 | ||||||
Masco Corp. (Building Products) | 66 | 4,421 | ||||||
Mastercard, Inc.—Class A (Financial Services) | 243 | 103,642 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 80 | 2,920 | ||||||
McCormick & Co., Inc. (Food Products) | 73 | 4,995 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 213 | 63,157 | ||||||
McKesson Corp. (Health Care Providers & Services) | 39 | 18,056 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 391 | 32,211 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 743 | 81,002 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 651 | 230,428 | ||||||
MetLife, Inc. (Insurance) | 182 | 12,036 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 6 | 7,278 | ||||||
MGM Resorts International* (Hotels, Restaurants & Leisure) | 81 | 3,619 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 159 | 14,339 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 321 | 27,394 | ||||||
Microsoft Corp. (Software) | 2,180 | 819,768 | ||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 35 | 4,706 | ||||||
Moderna, Inc.* (Biotechnology) | 98 | 9,746 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 15 | 1,553 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 17 | 6,142 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 54 | 3,305 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 399 | 28,900 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 14 | 8,831 | ||||||
Monster Beverage Corp.* (Beverages) | 217 | 12,501 | ||||||
Moody's Corp. (Capital Markets) | 46 | 17,966 | ||||||
Morgan Stanley (Capital Markets) | 370 | 34,503 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 49 | 15,341 | ||||||
MSCI, Inc. (Capital Markets) | 23 | 13,010 | ||||||
Nasdaq, Inc. (Capital Markets) | 100 | 5,814 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 61 | 5,378 | ||||||
Netflix, Inc.* (Entertainment) | 128 | 62,321 | ||||||
Newmont Corp. (Metals & Mining) | 338 | 13,990 | ||||||
News Corp.—Class A (Media) | 113 | 2,774 | ||||||
News Corp.—Class B (Media) | 35 | 900 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 601 | 36,505 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 359 | 38,977 | ||||||
NiSource, Inc. (Multi-Utilities) | 122 | 3,239 | ||||||
Nordson Corp. (Machinery) | 16 | 4,227 | ||||||
Norfolk Southern Corp. (Ground Transportation) | 66 | 15,601 | ||||||
Northern Trust Corp. (Capital Markets) | 61 | 5,147 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 42 | 19,662 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 126 | 2,525 | ||||||
NRG Energy, Inc. (Electric Utilities) | 66 | 3,412 | ||||||
Nucor Corp. (Metals & Mining) | 72 | 12,531 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 724 | 358,538 |
See accompanying notes to financial statements.
184 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
NVR, Inc.* (Household Durables) | 1 | $ | 7,000 | |||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 75 | 17,226 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 193 | 11,524 | ||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 26 | 10,539 | ||||||
Omnicom Group, Inc. (Media) | 58 | 5,018 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 126 | 10,525 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 171 | 12,008 | ||||||
Oracle Corp. (Software) | 466 | 49,130 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 17 | 16,151 | ||||||
Otis Worldwide Corp. (Machinery) | 120 | 10,736 | ||||||
PACCAR, Inc. (Machinery) | 154 | 15,038 | ||||||
Packaging Corp. of America (Containers & Packaging) | 26 | 4,236 | ||||||
Palo Alto Networks, Inc.* (Software) | 92 | 27,129 | ||||||
Paramount Global—Class B (Media) | 142 | 2,100 | ||||||
Parker-Hannifin Corp. (Machinery) | 38 | 17,507 | ||||||
Paychex, Inc. (Professional Services) | 95 | 11,315 | ||||||
Paycom Software, Inc. (Professional Services) | 14 | 2,894 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 317 | 19,467 | ||||||
Pentair PLC (Machinery) | 49 | 3,563 | ||||||
PepsiCo, Inc. (Beverages) | 403 | 68,446 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 1,657 | 47,705 | ||||||
PG&E Corp. (Electric Utilities) | 627 | 11,305 | ||||||
Philip Morris International, Inc. (Tobacco) | 455 | 42,807 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 129 | 17,175 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 34 | 2,443 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 68 | 15,292 | ||||||
Pool Corp. (Distributors) | 11 | 4,386 | ||||||
PPG Industries, Inc. (Chemicals) | 69 | 10,319 | ||||||
PPL Corp. (Electric Utilities) | 217 | 5,881 | ||||||
Principal Financial Group, Inc. (Insurance) | 64 | 5,035 | ||||||
Prologis, Inc. (Industrial REITs) | 271 | 36,124 | ||||||
Prudential Financial, Inc. (Insurance) | 106 | 10,993 | ||||||
PTC, Inc.* (Software) | 35 | 6,124 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 147 | 8,989 | ||||||
Public Storage (Specialized REITs) | 47 | 14,335 | ||||||
PulteGroup, Inc. (Household Durables) | 63 | 6,503 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 28 | 3,153 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 327 | 47,294 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 43 | 9,279 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 33 | 4,550 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 11 | 1,586 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 55 | 6,133 | ||||||
Realty Income Corp. (Retail REITs) | 213 | 12,230 | ||||||
Regency Centers Corp. (Retail REITs) | 48 | 3,216 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 32 | 28,105 | ||||||
Regions Financial Corp. (Banks) | 274 | 5,310 | ||||||
Republic Services, Inc. (Commercial Services & Supplies) | 60 | 9,895 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 43 | 7,397 | ||||||
Revvity, Inc. (Life Sciences Tools & Services) | 37 | 4,044 | ||||||
Robert Half, Inc. (Professional Services) | 32 | 2,813 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 34 | 10,556 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 83 | 3,625 | ||||||
Roper Technologies, Inc. (Software) | 32 | 17,445 | ||||||
Ross Stores, Inc. (Specialty Retail) | 100 | 13,839 | ||||||
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | 69 | 8,935 | ||||||
RTX Corp. (Aerospace & Defense) | 421 | 35,423 | ||||||
S&P Global, Inc. (Capital Markets) | 95 | 41,848 | ||||||
Salesforce, Inc.* (Software) | 285 | 74,995 | ||||||
SBA Communications Corp. (Specialized REITs) | 32 | 8,118 | ||||||
Schlumberger N.V. (Energy Equipment & Services) | 419 | 21,805 | ||||||
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 57 | 4,866 | ||||||
Sempra (Multi-Utilities) | 184 | 13,750 | ||||||
ServiceNow, Inc.* (Software) | 60 | 42,389 | ||||||
Simon Property Group, Inc. (Retail REITs) | 96 | 13,694 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 47 | 5,284 | ||||||
Snap-on, Inc. (Machinery) | 15 | 4,333 | ||||||
Southwest Airlines Co. (Passenger Airlines) | 176 | 5,083 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 45 | 4,415 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 335 | 32,163 | ||||||
State Street Corp. (Capital Markets) | 91 | 7,049 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 45 | 5,315 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 28 | 6,156 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 99 | 29,647 | ||||||
Synchrony Financial (Consumer Finance) | 122 | 4,659 | ||||||
Synopsys, Inc.* (Software) | 45 | 23,171 | ||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 148 | 10,823 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 65 | 7,000 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 47 | 7,565 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 68 | 2,503 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 65 | 5,647 | ||||||
Target Corp. (Consumer Staples Distribution & Retail) | 135 | 19,227 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 92 | 12,926 | ||||||
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 14 | 6,248 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 14 | 3,491 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 45 | 4,883 | ||||||
Tesla, Inc.* (Automobiles) | 811 | 201,517 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 267 | 45,513 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 185
Common Stocks, continued
Shares | Value | |||||||
Textron, Inc. (Aerospace & Defense) | 57 | $ | 4,584 | |||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 197 | 3,792 | ||||||
The Allstate Corp. (Insurance) | 76 | 10,638 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 226 | 11,763 | ||||||
The Boeing Co.* (Aerospace & Defense) | 167 | 43,529 | ||||||
The Charles Schwab Corp. (Capital Markets) | 436 | 29,997 | ||||||
The Cigna Group (Health Care Providers & Services) | 85 | 25,453 | ||||||
The Clorox Co. (Household Products) | 37 | 5,276 | ||||||
The Coca-Cola Co. (Beverages) | 1,142 | 67,298 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 14 | 5,298 | ||||||
The Estee Lauder Cos., Inc. (Personal Care Products) | 68 | 9,945 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 96 | 37,033 | ||||||
The Hartford Financial Services Group, Inc. (Insurance) | 89 | 7,154 | ||||||
The Hershey Co. (Food Products) | 44 | 8,203 | ||||||
The Home Depot, Inc. (Specialty Retail) | 293 | 101,539 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 113 | 3,688 | ||||||
The JM Smucker Co. (Food Products) | 32 | 4,044 | ||||||
The Kraft Heinz Co. (Food Products) | 235 | 8,690 | ||||||
The Kroger Co. (Consumer Staples Distribution & Retail) | 195 | 8,913 | ||||||
The Mosaic Co. (Chemicals) | 96 | 3,430 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 117 | 18,117 | ||||||
The Procter & Gamble Co. (Household Products) | 691 | 101,260 | ||||||
The Progressive Corp. (Insurance) | 172 | 27,395 | ||||||
The Sherwin-Williams Co. (Chemicals) | 69 | 21,521 | ||||||
The Southern Co. (Electric Utilities) | 320 | 22,438 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 336 | 31,520 | ||||||
The Travelers Cos., Inc. (Insurance) | 67 | 12,763 | ||||||
The Walt Disney Co. (Entertainment) | 536 | 48,395 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 358 | 12,469 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 113 | 59,978 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 150 | 24,050 | ||||||
Tractor Supply Co. (Specialty Retail) | 32 | 6,881 | ||||||
Trane Technologies PLC (Building Products) | 67 | 16,341 | ||||||
TransDigm Group, Inc. (Aerospace & Defense) | 16 | 16,186 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 73 | 3,884 | ||||||
Truist Financial Corp. (Banks) | 391 | 14,436 | ||||||
Tyler Technologies, Inc.* (Software) | 12 | 5,017 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 84 | 4,515 | ||||||
U.S. Bancorp (Banks) | 457 | 19,779 | ||||||
Uber Technologies, Inc.* (Ground Transportation) | 603 | 37,127 | ||||||
UDR, Inc. (Residential REITs) | 89 | 3,408 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 14 | 6,860 | ||||||
Union Pacific Corp. (Ground Transportation) | 179 | 43,965 | ||||||
United Airlines Holdings, Inc.* (Passenger Airlines) | 97 | 4,002 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 212 | 33,332 | ||||||
United Rentals, Inc. (Trading Companies & Distributors) | 20 | 11,469 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 272 | 143,200 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 18 | 2,744 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 100 | 13,000 | ||||||
Ventas, Inc. (Health Care REITs) | 118 | 5,881 | ||||||
Veralto Corp. (Commercial Services & Supplies) | 64 | 5,265 | ||||||
VeriSign, Inc.* (IT Services) | 26 | 5,355 | ||||||
Verisk Analytics, Inc. (Professional Services) | 43 | 10,271 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 1,234 | 46,522 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 75 | 30,517 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 98 | 1,842 | ||||||
Viatris, Inc. (Pharmaceuticals) | 353 | 3,823 | ||||||
VICI Properties, Inc. (Specialized REITs) | 304 | 9,692 | ||||||
Visa, Inc.—Class A (Financial Services) | 467 | 121,583 | ||||||
Vulcan Materials Co. (Construction Materials) | 39 | 8,853 | ||||||
W.R. Berkley Corp. (Insurance) | 60 | 4,243 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 13 | 10,773 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 212 | 5,535 | ||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 418 | 65,898 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 652 | 7,420 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 108 | 19,342 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 17 | 5,597 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 93 | 7,828 | ||||||
Wells Fargo & Co. (Banks) | 1,065 | 52,419 | ||||||
Welltower, Inc. (Health Care REITs) | 163 | 14,697 | ||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 21 | 7,395 | ||||||
Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | 95 | 4,975 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 53 | 6,726 | ||||||
Westrock Co. (Containers & Packaging) | 76 | 3,156 | ||||||
Weyerhaeuser Co. (Specialized REITs) | 214 | 7,441 | ||||||
Whirlpool Corp. (Household Durables) | 16 | 1,948 | ||||||
Willis Towers Watson PLC (Insurance) | 31 | 7,477 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 28 | 2,551 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 162 | 10,029 | ||||||
Xylem, Inc. (Machinery) | 70 | 8,005 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 82 | 10,714 | ||||||
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | 15 | 4,100 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 61 | 7,424 | ||||||
Zions Bancorp NA (Banks) | 44 | 1,930 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 134 | 26,448 | ||||||
TOTAL COMMON STOCKS (Cost $3,940,842) | 11,742,369 |
See accompanying notes to financial statements.
186 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreements(b)(c) (37.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $6,975,010 | $ | 6,971,000 | $ | 6,971,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $6,971,000) | 6,971,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,911,842)—100.3% | 18,713,369 | |||||||
Net other assets (liabilities)—(0.3)% | (53,527 | ) | ||||||
NET ASSETS—100.0% | $ | 18,659,842 |
* | 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 December 31, 2023, the aggregate amount held in a segregated account was $3,113,000. |
(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. |
REIT | Real Estate Investment Trust |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
E-Mini S&P 500 Futures Contracts | 6 | 3/18/24 | $ | 1,446,000 | $ | 58,398 |
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 | 1/29/24 | 5.93 | % | $ | 7,968,001 | $ | (21,571 | ) | |||||||
SPDR S&P 500 ETF | Goldman Sachs International | 1/29/24 | 5.84 | % | 6,230,267 | (17,763 | ) | |||||||||
$ | 14,198,268 | $ | (39,334 | ) | ||||||||||||
S&P 500 | UBS AG | 1/29/24 | 5.83 | % | $ | 8,146,870 | $ | (21,399 | ) | |||||||
SPDR S&P 500 ETF | UBS AG | 1/29/24 | 5.43 | % | 1,786,471 | (5,053 | ) | |||||||||
$ | 9,933,341 | $ | (26,452 | ) | ||||||||||||
$ | 24,131,609 | $ | (65,786 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 187
ProFund VP UltraBull invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 192,025 | 1.0 | % | ||||
Air Freight & Logistics | 59,028 | 0.3 | % | |||||
Automobile Components | 9,956 | 0.1 | % | |||||
Automobiles | 230,024 | 1.2 | % | |||||
Banks | 382,706 | 2.1 | % | |||||
Beverages | 176,100 | 0.9 | % | |||||
Biotechnology | 238,011 | 1.3 | % | |||||
Broadline Retail | 414,664 | 2.1 | % | |||||
Building Products | 58,735 | 0.3 | % | |||||
Capital Markets | 352,054 | 1.9 | % | |||||
Chemicals | 189,826 | 1.0 | % | |||||
Commercial Services & Supplies | 65,786 | 0.4 | % | |||||
Communications Equipment | 98,601 | 0.5 | % | |||||
Construction & Engineering | 9,279 | NM | ||||||
Construction Materials | 17,834 | 0.1 | % | |||||
Consumer Finance | 59,210 | 0.3 | % | |||||
Consumer Staples Distribution & Retail | 213,573 | 1.2 | % | |||||
Containers & Packaging | 25,165 | 0.1 | % | |||||
Distributors | 13,840 | 0.1 | % | |||||
Diversified Telecommunication Services | 81,726 | 0.4 | % | |||||
Electric Utilities | 181,646 | 1.1 | % | |||||
Electrical Equipment | 73,459 | 0.4 | % | |||||
Electronic Equipment, Instruments & Components | 73,594 | 0.4 | % | |||||
Energy Equipment & Services | 41,429 | 0.2 | % | |||||
Entertainment | 139,482 | 0.7 | % | |||||
Financial Services | 487,642 | 2.6 | % | |||||
Food Products | 104,452 | 0.6 | % | |||||
Gas Utilities | 5,100 | NM | ||||||
Ground Transportation | 131,935 | 0.7 | % | |||||
Health Care Equipment & Supplies | 301,028 | 1.6 | % | |||||
Health Care Providers & Services | 333,609 | 1.8 | % | |||||
Health Care REITs | 23,786 | 0.1 | % | |||||
Hotel & Resort REITs | 4,050 | NM | ||||||
Hotels, Restaurants & Leisure | 254,386 | 1.4 | % | |||||
Household Durables | 47,195 | 0.3 | % | |||||
Household Products | 144,583 | 0.8 | % | |||||
Independent Power and Renewable Electricity Producers | 3,792 | NM | ||||||
Industrial Conglomerates | 98,898 | 0.5 | % | |||||
Industrial REITs | 36,124 | 0.2 | % | |||||
Insurance | 242,063 | 1.3 | % | |||||
Interactive Media & Services | 681,609 | 3.8 | % | |||||
IT Services | 145,119 | 0.8 | % | |||||
Leisure Products | 1,991 | NM | ||||||
Life Sciences Tools & Services | 168,908 | 0.9 | % | |||||
Machinery | 208,975 | 1.1 | % | |||||
Media | 81,024 | 0.4 | % | |||||
Metals & Mining | 49,757 | 0.3 | % | |||||
Multi-Utilities | 77,141 | 0.4 | % | |||||
Office REITs | 8,849 | NM | ||||||
Oil, Gas & Consumable Fuels | 415,120 | 2.2 | % | |||||
Passenger Airlines | 19,327 | 0.1 | % | |||||
Personal Care Products | 20,861 | 0.1 | % | |||||
Pharmaceuticals | 439,052 | 2.3 | % | |||||
Professional Services | 84,162 | 0.5 | % | |||||
Real Estate Management & Development | 18,865 | 0.1 | % | |||||
Residential REITs | 35,902 | 0.2 | % | |||||
Retail REITs | 35,438 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 952,252 | 5.1 | % | |||||
Software | 1,264,600 | 6.8 | % | |||||
Specialized REITs | 133,257 | 0.8 | % | |||||
Specialty Retail | 238,333 | 1.3 | % | |||||
Technology Hardware, Storage & Peripherals | 854,700 | 4.6 | % | |||||
Textiles, Apparel & Luxury Goods | 62,292 | 0.3 | % | |||||
Tobacco | 63,743 | 0.3 | % | |||||
Trading Companies & Distributors | 33,123 | 0.2 | % | |||||
Water Utilities | 7,523 | NM | ||||||
Wireless Telecommunication Services | 24,050 | 0.1 | % | |||||
Other** | 6,917,473 | 37.1 | % | |||||
Total | $ | 18,659,842 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
188 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (61.7%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 244 | $ | 18,973 | |||||
Acuity Brands, Inc. (Electrical Equipment) | 82 | 16,796 | ||||||
Adient PLC* (Automobile Components) | 248 | 9,017 | ||||||
Advanced Drainage Systems, Inc. (Building Products) | 182 | 25,596 | ||||||
AECOM (Construction & Engineering) | 368 | 34,014 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 89 | 13,476 | ||||||
AGCO Corp. (Machinery) | 164 | 19,911 | ||||||
Agree Realty Corp. (Retail REITs) | 266 | 16,745 | ||||||
Alcoa Corp. (Metals & Mining) | 472 | 16,048 | ||||||
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | 189 | 5,721 | ||||||
ALLETE, Inc. (Electric Utilities) | 152 | 9,296 | ||||||
Ally Financial, Inc. (Consumer Finance) | 719 | 25,108 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 86 | 8,175 | ||||||
American Financial Group, Inc. (Insurance) | 172 | 20,449 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 273 | 9,083 | ||||||
Annaly Capital Management, Inc. (Mortgage REITs) | 1,324 | 25,646 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 902 | 11,302 | ||||||
Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | 748 | 16,965 | ||||||
Apartment Income REIT Corp. (Residential REITs) | 389 | 13,510 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 175 | 21,633 | ||||||
Aramark (Hotels, Restaurants & Leisure) | 691 | 19,417 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 144 | 17,604 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 284 | 8,690 | ||||||
ASGN, Inc.* (Professional Services) | 125 | 12,021 | ||||||
Ashland, Inc. (Chemicals) | 136 | 11,466 | ||||||
Aspen Technology, Inc.* (Software) | 74 | 16,291 | ||||||
Associated Banc-Corp. (Banks) | 394 | 8,428 | ||||||
Autoliv, Inc. (Automobile Components) | 198 | 21,817 | ||||||
AutoNation, Inc.* (Specialty Retail) | 69 | 10,362 | ||||||
Avient Corp. (Chemicals) | 241 | 10,018 | ||||||
Avis Budget Group, Inc. (Ground Transportation) | 49 | 8,686 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 239 | 12,046 | ||||||
Axalta Coating Systems, Ltd.* (Chemicals) | 582 | 19,771 | ||||||
Azenta, Inc.* (Life Sciences Tools & Services) | 159 | 10,357 | ||||||
Bank OZK (Banks) | 278 | 13,853 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 110 | 8,498 | ||||||
BellRing Brands, Inc.* (Personal Care Products) | 348 | 19,289 | ||||||
Berry Global Group, Inc. (Containers & Packaging) | 312 | 21,026 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Household Products) | 354 | 23,598 | ||||||
Black Hills Corp. (Multi-Utilities) | 180 | 9,711 | ||||||
Blackbaud, Inc.* (Software) | 114 | 9,884 | ||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 184 | 11,520 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 170 | 8,996 | ||||||
Brixmor Property Group, Inc. (Retail REITs) | 796 | 18,523 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 245 | 18,003 | ||||||
Brunswick Corp. (Leisure Products) | 182 | 17,609 | ||||||
Burlington Stores, Inc.* (Specialty Retail) | 171 | 33,256 | ||||||
BWX Technologies, Inc. (Aerospace & Defense) | 242 | 18,569 | ||||||
Cable One, Inc. (Media) | 12 | 6,679 | ||||||
Cabot Corp. (Chemicals) | 146 | 12,191 | ||||||
CACI International, Inc.*—Class A (Professional Services) | 59 | 19,108 | ||||||
Cadence Bank (Banks) | 484 | 14,322 | ||||||
Calix, Inc.* (Communications Equipment) | 155 | 6,772 | ||||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 308 | 15,474 | ||||||
Carlisle Cos., Inc. (Building Products) | 129 | 40,304 | ||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 98 | 7,339 | ||||||
Casey's General Stores, Inc. (Consumer Staples Distribution & Retail) | 99 | 27,199 | ||||||
Celsius Holdings, Inc.* (Beverages) | 392 | 21,371 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 516 | 15,072 | ||||||
Chart Industries, Inc.* (Machinery) | 111 | 15,133 | ||||||
Chemed Corp. (Health Care Providers & Services) | 40 | 23,391 | ||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 295 | 22,697 | ||||||
Choice Hotels International, Inc.(a) (Hotels, Restaurants & Leisure) | 66 | 7,478 | ||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 109 | 18,119 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 180 | 24,288 | ||||||
Ciena Corp.* (Communications Equipment) | 391 | 17,599 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 143 | 11,896 | ||||||
Civitas Resources, Inc.(a) (Oil, Gas & Consumable Fuels) | 226 | 15,454 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 133 | 23,210 | ||||||
Cleveland-Cliffs, Inc.* (Metals & Mining) | 1,336 | 27,281 | ||||||
CNO Financial Group, Inc. (Insurance) | 297 | 8,286 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 422 | 8,440 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 12 | 11,141 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 456 | 19,033 | ||||||
Coherent Corp.* (Electronic Equipment, Instruments & Components) | 349 | 15,192 | ||||||
Columbia Banking System, Inc. (Banks) | 553 | 14,754 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 91 | 7,238 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 94 | 19,333 | ||||||
Commerce Bancshares, Inc. (Banks) | 314 | 16,771 | ||||||
Commercial Metals Co. (Metals & Mining) | 309 | 15,462 | ||||||
CommVault Systems, Inc.* (Software) | 116 | 9,263 | ||||||
Concentrix Corp. (Professional Services) | 125 | 12,276 | ||||||
COPT Defense Properties (Office REITs) | 298 | 7,638 | ||||||
Core & Main, Inc.*—Class A (Trading Companies & Distributors) | 363 | 14,669 | ||||||
Coty, Inc.*—Class A (Personal Care Products) | 992 | 12,321 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 189
Common Stocks, continued
Shares | Value | |||||||
Cousins Properties, Inc. (Office REITs) | 402 | $ | 9,789 | |||||
Crane Co. (Machinery) | 129 | 15,240 | ||||||
Crane NXT Co. (Electronic Equipment, Instruments & Components) | 127 | 7,222 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 160 | 14,946 | ||||||
Crown Holdings, Inc. (Containers & Packaging) | 319 | 29,376 | ||||||
CubeSmart (Specialized REITs) | 595 | 27,578 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 169 | 18,335 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 102 | 22,724 | ||||||
Darling Ingredients, Inc.* (Food Products) | 422 | 21,032 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 68 | 45,453 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 162 | 23,806 | ||||||
Dolby Laboratories, Inc.—Class A (Software) | 158 | 13,616 | ||||||
Donaldson Co., Inc. (Machinery) | 319 | 20,847 | ||||||
Doximity, Inc.*—Class A (Health Care Technology) | 313 | 8,777 | ||||||
Dropbox, Inc.*—Class A (Software) | 678 | 19,987 | ||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 257 | 14,084 | ||||||
Dynatrace, Inc.* (Software) | 631 | 34,509 | ||||||
Eagle Materials, Inc. (Construction Materials) | 92 | 18,661 | ||||||
East West Bancorp, Inc. (Banks) | 373 | 26,836 | ||||||
EastGroup Properties, Inc. (Industrial REITs) | 122 | 22,392 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 124 | 26,713 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 265 | 17,681 | ||||||
EnerSys (Electrical Equipment) | 107 | 10,803 | ||||||
Enovis Corp.* (Health Care Equipment & Supplies) | 131 | 7,339 | ||||||
Envista Holdings Corp.* (Health Care Equipment & Supplies) | 454 | 10,923 | ||||||
EPR Properties (Specialized REITs) | 199 | 9,642 | ||||||
Equitable Holdings, Inc. (Financial Services) | 842 | 28,038 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,148 | 11,687 | ||||||
Equity LifeStyle Properties, Inc. (Residential REITs) | 494 | 34,846 | ||||||
Erie Indemnity Co.—Class A (Insurance) | 66 | 22,105 | ||||||
Esab Corp. (Machinery) | 150 | 12,993 | ||||||
Essent Group, Ltd. (Financial Services) | 282 | 14,873 | ||||||
Essential Utilities, Inc. (Water Utilities) | 665 | 24,838 | ||||||
Euronet Worldwide, Inc.* (Financial Services) | 116 | 11,773 | ||||||
Evercore, Inc. (Capital Markets) | 91 | 15,566 | ||||||
Exelixis, Inc.* (Biotechnology) | 824 | 19,768 | ||||||
ExlService Holdings, Inc.* (Professional Services) | 437 | 13,481 | ||||||
Exponent, Inc. (Professional Services) | 133 | 11,709 | ||||||
F.N.B. Corp. (Banks) | 951 | 13,095 | ||||||
Federated Hermes, Inc. (Capital Markets) | 228 | 7,720 | ||||||
Fidelity National Financial, Inc. (Insurance) | 685 | 34,948 | ||||||
First American Financial Corp. (Insurance) | 273 | 17,592 | ||||||
First Financial Bankshares, Inc. (Banks) | 340 | 10,302 | ||||||
First Horizon Corp. (Banks) | 1,479 | 20,942 | ||||||
First Industrial Realty Trust, Inc. (Industrial REITs) | 350 | 18,435 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 98 | 10,622 | ||||||
Five Below, Inc.* (Specialty Retail) | 148 | 31,548 | ||||||
Floor & Decor Holdings, Inc.*—Class A (Specialty Retail) | 282 | 31,460 | ||||||
Flowers Foods, Inc. (Food Products) | 509 | 11,458 | ||||||
Flowserve Corp. (Machinery) | 347 | 14,303 | ||||||
Fluor Corp.* (Construction & Engineering) | 451 | 17,666 | ||||||
Fortune Brands Innovations, Inc. (Building Products) | 334 | 25,431 | ||||||
Fox Factory Holding Corp.* (Automobile Components) | 112 | 7,558 | ||||||
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services) | 586 | 14,850 | ||||||
FTI Consulting, Inc.* (Professional Services) | 94 | 18,720 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 711 | 12,464 | ||||||
Gaming & Leisure Properties, Inc. (Specialized REITs) | 706 | 34,841 | ||||||
GATX Corp. (Trading Companies & Distributors) | 94 | 11,301 | ||||||
Genpact, Ltd. (Professional Services) | 442 | 15,342 | ||||||
Gentex Corp. (Automobile Components) | 617 | 20,151 | ||||||
Glacier Bancorp, Inc. (Banks) | 294 | 12,148 | ||||||
Globus Medical, Inc.* (Health Care Equipment & Supplies) | 305 | 16,253 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 373 | 39,598 | ||||||
Graco, Inc. (Machinery) | 447 | 38,782 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 9 | 6,269 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 78 | 10,299 | ||||||
Graphic Packaging Holding Co. (Containers & Packaging) | 810 | 19,967 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 68 | 4,460 | ||||||
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail) | 263 | 7,090 | ||||||
GXO Logistics, Inc.* (Air Freight & Logistics) | 315 | 19,265 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 381 | 18,429 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 134 | 11,458 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 350 | 12,936 | ||||||
Hancock Whitney Corp. (Banks) | 228 | 11,079 | ||||||
Harley-Davidson, Inc. (Automobiles) | 336 | 12,378 | ||||||
Healthcare Realty Trust, Inc. (Health Care REITs) | 1,009 | 17,385 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 227 | 15,050 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 63 | 7,611 | ||||||
Hertz Global Holdings, Inc.* (Ground Transportation) | 351 | 3,647 | ||||||
Hexcel Corp. (Aerospace & Defense) | 223 | 16,446 | ||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 415 | 23,061 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 189 | 7,594 | ||||||
Home BancShares, Inc. (Banks) | 497 | 12,589 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 137 | 16,428 | ||||||
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure) | 117 | 15,258 | ||||||
IDACORP, Inc. (Electric Utilities) | 133 | 13,077 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 136 | 8,829 | ||||||
Independence Realty Trust, Inc. (Residential REITs) | 595 | 9,104 | ||||||
Ingredion, Inc. (Food Products) | 172 | 18,667 | ||||||
Insperity, Inc. (Professional Services) | 93 | 10,901 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 180 | 7,839 |
See accompanying notes to financial statements.
190 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Interactive Brokers Group, Inc. (Capital Markets) | 283 | $ | 23,460 | |||||
International Bancshares Corp. (Banks) | 142 | 7,713 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 78 | 8,466 | ||||||
Iridium Communications, Inc. (Diversified Telecommunication Services) | 328 | 13,500 | ||||||
ITT, Inc. (Machinery) | 218 | 26,012 | ||||||
Janus Henderson Group PLC (Capital Markets) | 351 | 10,583 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 166 | 20,418 | ||||||
Jefferies Financial Group, Inc. (Capital Markets) | 446 | 18,023 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 126 | 23,798 | ||||||
KB Home (Household Durables) | 202 | 12,617 | ||||||
KBR, Inc. (Professional Services) | 357 | 19,782 | ||||||
Kemper Corp. (Insurance) | 159 | 7,739 | ||||||
Kilroy Realty Corp. (Office REITs) | 282 | 11,235 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 59 | 19,760 | ||||||
Kirby Corp.* (Marine Transportation) | 156 | 12,243 | ||||||
Kite Realty Group Trust (Retail REITs) | 582 | 13,305 | ||||||
Knife River Corp.* (Construction Materials) | 150 | 9,927 | ||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 427 | 24,617 | ||||||
Kyndryl Holdings, Inc.* (IT Services) | 608 | 12,634 | ||||||
Lamar Advertising Co.—Class A (Specialized REITs) | 232 | 24,657 | ||||||
Lancaster Colony Corp. (Food Products) | 53 | 8,819 | ||||||
Landstar System, Inc. (Ground Transportation) | 95 | 18,397 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 182 | 11,284 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 365 | 25,181 | ||||||
Lear Corp. (Automobile Components) | 154 | 21,746 | ||||||
Leggett & Platt, Inc. (Household Durables) | 354 | 9,264 | ||||||
Lennox International, Inc. (Building Products) | 84 | 37,592 | ||||||
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure) | 238 | 19,542 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 151 | 32,836 | ||||||
Lithia Motors, Inc. (Specialty Retail) | 73 | 24,037 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 66 | 17,659 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 143 | 7,399 | ||||||
Livent Corp.* (Chemicals) | 477 | 8,576 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 169 | 11,970 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 178 | 9,331 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 144 | 13,385 | ||||||
Macy's, Inc. (Broadline Retail) | 724 | 14,567 | ||||||
Manhattan Associates, Inc.* (Software) | 163 | 35,098 | ||||||
ManpowerGroup, Inc. (Professional Services) | 129 | 10,252 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 87 | 7,385 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 117 | 13,714 | ||||||
MasTec, Inc.* (Construction & Engineering) | 160 | 12,115 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 294 | 16,717 | ||||||
Mattel, Inc.* (Leisure Products) | 936 | 17,671 | ||||||
Maximus, Inc. (Professional Services) | 161 | 13,501 | ||||||
MDU Resources Group, Inc. (Construction & Engineering) | 540 | 10,692 | ||||||
Medical Properties Trust, Inc.(a) (Health Care REITs) | 1,588 | 7,797 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 62 | 19,005 | ||||||
MGIC Investment Corp. (Financial Services) | 735 | 14,178 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 166 | 17,076 | ||||||
Morningstar, Inc. (Capital Markets) | 69 | 19,751 | ||||||
MP Materials Corp.* (Metals & Mining) | 382 | 7,583 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 98 | 16,545 | ||||||
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | 123 | 12,455 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 388 | 16,552 | ||||||
Murphy USA, Inc. (Specialty Retail) | 51 | 18,185 | ||||||
National Fuel Gas Co. (Gas Utilities) | 243 | 12,191 | ||||||
National Storage Affiliates Trust (Specialized REITs) | 204 | 8,460 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 521 | 10,477 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 260 | 34,258 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 259 | 11,546 | ||||||
New York Community Bancorp, Inc. (Banks) | 1,914 | 19,580 | ||||||
NewMarket Corp. (Chemicals) | 18 | 9,825 | ||||||
Nexstar Media Group, Inc. (Media) | 85 | 13,324 | ||||||
NNN REIT, Inc. (Retail REITs) | 483 | 20,817 | ||||||
Nordstrom, Inc. (Broadline Retail) | 257 | 4,742 | ||||||
Northwestern Energy Group, Inc. (Multi-Utilities) | 162 | 8,244 | ||||||
NOV, Inc. (Energy Equipment & Services) | 1,044 | 21,172 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 94 | 15,831 | ||||||
nVent Electric PLC (Electrical Equipment) | 439 | 25,940 | ||||||
OGE Energy Corp. (Electric Utilities) | 530 | 18,513 | ||||||
Old National Bancorp (Banks) | 775 | 13,090 | ||||||
Old Republic International Corp. (Insurance) | 690 | 20,286 | ||||||
Olin Corp. (Chemicals) | 324 | 17,480 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Broadline Retail) | 163 | 12,370 | ||||||
Omega Healthcare Investors, Inc. (Health Care REITs) | 649 | 19,898 | ||||||
ONE Gas, Inc. (Gas Utilities) | 147 | 9,367 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 130 | 19,877 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 469 | 15,801 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 142 | 10,762 | ||||||
Oshkosh Corp. (Machinery) | 174 | 18,863 | ||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 671 | 29,469 | ||||||
Owens Corning (Building Products) | 235 | 34,834 | ||||||
Park Hotels & Resorts, Inc. (Hotel & Resort REITs) | 556 | 8,507 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 225 | 6,401 | ||||||
Paylocity Holding Corp.* (Professional Services) | 115 | 18,958 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 191
Common Stocks, continued
Shares | Value | |||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 287 | $ | 12,617 | |||||
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 402 | 10,460 | ||||||
Penske Automotive Group, Inc. (Specialty Retail) | 51 | 8,186 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 102 | 25,656 | ||||||
Performance Food Group Co.* (Consumer Staples Distribution & Retail) | 412 | 28,490 | ||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 1,102 | 14,987 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 359 | 11,553 | ||||||
Physicians Realty Trust (Health Care REITs) | 632 | 8,412 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 107 | 2,960 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 203 | 17,706 | ||||||
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 226 | 16,498 | ||||||
PNM Resources, Inc. (Electric Utilities) | 227 | 9,443 | ||||||
Polaris, Inc. (Leisure Products) | 141 | 13,363 | ||||||
Portland General Electric Co. (Electric Utilities) | 268 | 11,615 | ||||||
Post Holdings, Inc.* (Food Products) | 134 | 11,800 | ||||||
PotlatchDeltic Corp. (Specialized REITs) | 210 | 10,311 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 151 | 12,399 | ||||||
Primerica, Inc. (Insurance) | 92 | 18,930 | ||||||
Progyny, Inc.*(a) (Health Care Providers & Services) | 221 | 8,217 | ||||||
Prosperity Bancshares, Inc. (Banks) | 248 | 16,797 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 160 | 19,539 | ||||||
Qualys, Inc.* (Software) | 98 | 19,235 | ||||||
QuidelOrtho Corp.* (Health Care Equipment & Supplies) | 130 | 9,581 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 523 | 5,528 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 284 | 19,383 | ||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 639 | 19,451 | ||||||
Rayonier, Inc. (Specialized REITs) | 362 | 12,094 | ||||||
RBC Bearings, Inc.* (Machinery) | 77 | 21,937 | ||||||
Regal Rexnord Corp. (Electrical Equipment) | 176 | 26,051 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 175 | 28,312 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 152 | 42,512 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 139 | 27,244 | ||||||
Repligen Corp.* (Life Sciences Tools & Services) | 138 | 24,812 | ||||||
Rexford Industrial Realty, Inc. (Industrial REITs) | 559 | 31,359 | ||||||
RH* (Specialty Retail) | 41 | 11,951 | ||||||
RLI Corp. (Insurance) | 107 | 14,244 | ||||||
Royal Gold, Inc. (Metals & Mining) | 174 | 21,047 | ||||||
RPM International, Inc. (Chemicals) | 341 | 38,066 | ||||||
Ryder System, Inc. (Ground Transportation) | 117 | 13,462 | ||||||
Sabra Health Care REIT, Inc. (Health Care REITs) | 613 | 8,748 | ||||||
Saia, Inc.* (Ground Transportation) | 70 | 30,674 | ||||||
Science Applications International Corp. (Professional Services) | 140 | 17,405 | ||||||
SEI Investments Co. (Capital Markets) | 265 | 16,841 | ||||||
Selective Insurance Group, Inc. (Insurance) | 160 | 15,917 | ||||||
Sensata Technologies Holding PLC (Electrical Equipment) | 401 | 15,066 | ||||||
Service Corp. International (Diversified Consumer Services) | 391 | 26,764 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 98 | 18,675 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 215 | 9,729 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 84 | 11,111 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 113 | 22,372 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 353 | 22,006 | ||||||
SLM Corp. (Consumer Finance) | 599 | 11,453 | ||||||
Sonoco Products Co. (Containers & Packaging) | 260 | 14,526 | ||||||
Sotera Health Co.* (Life Sciences Tools & Services) | 263 | 4,432 | ||||||
SouthState Corp. (Banks) | 201 | 16,974 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 159 | 10,073 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 2,916 | 19,100 | ||||||
Spire, Inc. (Gas Utilities) | 140 | 8,728 | ||||||
Spirit Realty Capital, Inc. (Retail REITs) | 374 | 16,340 | ||||||
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail) | 269 | 12,942 | ||||||
STAG Industrial, Inc. (Industrial REITs) | 481 | 18,884 | ||||||
Starwood Property Trust, Inc.(a) (Mortgage REITs) | 788 | 16,564 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 244 | 12,093 | ||||||
Stifel Financial Corp. (Capital Markets) | 270 | 18,671 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 576 | 11,307 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 123 | 34,964 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 104 | 11,864 | ||||||
Synovus Financial Corp. (Banks) | 387 | 14,571 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 284 | 15,151 | ||||||
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 136 | 14,635 | ||||||
TEGNA, Inc. (Media) | 523 | 8,002 | ||||||
Tempur Sealy International, Inc. (Household Durables) | 456 | 23,242 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 269 | 20,328 | ||||||
Teradata Corp.* (Software) | 259 | 11,269 | ||||||
Terex Corp. (Machinery) | 178 | 10,228 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 141 | 23,537 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 127 | 8,208 | ||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 177 | 21,636 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 25 | 8,640 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 119 | 10,466 | ||||||
The Carlyle Group, Inc. (Capital Markets) | 573 | 23,314 | ||||||
The Chemours Co. (Chemicals) | 393 | 12,395 |
See accompanying notes to financial statements.
192 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
The Gap, Inc. (Specialty Retail) | 568 | $ | 11,877 | |||||
The Goodyear Tire & Rubber Co.* (Automobile Components) | 752 | 10,769 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 94 | 11,413 | ||||||
The Middleby Corp.* (Machinery) | 142 | 20,898 | ||||||
The New York Times Co.—Class A (Media) | 433 | 21,212 | ||||||
The Scotts Miracle-Gro Co. (Chemicals) | 110 | 7,013 | ||||||
The Timken Co. (Machinery) | 171 | 13,706 | ||||||
The Toro Co. (Machinery) | 275 | 26,397 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 443 | 8,630 | ||||||
The Western Union Co. (Financial Services) | 965 | 11,503 | ||||||
Thor Industries, Inc. (Automobiles) | 141 | 16,673 | ||||||
TKO Group Holdings, Inc. (Entertainment) | 159 | 12,971 | ||||||
Toll Brothers, Inc. (Household Durables) | 284 | 29,192 | ||||||
TopBuild Corp.* (Household Durables) | 84 | 31,439 | ||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 192 | 7,505 | ||||||
Trex Co., Inc.* (Building Products) | 287 | 23,761 | ||||||
UFP Industries, Inc. (Building Products) | 163 | 20,465 | ||||||
UGI Corp. (Gas Utilities) | 555 | 13,653 | ||||||
UMB Financial Corp. (Banks) | 116 | 9,692 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 501 | 4,404 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 513 | 4,284 | ||||||
United Bankshares, Inc. (Banks) | 357 | 13,405 | ||||||
United States Steel Corp. (Metals & Mining) | 590 | 28,704 | ||||||
United Therapeutics Corp.* (Biotechnology) | 124 | 27,266 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 115 | 21,995 | ||||||
Unum Group (Insurance) | 486 | 21,977 | ||||||
US Foods Holding Corp.* (Consumer Staples Distribution & Retail) | 599 | 27,201 | ||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 101 | 21,560 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 166 | 11,383 | ||||||
Valley National Bancorp (Banks) | 1,129 | 12,261 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 55 | 12,843 | ||||||
Valvoline, Inc.* (Specialty Retail) | 367 | 13,792 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 334 | 8,006 | ||||||
Visteon Corp.* (Automobile Components) | 74 | 9,243 | ||||||
Vistra Corp. (Independent Power and Renewable Electricity Producers) | 889 | 34,244 | ||||||
Vontier Corp. (Electronic Equipment, Instruments & Components) | 409 | 14,131 | ||||||
Vornado Realty Trust (Office REITs) | 423 | 11,949 | ||||||
Voya Financial, Inc. (Financial Services) | 276 | 20,137 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 89 | 38,133 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 73 | 15,209 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 191 | 18,686 | ||||||
Webster Financial Corp. (Banks) | 455 | 23,095 | ||||||
Werner Enterprises, Inc. (Ground Transportation) | 167 | 7,076 | ||||||
WESCO International, Inc. (Trading Companies & Distributors) | 116 | 20,170 | ||||||
Westlake Corp. (Chemicals) | 85 | 11,897 | ||||||
WEX, Inc.* (Financial Services) | 113 | 21,984 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 169 | 34,100 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 78 | 20,013 | ||||||
Wintrust Financial Corp. (Banks) | 162 | 15,026 | ||||||
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment) | 332 | 14,445 | ||||||
Woodward, Inc. (Aerospace & Defense) | 160 | 21,781 | ||||||
WP Carey, Inc. (Diversified REITs) | 579 | 37,525 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 220 | 17,690 | ||||||
XPO, Inc.* (Ground Transportation) | 307 | 26,890 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 230 | 11,909 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 122 | 8,197 | ||||||
ZoomInfo Technologies, Inc.* (Interactive Media & Services) | 785 | 14,515 | ||||||
TOTAL COMMON STOCKS (Cost $3,919,641) | 6,656,778 |
Repurchase Agreements(b)(c) (39.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $4,230,432 | $ | 4,228,000 | $ | 4,228,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,228,000) | 4,228,000 |
Collateral for Securities Loaned(d) (0.6%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 69,697 | $ | 69,697 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $69,697) | 69,697 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,217,338)—101.5% | 10,954,475 | |||||||
Net other assets (liabilities)—(1.5)% | (163,211 | ) | ||||||
NET ASSETS—100.0% | $ | 10,791,264 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $66,880. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $1,742,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 193
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini S&P MidCap 400 Futures Contracts | 4 | 3/18/24 | $ | 1,123,800 | $ | 67,320 |
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 | 1/29/24 | 5.83 | % | $ | 4,317,367 | $ | (43,053 | ) | |||||||
SPDR S&P MidCap 400 ETF | Goldman Sachs International | 1/29/24 | 5.60 | % | 3,468,231 | (36,769 | ) | |||||||||
$ | 7,785,598 | $ | (79,822 | ) | ||||||||||||
S&P MidCap 400 | UBS AG | 1/29/24 | 5.68 | % | $ | 4,543,646 | $ | (43,621 | ) | |||||||
SPDR S&P MidCap 400 ETF | UBS AG | 1/29/24 | 5.63 | % | 1,475,643 | (15,647 | ) | |||||||||
$ | 6,019,289 | $ | (59,268 | ) | ||||||||||||
$ | 13,804,887 | $ | (139,090 | ) |
(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 December 31, 2023, 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.
194 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: December 31, 2023
ProFund VP UltraMid-Cap invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 79,520 | 0.7 | % | ||||
Air Freight & Logistics | 19,265 | 0.2 | % | |||||
Automobile Components | 100,301 | 0.9 | % | |||||
Automobiles | 29,051 | 0.3 | % | |||||
Banks | 381,572 | 3.5 | % | |||||
Beverages | 41,152 | 0.4 | % | |||||
Biotechnology | 102,918 | 1.0 | % | |||||
Broadline Retail | 31,679 | 0.3 | % | |||||
Building Products | 230,355 | 2.1 | % | |||||
Capital Markets | 183,833 | 1.7 | % | |||||
Chemicals | 158,698 | 1.5 | % | |||||
Commercial Services & Supplies | 85,851 | 0.8 | % | |||||
Communications Equipment | 33,702 | 0.3 | % | |||||
Construction & Engineering | 133,376 | 1.2 | % | |||||
Construction Materials | 28,588 | 0.3 | % | |||||
Consumer Finance | 47,183 | 0.4 | % | |||||
Consumer Staples Distribution & Retail | 102,922 | 1.0 | % | |||||
Containers & Packaging | 120,717 | 1.1 | % | |||||
Diversified Consumer Services | 61,761 | 0.6 | % | |||||
Diversified REITs | 37,525 | 0.3 | % | |||||
Diversified Telecommunication Services | 28,350 | 0.3 | % | |||||
Electric Utilities | 61,944 | 0.6 | % | |||||
Electrical Equipment | 105,963 | 1.0 | % | |||||
Electronic Equipment, Instruments & Components | 158,323 | 1.5 | % | |||||
Energy Equipment & Services | 66,313 | 0.6 | % | |||||
Entertainment | 12,971 | 0.1 | % | |||||
Financial Services | 122,486 | 1.1 | % | |||||
Food Products | 74,736 | 0.7 | % | |||||
Gas Utilities | 65,558 | 0.6 | % | |||||
Ground Transportation | 133,449 | 1.2 | % | |||||
Health Care Equipment & Supplies | 159,427 | 1.5 | % | |||||
Health Care Providers & Services | 139,545 | 1.3 | % | |||||
Health Care REITs | 62,240 | 0.6 | % | |||||
Health Care Technology | 8,777 | 0.1 | % | |||||
Hotel & Resort REITs | 8,507 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 236,474 | 2.2 | % | |||||
Household Durables | 128,516 | 1.2 | % | |||||
Household Products | 23,598 | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 45,006 | 0.4 | % | |||||
Industrial REITs | 91,070 | 0.8 | % | |||||
Insurance | 298,198 | 2.8 | % | |||||
Interactive Media & Services | 22,712 | 0.2 | % | |||||
IT Services | 52,232 | 0.5 | % | |||||
Leisure Products | 60,552 | 0.6 | % | |||||
Life Sciences Tools & Services | 76,609 | 0.7 | % | |||||
Machinery | 323,295 | 3.0 | % | |||||
Marine Transportation | 12,243 | 0.1 | % | |||||
Media | 49,217 | 0.5 | % | |||||
Metals & Mining | 158,637 | 1.5 | % | |||||
Mortgage REITs | 42,210 | 0.4 | % | |||||
Multi-Utilities | 17,955 | 0.2 | % | |||||
Office REITs | 40,611 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 270,702 | 2.5 | % | |||||
Paper & Forest Products | 11,970 | 0.1 | % | |||||
Personal Care Products | 31,610 | 0.3 | % | |||||
Pharmaceuticals | 31,971 | 0.3 | % | |||||
Professional Services | 193,456 | 1.8 | % | |||||
Real Estate Management & Development | 23,798 | 0.2 | % | |||||
Residential REITs | 57,460 | 0.5 | % | |||||
Retail REITs | 85,730 | 0.8 | % | |||||
Semiconductors & Semiconductor Equipment | 193,416 | 1.7 | % | |||||
Software | 169,152 | 1.6 | % | |||||
Specialized REITs | 127,583 | 1.2 | % | |||||
Specialty Retail | 265,024 | 2.4 | % | |||||
Technology Hardware, Storage & Peripherals | 34,964 | 0.3 | % | |||||
Textiles, Apparel & Luxury Goods | 140,683 | 1.3 | % | |||||
Trading Companies & Distributors | 96,728 | 0.9 | % | |||||
Water Utilities | 24,838 | 0.2 | % | |||||
Other** | 4,134,486 | 38.3 | % | |||||
Total | $ | 10,791,264 | 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. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraNasdaq-100 :: 195
Common Stocks (67.3%)
Shares | Value | |||||||
Adobe, Inc.* (Software) | 4,554 | $ | 2,716,916 | |||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 16,160 | 2,382,146 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 4,349 | 592,073 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 22,919 | 3,201,555 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 22,172 | 3,124,700 | ||||||
Amazon.com, Inc.* (Broadline Retail) | 40,021 | 6,080,791 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 5,260 | 427,217 | ||||||
Amgen, Inc. (Biotechnology) | 5,353 | 1,541,771 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 4,963 | 985,453 | ||||||
ANSYS, Inc.* (Software) | 869 | 315,343 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 60,234 | 11,596,852 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 8,368 | 1,356,202 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 878 | 664,576 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 5,825 | 392,314 | ||||||
Atlassian Corp.*—Class A (Software) | 1,551 | 368,921 | ||||||
Autodesk, Inc.* (Software) | 2,138 | 520,560 | ||||||
Automatic Data Processing, Inc. (Professional Services) | 4,115 | 958,671 | ||||||
Baker Hughes Co. (Energy Equipment & Services) | 10,065 | 344,022 | ||||||
Biogen, Inc.* (Biotechnology) | 1,449 | 374,958 | ||||||
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure) | 349 | 1,237,980 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 4,672 | 5,215,120 | ||||||
Cadence Design Systems, Inc.* (Software) | 2,721 | 741,119 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 1,340 | 304,609 | ||||||
Charter Communications, Inc.*—Class A (Media) | 1,480 | 575,246 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 1,019 | 614,111 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 40,646 | 2,053,436 | ||||||
Coca-Cola Europacific Partners PLC (Beverages) | 4,569 | 304,935 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 5,016 | 378,858 | ||||||
Comcast Corp.—Class A (Media) | 40,168 | 1,761,368 | ||||||
Constellation Energy Corp. (Electric Utilities) | 3,195 | 373,464 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 9,605 | 470,645 | ||||||
CoStar Group, Inc.* (Real Estate Management & Development) | 4,085 | 356,988 | ||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 4,429 | 2,923,494 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 2,277 | 581,364 | ||||||
CSX Corp. (Ground Transportation) | 19,767 | 685,322 | ||||||
Datadog, Inc.*—Class A (Software) | 3,022 | 366,810 | ||||||
Dexcom, Inc.* (Health Care Equipment & Supplies) | 3,865 | 479,608 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 1,790 | 277,593 | ||||||
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail) | 2,179 | 309,527 | ||||||
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure) | 3,708 | 366,684 | ||||||
Electronic Arts, Inc. (Entertainment) | 2,692 | 368,293 | ||||||
Exelon Corp. (Electric Utilities) | 9,957 | 357,456 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 5,716 | 370,225 | ||||||
Fortinet, Inc.* (Software) | 7,683 | 449,686 | ||||||
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies) | 4,554 | 352,115 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 12,464 | 1,009,709 | ||||||
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment) | 5,479 | 332,027 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 6,594 | 1,382,828 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 831 | 461,247 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,588 | 221,113 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 42,172 | 2,119,143 | ||||||
Intuit, Inc. (Software) | 2,800 | 1,750,084 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 3,522 | 1,188,182 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 13,987 | 466,047 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,360 | 790,568 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,318 | 1,032,337 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 1,215 | 621,217 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 2,938 | 662,548 | ||||||
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 8,630 | 520,475 | ||||||
MercadoLibre, Inc.* (Broadline Retail) | 506 | 795,199 | ||||||
Meta Platforms, Inc.*—Class A (Interactive Media & Services) | 13,675 | 4,840,403 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 5,412 | 488,054 | ||||||
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) | 11,040 | 942,154 | ||||||
Microsoft Corp. (Software) | 28,783 | 10,823,559 | ||||||
Moderna, Inc.* (Biotechnology) | 3,814 | 379,302 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 13,613 | 985,989 | ||||||
MongoDB, Inc.* (IT Services) | 714 | 291,919 | ||||||
Monster Beverage Corp.* (Beverages) | 10,407 | 599,547 | ||||||
Netflix, Inc.* (Entertainment) | 4,378 | 2,131,560 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 9,566 | 4,737,275 |
See accompanying notes to financial statements.
196 :: ProFund VP UltraNasdaq-100 :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 2,578 | $ | 592,115 | |||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 1,091 | 442,215 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 4,308 | 359,847 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 592 | 562,447 | ||||||
PACCAR, Inc. (Machinery) | 5,232 | 510,905 | ||||||
Palo Alto Networks, Inc.* (Software) | 3,154 | 930,052 | ||||||
Paychex, Inc. (Professional Services) | 3,613 | 430,344 | ||||||
PayPal Holdings, Inc.* (Financial Services) | 10,784 | 662,245 | ||||||
PDD Holdings, Inc.*ADR (Broadline Retail) | 6,681 | 977,497 | ||||||
PepsiCo, Inc. (Beverages) | 13,752 | 2,335,640 | ||||||
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 11,133 | 1,610,166 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 1,072 | 941,527 | ||||||
Roper Technologies, Inc. (Software) | 1,069 | 582,787 | ||||||
Ross Stores, Inc. (Specialty Retail) | 3,387 | 468,727 | ||||||
Sirius XM Holdings, Inc.(a) (Media) | 38,400 | 210,048 | ||||||
Splunk, Inc.* (Software) | 1,685 | 256,710 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 11,370 | 1,091,634 | ||||||
Synopsys, Inc.* (Software) | 1,521 | 783,178 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 1,701 | 273,776 | ||||||
Tesla, Inc.* (Automobiles) | 18,635 | 4,630,425 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 9,085 | 1,548,629 | ||||||
The Kraft Heinz Co. (Food Products) | 12,269 | 453,708 | ||||||
The Trade Desk, Inc.*—Class A (Media) | 4,464 | 321,229 | ||||||
T-Mobile U.S., Inc. (Wireless Telecommunication Services) | 11,568 | 1,854,697 | ||||||
Verisk Analytics, Inc. (Professional Services) | 1,450 | 346,347 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,578 | 1,048,962 | ||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 8,642 | 225,643 | ||||||
Warner Bros. Discovery, Inc.* (Entertainment) | 24,392 | 277,581 | ||||||
Workday, Inc.*—Class A (Software) | 2,091 | 577,241 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 5,520 | 341,743 | ||||||
Zscaler, Inc.* (Software) | 1,484 | 328,795 | ||||||
TOTAL COMMON STOCKS (Cost $52,970,929) | 125,770,443 |
Repurchase Agreements(b)(c) (33.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $62,079,684 | $ | 62,044,000 | $ | 62,044,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $62,044,000) | 62,044,000 |
Collateral for Securities Loaned(d) (0.3%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 564,539 | $ | 564,539 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $564,539) | 564,539 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $115,579,468)—100.8% | 188,378,982 | |||||||
Net other assets (liabilities)—(0.8)% | (1,446,084 | ) | ||||||
NET ASSETS—100.0% | $ | 186,932,898 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2023. The total value of securities on loan as of December 31, 2023 was $542,009. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $29,209,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
ADR | American Depositary Receipt |
NYS | New York Shares |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini Nasdaq-100 Futures Contracts | 50 | 3/18/24 | $ | 17,023,500 | $ | 911,679 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraNasdaq-100 :: 197
Total Return Swap Agreements—Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized | |||||||||||
Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 1/29/24 | 5.73 | % | $ | 48,078,273 | $ | (247,821 | ) | |||||||
Nasdaq-100 Index | Goldman Sachs International | 1/29/24 | 5.93 | % | 99,803,004 | (538,564 | ) | |||||||||
$ | 147,881,277 | $ | (786,385 | ) | ||||||||||||
Invesco QQQ Trust, Series 1 ETF | UBS AG | 1/29/24 | 5.73 | % | $ | 19,247,179 | $ | (99,215 | ) | |||||||
Nasdaq-100 Index | UBS AG | 1/29/24 | 6.13 | % | 62,567,221 | (318,615 | ) | |||||||||
$ | 81,814,400 | $ | (417,830 | ) | ||||||||||||
$ | 229,695,677 | $ | (1,204,215 | ) |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Automobiles | $ | 4,630,425 | 2.5 | % | ||||
Beverages | 3,706,169 | 2.0 | % | |||||
Biotechnology | 5,296,229 | 2.8 | % | |||||
Broadline Retail | 7,853,487 | 4.2 | % | |||||
Commercial Services & Supplies | 1,084,756 | 0.6 | % | |||||
Communications Equipment | 2,053,436 | 1.1 | % | |||||
Consumer Staples Distribution & Retail | 3,458,664 | 1.9 | % | |||||
Electric Utilities | 1,499,880 | 0.8 | % | |||||
Electronic Equipment, Instruments & Components | 304,609 | 0.2 | % | |||||
Energy Equipment & Services | 344,022 | 0.2 | % | |||||
Entertainment | 3,051,210 | 1.6 | % | |||||
Financial Services | 662,245 | 0.4 | % | |||||
Food Products | 1,439,697 | 0.8 | % | |||||
Ground Transportation | 1,127,537 | 0.6 | % | |||||
Health Care Equipment & Supplies | 2,481,152 | 1.3 | % | |||||
Hotels, Restaurants & Leisure | 3,950,919 | 2.1 | % | |||||
Industrial Conglomerates | 1,382,828 | 0.7 | % | |||||
Interactive Media & Services | 11,166,658 | 6.0 | % | |||||
IT Services | 670,777 | 0.4 | % | |||||
Life Sciences Tools & Services | 221,113 | 0.1 | % | |||||
Machinery | 510,905 | 0.3 | % | |||||
Media | 2,867,891 | 1.5 | % | |||||
Oil, Gas & Consumable Fuels | 277,593 | 0.1 | % | |||||
Pharmaceuticals | 392,314 | 0.2 | % | |||||
Professional Services | 1,735,362 | 0.9 | % | |||||
Real Estate Management & Development | 356,988 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 25,676,287 | 13.7 | % | |||||
Software | 22,093,125 | 11.8 | % | |||||
Specialty Retail | 1,031,174 | 0.6 | % | |||||
Technology Hardware, Storage & Peripherals | 11,596,852 | 6.2 | % | |||||
Textiles, Apparel & Luxury Goods | 621,217 | 0.3 | % | |||||
Trading Companies & Distributors | 370,225 | 0.2 | % | |||||
Wireless Telecommunication Services | 1,854,697 | 1.0 | % | |||||
Other** | 61,162,455 | 32.7 | % | |||||
Total | $ | 186,932,898 | 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.
198 :: ProFund VP UltraShort Dow 30 :: Schedule of Portfolio Investments :: December 31, 2023
Repurchase Agreement (60.0%)(a)
Principal Amount | Value | |||||||
Repurchase Agreements with UMB Financial Corp., 5.07%, dated 12/29/2023, due 1/2/24, total to be received $2,001 | $ | 2,000 | $ | 2,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,000) | 2,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $2,000)—60.0% | 2,000 | |||||||
Net other assets (liabilities)—40.0% | 1,336 | |||||||
NET ASSETS—100.0% | $ | 3,336 |
(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 | 1/29/24 | (5.68 | )% | $ | (3,982 | ) | $ | (2 | ) | ||||||
Dow Jones Industrial Average | UBS AG | 1/29/24 | (5.18 | )% | (2,687 | ) | (2 | ) | ||||||||
$ | (6,669 | ) | $ | (4 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraShort Nasdaq-100 :: 199
Repurchase Agreements(a)(b) (96.9%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $595,342 | $ | 595,000 | $ | 595,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $595,000) | 595,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $595,000)—96.9% | 595,000 | |||||||
Net other assets (liabilities)—3.1% | 19,322 | |||||||
NET ASSETS—100.0% | $ | 614,322 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $304,000. |
(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 | 1/29/24 | (5.68 | )% | $ | (251,906 | ) | $ | 1,017 | |||||||
Nasdaq-100 Index | UBS AG | 1/29/24 | (5.48 | )% | (980,057 | ) | 4,955 | |||||||||
$ | (1,231,963 | ) | $ | 5,972 |
(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 December 31, 2023, 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 UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks (69.1%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Specialty Retail) | 121 | $ | 1,304 | |||||
1st Source Corp. (Banks) | 76 | 4,176 | ||||||
23andMe Holding Co.*—Class A (Health Care Providers & Services) | 1,411 | 1,289 | ||||||
2seventy bio, Inc.* (Biotechnology) | 233 | 995 | ||||||
2U, Inc.* (Diversified Consumer Services) | 372 | 458 | ||||||
374Water, Inc.* (Machinery) | 286 | 406 | ||||||
3D Systems Corp.* (Machinery) | 606 | 3,848 | ||||||
4D Molecular Therapeutics, Inc.* (Biotechnology) | 185 | 3,748 | ||||||
5E Advanced Materials, Inc.* (Metals & Mining) | 182 | 257 | ||||||
89bio, Inc.* (Biotechnology) | 297 | 3,317 | ||||||
8x8, Inc.* (Software) | 557 | 2,105 | ||||||
908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | 102 | 1,144 | ||||||
A10 Networks, Inc. (Software) | 328 | 4,320 | ||||||
Aadi Bioscience, Inc.* (Biotechnology) | 75 | 152 | ||||||
AAON, Inc. (Building Products) | 314 | 23,195 | ||||||
AAR Corp.* (Aerospace & Defense) | 157 | 9,797 | ||||||
Aaron’s Co., Inc. (The) (Specialty Retail) | 140 | 1,523 | ||||||
Abercrombie & Fitch Co.* (Specialty Retail) | 226 | 19,938 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 307 | 13,762 | ||||||
Acacia Research Corp.* (Financial Services) | 176 | 690 | ||||||
Academy Sports & Outdoors, Inc. (Specialty Retail) | 335 | 22,111 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 562 | 17,596 | ||||||
Acadia Realty Trust (Retail REITs) | 433 | 7,357 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 247 | 2,537 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 428 | 2,602 | ||||||
Accolade, Inc.* (Health Care Providers & Services) | 314 | 3,771 | ||||||
Accuray, Inc.* (Health Care Equipment & Supplies) | 437 | 1,237 | ||||||
ACELYRIN, Inc.* (Biotechnology) | 154 | 1,149 | ||||||
ACI Worldwide, Inc.* (Software) | 503 | 15,392 | ||||||
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | 322 | 338 | ||||||
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 223 | 4,357 | ||||||
ACNB Corp. (Banks) | 39 | 1,746 | ||||||
Acrivon Therapeutics, Inc.* (Biotechnology) | 40 | 197 | ||||||
Actinium Pharmaceuticals, Inc.* (Biotechnology) | 126 | 640 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 143 | 9,033 | ||||||
ACV Auctions, Inc.*—Class A (Commercial Services & Supplies) | 589 | 8,923 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 444 | 3,237 | ||||||
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services) | 526 | 2,577 | ||||||
Addus HomeCare Corp.* (Health Care Providers & Services) | 73 | 6,778 | ||||||
Adeia, Inc. (Software) | 496 | 6,145 | ||||||
Adicet Bio, Inc.* (Biotechnology) | 141 | 266 | ||||||
Adient PLC* (Automobile Components) | 435 | 15,817 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 988 | 4,466 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 184 | 10,847 | ||||||
ADTRAN Holdings, Inc. (Communications Equipment) | 362 | 2,657 | ||||||
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | 174 | 18,952 | ||||||
AdvanSix, Inc. (Chemicals) | 121 | 3,625 | ||||||
Advantage Solutions, Inc.* (Media) | 403 | 1,459 | ||||||
Aehr Test Systems* (Semiconductors & Semiconductor Equipment) | 128 | 3,396 | ||||||
Aerovate Therapeutics, Inc.* (Biotechnology) | 52 | 1,177 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 121 | 15,251 | ||||||
AerSale Corp.* (Aerospace & Defense) | 119 | 1,511 | ||||||
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 373 | 283 | ||||||
AFC Gamma, Inc. (Mortgage REITs) | 76 | 914 | ||||||
Agenus, Inc.* (Biotechnology) | 1,766 | 1,462 | ||||||
Agiliti, Inc.* (Health Care Providers & Services) | 137 | 1,085 | ||||||
Agilysys, Inc.* (Software) | 93 | 7,888 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 257 | 5,723 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 261 | 4,596 | ||||||
AirSculpt Technologies, Inc.*(a) (Health Care Providers & Services) | 56 | 419 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 238 | 5,557 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 324 | 270 | ||||||
Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | 107 | 522 | ||||||
Alamo Group, Inc. (Machinery) | 47 | 9,879 | ||||||
Alarm.com Holdings, Inc.* (Software) | 222 | 14,346 | ||||||
Albany International Corp. (Machinery) | 145 | 14,242 | ||||||
Aldeyra Therapeutics, Inc.* (Biotechnology) | 216 | 758 | ||||||
Alector, Inc.* (Biotechnology) | 294 | 2,346 | ||||||
Alerus Financial Corp. (Financial Services) | 83 | 1,858 | ||||||
Alexander & Baldwin, Inc. (Diversified REITs) | 336 | 6,391 | ||||||
Alexander’s, Inc. (Retail REITs) | 10 | 2,136 | ||||||
Alico, Inc. (Food Products) | 33 | 960 | ||||||
Alight, Inc.*—Class A (Professional Services) | 1,922 | 16,395 | ||||||
Alignment Healthcare, Inc.* (Health Care Providers & Services) | 394 | 3,392 | ||||||
Alkami Technology, Inc.* (Software) | 186 | 4,511 | ||||||
Alkermes PLC* (Biotechnology) | 769 | 21,332 | ||||||
Allakos, Inc.* (Biotechnology) | 308 | 841 | ||||||
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 449 | 550 | ||||||
Allegiant Travel Co. (Passenger Airlines) | 73 | 6,031 | ||||||
ALLETE, Inc. (Electric Utilities) | 268 | 16,391 | ||||||
Allient, Inc. (Electrical Equipment) | 60 | 1,813 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 438 | 1,406 | ||||||
Allovir, Inc.* (Biotechnology) | 236 | 160 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 108 | 2,814 | ||||||
Alpha Metallurgical Resources, Inc. (Metals & Mining) | 54 | 18,302 | ||||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 427 | 6,452 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 201
Common Stocks, continued
Shares | Value | |||||||
Alpine Immune Sciences, Inc.* (Biotechnology) | 151 | $ | 2,878 | |||||
Alpine Income Property Trust, Inc. (Diversified REITs) | 59 | 998 | ||||||
Alta Equipment Group, Inc. (Trading Companies & Distributors) | 107 | 1,324 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 252 | 21,206 | ||||||
AlTi Global, Inc.* (Capital Markets) | 106 | 929 | ||||||
Altimmune, Inc.* (Biotechnology) | 245 | 2,756 | ||||||
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers) | 296 | 2,022 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 125 | 1,861 | ||||||
Amalgamated Financial Corp. (Banks) | 82 | 2,209 | ||||||
A-Mark Precious Metals, Inc. (Financial Services) | 88 | 2,662 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 205 | 3,378 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 176 | 10,787 | ||||||
AMC Networks, Inc.*—Class A (Media) | 143 | 2,687 | ||||||
Amerant Bancorp, Inc. (Banks) | 120 | 2,948 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 149 | 4,719 | ||||||
American Assets Trust, Inc. (Diversified REITs) | 226 | 5,087 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Automobile Components) | 529 | 4,660 | ||||||
American Coastal Insurance Corp.* (Insurance) | 91 | 861 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 847 | 17,923 | ||||||
American Equity Investment Life Holding Co.* (Insurance) | 365 | 20,367 | ||||||
American National Bankshares, Inc. (Banks) | 48 | 2,340 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 7 | 122 | ||||||
American Software, Inc.—Class A (Software) | 150 | 1,695 | ||||||
American States Water Co. (Water Utilities) | 172 | 13,832 | ||||||
American Vanguard Corp. (Chemicals) | 125 | 1,371 | ||||||
American Well Corp.*—Class A (Health Care Technology) | 1,150 | 1,714 | ||||||
American Woodmark Corp.* (Building Products) | 76 | 7,057 | ||||||
America’s Car-Mart, Inc.* (Specialty Retail) | 27 | 2,046 | ||||||
Ameris Bancorp (Banks) | 307 | 16,286 | ||||||
AMERISAFE, Inc. (Insurance) | 88 | 4,117 | ||||||
Ames National Corp. (Banks) | 40 | 854 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 1,317 | 18,688 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 522 | 17,367 | ||||||
AMMO, Inc.* (Leisure Products) | 418 | 878 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 177 | 13,254 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 565 | 3,430 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 179 | 11,071 | ||||||
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels) | 168 | 996 | ||||||
Amplitude, Inc.*—Class A (Software) | 314 | 3,994 | ||||||
Amprius Technologies, Inc.* (Electrical Equipment) | 25 | 132 | ||||||
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals) | 235 | 3,459 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 87 | 1,864 | ||||||
Anavex Life Sciences Corp.*(a) (Biotechnology) | 335 | 3,119 | ||||||
Angel Oak Mortgage REIT, Inc. (Mortgage REITs) | 55 | 583 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 178 | 1,396 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 67 | 3,694 | ||||||
Anika Therapeutics, Inc.* (Biotechnology) | 68 | 1,541 | ||||||
Annexon, Inc.* (Biotechnology) | 212 | 962 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 60 | 1,999 | ||||||
Anywhere Real Estate, Inc.* (Real Estate Management & Development) | 500 | 4,055 | ||||||
Apartment Investment and Management Co.* (Residential REITs) | 678 | 5,309 | ||||||
API Group Corp.* (Construction & Engineering) | 970 | 33,561 | ||||||
Apogee Enterprises, Inc. (Building Products) | 102 | 5,448 | ||||||
Apogee Therapeutics, Inc.* (Biotechnology) | 95 | 2,654 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs) | 658 | 7,725 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 199 | 7,622 | ||||||
Appfolio, Inc.*—Class A (Software) | 89 | 15,418 | ||||||
Appian Corp.*—Class A (Software) | 190 | 7,155 | ||||||
Apple Hospitality REIT, Inc. (Hotel & Resort REITs) | 1,000 | 16,610 | ||||||
Applied Digital Corp.*(a) (IT Services) | 380 | 2,561 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 179 | 30,912 | ||||||
Arbor Realty Trust, Inc.(a) (Mortgage REITs) | 854 | 12,964 | ||||||
Arbutus Biopharma Corp.* (Biotechnology) | 587 | 1,468 | ||||||
ArcBest Corp. (Ground Transportation) | 110 | 13,222 | ||||||
Arcellx, Inc.* (Biotechnology) | 178 | 9,879 | ||||||
Arch Resources, Inc. (Metals & Mining) | 83 | 13,773 | ||||||
Archer Aviation, Inc.*(a)—Class A (Aerospace & Defense) | 707 | 4,341 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 645 | 9,933 | ||||||
Arcosa, Inc. (Construction & Engineering) | 225 | 18,594 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 108 | 3,405 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 249 | 4,756 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 367 | 1,185 | ||||||
Ardelyx, Inc.* (Biotechnology) | 1,069 | 6,628 | ||||||
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels) | 194 | 2,733 | ||||||
Ares Commercial Real Estate Corp. (Mortgage REITs) | 241 | 2,497 | ||||||
Argan, Inc. (Construction & Engineering) | 59 | 2,761 | ||||||
Aris Water Solutions, Inc.—Class A (Commercial Services & Supplies) | 139 | 1,166 | ||||||
Arko Corp. (Specialty Retail) | 377 | 3,110 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 415 | 3,951 | ||||||
Armada Hoffler Properties, Inc. (Diversified REITs) | 312 | 3,859 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage REITs) | 228 | 4,405 |
See accompanying notes to financial statements.
202 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Array Technologies, Inc.* (Electrical Equipment) | 702 | $ | 11,794 | |||||
Arrow Financial Corp. (Banks) | 68 | 1,900 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 469 | 14,351 | ||||||
ARS Pharmaceuticals, Inc.* (Biotechnology) | 114 | 625 | ||||||
Artesian Resources Corp.—Class A (Water Utilities) | 42 | 1,741 | ||||||
Artisan Partners Asset Management, Inc.—Class A (Capital Markets) | 285 | 12,591 | ||||||
Artivion, Inc.* (Health Care Equipment & Supplies) | 183 | 3,272 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 228 | 9,384 | ||||||
Asana, Inc.*—Class A (Software) | 377 | 7,167 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 96 | 21,598 | ||||||
ASGN, Inc.* (Professional Services) | 219 | 21,060 | ||||||
Aspen Aerogels, Inc.* (Chemicals) | 237 | 3,740 | ||||||
Assertio Holdings, Inc.* (Pharmaceuticals) | 411 | 440 | ||||||
AssetMark Financial Holdings, Inc.* (Capital Markets) | 102 | 3,055 | ||||||
Associated Banc-Corp. (Banks) | 702 | 15,016 | ||||||
AST SpaceMobile, Inc.* (Diversified Telecommunication Services) | 373 | 2,249 | ||||||
Astec Industries, Inc. (Machinery) | 105 | 3,906 | ||||||
Astria Therapeutics, Inc.* (Biotechnology) | 153 | 1,175 | ||||||
Astronics Corp.* (Aerospace & Defense) | 122 | 2,125 | ||||||
Asure Software, Inc.* (Professional Services) | 106 | 1,009 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 449 | 230 | ||||||
Atea Pharmaceuticals, Inc.* (Pharmaceuticals) | 355 | 1,083 | ||||||
ATI, Inc.* (Metals & Mining) | 598 | 27,190 | ||||||
Atkore, Inc.* (Electrical Equipment) | 176 | 28,161 | ||||||
Atlanta Braves Holdings, Inc.* (Entertainment) | 211 | 8,352 | ||||||
Atlanta Braves Holdings, Inc.* (Entertainment) | 47 | 2,011 | ||||||
Atlantic Union Bankshares Corp. (Banks) | 348 | 12,716 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 21 | 812 | ||||||
Atlas Energy Solutions, Inc. (Energy Equipment & Services) | 83 | 1,429 | ||||||
Atmus Filtration Technologies, Inc.* (Automobile Components) | 76 | 1,785 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 50 | 1,949 | ||||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 104 | 729 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 216 | 7,709 | ||||||
Atrion Corp. (Health Care Equipment & Supplies) | 6 | 2,273 | ||||||
Aura Biosciences, Inc.* (Biotechnology) | 129 | 1,143 | ||||||
Aurinia Pharmaceuticals, Inc.* (Biotechnology) | 628 | 5,646 | ||||||
Aurora Innovation, Inc.* (Software) | 1,569 | 6,857 | ||||||
Avanos Medical, Inc.* (Health Care Equipment & Supplies) | 214 | 4,800 | ||||||
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | 235 | 630 | ||||||
AvePoint, Inc.* (Software) | 689 | 5,657 | ||||||
Aviat Networks, Inc.* (Communications Equipment) | 53 | 1,731 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 288 | 1,872 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 343 | 3,104 | ||||||
AvidXchange Holdings, Inc.* (Financial Services) | 693 | 8,586 | ||||||
Avient Corp. (Chemicals) | 419 | 17,418 | ||||||
Avista Corp. (Multi-Utilities) | 356 | 12,723 | ||||||
Avita Medical, Inc.* (Biotechnology) | 117 | 1,605 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 151 | 19,583 | ||||||
Axogen, Inc.* (Health Care Equipment & Supplies) | 188 | 1,284 | ||||||
Axonics, Inc.* (Health Care Equipment & Supplies) | 231 | 14,375 | ||||||
Axos Financial, Inc.* (Banks) | 258 | 14,087 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 165 | 13,132 | ||||||
AZZ, Inc. (Building Products) | 115 | 6,680 | ||||||
B Riley Financial, Inc.(a) (Capital Markets) | 95 | 1,994 | ||||||
B&G Foods, Inc. (Food Products) | 330 | 3,465 | ||||||
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | 273 | 399 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 136 | 20,994 | ||||||
Bakkt Holdings, Inc.* (Capital Markets) | 330 | 736 | ||||||
Balchem Corp. (Chemicals) | 148 | 22,014 | ||||||
Bally’s Corp.* (Hotels, Restaurants & Leisure) | 137 | 1,910 | ||||||
Banc of California, Inc. (Banks) | 609 | 8,179 | ||||||
BancFirst Corp. (Banks) | 102 | 9,928 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Financial Services) | 128 | 3,167 | ||||||
Bandwidth, Inc.*—Class A (Diversified Telecommunication Services) | 109 | 1,577 | ||||||
Bank First Corp. (Banks) | 43 | 3,726 | ||||||
Bank of Hawaii Corp. (Banks) | 182 | 13,188 | ||||||
Bank of Marin Bancorp (Banks) | 73 | 1,607 | ||||||
Bank7 Corp. (Banks) | 17 | 465 | ||||||
BankUnited, Inc. (Banks) | 345 | 11,188 | ||||||
Bankwell Financial Group, Inc. (Banks) | 27 | 815 | ||||||
Banner Corp. (Banks) | 159 | 8,516 | ||||||
Bar Harbor Bankshares (Banks) | 69 | 2,026 | ||||||
BARK, Inc.* (Specialty Retail) | 619 | 499 | ||||||
Barnes Group, Inc. (Machinery) | 227 | 7,407 | ||||||
Barrett Business Services, Inc. (Professional Services) | 31 | 3,590 | ||||||
BayCom Corp. (Banks) | 52 | 1,227 | ||||||
BCB Bancorp, Inc. (Banks) | 70 | 900 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 269 | 23,408 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 336 | 9,146 | ||||||
Beazer Homes USA, Inc.* (Household Durables) | 137 | 4,629 | ||||||
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | 49 | 3,272 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 197 | 15,218 | ||||||
BellRing Brands, Inc.* (Personal Care Products) | 612 | 33,923 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 164 | 4,533 | ||||||
Benson Hill, Inc.* (Food Products) | 803 | 140 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 202 | 5,016 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 349 | 2,453 | ||||||
Beyond Air, Inc.* (Health Care Equipment & Supplies) | 125 | 245 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 203
Common Stocks, continued
Shares | Value | |||||||
Beyond Meat, Inc.*(a) (Food Products) | 275 | $ | 2,448 | |||||
Beyond, Inc.* (Specialty Retail) | 209 | 5,787 | ||||||
BGC Group, Inc.—Class A (Capital Markets) | 1,661 | 11,992 | ||||||
Big 5 Sporting Goods Corp. (Specialty Retail) | 100 | 634 | ||||||
Big Lots, Inc. (Broadline Retail) | 132 | 1,028 | ||||||
BigBear.ai Holdings, Inc.* (IT Services) | 136 | 291 | ||||||
BigCommerce Holdings, Inc.*—Class 1 (IT Services) | 312 | 3,036 | ||||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 3 | 495 | ||||||
BioAtla, Inc.* (Biotechnology) | 205 | 504 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 878 | 5,259 | ||||||
Biohaven, Ltd.* (Biotechnology) | 317 | 13,568 | ||||||
BioLife Solutions, Inc.* (Life Sciences Tools & Services) | 161 | 2,616 | ||||||
Biomea Fusion, Inc.*(a) (Biotechnology) | 92 | 1,336 | ||||||
Biote Corp.*—Class A (Pharmaceuticals) | 65 | 321 | ||||||
BioVie, Inc.* (Biotechnology) | 56 | 71 | ||||||
Bioxcel Therapeutics, Inc.*(a) (Biotechnology) | 94 | 277 | ||||||
Bit Digital, Inc.* (Software) | 408 | 1,726 | ||||||
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 106 | 3,817 | ||||||
Black Hills Corp. (Multi-Utilities) | 313 | 16,887 | ||||||
Blackbaud, Inc.* (Software) | 202 | 17,513 | ||||||
Blackline, Inc.* (Software) | 264 | 16,484 | ||||||
BlackSky Technology, Inc.* (Professional Services) | 554 | 776 | ||||||
Blackstone Mortgage Trust, Inc.(a)—Class A (Mortgage REITs) | 799 | 16,994 | ||||||
Blade Air Mobility, Inc.* (Passenger Airlines) | 279 | 985 | ||||||
Blink Charging Co.* (Electrical Equipment) | 252 | 854 | ||||||
Bloom Energy Corp.*—Class A (Electrical Equipment) | 893 | 13,216 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 406 | 11,429 | ||||||
Blue Bird Corp.* (Machinery) | 117 | 3,154 | ||||||
Blue Foundry Bancorp* (Banks) | 105 | 1,015 | ||||||
Blue Ridge Bankshares, Inc. (Banks) | 83 | 251 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 496 | 684 | ||||||
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure) | 50 | 3,756 | ||||||
BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | 39 | 4,419 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 282 | 26,012 | ||||||
Bluerock Homes Trust, Inc. (Residential REITs) | 1 | 10 | ||||||
Boise Cascade Co. (Trading Companies & Distributors) | 184 | 23,802 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 138 | 10,593 | ||||||
Borr Drilling, Ltd.* (Energy Equipment & Services) | 1,019 | 7,500 | ||||||
Boston Omaha Corp.*—Class A (Media) | 109 | 1,715 | ||||||
Bowlero Corp.*(a)—Class A (Hotels, Restaurants & Leisure) | 78 | 1,104 | ||||||
Bowman Consulting Group, Ltd.* (Construction & Engineering) | 50 | 1,776 | ||||||
Box, Inc.*—Class A (Software) | 654 | 16,749 | ||||||
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs) | 304 | 760 | ||||||
Brandywine Realty Trust (Office REITs) | 789 | 4,261 | ||||||
Braze, Inc.*—Class A (Software) | 243 | 12,911 | ||||||
BRC, Inc.*—Class A (Food Products) | 181 | 657 | ||||||
Bread Financial Holdings, Inc. (Consumer Finance) | 230 | 7,576 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 531 | 21,436 | ||||||
Bridgewater Bancshares, Inc.* (Banks) | 95 | 1,284 | ||||||
Bright Green Corp.* (Pharmaceuticals) | 288 | 95 | ||||||
Brightcove, Inc.* (IT Services) | 202 | 523 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 151 | 2,893 | ||||||
BrightSpire Capital, Inc. (Mortgage REITs) | 597 | 4,442 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 192 | 1,617 | ||||||
Brinker International, Inc.* (Hotels, Restaurants & Leisure) | 203 | 8,766 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 110 | 3,110 | ||||||
Broadstone Net Lease, Inc. (Diversified REITs) | 872 | 15,016 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 864 | 5,028 | ||||||
Brookfield Business Corp.—Class A (Industrial Conglomerates) | 121 | 2,817 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 556 | 19,616 | ||||||
Brookline Bancorp, Inc. (Banks) | 405 | 4,419 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 279 | 6,702 | ||||||
BRT Apartments Corp. (Residential REITs) | 54 | 1,004 | ||||||
Build-A-Bear Workshop, Inc. (Specialty Retail) | 61 | 1,402 | ||||||
Bumble, Inc.*—Class A (Interactive Media & Services) | 469 | 6,913 | ||||||
Burke & Herbert Financial Services Corp. (Banks) | 30 | 1,887 | ||||||
Business First Bancshares, Inc. (Banks) | 111 | 2,736 | ||||||
Butterfly Network, Inc.* (Health Care Equipment & Supplies) | 657 | 710 | ||||||
Byline Bancorp, Inc. (Banks) | 115 | 2,709 | ||||||
C&F Financial Corp. (Banks) | 15 | 1,023 | ||||||
C3.ai, Inc.*(a)—Class A (Software) | 377 | 10,824 | ||||||
Cabaletta Bio, Inc.* (Biotechnology) | 160 | 3,632 | ||||||
Cabot Corp. (Chemicals) | 257 | 21,460 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 300 | 13,620 | ||||||
Cadence Bank (Banks) | 845 | 25,003 | ||||||
Cadiz, Inc.* (Water Utilities) | 188 | 526 | ||||||
Cadre Holdings, Inc. (Aerospace & Defense) | 90 | 2,960 | ||||||
Calavo Growers, Inc. (Food Products) | 80 | 2,353 | ||||||
Caledonia Mining Corp. PLC (Metals & Mining) | 76 | 927 | ||||||
Caleres, Inc. (Specialty Retail) | 158 | 4,855 | ||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 323 | 17,662 | ||||||
California Water Service Group (Water Utilities) | 268 | 13,902 | ||||||
Calix, Inc.* (Communications Equipment) | 273 | 11,927 | ||||||
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | 284 | 9,202 | ||||||
Cal-Maine Foods, Inc. (Food Products) | 190 | 10,903 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 56 | 336 | ||||||
Cambridge Bancorp (Banks) | 35 | 2,429 | ||||||
Camden National Corp. (Banks) | 66 | 2,484 | ||||||
Camping World Holdings, Inc.—Class A (Specialty Retail) | 194 | 5,094 |
See accompanying notes to financial statements.
204 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Cannae Holdings, Inc.* (Financial Services) | 318 | $ | 6,204 | |||||
Cano Health, Inc.* (Health Care Providers & Services) | 12 | 70 | ||||||
Cantaloupe, Inc.* (Financial Services) | 266 | 1,971 | ||||||
Capital Bancorp, Inc. (Banks) | 44 | 1,065 | ||||||
Capital City Bank Group, Inc. (Banks) | 61 | 1,795 | ||||||
Capitol Federal Financial, Inc. (Banks) | 592 | 3,818 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 89 | 1,668 | ||||||
Cara Therapeutics, Inc.* (Pharmaceuticals) | 217 | 161 | ||||||
Cardlytics, Inc.* (Media) | 169 | 1,556 | ||||||
CareDx, Inc.* (Biotechnology) | 241 | 2,892 | ||||||
CareMax, Inc.* (Health Care Providers & Services) | 348 | 173 | ||||||
CareTrust REIT, Inc. (Health Care REITs) | 465 | 10,407 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 454 | 10,969 | ||||||
Caribou Biosciences, Inc.* (Biotechnology) | 379 | 2,172 | ||||||
Carisma Therapeutics, Inc. (Biotechnology) | 124 | 363 | ||||||
CarParts.com, Inc.* (Specialty Retail) | 252 | 796 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 227 | 16,072 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 62 | 1,551 | ||||||
Carrols Restaurant Group, Inc. (Hotels, Restaurants & Leisure) | 170 | 1,340 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 309 | 5,862 | ||||||
Carter Bankshares, Inc.* (Banks) | 105 | 1,572 | ||||||
Cartesian Therapeutics, Inc.* (Biotechnology) | 545 | 376 | ||||||
Carvana Co.* (Specialty Retail) | 445 | 23,559 | ||||||
Casella Waste Systems, Inc.* (Commercial Services & Supplies) | 262 | 22,390 | ||||||
Cass Information Systems, Inc. (Financial Services) | 63 | 2,838 | ||||||
Cassava Sciences, Inc.*(a) (Pharmaceuticals) | 184 | 4,142 | ||||||
Castle Biosciences, Inc.* (Health Care Providers & Services) | 115 | 2,482 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 465 | 7,817 | ||||||
Cathay General Bancorp (Banks) | 322 | 14,352 | ||||||
Cavco Industries, Inc.* (Household Durables) | 41 | 14,211 | ||||||
CBIZ, Inc.* (Professional Services) | 222 | 13,895 | ||||||
CBL & Associates Properties, Inc. (Retail REITs) | 125 | 3,053 | ||||||
CECO Environmental Corp.* (Commercial Services & Supplies) | 138 | 2,799 | ||||||
Celcuity, Inc.* (Biotechnology) | 81 | 1,180 | ||||||
Celldex Therapeutics, Inc.* (Biotechnology) | 215 | 8,527 | ||||||
Centerspace (Residential REITs) | 70 | 4,074 | ||||||
Central Garden & Pet Co.* (Household Products) | 45 | 2,255 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 183 | 8,059 | ||||||
Central Pacific Financial Corp. (Banks) | 123 | 2,421 | ||||||
Central Valley Community Bancorp (Banks) | 46 | 1,028 | ||||||
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | 57 | 3,101 | ||||||
Century Aluminum Co.* (Metals & Mining) | 244 | 2,962 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 127 | 620 | ||||||
Century Communities, Inc. (Household Durables) | 132 | 12,030 | ||||||
Century Therapeutics, Inc.* (Biotechnology) | 109 | 362 | ||||||
Cerence, Inc.* (Software) | 187 | 3,676 | ||||||
Cerevel Therapeutics Holdings, Inc.* (Biotechnology) | 324 | 13,738 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 822 | 1,776 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 108 | 2,453 | ||||||
ChampionX Corp. (Energy Equipment & Services) | 908 | 26,522 | ||||||
Charge Enterprises, Inc.* (Diversified Telecommunication Services) | 631 | 72 | ||||||
Chart Industries, Inc.* (Machinery) | 199 | 27,129 | ||||||
Chatham Lodging Trust (Hotel & Resort REITs) | 224 | 2,401 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 528 | 5,998 | ||||||
Chemung Financial Corp. (Banks) | 16 | 797 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 99 | 10,457 | ||||||
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs) | 76 | 1,230 | ||||||
Chico's FAS, Inc.* (Specialty Retail) | 558 | 4,230 | ||||||
Chimera Investment Corp. (Mortgage REITs) | 1,055 | 5,264 | ||||||
ChoiceOne Financial Services, Inc. (Banks) | 32 | 938 | ||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 194 | 32,250 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 84 | 3,211 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 84 | 6,724 | ||||||
Cinemark Holdings, Inc.* (Entertainment) | 510 | 7,186 | ||||||
Cipher Mining, Inc.* (Software) | 195 | 805 | ||||||
Citius Pharmaceuticals, Inc.* (Pharmaceuticals) | 570 | 431 | ||||||
Citizens & Northern Corp. (Banks) | 69 | 1,548 | ||||||
Citizens Financial Services, Inc. (Banks) | 18 | 1,165 | ||||||
City Holding Co. (Banks) | 69 | 7,608 | ||||||
City Office REIT, Inc. (Office REITs) | 181 | 1,106 | ||||||
Civista Bancshares, Inc. (Banks) | 72 | 1,328 | ||||||
Civitas Resources, Inc.(a) (Oil, Gas & Consumable Fuels) | 375 | 25,643 | ||||||
Claros Mortgage Trust, Inc. (Mortgage REITs) | 421 | 5,738 | ||||||
Clarus Corp. (Leisure Products) | 136 | 938 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 786 | 3,010 | ||||||
Cleanspark, Inc.* (Software) | 694 | 7,655 | ||||||
Clear Channel Outdoor Holdings, Inc.* (Media) | 1,739 | 3,165 | ||||||
Clear Secure, Inc.—Class A (Software) | 381 | 7,868 | ||||||
Clearfield, Inc.* (Communications Equipment) | 61 | 1,774 | ||||||
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies) | 106 | 720 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 76 | 2,745 | ||||||
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components) | 19 | 1,042 | ||||||
Clipper Realty, Inc. (Residential REITs) | 53 | 286 | ||||||
CNB Financial Corp. (Banks) | 95 | 2,146 | ||||||
CNO Financial Group, Inc. (Insurance) | 519 | 14,480 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 727 | 14,540 | ||||||
Coastal Financial Corp.* (Banks) | 50 | 2,221 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 22 | 20,426 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 323 | 985 | ||||||
Codorus Valley Bancorp, Inc. (Banks) | 43 | 1,105 | ||||||
Coeur Mining, Inc.* (Metals & Mining) | 1,535 | 5,004 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 205
Common Stocks, continued
Shares | Value | |||||||
Cogent Biosciences, Inc.* (Biotechnology) | 385 | $ | 2,264 | |||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 203 | 15,439 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 121 | 9,163 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 463 | 1,542 | ||||||
Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | 217 | 7,680 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 161 | 4,956 | ||||||
Colony Bankcorp, Inc. (Banks) | 77 | 1,024 | ||||||
Columbia Financial, Inc.* (Banks) | 138 | 2,661 | ||||||
Columbus McKinnon Corp. (Machinery) | 131 | 5,112 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 164 | 33,729 | ||||||
Commercial Metals Co. (Metals & Mining) | 543 | 27,171 | ||||||
Commercial Vehicle Group, Inc.* (Machinery) | 151 | 1,059 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 971 | 2,738 | ||||||
Community Bank System, Inc. (Banks) | 247 | 12,871 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 583 | 1,825 | ||||||
Community Healthcare Trust, Inc. (Health Care REITs) | 124 | 3,303 | ||||||
Community Trust Bancorp, Inc. (Banks) | 72 | 3,158 | ||||||
CommVault Systems, Inc.* (Software) | 204 | 16,289 | ||||||
Compass Diversified Holdings (Financial Services) | 293 | 6,578 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 159 | 4,026 | ||||||
Compass Therapeutics, Inc.* (Biotechnology) | 423 | 660 | ||||||
Compass, Inc.*—Class A (Real Estate Management & Development) | 1,320 | 4,963 | ||||||
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals) | 76 | 410 | ||||||
Computer Programs and Systems, Inc.* (Health Care Technology) | 66 | 739 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 7 | 177 | ||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | 426 | 3,770 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 126 | 1,062 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 119 | 976 | ||||||
Conduent, Inc.* (Professional Services) | 798 | 2,913 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 142 | 15,550 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 170 | 3,895 | ||||||
Consensus Cloud Solutions, Inc.* (Software) | 91 | 2,385 | ||||||
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels) | 142 | 14,275 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 356 | 1,549 | ||||||
Consolidated Water Co., Ltd. (Water Utilities) | 70 | 2,492 | ||||||
Constellium SE* (Metals & Mining) | 598 | 11,936 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 186 | 8,095 | ||||||
Consumer Portfolio Services, Inc.* (Consumer Finance) | 40 | 375 | ||||||
Contango ORE, Inc.* (Metals & Mining) | 36 | 652 | ||||||
ContextLogic, Inc.*—Class A (Broadline Retail) | 104 | 619 | ||||||
Cooper-Standard Holdings, Inc.* (Automobile Components) | 78 | 1,524 | ||||||
COPT Defense Properties (Office REITs) | 523 | 13,404 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 372 | 12,083 | ||||||
Core Laboratories, Inc. (Energy Equipment & Services) | 217 | 3,832 | ||||||
Core Molding Technologies, Inc.* (Chemicals) | 34 | 630 | ||||||
CoreCard Corp.* (Software) | 34 | 470 | ||||||
CoreCivic, Inc.* (Commercial Services & Supplies) | 527 | 7,657 | ||||||
CorMedix, Inc.* (Pharmaceuticals) | 255 | 959 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 171 | 2,411 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 40 | 9,888 | ||||||
Costamare, Inc. (Marine Transportation) | 215 | 2,238 | ||||||
Couchbase, Inc.* (IT Services) | 161 | 3,626 | ||||||
Coursera, Inc.* (Diversified Consumer Services) | 604 | 11,699 | ||||||
Covenant Logistics Group, Inc. (Ground Transportation) | 39 | 1,796 | ||||||
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals) | 20 | 384 | ||||||
CRA International, Inc. (Professional Services) | 32 | 3,163 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 102 | 7,862 | ||||||
Crawford & Co.—Class A (Insurance) | 67 | 883 | ||||||
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment) | 532 | 10,358 | ||||||
Crescent Energy Co.—Class A (Oil, Gas & Consumable Fuels) | 357 | 4,716 | ||||||
Cricut, Inc.—Class A (Household Durables) | 222 | 1,463 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 303 | 10,781 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 159 | 3,600 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 210 | 2,852 | ||||||
CryoPort, Inc.* (Life Sciences Tools & Services) | 201 | 3,113 | ||||||
CS Disco, Inc.* (Software) | 105 | 797 | ||||||
CSG Systems International, Inc. (Professional Services) | 147 | 7,822 | ||||||
CSW Industrials, Inc. (Building Products) | 71 | 14,726 | ||||||
CTO Realty Growth, Inc. (Diversified REITs) | 102 | 1,768 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 144 | 6,299 | ||||||
Cue Biopharma, Inc.* (Biotechnology) | 167 | 441 | ||||||
Cullinan Oncology, Inc.* (Biotechnology) | 120 | 1,223 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 770 | 8,316 | ||||||
Custom Truck One Source, Inc.* (Trading Companies & Distributors) | 263 | 1,625 | ||||||
Customers Bancorp, Inc.* (Banks) | 133 | 7,663 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 85 | 300 | ||||||
CVB Financial Corp. (Banks) | 617 | 12,457 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 137 | 4,151 | ||||||
CVRx, Inc.* (Health Care Equipment & Supplies) | 52 | 1,635 | ||||||
CXApp, Inc.* (IT Services) | 10 | 13 |
See accompanying notes to financial statements.
206 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | 525 | $ | 12,401 | |||||
Cytek Biosciences, Inc.* (Life Sciences Tools & Services) | 562 | 5,126 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 432 | 36,069 | ||||||
Daily Journal Corp.* (Media) | 6 | 2,045 | ||||||
Dakota Gold Corp.* (Metals & Mining) | 261 | 684 | ||||||
Daktronics, Inc.* (Electronic Equipment, Instruments & Components) | 175 | 1,484 | ||||||
Dana, Inc. (Automobile Components) | 605 | 8,839 | ||||||
Danimer Scientific, Inc.* (Chemicals) | 407 | 415 | ||||||
Daseke, Inc.* (Ground Transportation) | 190 | 1,539 | ||||||
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 168 | 9,047 | ||||||
Day One Biopharmaceuticals, Inc.* (Biotechnology) | 290 | 4,234 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 248 | 4,000 | ||||||
Definitive Healthcare Corp.* (Health Care Technology) | 215 | 2,137 | ||||||
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | 298 | 7,688 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 202 | 4,333 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 548 | 11,760 | ||||||
Denny's Corp.* (Hotels, Restaurants & Leisure) | 238 | 2,589 | ||||||
Design Therapeutics, Inc.* (Biotechnology) | 152 | 403 | ||||||
Designer Brands, Inc.—Class A (Specialty Retail) | 200 | 1,770 | ||||||
Desktop Metal, Inc.*(a)—Class A (Machinery) | 1,300 | 976 | ||||||
Destination XL Group, Inc.* (Specialty Retail) | 261 | 1,148 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 198 | 513 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 636 | 6,239 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 13 | 2,153 | ||||||
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | 472 | 6,136 | ||||||
DiamondRock Hospitality Co. (Hotel & Resort REITs) | 975 | 9,155 | ||||||
Digi International, Inc.* (Communications Equipment) | 163 | 4,238 | ||||||
Digimarc Corp.* (Software) | 66 | 2,384 | ||||||
Digital Turbine, Inc.* (Software) | 444 | 3,046 | ||||||
DigitalBridge Group, Inc. (Real Estate Management & Development) | 750 | 13,156 | ||||||
DigitalOcean Holdings, Inc.* (IT Services) | 294 | 10,788 | ||||||
Dillard's, Inc.(a)—Class A (Broadline Retail) | 16 | 6,458 | ||||||
Dime Community Bancshares, Inc. (Banks) | 162 | 4,363 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 72 | 3,575 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 209 | 16,829 | ||||||
Disc Medicine, Inc.* (Biotechnology) | 41 | 2,368 | ||||||
Distribution Solutions Group, Inc.* (Building Products) | 46 | 1,452 | ||||||
Diversified Healthcare Trust (Health Care REITs) | 1,108 | 4,144 | ||||||
DMC Global, Inc.* (Energy Equipment & Services) | 91 | 1,713 | ||||||
DocGo, Inc.* (Health Care Providers & Services) | 361 | 2,018 | ||||||
Dole PLC (Food Products) | 332 | 4,080 | ||||||
Domo, Inc.*—Class B (Software) | 148 | 1,523 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 72 | 1,007 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 115 | 7,173 | ||||||
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 160 | 7,019 | ||||||
Dorman Products, Inc.* (Automobile Components) | 122 | 10,176 | ||||||
Douglas Dynamics, Inc. (Machinery) | 105 | 3,116 | ||||||
Douglas Elliman, Inc. (Real Estate Management & Development) | 376 | 1,109 | ||||||
Douglas Emmett, Inc. (Office REITs) | 748 | 10,846 | ||||||
Dragonfly Energy Holdings Corp.* (Electrical Equipment) | 135 | 73 | ||||||
Dream Finders Homes, Inc.*—Class A (Household Durables) | 112 | 3,979 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 158 | 3,677 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 62 | 3,228 | ||||||
Duluth Holdings, Inc.*—Class B (Specialty Retail) | 63 | 339 | ||||||
Duolingo, Inc.* (Diversified Consumer Services) | 136 | 30,851 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 63 | 2,123 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 133 | 15,307 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 601 | 8,402 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 206 | 2,740 | ||||||
Dynex Capital, Inc. (Mortgage REITs) | 262 | 3,280 | ||||||
DZS, Inc.* (Communications Equipment) | 101 | 199 | ||||||
E2open Parent Holdings, Inc.* (Software) | 788 | 3,459 | ||||||
Eagle Bancorp, Inc. (Banks) | 137 | 4,129 | ||||||
Eagle Bulk Shipping, Inc. (Marine Transportation) | 43 | 2,382 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 48 | 251 | ||||||
Easterly Government Properties, Inc. (Office REITs) | 445 | 5,981 | ||||||
Eastern Bankshares, Inc. (Banks) | 719 | 10,210 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 264 | 1,030 | ||||||
EchoStar Corp.*—Class A (Diversified Telecommunication Services) | 552 | 9,147 | ||||||
Ecovyst, Inc.* (Chemicals) | 429 | 4,191 | ||||||
Edgewell Personal Care Co. (Personal Care Products) | 234 | 8,571 | ||||||
Edgewise Therapeutics, Inc.* (Pharmaceuticals) | 198 | 2,166 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 381 | 3,860 | ||||||
eGain Corp.* (Software) | 97 | 808 | ||||||
eHealth, Inc.* (Insurance) | 130 | 1,134 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 129 | 1,138 | ||||||
elf Beauty, Inc.* (Personal Care Products) | 250 | 36,085 | ||||||
Ellington Financial, Inc. (Mortgage REITs) | 349 | 4,436 | ||||||
Elme Communities (Residential REITs) | 408 | 5,957 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 207
Common Stocks, continued
Shares | Value | |||||||
Embecta Corp. (Health Care Equipment & Supplies) | 268 | $ | 5,073 | |||||
Emerald Holding, Inc.* (Media) | 72 | 431 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 241 | 578 | ||||||
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 60 | 659 | ||||||
Empire State Realty Trust, Inc. (Diversified REITs) | 613 | 5,940 | ||||||
Employers Holdings, Inc. (Insurance) | 119 | 4,689 | ||||||
Enact Holdings, Inc. (Financial Services) | 137 | 3,958 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 93 | 875 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 108 | 5,481 | ||||||
Encore Energy Corp.* (Oil, Gas & Consumable Fuels) | 680 | 2,672 | ||||||
Encore Wire Corp. (Electrical Equipment) | 70 | 14,952 | ||||||
Energizer Holdings, Inc. (Household Products) | 332 | 10,518 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 728 | 5,234 | ||||||
Energy Recovery, Inc.* (Machinery) | 258 | 4,861 | ||||||
Energy Vault Holdings, Inc.* (Electrical Equipment) | 459 | 1,069 | ||||||
Enerpac Tool Group Corp. (Machinery) | 253 | 7,866 | ||||||
EnerSys (Electrical Equipment) | 191 | 19,283 | ||||||
Enfusion, Inc.*—Class A (Software) | 175 | 1,698 | ||||||
EngageSmart, Inc.* (Software) | 225 | 5,153 | ||||||
Enhabit, Inc.* (Health Care Providers & Services) | 233 | 2,412 | ||||||
Enliven Therapeutics, Inc.* (Pharmaceuticals) | 108 | 1,495 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 118 | 2,585 | ||||||
Enova International, Inc.* (Consumer Finance) | 135 | 7,474 | ||||||
Enovix Corp.*(a) (Electrical Equipment) | 643 | 8,050 | ||||||
Enpro, Inc. (Machinery) | 97 | 15,204 | ||||||
Enstar Group, Ltd.* (Insurance) | 55 | 16,189 | ||||||
Enterprise Bancorp, Inc. (Banks) | 44 | 1,419 | ||||||
Enterprise Financial Services Corp. (Banks) | 168 | 7,501 | ||||||
Entrada Therapeutics, Inc.* (Biotechnology) | 99 | 1,494 | ||||||
Entravision Communications Corp.—Class A (Media) | 279 | 1,163 | ||||||
Envela Corp.* (Specialty Retail) | 35 | 170 | ||||||
Envestnet, Inc.* (Software) | 232 | 11,489 | ||||||
Enviri Corp.* (Commercial Services & Supplies) | 366 | 3,294 | ||||||
Enviva, Inc. (Oil, Gas & Consumable Fuels) | 145 | 144 | ||||||
Eos Energy Enterprises, Inc.* (Electrical Equipment) | 499 | 544 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 123 | 9,820 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 2,026 | 20,625 | ||||||
Equity Bancshares, Inc.—Class A (Banks) | 68 | 2,305 | ||||||
Equity Commonwealth (Office REITs) | 473 | 9,082 | ||||||
Erasca, Inc.* (Biotechnology) | 374 | 797 | ||||||
Escalade, Inc. (Leisure Products) | 46 | 924 | ||||||
ESCO Technologies, Inc. (Machinery) | 119 | 13,927 | ||||||
Esquire Financial Holdings, Inc. (Banks) | 32 | 1,599 | ||||||
ESS Tech, Inc.* (Electrical Equipment) | 423 | 482 | ||||||
ESSA Bancorp, Inc. (Banks) | 40 | 801 | ||||||
Essent Group, Ltd. (Financial Services) | 486 | 25,631 | ||||||
Essential Properties Realty Trust, Inc. (Diversified REITs) | 723 | 18,479 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 106 | 3,384 | ||||||
European Wax Center, Inc.*—Class A (Diversified Consumer Services) | 158 | 2,147 | ||||||
Evans Bancorp, Inc. (Banks) | 24 | 757 | ||||||
Eve Holding, Inc.* (Aerospace & Defense) | 84 | 615 | ||||||
Eventbrite, Inc.*—Class A (Interactive Media & Services) | 359 | 3,001 | ||||||
Everbridge, Inc.* (Software) | 189 | 4,595 | ||||||
EverCommerce, Inc.* (Software) | 108 | 1,191 | ||||||
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure) | 391 | 4,407 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 100 | 1,224 | ||||||
EVERTEC, Inc. (Financial Services) | 303 | 12,405 | ||||||
EVgo, Inc.* (Specialty Retail) | 480 | 1,718 | ||||||
EVI Industries, Inc. (Trading Companies & Distributors) | 22 | 522 | ||||||
Evolent Health, Inc.*—Class A (Health Care Technology) | 511 | 16,879 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 192 | 2,022 | ||||||
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | 144 | 837 | ||||||
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components) | 529 | 2,497 | ||||||
Excelerate Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 84 | 1,299 | ||||||
ExlService Holdings, Inc.* (Professional Services) | 750 | 23,137 | ||||||
eXp World Holdings, Inc. (Real Estate Management & Development) | 331 | 5,137 | ||||||
Expensify, Inc.*—Class A (Software) | 256 | 632 | ||||||
Exponent, Inc. (Professional Services) | 235 | 20,688 | ||||||
Expro Group Holdings N.V.* (Energy Equipment & Services) | 415 | 6,607 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 585 | 10,319 | ||||||
Eyenovia, Inc.* (Pharmaceuticals) | 139 | 289 | ||||||
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | 124 | 2,866 | ||||||
F&G Annuities & Life, Inc. (Insurance) | 87 | 4,002 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 171 | 32,545 | ||||||
Farmers & Merchants Bancorp, Inc. (Banks) | 59 | 1,463 | ||||||
Farmers National Banc Corp. (Banks) | 169 | 2,442 | ||||||
Farmland Partners, Inc. (Specialized REITs) | 207 | 2,583 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 88 | 1,983 | ||||||
Fastly, Inc.*—Class A (IT Services) | 560 | 9,968 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 393 | 1,470 | ||||||
FB Financial Corp. (Banks) | 165 | 6,575 | ||||||
Federal Agricultural Mortgage Corp.—Class C (Financial Services) | 42 | 8,031 | ||||||
Federal Signal Corp. (Machinery) | 278 | 21,334 | ||||||
Fennec Pharmaceuticals, Inc.* (Biotechnology) | 84 | 942 | ||||||
FibroGen, Inc.* (Biotechnology) | 428 | 379 | ||||||
Fidelis Insurance Holdings, Ltd.* (Insurance) | 70 | 887 | ||||||
Fidelity D&D Bancorp, Inc. (Banks) | 22 | 1,277 | ||||||
Figs, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 593 | 4,121 |
See accompanying notes to financial statements.
208 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Finance Of America Cos., Inc.*—Class A (Financial Services) | 248 | $ | 273 | |||||
Financial Institutions, Inc. (Banks) | 70 | 1,491 | ||||||
First Advantage Corp. (Professional Services) | 251 | 4,159 | ||||||
First Bancorp (Banks) | 798 | 13,127 | ||||||
First Bancorp (Banks) | 185 | 6,847 | ||||||
First Bank/Hamilton NJ (Banks) | 95 | 1,397 | ||||||
First Busey Corp. (Banks) | 241 | 5,982 | ||||||
First Business Financial Services, Inc. (Banks) | 36 | 1,444 | ||||||
First Commonwealth Financial Corp. (Banks) | 475 | 7,334 | ||||||
First Community Bankshares, Inc. (Banks) | 80 | 2,968 | ||||||
First Community Corp. (Banks) | 34 | 732 | ||||||
First Financial Bancorp (Banks) | 437 | 10,379 | ||||||
First Financial Bankshares, Inc. (Banks) | 605 | 18,331 | ||||||
First Financial Corp. (Banks) | 53 | 2,281 | ||||||
First Foundation, Inc. (Banks) | 237 | 2,294 | ||||||
First Interstate BancSystem, Inc.—Class A (Banks) | 383 | 11,777 | ||||||
First Merchants Corp. (Banks) | 274 | 10,160 | ||||||
First Mid Bancshares, Inc. (Banks) | 103 | 3,570 | ||||||
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 103 | 2,070 | ||||||
First Western Financial, Inc.* (Banks) | 37 | 734 | ||||||
FirstCash Holdings, Inc. (Consumer Finance) | 175 | 18,967 | ||||||
FiscalNote Holdings, Inc.*(a) (Professional Services) | 277 | 316 | ||||||
Fisker, Inc.* (Automobiles) | 969 | 1,696 | ||||||
Five Star Bancorp (Banks) | 59 | 1,545 | ||||||
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 138 | 4,010 | ||||||
Fluence Energy, Inc.* (Electrical Equipment) | 272 | 6,487 | ||||||
Fluor Corp.* (Construction & Engineering) | 662 | 25,931 | ||||||
Flushing Financial Corp. (Banks) | 128 | 2,109 | ||||||
Flywire Corp.* (Financial Services) | 493 | 11,413 | ||||||
Foghorn Therapeutics, Inc.* (Biotechnology) | 94 | 606 | ||||||
Foot Locker, Inc. (Specialty Retail) | 381 | 11,868 | ||||||
Forafric Global PLC* (Food Products) | 25 | 265 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 85 | 2,811 | ||||||
Forge Global Holdings, Inc.* (Capital Markets) | 509 | 1,746 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 358 | 14,932 | ||||||
Forrester Research, Inc.* (Professional Services) | 54 | 1,448 | ||||||
Forum Energy Technologies, Inc.* (Energy Equipment & Services) | 45 | 998 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 119 | 7,482 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 223 | 326 | ||||||
Four Corners Property Trust, Inc. (Specialized REITs) | 420 | 10,626 | ||||||
Fox Factory Holding Corp.* (Automobile Components) | 198 | 13,361 | ||||||
Franklin BSP Realty Trust, Inc. (Mortgage REITs) | 386 | 5,215 | ||||||
Franklin Covey Co.* (Professional Services) | 54 | 2,351 | ||||||
Franklin Electric Co., Inc. (Machinery) | 214 | 20,683 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 158 | 4,148 | ||||||
Freshworks, Inc.*—Class A (Software) | 751 | 17,641 | ||||||
Frontdoor, Inc.* (Diversified Consumer Services) | 376 | 13,242 | ||||||
Frontier Group Holdings, Inc.* (Passenger Airlines) | 179 | 977 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 31 | 1,949 | ||||||
FS Bancorp, Inc. (Banks) | 31 | 1,146 | ||||||
FTAI Aviation, Ltd. (Trading Companies & Distributors) | 462 | 21,437 | ||||||
FTAI Infrastructure, Inc. (Ground Transportation) | 459 | 1,786 | ||||||
FTC Solar, Inc.* (Electrical Equipment) | 314 | 218 | ||||||
fuboTV, Inc.* (Interactive Media & Services) | 1,313 | 4,175 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 2,109 | 3,374 | ||||||
Fulgent Genetics, Inc.* (Health Care Providers & Services) | 95 | 2,746 | ||||||
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | 152 | 816 | ||||||
Fulton Financial Corp. (Banks) | 745 | 12,263 | ||||||
Funko, Inc.*—Class A (Leisure Products) | 165 | 1,275 | ||||||
FutureFuel Corp. (Oil, Gas & Consumable Fuels) | 121 | 736 | ||||||
FVCBankcorp, Inc.* (Banks) | 74 | 1,051 | ||||||
Gambling.com Group, Ltd.* (Media) | 71 | 692 | ||||||
Gannett Co., Inc.* (Media) | 669 | 1,539 | ||||||
GATX Corp. (Trading Companies & Distributors) | 165 | 19,836 | ||||||
GCM Grosvenor, Inc.—Class A (Capital Markets) | 192 | 1,720 | ||||||
Genco Shipping & Trading, Ltd. (Marine Transportation) | 195 | 3,235 | ||||||
Gencor Industries, Inc.* (Machinery) | 49 | 791 | ||||||
Genelux Corp.* (Biotechnology) | 86 | 1,205 | ||||||
Generation Bio Co.* (Biotechnology) | 210 | 347 | ||||||
Genesco, Inc.* (Specialty Retail) | 51 | 1,796 | ||||||
Genie Energy, Ltd.—Class B (Electric Utilities) | 92 | 2,588 | ||||||
Gentherm, Inc.* (Automobile Components) | 152 | 7,959 | ||||||
Genworth Financial, Inc.* (Insurance) | 2,143 | 14,315 | ||||||
German American Bancorp, Inc. (Banks) | 130 | 4,213 | ||||||
Geron Corp.* (Biotechnology) | 2,375 | 5,011 | ||||||
Getty Realty Corp. (Retail REITs) | 221 | 6,458 | ||||||
Gevo, Inc.* (Oil, Gas & Consumable Fuels) | 1,084 | 1,257 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 142 | 11,215 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 192 | 6,524 | ||||||
Glacier Bancorp, Inc. (Banks) | 517 | 21,361 | ||||||
Gladstone Commercial Corp. (Diversified REITs) | 184 | 2,436 | ||||||
Gladstone Land Corp. (Specialized REITs) | 155 | 2,240 | ||||||
Glatfelter Corp.* (Paper & Forest Products) | 205 | 398 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 220 | 17,488 | ||||||
Global Business Travel Group I* (Hotels, Restaurants & Leisure) | 150 | 968 | ||||||
Global Industrial Co. (Trading Companies & Distributors) | 61 | 2,369 | ||||||
Global Medical REIT, Inc. (Health Care REITs) | 283 | 3,141 | ||||||
Global Net Lease, Inc. (Diversified REITs) | 903 | 8,985 | ||||||
Global Water Resources, Inc. (Water Utilities) | 53 | 693 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 3,248 | 6,301 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 190 | 15,662 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 209
Common Stocks, continued
Shares | Value | |||||||
Gogo, Inc.* (Wireless Telecommunication Services) | 307 | $ | 3,110 | |||||
GoHealth, Inc.*—Class A (Insurance) | 19 | 253 | ||||||
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 465 | 10,690 | ||||||
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure) | 94 | 3,753 | ||||||
Golden Ocean Group, Ltd. (Marine Transportation) | 571 | 5,573 | ||||||
Goosehead Insurance, Inc.*—Class A (Insurance) | 100 | 7,580 | ||||||
GoPro, Inc.*—Class A (Household Durables) | 585 | 2,030 | ||||||
GrafTech International, Ltd. (Electrical Equipment) | 899 | 1,969 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 17 | 11,841 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 205 | 10,426 | ||||||
Granite Point Mortgage Trust, Inc. (Mortgage REITs) | 237 | 1,408 | ||||||
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels) | 158 | 951 | ||||||
Graphite Bio, Inc.* (Biotechnology) | 130 | 341 | ||||||
Gray Television, Inc. (Media) | 392 | 3,512 | ||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 304 | 2,335 | ||||||
Great Southern Bancorp, Inc. (Banks) | 41 | 2,433 | ||||||
Green Brick Partners, Inc.* (Household Durables) | 121 | 6,285 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 215 | 2,129 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 270 | 6,809 | ||||||
Greene County Bancorp, Inc. (Banks) | 32 | 902 | ||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 120 | 1,370 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 113 | 7,412 | ||||||
Greif, Inc.—Class B (Containers & Packaging) | 24 | 1,584 | ||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 261 | 3,479 | ||||||
Griffon Corp. (Building Products) | 194 | 11,824 | ||||||
Grindr, Inc.* (Interactive Media & Services) | 190 | 1,668 | ||||||
Gritstone bio, Inc.* (Biotechnology) | 407 | 830 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 63 | 19,199 | ||||||
GrowGeneration Corp.* (Specialty Retail) | 273 | 685 | ||||||
Guaranty Bancshares, Inc. (Banks) | 38 | 1,278 | ||||||
Guardant Health, Inc.* (Health Care Providers & Services) | 524 | 14,175 | ||||||
Guess?, Inc. (Specialty Retail) | 130 | 2,998 | ||||||
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | 52 | 6,926 | ||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 149 | 7,796 | ||||||
H.B. Fuller Co. (Chemicals) | 251 | 20,434 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 233 | 19,924 | ||||||
Hallador Energy Co.* (Oil, Gas & Consumable Fuels) | 106 | 937 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 602 | 22,250 | ||||||
Hamilton Lane, Inc.—Class A (Capital Markets) | 169 | 19,170 | ||||||
Hancock Whitney Corp. (Banks) | 403 | 19,581 | ||||||
Hanesbrands, Inc.* (Textiles, Apparel & Luxury Goods) | 1,632 | 7,279 | ||||||
Hanmi Financial Corp. (Banks) | 141 | 2,735 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs) | 491 | 13,541 | ||||||
HarborOne Bancorp, Inc. (Banks) | 190 | 2,276 | ||||||
Harmonic, Inc.* (Communications Equipment) | 511 | 6,663 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 149 | 4,813 | ||||||
Harrow, Inc.* (Pharmaceuticals) | 140 | 1,568 | ||||||
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | 188 | 1,006 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 68 | 2,414 | ||||||
Hawaiian Holdings, Inc.* (Passenger Airlines) | 236 | 3,351 | ||||||
Hawkins, Inc. (Chemicals) | 90 | 6,338 | ||||||
Haynes International, Inc. (Metals & Mining) | 58 | 3,309 | ||||||
HBT Financial, Inc. (Banks) | 62 | 1,309 | ||||||
HCI Group, Inc. (Insurance) | 30 | 2,622 | ||||||
Health Catalyst, Inc.* (Health Care Technology) | 262 | 2,426 | ||||||
Healthcare Services Group, Inc.* (Commercial Services & Supplies) | 345 | 3,578 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 390 | 25,858 | ||||||
HealthStream, Inc. (Health Care Technology) | 112 | 3,027 | ||||||
Heartland Express, Inc. (Ground Transportation) | 217 | 3,094 | ||||||
Heartland Financial USA, Inc. (Banks) | 196 | 7,372 | ||||||
Hecla Mining Co. (Metals & Mining) | 2,834 | 13,632 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 92 | 2,717 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 110 | 13,289 | ||||||
Helios Technologies, Inc. (Machinery) | 154 | 6,984 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 667 | 6,857 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 452 | 16,371 | ||||||
Herbalife, Ltd.* (Personal Care Products) | 458 | 6,989 | ||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 131 | 19,505 | ||||||
Heritage Commerce Corp. (Banks) | 275 | 2,728 | ||||||
Heritage Financial Corp. (Banks) | 161 | 3,444 | ||||||
Heron Therapeutics, Inc.* (Biotechnology) | 480 | 816 | ||||||
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail) | 187 | 999 | ||||||
Hibbett, Inc. (Specialty Retail) | 57 | 4,105 | ||||||
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels) | 56 | 797 | ||||||
Hillenbrand, Inc. (Machinery) | 325 | 15,551 | ||||||
HilleVax, Inc.* (Biotechnology) | 122 | 1,958 | ||||||
Hillman Solutions Corp.* (Machinery) | 906 | 8,344 | ||||||
Hilltop Holdings, Inc. (Banks) | 217 | 7,641 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 373 | 14,986 | ||||||
Himalaya Shipping, Ltd.* (Marine Transportation) | 131 | 886 | ||||||
Hims & Hers Health, Inc.* (Health Care Providers & Services) | 567 | 5,046 | ||||||
Hingham Institution For Savings The (Banks) | 7 | 1,361 | ||||||
Hippo Holdings, Inc.* (Insurance) | 49 | 447 | ||||||
HireQuest, Inc. (Professional Services) | 25 | 384 | ||||||
HireRight Holdings Corp.* (Professional Services) | 64 | 861 |
See accompanying notes to financial statements.
210 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
HNI Corp. (Commercial Services & Supplies) | 214 | $ | 8,952 | |||||
Holley, Inc.* (Automobile Components) | 245 | 1,193 | ||||||
Home Bancorp, Inc. (Banks) | 33 | 1,386 | ||||||
Home BancShares, Inc. (Banks) | 885 | 22,416 | ||||||
HomeStreet, Inc. (Banks) | 84 | 865 | ||||||
HomeTrust Bancshares, Inc. (Banks) | 68 | 1,831 | ||||||
Hooker Furnishings Corp. (Household Durables) | 50 | 1,304 | ||||||
Hope Bancorp, Inc. (Banks) | 535 | 6,463 | ||||||
Horace Mann Educators Corp. (Insurance) | 191 | 6,246 | ||||||
Horizon Bancorp, Inc. (Banks) | 200 | 2,862 | ||||||
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | 23 | 3,579 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 146 | 13,423 | ||||||
Hudson Pacific Properties, Inc. (Office REITs) | 641 | 5,968 | ||||||
Hudson Technologies, Inc.* (Trading Companies & Distributors) | 203 | 2,738 | ||||||
Humacyte, Inc.* (Biotechnology) | 284 | 807 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 88 | 9,046 | ||||||
Hyliion Holdings Corp.* (Machinery) | 684 | 557 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 52 | 3,234 | ||||||
I3 Verticals, Inc.*—Class A (Financial Services) | 104 | 2,202 | ||||||
i-80 Gold Corp.* (Metals & Mining) | 895 | 1,575 | ||||||
IBEX Holdings, Ltd.* (Professional Services) | 43 | 817 | ||||||
ICF International, Inc. (Professional Services) | 87 | 11,666 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 132 | 4,439 | ||||||
Icosavax, Inc.* (Biotechnology) | 128 | 2,017 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 279 | 9,927 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 71 | 2,420 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 38 | 3,010 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 62 | 515 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 481 | 1,284 | ||||||
Ikena Oncology, Inc.* (Pharmaceuticals) | 143 | 282 | ||||||
IMAX Corp.* (Entertainment) | 208 | 3,124 | ||||||
Immersion Corp. (Technology Hardware, Storage & Peripherals) | 145 | 1,024 | ||||||
Immuneering Corp.*—Class A (Biotechnology) | 104 | 764 | ||||||
ImmunityBio, Inc.*(a) (Biotechnology) | 614 | 3,082 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 1,111 | 32,942 | ||||||
Immunovant, Inc.* (Biotechnology) | 250 | 10,533 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 108 | 9,723 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 248 | 16,100 | ||||||
Independence Realty Trust, Inc. (Residential REITs) | 1,047 | 16,019 | ||||||
Independent Bank Corp. (Banks) | 92 | 2,394 | ||||||
Independent Bank Corp. (Banks) | 205 | 13,491 | ||||||
Independent Bank Group, Inc. (Banks) | 168 | 8,548 | ||||||
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 698 | 5,661 | ||||||
Infinera Corp.* (Communications Equipment) | 925 | 4,394 | ||||||
Information Services Group, Inc. (IT Services) | 163 | 768 | ||||||
InfuSystem Holdings, Inc.* (Health Care Providers & Services) | 84 | 885 | ||||||
Ingevity Corp.* (Chemicals) | 170 | 8,027 | ||||||
Ingles Markets, Inc.—Class A (Consumer Staples Distribution & Retail) | 65 | 5,614 | ||||||
Inhibrx, Inc.* (Biotechnology) | 159 | 6,042 | ||||||
Inmode, Ltd.* (Health Care Equipment & Supplies) | 359 | 7,984 | ||||||
Innodata, Inc.* (Professional Services) | 120 | 977 | ||||||
Innospec, Inc. (Chemicals) | 116 | 14,296 | ||||||
Innovage Holding Corp.* (Health Care Providers & Services) | 88 | 528 | ||||||
INNOVATE Corp.* (Construction & Engineering) | 252 | 310 | ||||||
Innovative Industrial Properties, Inc. (Industrial REITs) | 130 | 13,107 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 276 | 4,427 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 108 | 593 | ||||||
Inozyme Pharma, Inc.* (Biotechnology) | 221 | 941 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 133 | 23,566 | ||||||
Insmed, Inc.* (Biotechnology) | 641 | 19,865 | ||||||
Insperity, Inc. (Professional Services) | 165 | 19,340 | ||||||
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 101 | 998 | ||||||
Installed Building Products, Inc. (Household Durables) | 110 | 20,110 | ||||||
Insteel Industries, Inc. (Building Products) | 87 | 3,331 | ||||||
Instructure Holdings, Inc.* (Software) | 90 | 2,431 | ||||||
Intapp, Inc.* (Software) | 128 | 4,867 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 154 | 15,258 | ||||||
Integral Ad Science Holding Corp.* (Media) | 225 | 3,238 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 409 | 12,470 | ||||||
Inter Parfums, Inc. (Personal Care Products) | 85 | 12,241 | ||||||
InterDigital, Inc. (Software) | 123 | 13,350 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 266 | 3,357 | ||||||
International Bancshares Corp. (Banks) | 249 | 13,526 | ||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 504 | 13,815 | ||||||
International Money Express, Inc.* (Financial Services) | 148 | 3,269 | ||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 188 | 8,550 | ||||||
inTEST Corp.* (Semiconductors & Semiconductor Equipment) | 54 | 734 | ||||||
Intevac, Inc.* (Technology Hardware, Storage & Peripherals) | 120 | 518 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 434 | 31,084 | ||||||
Intrepid Potash, Inc.* (Chemicals) | 49 | 1,171 | ||||||
InvenTrust Properties Corp. (Retail REITs) | 315 | 7,982 | ||||||
Invesco Mortgage Capital, Inc. (Mortgage REITs) | 208 | 1,843 | ||||||
Investors Title Co. (Insurance) | 6 | 973 | ||||||
Invitae Corp.*(a) (Health Care Providers & Services) | 1,218 | 763 | ||||||
IonQ, Inc.* (Technology Hardware, Storage & Peripherals) | 746 | 9,243 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 211
Common Stocks, continued
Shares | Value | |||||||
Iovance Biotherapeutics, Inc.* (Biotechnology) | 1,063 | $ | 8,642 | |||||
iRadimed Corp. (Health Care Equipment & Supplies) | 34 | 1,614 | ||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 142 | 15,200 | ||||||
iRobot Corp.* (Household Durables) | 127 | 4,915 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 642 | 7,344 | ||||||
Ispire Technology, Inc.*(a) (Tobacco) | 82 | 995 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 115 | 1,259 | ||||||
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | 198 | 1,030 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 211 | 15,933 | ||||||
Ivanhoe Electric, Inc.* (Metals & Mining) | 293 | 2,953 | ||||||
J & J Snack Foods Corp. (Food Products) | 70 | 11,699 | ||||||
J Jill, Inc.* (Specialty Retail) | 21 | 541 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 94 | 7,673 | ||||||
Jackson Financial, Inc.—Class A (Financial Services) | 384 | 19,661 | ||||||
JAKKS Pacific, Inc.* (Leisure Products) | 34 | 1,209 | ||||||
James River Group Holdings, Ltd. (Insurance) | 172 | 1,589 | ||||||
Jamf Holding Corp.* (Software) | 328 | 5,924 | ||||||
Janus International Group, Inc.* (Building Products) | 394 | 5,142 | ||||||
Janux Therapeutics, Inc.* (Biotechnology) | 80 | 858 | ||||||
JBG SMITH Properties (Office REITs) | 470 | 7,995 | ||||||
JELD-WEN Holding, Inc.* (Building Products) | 395 | 7,458 | ||||||
JetBlue Airways Corp.* (Passenger Airlines) | 1,559 | 8,652 | ||||||
Joby Aviation, Inc.*(a) (Passenger Airlines) | 1,292 | 8,592 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 42 | 4,328 | ||||||
John Bean Technologies Corp. (Machinery) | 148 | 14,719 | ||||||
John Marshall Bancorp, Inc. (Banks) | 58 | 1,308 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 169 | 5,364 | ||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 25 | 1,336 | ||||||
Kadant, Inc. (Machinery) | 54 | 15,137 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 74 | 5,268 | ||||||
Kaltura, Inc.* (Software) | 391 | 762 | ||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 143 | 1,752 | ||||||
Kaman Corp. (Aerospace & Defense) | 131 | 3,137 | ||||||
Karat Packaging, Inc. (Trading Companies & Distributors) | 31 | 770 | ||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 525 | 454 | ||||||
KB Home (Household Durables) | 331 | 20,674 | ||||||
Kearny Financial Corp. (Banks) | 260 | 2,332 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 145 | 3,135 | ||||||
Kennametal, Inc. (Machinery) | 374 | 9,645 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 555 | 6,871 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 104 | 4,135 | ||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 331 | 314 | ||||||
Kforce, Inc. (Professional Services) | 89 | 6,013 | ||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 111 | 2,991 | ||||||
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels) | 84 | 2,806 | ||||||
Kingsway Financial Services, Inc.* (Insurance) | 51 | 428 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 145 | 2,543 | ||||||
Kite Realty Group Trust (Retail REITs) | 1,010 | 23,088 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage REITs) | 273 | 3,612 | ||||||
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services) | 59 | 664 | ||||||
Knife River Corp.* (Construction Materials) | 262 | 17,339 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 417 | 7,468 | ||||||
Kodiak Gas Services, Inc. (Energy Equipment & Services) | 74 | 1,486 | ||||||
Kodiak Sciences, Inc.* (Biotechnology) | 150 | 456 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 261 | 16,292 | ||||||
Koppers Holdings, Inc. (Chemicals) | 94 | 4,815 | ||||||
Korn Ferry (Professional Services) | 242 | 14,363 | ||||||
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies) | 159 | 390 | ||||||
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | 2,117 | 14,205 | ||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 591 | 11,991 | ||||||
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure) | 406 | 6,127 | ||||||
Kronos Worldwide, Inc. (Chemicals) | 102 | 1,014 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 100 | 12,406 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 257 | 14,063 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 327 | 4,702 | ||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 27 | 2,052 | ||||||
KVH Industries, Inc.* (Communications Equipment) | 87 | 458 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 176 | 4,481 | ||||||
Ladder Capital Corp. (Mortgage REITs) | 525 | 6,043 | ||||||
Lakeland Bancorp, Inc. (Banks) | 289 | 4,274 | ||||||
Lakeland Financial Corp. (Banks) | 115 | 7,493 | ||||||
Lancaster Colony Corp. (Food Products) | 91 | 15,140 | ||||||
Lands' End, Inc.* (Specialty Retail) | 69 | 660 | ||||||
Landsea Homes Corp.* (Household Durables) | 94 | 1,235 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 315 | 19,530 | ||||||
LanzaTech Global, Inc.* (Commercial Services & Supplies) | 96 | 483 | ||||||
Larimar Therapeutics, Inc.* (Biotechnology) | 119 | 541 | ||||||
Latham Group, Inc.* (Leisure Products) | 180 | 473 | ||||||
Laureate Education, Inc. (Diversified Consumer Services) | 608 | 8,336 | ||||||
La-Z-Boy, Inc. (Household Durables) | 201 | 7,421 | ||||||
Lazydays Holdings, Inc.* (Specialty Retail) | 35 | 247 | ||||||
LCI Industries (Automobile Components) | 115 | 14,457 | ||||||
LCNB Corp. (Banks) | 49 | 773 | ||||||
Legacy Housing Corp.* (Household Durables) | 46 | 1,160 | ||||||
Legalzoom.com, Inc.* (Professional Services) | 549 | 6,204 | ||||||
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies) | 92 | 5,222 | ||||||
Lemonade, Inc.*(a) (Insurance) | 235 | 3,791 | ||||||
LendingClub Corp.* (Consumer Finance) | 503 | 4,396 |
See accompanying notes to financial statements.
212 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
LendingTree, Inc.* (Consumer Finance) | 49 | $ | 1,486 | |||||
Leonardo DRS, Inc.* (Aerospace & Defense) | 318 | 6,373 | ||||||
Leslie's, Inc.* (Specialty Retail) | 824 | 5,694 | ||||||
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | 429 | 656 | ||||||
LGI Homes, Inc.* (Household Durables) | 97 | 12,917 | ||||||
Liberty Energy, Inc. (Energy Equipment & Services) | 762 | 13,823 | ||||||
Liberty Latin America, Ltd.*—Class A (Diversified Telecommunication Services) | 163 | 1,192 | ||||||
Liberty Latin America, Ltd.*—Class C (Diversified Telecommunication Services) | 638 | 4,683 | ||||||
Li-Cycle Holdings Corp.* (Commercial Services & Supplies) | 646 | 378 | ||||||
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure) | 207 | 3,122 | ||||||
LifeStance Health Group, Inc.* (Health Care Providers & Services) | 492 | 3,852 | ||||||
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals) | 78 | 5,571 | ||||||
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure) | 424 | 34,814 | ||||||
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components) | 543 | 2,704 | ||||||
Limbach Holdings, Inc.* (Construction & Engineering) | 43 | 1,955 | ||||||
Limoneira Co. (Food Products) | 81 | 1,671 | ||||||
Lincoln Educational Services Corp.* (Diversified Consumer Services) | 110 | 1,104 | ||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 162 | 1,826 | ||||||
Lindsay Corp. (Machinery) | 51 | 6,587 | ||||||
Lineage Cell Therapeutics, Inc.* (Biotechnology) | 615 | 670 | ||||||
Lions Gate Entertainment Corp.*—Class A (Entertainment) | 270 | 2,943 | ||||||
Lions Gate Entertainment Corp.*—Class B (Entertainment) | 559 | 5,696 | ||||||
Liquidia Corp.* (Pharmaceuticals) | 220 | 2,647 | ||||||
Liquidity Services, Inc.* (Commercial Services & Supplies) | 107 | 1,841 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 252 | 13,038 | ||||||
Live Oak Bancshares, Inc. (Banks) | 156 | 7,098 | ||||||
Livent Corp.* (Chemicals) | 837 | 15,049 | ||||||
LivePerson, Inc.* (Software) | 364 | 1,380 | ||||||
LiveRamp Holdings, Inc.* (Software) | 305 | 11,553 | ||||||
Livewire Group, Inc.* (Automobiles) | 89 | 1,007 | ||||||
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals) | 72 | 434 | ||||||
Loop Media, Inc.* (Entertainment) | 178 | 178 | ||||||
LSB Industries, Inc.* (Chemicals) | 249 | 2,318 | ||||||
LSI Industries, Inc. (Electrical Equipment) | 130 | 1,830 | ||||||
LTC Properties, Inc. (Health Care REITs) | 190 | 6,103 | ||||||
Lumen Technologies, Inc.* (Diversified Telecommunication Services) | 4,674 | 8,553 | ||||||
Luminar Technologies, Inc.* (Automobile Components) | 1,263 | 4,256 | ||||||
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | 151 | 1,004 | ||||||
Luther Burbank Corp.* (Banks) | 48 | 514 | ||||||
Luxfer Holdings PLC (Machinery) | 124 | 1,109 | ||||||
LXP Industrial Trust (Industrial REITs) | 1,344 | 13,332 | ||||||
Lyell Immunopharma, Inc.* (Biotechnology) | 804 | 1,560 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 278 | 15,360 | ||||||
M/I Homes, Inc.* (Household Durables) | 125 | 17,218 | ||||||
Macatawa Bank Corp. (Banks) | 122 | 1,376 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 252 | 23,423 | ||||||
MacroGenics, Inc.* (Biotechnology) | 282 | 2,713 | ||||||
Madison Square Garden Entertainment Corp.* (Entertainment) | 184 | 5,849 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 69 | 15,965 | ||||||
Magnite, Inc.* (Media) | 627 | 5,857 | ||||||
Magnolia Oil & Gas Corp.—Class A (Oil, Gas & Consumable Fuels) | 832 | 17,713 | ||||||
Maiden Holdings, Ltd.* (Insurance) | 421 | 964 | ||||||
MainStreet Bancshares, Inc. (Banks) | 32 | 794 | ||||||
Malibu Boats, Inc.*—Class A (Leisure Products) | 94 | 5,153 | ||||||
Mammoth Energy Services, Inc.* (Energy Equipment & Services) | 108 | 482 | ||||||
MannKind Corp.* (Biotechnology) | 1,209 | 4,401 | ||||||
Marathon Digital Holdings, Inc.* (Software) | 987 | 23,185 | ||||||
Marcus & Millichap, Inc. (Real Estate Management & Development) | 110 | 4,805 | ||||||
Marine Products Corp. (Leisure Products) | 39 | 445 | ||||||
MarineMax, Inc.* (Specialty Retail) | 99 | 3,851 | ||||||
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | 235 | 2,554 | ||||||
MarketWise, Inc. (Capital Markets) | 149 | 407 | ||||||
Marqeta, Inc.*—Class A (Financial Services) | 2,227 | 15,544 | ||||||
Marten Transport, Ltd. (Ground Transportation) | 269 | 5,644 | ||||||
Masonite International Corp.* (Building Products) | 103 | 8,720 | ||||||
Masterbrand, Inc.* (Building Products) | 601 | 8,925 | ||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 79 | 1,789 | ||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 526 | 29,908 | ||||||
Materion Corp. (Metals & Mining) | 95 | 12,362 | ||||||
Mativ Holdings, Inc. (Chemicals) | 253 | 3,873 | ||||||
Matson, Inc. (Marine Transportation) | 160 | 17,535 | ||||||
Matterport, Inc.* (Software) | 1,184 | 3,185 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 138 | 5,058 | ||||||
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development) | 35 | 556 | ||||||
MaxCyte, Inc.* (Life Sciences Tools & Services) | 405 | 1,904 | ||||||
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment) | 136 | 975 | ||||||
Maximus, Inc. (Professional Services) | 282 | 23,648 | ||||||
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment) | 353 | 8,391 | ||||||
Mayville Engineering Co., Inc.* (Machinery) | 52 | 750 | ||||||
MBIA, Inc. (Insurance) | 212 | 1,297 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 213
Common Stocks, continued
Shares | Value | |||||||
McGrath RentCorp (Trading Companies & Distributors) | 115 | $ | 13,756 | |||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 105 | 1,171 | ||||||
Medifast, Inc. (Personal Care Products) | 50 | 3,361 | ||||||
MeiraGTx Holdings PLC* (Biotechnology) | 151 | 1,060 | ||||||
Mercantile Bank Corp. (Banks) | 73 | 2,948 | ||||||
Merchants Bancorp (Financial Services) | 74 | 3,151 | ||||||
Mercury General Corp. (Insurance) | 124 | 4,626 | ||||||
MeridianLink, Inc.* (Software) | 122 | 3,022 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 264 | 20,052 | ||||||
Meritage Homes Corp. (Household Durables) | 169 | 29,441 | ||||||
Merrimack Pharmaceuticals, Inc.* (Biotechnology) | 49 | 657 | ||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 514 | 1,192 | ||||||
Mesa Laboratories, Inc. (Life Sciences Tools & Services) | 24 | 2,514 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 158 | 3,591 | ||||||
Metrocity Bankshares, Inc. (Banks) | 85 | 2,042 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 48 | 2,658 | ||||||
MFA Financial, Inc. (Mortgage REITs) | 474 | 5,342 | ||||||
MGE Energy, Inc. (Electric Utilities) | 169 | 12,220 | ||||||
MGP Ingredients, Inc. (Beverages) | 74 | 7,290 | ||||||
MicroStrategy, Inc.*(a) (Software) | 57 | 36,001 | ||||||
Microvast Holdings, Inc.* (Machinery) | 996 | 1,394 | ||||||
MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | 875 | 2,328 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 66 | 1,602 | ||||||
Middlefield Banc Corp. (Banks) | 36 | 1,165 | ||||||
Middlesex Water Co. (Water Utilities) | 81 | 5,315 | ||||||
Midland States Bancorp, Inc. (Banks) | 96 | 2,646 | ||||||
MidWestOne Financial Group, Inc. (Banks) | 66 | 1,776 | ||||||
Miller Industries, Inc. (Machinery) | 52 | 2,199 | ||||||
MillerKnoll, Inc. (Commercial Services & Supplies) | 342 | 9,125 | ||||||
MiMedx Group, Inc.* (Biotechnology) | 535 | 4,692 | ||||||
Minerals Technologies, Inc. (Chemicals) | 151 | 10,768 | ||||||
Mineralys Therapeutics, Inc.* (Biotechnology) | 90 | 774 | ||||||
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 929 | 9,522 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 115 | 3,395 | ||||||
Mission Produce, Inc.* (Food Products) | 225 | 2,270 | ||||||
Mistras Group, Inc.* (Professional Services) | 97 | 710 | ||||||
Mitek Systems, Inc.* (Software) | 202 | 2,634 | ||||||
Model N, Inc.* (Software) | 176 | 4,740 | ||||||
Modine Manufacturing Co.* (Automobile Components) | 239 | 14,268 | ||||||
ModivCare, Inc.* (Health Care Providers & Services) | 59 | 2,595 | ||||||
Moelis & Co.—Class A (Capital Markets) | 310 | 17,399 | ||||||
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure) | 62 | 4,287 | ||||||
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure) | 210 | 580 | ||||||
Monro, Inc. (Specialty Retail) | 144 | 4,225 | ||||||
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers) | 309 | 2,753 | ||||||
Monte Rosa Therapeutics, Inc.* (Biotechnology) | 141 | 797 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 129 | 4,145 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 132 | 19,112 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 170 | 4,910 | ||||||
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | 71 | 2,141 | ||||||
Mr. Cooper Group, Inc.* (Financial Services) | 299 | 19,471 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 389 | 4,283 | ||||||
Mueller Industries, Inc. (Machinery) | 520 | 24,518 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 720 | 10,368 | ||||||
Multiplan Corp.* (Health Care Technology) | 1,784 | 2,569 | ||||||
Mural Oncology PLC* (Biotechnology) | 77 | 456 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 689 | 29,393 | ||||||
MVB Financial Corp. (Banks) | 53 | 1,196 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 170 | 3,324 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 76 | 10,992 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 374 | 7,158 | ||||||
N-able, Inc.* (Software) | 324 | 4,293 | ||||||
Nabors Industries, Ltd.* (Energy Equipment & Services) | 42 | 3,428 | ||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 19 | 694 | ||||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 219 | 164 | ||||||
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies) | 221 | 1,408 | ||||||
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components) | 154 | 5,275 | ||||||
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure) | 13 | 1,014 | ||||||
National Bank Holdings Corp.—Class A (Banks) | 171 | 6,359 | ||||||
National Bankshares, Inc. (Banks) | 27 | 873 | ||||||
National Beverage Corp.* (Beverages) | 110 | 5,469 | ||||||
National Health Investors, Inc. (Health Care REITs) | 194 | 10,835 | ||||||
National HealthCare Corp. (Health Care Providers & Services) | 58 | 5,360 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 24 | 1,927 | ||||||
National Research Corp. (Health Care Providers & Services) | 67 | 2,651 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 360 | 7,535 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 11 | 5,313 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail) | 43 | 688 | ||||||
Nature's Sunshine Products, Inc.* (Personal Care Products) | 61 | 1,055 | ||||||
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services) | 234 | 700 | ||||||
Navient Corp. (Consumer Finance) | 399 | 7,429 | ||||||
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 507 | 4,091 |
See accompanying notes to financial statements.
214 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
NBT Bancorp, Inc. (Banks) | 212 | $ | 8,885 | |||||
Nelnet, Inc.—Class A (Consumer Finance) | 60 | 5,293 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 1,010 | 20,310 | ||||||
NeoGenomics, Inc.* (Health Care Providers & Services) | 591 | 9,562 | ||||||
NerdWallet, Inc.*—Class A (Consumer Finance) | 157 | 2,311 | ||||||
Nerdy, Inc.* (Diversified Consumer Services) | 290 | 995 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 134 | 1,954 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 322 | 7,068 | ||||||
NETSTREIT Corp. (Retail REITs) | 321 | 5,730 | ||||||
Neumora Therapeutics, Inc.* (Pharmaceuticals) | 69 | 1,176 | ||||||
Nevro Corp.* (Health Care Equipment & Supplies) | 165 | 3,551 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 451 | 20,105 | ||||||
New York Mortgage Trust, Inc. (Mortgage REITs) | 422 | 3,602 | ||||||
Newmark Group, Inc.—Class A (Real Estate Management & Development) | 637 | 6,982 | ||||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 354 | 2,351 | ||||||
NewtekOne, Inc. (Financial Services) | 108 | 1,490 | ||||||
NexPoint Diversified Real Estate Trust (Diversified REITs) | 142 | 1,129 | ||||||
Nexpoint Real Estate Finance, Inc. (Mortgage REITs) | 37 | 583 | ||||||
NexPoint Residential Trust, Inc. (Residential REITs) | 105 | 3,615 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 362 | 1,727 | ||||||
Nextdoor Holdings, Inc.* (Interactive Media & Services) | 675 | 1,276 | ||||||
NextNav, Inc.* (Software) | 257 | 1,144 | ||||||
NEXTracker, Inc.*—Class A (Electrical Equipment) | 230 | 10,776 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 202 | 174 | ||||||
NI Holdings, Inc.* (Insurance) | 38 | 494 | ||||||
Nicolet Bankshares, Inc. (Banks) | 60 | 4,829 | ||||||
Nikola Corp.* (Machinery) | 2,882 | 2,521 | ||||||
NioCorp Developments, Ltd.* (Metals & Mining) | 10 | 32 | ||||||
Nkarta, Inc.* (Biotechnology) | 140 | 924 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 39 | 219 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 208 | 2,808 | ||||||
NMI Holdings, Inc.*—Class A (Financial Services) | 375 | 11,130 | ||||||
Noble Corp. PLC (Energy Equipment & Services) | 522 | 25,139 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 186 | 586 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 952 | 3,998 | ||||||
Northeast Bank (Banks) | 31 | 1,711 | ||||||
Northeast Community Bancorp, Inc. (Banks) | 59 | 1,047 | ||||||
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels) | 408 | 15,125 | ||||||
Northfield Bancorp, Inc. (Banks) | 186 | 2,340 | ||||||
Northrim Bancorp, Inc. (Banks) | 25 | 1,430 | ||||||
Northwest Bancshares, Inc. (Banks) | 591 | 7,376 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 167 | 6,503 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 46 | 1,392 | ||||||
Northwestern Energy Group, Inc. (Multi-Utilities) | 286 | 14,555 | ||||||
Norwood Financial Corp. (Banks) | 34 | 1,119 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 1,121 | 4,193 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 166 | 27,956 | ||||||
Novavax, Inc.*(a) (Biotechnology) | 441 | 2,117 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 494 | 5,592 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Care Products) | 231 | 4,486 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 221 | 2,281 | ||||||
NuScale Power Corp.* (Electrical Equipment) | 252 | 829 | ||||||
Nuvalent, Inc.*—Class A (Biotechnology) | 123 | 9,052 | ||||||
Nuvation Bio, Inc.* (Pharmaceuticals) | 675 | 1,019 | ||||||
Nuvectis Pharma, Inc.* (Biotechnology) | 34 | 284 | ||||||
NV5 Global, Inc.* (Professional Services) | 64 | 7,112 | ||||||
NVE Corp. (Semiconductors & Semiconductor Equipment) | 22 | 1,725 | ||||||
Oak Valley Bancorp (Banks) | 31 | 928 | ||||||
Ocean Biomedical, Inc.* (Biotechnology) | 40 | 26 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 466 | 9,916 | ||||||
OceanFirst Financial Corp. (Banks) | 270 | 4,687 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 370 | 1,650 | ||||||
Ocwen Financial Corp.* (Financial Services) | 30 | 923 | ||||||
Office Properties Income Trust (Office REITs) | 223 | 1,632 | ||||||
OFG Bancorp (Banks) | 214 | 8,021 | ||||||
O-I Glass, Inc.* (Containers & Packaging) | 721 | 11,810 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 292 | 1,983 | ||||||
Oil-Dri Corp. of America (Household Products) | 23 | 1,543 | ||||||
Old National Bancorp (Banks) | 1,359 | 22,953 | ||||||
Old Second Bancorp, Inc. (Banks) | 201 | 3,103 | ||||||
Olema Pharmaceuticals, Inc.* (Biotechnology) | 124 | 1,740 | ||||||
Olo, Inc.*—Class A (Software) | 480 | 2,746 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 46 | 3,068 | ||||||
Omega Flex, Inc. (Machinery) | 15 | 1,058 | ||||||
Omega Therapeutics, Inc.* (Biotechnology) | 113 | 340 | ||||||
Omeros Corp.* (Pharmaceuticals) | 282 | 922 | ||||||
OmniAb, Inc.* (Life Sciences Tools & Services) | 432 | 2,665 | ||||||
Omnicell, Inc.* (Health Care Equipment & Supplies) | 208 | 7,827 | ||||||
ON24, Inc. (Software) | 144 | 1,135 | ||||||
ONE Gas, Inc. (Gas Utilities) | 256 | 16,312 | ||||||
One Liberty Properties, Inc. (Diversified REITs) | 75 | 1,643 | ||||||
OneSpan, Inc.* (Software) | 186 | 1,994 | ||||||
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | 387 | 5,457 | ||||||
OneWater Marine, Inc.* (Specialty Retail) | 54 | 1,825 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 227 | 34,709 | ||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 112 | 1,202 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 215
Common Stocks, continued
Shares | Value | |||||||
Open Lending Corp.* (Capital Markets) | 461 | $ | 3,923 | |||||
Opendoor Technologies, Inc.* (Real Estate Management & Development) | 2,577 | 11,545 | ||||||
OPENLANE, Inc.* (Commercial Services & Supplies) | 501 | 7,420 | ||||||
OPKO Health, Inc.* (Health Care Providers & Services) | 1,869 | 2,822 | ||||||
OppFi, Inc.* (Consumer Finance) | 50 | 256 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 75 | 1,073 | ||||||
Optinose, Inc.* (Pharmaceuticals) | 338 | 436 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 777 | 26,178 | ||||||
Orange County Bancorp, Inc. (Banks) | 24 | 1,446 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 334 | 2,739 | ||||||
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies) | 68 | 621 | ||||||
Orchid Island Capital, Inc. (Mortgage REITs) | 244 | 2,057 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 326 | 1,333 | ||||||
ORIC Pharmaceuticals, Inc.* (Biotechnology) | 181 | 1,665 | ||||||
Origin Bancorp, Inc. (Banks) | 135 | 4,802 | ||||||
Origin Materials, Inc.* (Chemicals) | 542 | 453 | ||||||
Orion Office REIT, Inc. (Office REITs) | 265 | 1,516 | ||||||
Orion SA (Chemicals) | 257 | 7,127 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 248 | 18,796 | ||||||
Orrstown Financial Services, Inc. (Banks) | 47 | 1,387 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 163 | 2,197 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 74 | 2,406 | ||||||
Oscar Health, Inc.*—Class A (Insurance) | 731 | 6,689 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 75 | 9,679 | ||||||
Otter Tail Corp. (Electric Utilities) | 191 | 16,229 | ||||||
Outbrain, Inc.* (Interactive Media & Services) | 190 | 832 | ||||||
Outfront Media, Inc. (Specialized REITs) | 684 | 9,549 | ||||||
Outlook Therapeutics, Inc.* (Biotechnology) | 729 | 287 | ||||||
Outset Medical, Inc.* (Health Care Equipment & Supplies) | 232 | 1,255 | ||||||
Overseas Shipholding Group, Inc.—Class A (Oil, Gas & Consumable Fuels) | 286 | 1,507 | ||||||
Ovid Therapeutics, Inc.* (Biotechnology) | 276 | 889 | ||||||
Owens & Minor, Inc.* (Health Care Providers & Services) | 344 | 6,629 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 69 | 6,900 | ||||||
P10, Inc.—Class A (Capital Markets) | 203 | 2,075 | ||||||
P3 Health Partners, Inc.* (Health Care Providers & Services) | 189 | 266 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 1,168 | 11,459 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 440 | 12,808 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 211 | 7,119 | ||||||
Pactiv Evergreen, Inc. (Containers & Packaging) | 186 | 2,550 | ||||||
PagerDuty, Inc.* (Software) | 420 | 9,723 | ||||||
Pagseguro Digital, Ltd.*—Class A (Financial Services) | 921 | 11,485 | ||||||
Palomar Holdings, Inc.* (Insurance) | 113 | 6,272 | ||||||
PAM Transportation Services, Inc.* (Ground Transportation) | 29 | 603 | ||||||
Pangaea Logistics Solutions, Ltd. (Marine Transportation) | 169 | 1,393 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 152 | 11,587 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 256 | 9,311 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 124 | 5,399 | ||||||
Paragon 28, Inc.* (Health Care Equipment & Supplies) | 204 | 2,536 | ||||||
Paramount Group, Inc. (Office REITs) | 858 | 4,436 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 86 | 1,264 | ||||||
Park National Corp. (Banks) | 66 | 8,769 | ||||||
Parke Bancorp, Inc. (Banks) | 48 | 972 | ||||||
Park-Ohio Holdings Corp. (Machinery) | 40 | 1,078 | ||||||
Parsons Corp.* (Professional Services) | 191 | 11,978 | ||||||
Pathward Financial, Inc. (Banks) | 121 | 6,405 | ||||||
Patria Investments, Ltd.—Class A (Capital Markets) | 252 | 3,909 | ||||||
Patrick Industries, Inc. (Automobile Components) | 99 | 9,935 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 398 | 11,323 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 1,640 | 17,712 | ||||||
Payoneer Global, Inc.* (Financial Services) | 1,229 | 6,403 | ||||||
Paysafe, Ltd.* (Financial Services) | 150 | 1,919 | ||||||
Paysign, Inc.* (Financial Services) | 151 | 423 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 518 | 22,771 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 53 | 3,562 | ||||||
PCB Bancorp (Banks) | 51 | 940 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 142 | 4,564 | ||||||
PDS Biotechnology Corp.* (Biotechnology) | 130 | 646 | ||||||
Peabody Energy Corp. (Oil, Gas & Consumable Fuels) | 530 | 12,890 | ||||||
Peakstone Realty Trust (Office REITs) | 168 | 3,348 | ||||||
Peapack-Gladstone Financial Corp. (Banks) | 78 | 2,326 | ||||||
Pebblebrook Hotel Trust (Hotel & Resort REITs) | 551 | 8,805 | ||||||
Pediatrix Medical Group, Inc.* (Health Care Providers & Services) | 390 | 3,627 | ||||||
Penns Woods Bancorp, Inc. (Banks) | 32 | 720 | ||||||
PennyMac Financial Services, Inc. (Financial Services) | 118 | 10,428 | ||||||
PennyMac Mortgage Investment Trust (Mortgage REITs) | 403 | 6,025 | ||||||
Peoples Bancorp, Inc. (Banks) | 162 | 5,469 | ||||||
Peoples Financial Services Corp. (Banks) | 32 | 1,558 | ||||||
PepGen, Inc.* (Biotechnology) | 47 | 320 | ||||||
Perdoceo Education Corp. (Diversified Consumer Services) | 303 | 5,321 | ||||||
Perella Weinberg Partners (Capital Markets) | 195 | 2,385 | ||||||
Perficient, Inc.* (IT Services) | 159 | 10,465 | ||||||
Performant Financial Corp.* (Commercial Services & Supplies) | 312 | 975 | ||||||
Perimeter Solutions SA* (Chemicals) | 708 | 3,257 |
See accompanying notes to financial statements.
216 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 1,814 | $ | 24,670 | |||||
Perpetua Resources Corp.* (Metals & Mining) | 175 | 555 | ||||||
PetIQ, Inc.* (Health Care Providers & Services) | 127 | 2,508 | ||||||
PetMed Express, Inc. (Specialty Retail) | 95 | 718 | ||||||
PGT Innovations, Inc.* (Building Products) | 263 | 10,704 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 149 | 1,360 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 95 | 1,100 | ||||||
Phillips Edison & Co., Inc. (Retail REITs) | 547 | 19,954 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 283 | 8,878 | ||||||
Phreesia, Inc.* (Health Care Technology) | 246 | 5,695 | ||||||
Physicians Realty Trust (Health Care REITs) | 1,104 | 14,694 | ||||||
Piedmont Lithium, Inc.* (Metals & Mining) | 83 | 2,343 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Office REITs) | 573 | 4,074 | ||||||
Pioneer Bancorp, Inc.* (Banks) | 54 | 541 | ||||||
Piper Sandler Cos. (Capital Markets) | 80 | 13,990 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 814 | 3,582 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 110 | 11,206 | ||||||
Planet Labs PBC* (Professional Services) | 812 | 2,006 | ||||||
PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | 171 | 1,442 | ||||||
Playstudios, Inc.* (Entertainment) | 397 | 1,076 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 127 | 13,733 | ||||||
Pliant Therapeutics, Inc.* (Pharmaceuticals) | 265 | 4,799 | ||||||
Plumas Bancorp (Banks) | 25 | 1,034 | ||||||
Plymouth Industrial REIT, Inc. (Industrial REITs) | 205 | 4,934 | ||||||
PMV Pharmaceuticals, Inc.* (Biotechnology) | 179 | 555 | ||||||
PNM Resources, Inc. (Electric Utilities) | 398 | 16,557 | ||||||
Ponce Financial Group, Inc.* (Banks) | 90 | 878 | ||||||
Portillo's, Inc.*—Class A (Hotels, Restaurants & Leisure) | 210 | 3,345 | ||||||
Portland General Electric Co. (Electric Utilities) | 472 | 20,457 | ||||||
Poseida Therapeutics, Inc.* (Biotechnology) | 315 | 1,058 | ||||||
Postal Realty Trust, Inc.—Class A (Office REITs) | 95 | 1,383 | ||||||
Potbelly Corp.* (Hotels, Restaurants & Leisure) | 121 | 1,261 | ||||||
PotlatchDeltic Corp. (Specialized REITs) | 367 | 18,020 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 43 | 3,801 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 263 | 21,595 | ||||||
PowerSchool Holdings, Inc.* (Software) | 260 | 6,126 | ||||||
PRA Group, Inc.* (Consumer Finance) | 179 | 4,690 | ||||||
Precigen, Inc.* (Biotechnology) | 626 | 839 | ||||||
Preferred Bank (Banks) | 60 | 4,383 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 12 | 1,606 | ||||||
Prelude Therapeutics, Inc.* (Biotechnology) | 69 | 295 | ||||||
Premier Financial Corp. (Banks) | 164 | 3,952 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 231 | 14,142 | ||||||
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components) | 17 | 9 | ||||||
PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 117 | 8,866 | ||||||
Prime Medicine, Inc.* (Biotechnology) | 183 | 1,621 | ||||||
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels) | 3 | 319 | ||||||
Primis Financial Corp. (Banks) | 94 | 1,190 | ||||||
Primo Water Corp. (Beverages) | 726 | 10,927 | ||||||
Primoris Services Corp. (Construction & Engineering) | 246 | 8,170 | ||||||
Princeton Bancorp, Inc. (Banks) | 24 | 862 | ||||||
Priority Technology Holdings, Inc.* (Financial Services) | 82 | 292 | ||||||
Privia Health Group, Inc.* (Health Care Providers & Services) | 522 | 12,022 | ||||||
ProAssurance Corp. (Insurance) | 242 | 3,337 | ||||||
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies) | 187 | 7,837 | ||||||
ProFrac Holding Corp.*—Class A (Energy Equipment & Services) | 120 | 1,018 | ||||||
PROG Holdings, Inc.* (Consumer Finance) | 205 | 6,337 | ||||||
Progress Software Corp. (Software) | 202 | 10,969 | ||||||
Progyny, Inc.*(a) (Health Care Providers & Services) | 368 | 13,683 | ||||||
ProKidney Corp.* (Biotechnology) | 209 | 372 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 448 | 3,754 | ||||||
PROS Holdings, Inc.* (Software) | 207 | 8,030 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 265 | 6,076 | ||||||
Protalix BioTherapeutics, Inc.* (Biotechnology) | 307 | 546 | ||||||
Prothena Corp. PLC* (Biotechnology) | 196 | 7,123 | ||||||
Proto Labs, Inc.* (Machinery) | 122 | 4,753 | ||||||
Provident Financial Services, Inc. (Banks) | 341 | 6,148 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 334 | 9,205 | ||||||
PubMatic, Inc.*—Class A (Media) | 198 | 3,229 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 170 | 2,168 | ||||||
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | 75 | 918 | ||||||
Pure Cycle Corp.* (Water Utilities) | 91 | 953 | ||||||
PureCycle Technologies, Inc.*(a) (Chemicals) | 539 | 2,183 | ||||||
Purple Innovation, Inc. (Household Durables) | 254 | 262 | ||||||
Q2 Holdings, Inc.* (Software) | 264 | 11,460 | ||||||
QCR Holdings, Inc. (Banks) | 76 | 4,438 | ||||||
Quad/Graphics, Inc.* (Commercial Services & Supplies) | 142 | 770 | ||||||
Quaker Chemical Corp. (Chemicals) | 64 | 13,659 | ||||||
Qualys, Inc.* (Software) | 173 | 33,955 | ||||||
Quanex Building Products Corp. (Building Products) | 153 | 4,677 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 163 | 4,456 | ||||||
Quantum-Si, Inc.* (Life Sciences Tools & Services) | 472 | 949 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 245 | 3,141 | ||||||
Quipt Home Medical Corp.* (Health Care Providers & Services) | 190 | 967 | ||||||
Qurate Retail, Inc.*—Class B (Broadline Retail) | 6 | 39 | ||||||
Rackspace Technology, Inc.* (IT Services) | 293 | 586 | ||||||
Radian Group, Inc. (Financial Services) | 730 | 20,842 | ||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 169 | 1,122 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 279 | 9,701 | ||||||
Rain Oncology, Inc.* (Pharmaceuticals) | 82 | 98 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 217
Common Stocks, continued
Shares | Value | |||||||
Rallybio Corp.* (Biotechnology) | 142 | $ | 339 | |||||
Ramaco Resources, Inc.(a)—Class A (Metals & Mining) | 103 | 1,770 | ||||||
Ramaco Resources, Inc.—Class B (Metals & Mining) | 21 | 280 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 506 | 34,536 | ||||||
Ranger Energy Services, Inc. (Energy Equipment & Services) | 68 | 696 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 201 | 1,170 | ||||||
Rapid7, Inc.* (Software) | 281 | 16,045 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 137 | 3,404 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 296 | 1,199 | ||||||
Rayzebio, Inc.* (Biotechnology) | 93 | 5,782 | ||||||
RBB Bancorp (Banks) | 78 | 1,485 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 41 | 2,717 | ||||||
RE/MAX Holdings, Inc. (Real Estate Management & Development) | 81 | 1,080 | ||||||
Ready Capital Corp. (Mortgage REITs) | 743 | 7,616 | ||||||
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | 633 | 6,241 | ||||||
Red River Bancshares, Inc. (Banks) | 22 | 1,234 | ||||||
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | 74 | 923 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 221 | 11,786 | ||||||
Red Violet, Inc.* (Software) | 52 | 1,038 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 507 | 5,232 | ||||||
Redwire Corp.* (Aerospace & Defense) | 36 | 103 | ||||||
Redwood Trust, Inc. (Mortgage REITs) | 528 | 3,912 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 190 | 3,411 | ||||||
Regional Management Corp. (Consumer Finance) | 37 | 928 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 418 | 4,602 | ||||||
Remitly Global, Inc.* (Financial Services) | 617 | 11,982 | ||||||
Renasant Corp. (Banks) | 256 | 8,622 | ||||||
Reneo Pharmaceuticals, Inc.* (Biotechnology) | 60 | 96 | ||||||
Rent the Runway, Inc.*—Class A (Specialty Retail) | 232 | 122 | ||||||
Repay Holdings Corp.* (Financial Services) | 385 | 3,288 | ||||||
Replimune Group, Inc.* (Biotechnology) | 229 | 1,930 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 39 | 2,151 | ||||||
Reservoir Media, Inc.* (Entertainment) | 92 | 656 | ||||||
Resideo Technologies, Inc.* (Building Products) | 679 | 12,779 | ||||||
Resources Connection, Inc. (Professional Services) | 150 | 2,126 | ||||||
Retail Opportunity Investments Corp. (Retail REITs) | 571 | 8,011 | ||||||
REV Group, Inc. (Machinery) | 147 | 2,671 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 405 | 3,560 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 667 | 19,130 | ||||||
Revolve Group, Inc.* (Specialty Retail) | 190 | 3,150 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 72 | 3,406 | ||||||
RGC Resources, Inc. (Gas Utilities) | 37 | 753 | ||||||
Rhythm Pharmaceuticals, Inc.* (Biotechnology) | 238 | 10,941 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 412 | 1,195 | ||||||
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components) | 56 | 748 | ||||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 793 | 1,150 | ||||||
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | 41 | 1,117 | ||||||
Rimini Street, Inc.* (Software) | 242 | 791 | ||||||
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | 556 | 812 | ||||||
Riot Platforms, Inc.* (Software) | 882 | 13,645 | ||||||
RLJ Lodging Trust (Hotel & Resort REITs) | 719 | 8,427 | ||||||
Rocket Lab USA, Inc.* (Aerospace & Defense) | 1,293 | 7,150 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 291 | 8,721 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 32 | 966 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 80 | 10,566 | ||||||
Rover Group, Inc.* (Diversified Consumer Services) | 424 | 4,613 | ||||||
RPC, Inc. (Energy Equipment & Services) | 394 | 2,868 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 286 | 14,386 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 42 | 2,225 | ||||||
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | 300 | 1,347 | ||||||
RXO, Inc.* (Ground Transportation) | 539 | 12,537 | ||||||
RxSight, Inc.* (Health Care Equipment & Supplies) | 132 | 5,322 | ||||||
Ryerson Holding Corp. (Metals & Mining) | 130 | 4,508 | ||||||
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 271 | 29,826 | ||||||
S&T Bancorp, Inc. (Banks) | 177 | 5,915 | ||||||
Sabra Health Care REIT, Inc. (Health Care REITs) | 1,074 | 15,326 | ||||||
Sabre Corp.* (Hotels, Restaurants & Leisure) | 1,536 | 6,758 | ||||||
Safe Bulkers, Inc. (Marine Transportation) | 307 | 1,207 | ||||||
Safehold, Inc. (Specialized REITs) | 226 | 5,288 | ||||||
Safety Insurance Group, Inc. (Insurance) | 67 | 5,091 | ||||||
Sage Therapeutics, Inc.* (Biotechnology) | 245 | 5,309 | ||||||
Sagimet Biosciences, Inc.*—Class A (Biotechnology) | 26 | 141 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 498 | 6,613 | ||||||
Sana Biotechnology, Inc.* (Biotechnology) | 445 | 1,816 | ||||||
Sanara Medtech, Inc.* (Health Care Equipment & Supplies) | 18 | 740 | ||||||
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels) | 148 | 2,023 | ||||||
Sandy Spring Bancorp, Inc. (Banks) | 203 | 5,530 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 690 | 375 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 262 | 13,459 | ||||||
Sapiens International Corp. N.V. (Software) | 142 | 4,109 | ||||||
Saul Centers, Inc. (Retail REITs) | 54 | 2,121 | ||||||
Savara, Inc.* (Biotechnology) | 419 | 1,969 | ||||||
Savers Value Village, Inc.*(a) (Broadline Retail) | 120 | 2,086 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 115 | 4,555 |
See accompanying notes to financial statements.
218 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Schnitzer Steel Industries, Inc. (Metals & Mining) | 120 | $ | 3,619 | |||||
Scholar Rock Holding Corp.* (Biotechnology) | 257 | 4,832 | ||||||
Scholastic Corp. (Media) | 124 | 4,675 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 253 | 9,057 | ||||||
Scilex Holding Co.* (Pharmaceuticals) | 279 | 569 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 221 | 13,437 | ||||||
scPharmaceuticals, Inc.* (Pharmaceuticals) | 134 | 840 | ||||||
Seacoast Banking Corp. of Florida (Banks) | 391 | 11,128 | ||||||
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services) | 112 | 1,410 | ||||||
Seadrill, Ltd.* (Energy Equipment & Services) | 234 | 11,064 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 169 | 8,928 | ||||||
Security National Financial Corp.*—Class A (Financial Services) | 58 | 522 | ||||||
Seer, Inc.* (Life Sciences Tools & Services) | 272 | 528 | ||||||
Select Medical Holdings Corp. (Health Care Providers & Services) | 482 | 11,327 | ||||||
Select Water Solutions, Inc. (Energy Equipment & Services) | 370 | 2,808 | ||||||
Selective Insurance Group, Inc. (Insurance) | 279 | 27,754 | ||||||
Selectquote, Inc.* (Insurance) | 632 | 866 | ||||||
Semler Scientific, Inc.* (Health Care Equipment & Supplies) | 21 | 930 | ||||||
SEMrush Holdings, Inc.*—Class A (Software) | 145 | 1,981 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 297 | 6,507 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 24 | 1,259 | ||||||
Sensient Technologies Corp. (Chemicals) | 195 | 12,870 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 451 | 631 | ||||||
Service Properties Trust (Hotel & Resort REITs) | 765 | 6,533 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 236 | 15,725 | ||||||
SES AI Corp.* (Electrical Equipment) | 579 | 1,060 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 534 | 6,024 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 175 | 12,971 | ||||||
Sharecare, Inc.* (Health Care Technology) | 1,429 | 1,543 | ||||||
Shenandoah Telecommunications Co. (Diversified Telecommunication Services) | 225 | 4,865 | ||||||
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | 795 | 12,354 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 84 | 2,538 | ||||||
Shore Bancshares, Inc. (Banks) | 138 | 1,967 | ||||||
Shutterstock, Inc. (Interactive Media & Services) | 114 | 5,504 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 184 | 3,862 | ||||||
Sierra Bancorp (Banks) | 62 | 1,398 | ||||||
SIGA Technologies, Inc. (Pharmaceuticals) | 214 | 1,198 | ||||||
Sight Sciences, Inc.* (Health Care Equipment & Supplies) | 100 | 516 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 207 | 22,204 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 147 | 19,444 | ||||||
Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | 178 | 2,184 | ||||||
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels) | 98 | 2,850 | ||||||
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets) | 44 | 748 | ||||||
Simmons First National Corp.—Class A (Banks) | 576 | 11,428 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 199 | 39,398 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 74 | 3,312 | ||||||
Sinclair, Inc. (Media) | 152 | 1,981 | ||||||
SiriusPoint, Ltd.* (Insurance) | 324 | 3,758 | ||||||
SITE Centers Corp. (Retail REITs) | 884 | 12,049 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 81 | 9,888 | ||||||
Sitio Royalties Corp.—Class A (Oil, Gas & Consumable Fuels) | 381 | 8,957 | ||||||
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | 335 | 8,402 | ||||||
SJW Group (Water Utilities) | 148 | 9,672 | ||||||
Skillsoft Corp.* (Professional Services) | 20 | 352 | ||||||
Skyline Champion Corp.* (Household Durables) | 249 | 18,491 | ||||||
Skyward Specialty Insurance Group, Inc.* (Insurance) | 111 | 3,761 | ||||||
SkyWater Technology, Inc.*(a) (Semiconductors & Semiconductor Equipment) | 85 | 818 | ||||||
SkyWest, Inc.* (Passenger Airlines) | 188 | 9,813 | ||||||
SKYX Platforms Corp.* (Electrical Equipment) | 291 | 466 | ||||||
SL Green Realty Corp.(a) (Office REITs) | 301 | 13,595 | ||||||
Sleep Number Corp.* (Specialty Retail) | 99 | 1,468 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 548 | 21,219 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 224 | 4,240 | ||||||
SmartFinancial, Inc. (Banks) | 73 | 1,788 | ||||||
SmartRent, Inc.* (Electronic Equipment, Instruments & Components) | 854 | 2,724 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 212 | 2,875 | ||||||
Snap One Holdings Corp.* (Household Durables) | 85 | 757 | ||||||
Solaris Oilfield Infrastructure, Inc.—Class A (Energy Equipment & Services) | 136 | 1,083 | ||||||
SolarWinds Corp.* (Software) | 236 | 2,948 | ||||||
Solid Power, Inc.* (Automobile Components) | 718 | 1,041 | ||||||
Solo Brands, Inc.*—Class A (Leisure Products) | 92 | 567 | ||||||
SomaLogic, Inc.* (Life Sciences Tools & Services) | 700 | 1,771 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 68 | 3,822 | ||||||
Sonos, Inc.* (Household Durables) | 589 | 10,095 | ||||||
SoundHound AI, Inc.*—Class A (Software) | 640 | 1,357 | ||||||
SoundThinking, Inc.* (Software) | 44 | 1,124 | ||||||
South Plains Financial, Inc. (Banks) | 54 | 1,564 | ||||||
Southern First Bancshares, Inc.* (Banks) | 36 | 1,336 | ||||||
Southern Missouri Bancorp, Inc. (Banks) | 44 | 2,349 | ||||||
Southern States Bancshares, Inc. (Banks) | 35 | 1,025 | ||||||
Southland Holdings, Inc.* (Construction & Engineering) | 19 | 98 | ||||||
Southside Bancshares, Inc. (Banks) | 133 | 4,166 | ||||||
SouthState Corp. (Banks) | 353 | 29,810 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 219
Common Stocks, continued
Shares | Value | |||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 287 | $ | 18,181 | |||||
Sovos Brands, Inc.* (Food Products) | 256 | 5,640 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 91 | 4,664 | ||||||
SpartanNash Co. (Consumer Staples Distribution & Retail) | 160 | 3,672 | ||||||
Sphere Entertainment Co.* (Entertainment) | 123 | 4,177 | ||||||
Spire, Inc. (Gas Utilities) | 239 | 14,899 | ||||||
Spirit Airlines, Inc. (Passenger Airlines) | 509 | 8,343 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 82 | 1,269 | ||||||
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | 174 | 741 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 311 | 11,352 | ||||||
Sprinklr, Inc.*—Class A (Software) | 490 | 5,900 | ||||||
Sprout Social, Inc.*—Class A (Software) | 222 | 13,640 | ||||||
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail) | 473 | 22,757 | ||||||
SPS Commerce, Inc.* (Software) | 170 | 32,952 | ||||||
SPX Technologies, Inc.* (Machinery) | 205 | 20,707 | ||||||
Squarespace, Inc.*—Class A (IT Services) | 234 | 7,724 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 225 | 7,022 | ||||||
Stagwell, Inc.* (Media) | 372 | 2,466 | ||||||
Standard Motor Products, Inc. (Automobile Components) | 95 | 3,782 | ||||||
Standex International Corp. (Machinery) | 55 | 8,711 | ||||||
Star Holdings* (Diversified REITs) | 60 | 899 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 430 | 5,814 | ||||||
Stellar Bancorp, Inc. (Banks) | 226 | 6,292 | ||||||
Stem, Inc.*(a) (Electrical Equipment) | 660 | 2,561 | ||||||
Stepan Co. (Chemicals) | 99 | 9,360 | ||||||
StepStone Group, Inc.—Class A (Capital Markets) | 250 | 7,958 | ||||||
Sterling Bancorp, Inc.* (Banks) | 101 | 583 | ||||||
Sterling Check Corp.* (Professional Services) | 145 | 2,018 | ||||||
Sterling Infrastructure, Inc.* (Construction & Engineering) | 139 | 12,222 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 349 | 14,658 | ||||||
Stewart Information Services Corp. (Insurance) | 124 | 7,285 | ||||||
Stitch Fix, Inc.*—Class A (Specialty Retail) | 397 | 1,417 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 126 | 6,488 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 128 | 673 | ||||||
StoneCo, Ltd.*—Class A (Financial Services) | 1,350 | 24,341 | ||||||
Stoneridge, Inc.* (Automobile Components) | 123 | 2,407 | ||||||
StoneX Group, Inc.* (Capital Markets) | 124 | 9,155 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 105 | 9,699 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 26 | 750 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 197 | 11,696 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 81 | 3,681 | ||||||
Summit Financial Group, Inc. (Banks) | 52 | 1,596 | ||||||
Summit Hotel Properties, Inc. (Hotel & Resort REITs) | 486 | 3,266 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 554 | 21,307 | ||||||
Summit Therapeutics, Inc.* (Biotechnology) | 537 | 1,402 | ||||||
Sun Country Airlines Holdings, Inc.* (Passenger Airlines) | 175 | 2,753 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 388 | 4,167 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 493 | 7,518 | ||||||
SunOpta, Inc.* (Food Products) | 434 | 2,374 | ||||||
SunPower Corp.*(a) (Electrical Equipment) | 405 | 1,956 | ||||||
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 966 | 10,365 | ||||||
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure) | 632 | 2,003 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 215 | 61,117 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 228 | 6,598 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 352 | 11,260 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 64 | 2,326 | ||||||
Sutro Biopharma, Inc.* (Biotechnology) | 279 | 1,197 | ||||||
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure) | 448 | 5,062 | ||||||
SWK Holdings Corp.* (Financial Services) | 17 | 298 | ||||||
Sylvamo Corp. (Paper & Forest Products) | 166 | 8,152 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 183 | 20,877 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 310 | 6,699 | ||||||
System1, Inc.* (Interactive Media & Services) | 152 | 337 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 108 | 1,544 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 505 | 7,186 | ||||||
Tanger, Inc. (Retail REITs) | 474 | 13,139 | ||||||
Tango Therapeutics, Inc.* (Biotechnology) | 207 | 2,049 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 145 | 1,411 | ||||||
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals) | 38 | 1,588 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 133 | 2,693 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 481 | 25,661 | ||||||
TechTarget, Inc.* (Media) | 118 | 4,113 | ||||||
Teekay Corp.* (Oil, Gas & Consumable Fuels) | 287 | 2,052 | ||||||
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels) | 111 | 5,547 | ||||||
TEGNA, Inc. (Media) | 936 | 14,322 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 97 | 1,668 | ||||||
Tela Bio, Inc.* (Health Care Equipment & Supplies) | 75 | 497 | ||||||
Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | 459 | 8,423 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 2,563 | 1,937 | ||||||
Tenable Holdings, Inc.* (Software) | 530 | 24,411 | ||||||
Tenaya Therapeutics, Inc.* (Biotechnology) | 215 | 697 | ||||||
Tennant Co. (Machinery) | 86 | 7,971 | ||||||
Terawulf, Inc.* (Software) | 686 | 1,646 | ||||||
Terex Corp. (Machinery) | 308 | 17,698 | ||||||
Terns Pharmaceuticals, Inc.* (Pharmaceuticals) | 199 | 1,292 |
See accompanying notes to financial statements.
220 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Terran Orbital Corp.* (Aerospace & Defense) | 459 | $ | 523 | |||||
Terreno Realty Corp. (Industrial REITs) | 384 | 24,066 | ||||||
TETRA Technologies, Inc.* (Energy Equipment & Services) | 581 | 2,626 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 222 | 14,348 | ||||||
Textainer Group Holdings, Ltd. (Trading Companies & Distributors) | 187 | 9,200 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 643 | 10,982 | ||||||
The Andersons, Inc. (Consumer Staples Distribution & Retail) | 149 | 8,573 | ||||||
The Bancorp, Inc.* (Banks) | 241 | 9,293 | ||||||
The Bank of NT Butterfield & Son, Ltd. (Banks) | 225 | 7,202 | ||||||
The Beauty Health Co.* (Personal Care Products) | 379 | 1,179 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 214 | 18,820 | ||||||
The Buckle, Inc. (Specialty Retail) | 142 | 6,748 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 81 | 578 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 225 | 7,877 | ||||||
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail) | 163 | 4,797 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 55 | 1,277 | ||||||
The Duckhorn Portfolio, Inc.* (Beverages) | 204 | 2,009 | ||||||
The E.W. Scripps Co.*—Class A (Media) | 276 | 2,205 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 253 | 28,390 | ||||||
The First Bancorp, Inc. (Banks) | 45 | 1,270 | ||||||
The First Bancshares, Inc. (Banks) | 142 | 4,165 | ||||||
The First of Long Island Corp. (Banks) | 99 | 1,311 | ||||||
The GEO Group, Inc.* (Commercial Services & Supplies) | 559 | 6,054 | ||||||
The Goodyear Tire & Rubber Co.* (Automobile Components) | 1,306 | 18,703 | ||||||
The Gorman-Rupp Co. (Machinery) | 106 | 3,766 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 142 | 6,274 | ||||||
The Hackett Group, Inc. (IT Services) | 116 | 2,641 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 415 | 4,544 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 66 | 634 | ||||||
The Lovesac Co.* (Household Durables) | 65 | 1,661 | ||||||
The Macerich Co. (Retail REITs) | 1,002 | 15,461 | ||||||
The Manitowoc Co., Inc.* (Machinery) | 162 | 2,704 | ||||||
The Marcus Corp. (Entertainment) | 112 | 1,633 | ||||||
The ODP Corp.* (Specialty Retail) | 151 | 8,501 | ||||||
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure) | 102 | 624 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 132 | 1,837 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 71 | 2,004 | ||||||
The Shyft Group, Inc. (Machinery) | 157 | 1,919 | ||||||
The Simply Good Foods Co.* (Food Products) | 421 | 16,671 | ||||||
The St Joe Co. (Real Estate Management & Development) | 160 | 9,629 | ||||||
The Vita Coco Co., Inc.* (Beverages) | 133 | 3,411 | ||||||
The York Water Co. (Water Utilities) | 66 | 2,549 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 239 | 2,686 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 155 | 5,048 | ||||||
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals) | 94 | 381 | ||||||
Third Coast Bancshares, Inc.* (Banks) | 60 | 1,192 | ||||||
Third Harmonic Bio, Inc.* (Pharmaceuticals) | 90 | 987 | ||||||
Thoughtworks Holding, Inc.* (IT Services) | 429 | 2,063 | ||||||
ThredUp, Inc.*—Class A (Specialty Retail) | 333 | 749 | ||||||
Thryv Holdings, Inc.* (Media) | 144 | 2,930 | ||||||
Tidewater, Inc.* (Energy Equipment & Services) | 215 | 15,504 | ||||||
Tile Shop Holdings, Inc.* (Specialty Retail) | 134 | 986 | ||||||
Tilly's, Inc.*—Class A (Specialty Retail) | 104 | 784 | ||||||
Timberland Bancorp, Inc. (Banks) | 34 | 1,070 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 202 | 4,737 | ||||||
Tingo Group, Inc.*+ (Wireless Telecommunication Services) | 423 | 292 | ||||||
Tiptree, Inc. (Insurance) | 111 | 2,105 | ||||||
Titan International, Inc.* (Machinery) | 243 | 3,616 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 95 | 2,744 | ||||||
Tompkins Financial Corp. (Banks) | 64 | 3,855 | ||||||
Topgolf Callaway Brands Corp.* (Leisure Products) | 667 | 9,564 | ||||||
Torrid Holdings, Inc.* (Specialty Retail) | 56 | 323 | ||||||
Towne Bank (Banks) | 325 | 9,672 | ||||||
Townsquare Media, Inc.—Class A (Media) | 54 | 570 | ||||||
TPG RE Finance Trust, Inc. (Mortgage REITs) | 320 | 2,080 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 192 | 795 | ||||||
Traeger, Inc.* (Household Durables) | 165 | 450 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 38 | 4,155 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 6 | 207 | ||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 147 | 11,603 | ||||||
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment) | 136 | 496 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 338 | 3,039 | ||||||
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | 210 | 2,678 | ||||||
Tredegar Corp. (Metals & Mining) | 124 | 671 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 239 | 9,907 | ||||||
Trevi Therapeutics, Inc.* (Pharmaceuticals) | 195 | 261 | ||||||
Tri Pointe Homes, Inc.* (Household Durables) | 446 | 15,788 | ||||||
TriCo Bancshares (Banks) | 144 | 6,188 | ||||||
TriMas Corp. (Containers & Packaging) | 192 | 4,863 | ||||||
TriNet Group, Inc.* (Professional Services) | 148 | 17,602 | ||||||
Trinity Industries, Inc. (Machinery) | 377 | 10,024 | ||||||
Trinseo PLC (Chemicals) | 162 | 1,356 | ||||||
Triumph Financial, Inc.* (Banks) | 103 | 8,259 | ||||||
Triumph Group, Inc.* (Aerospace & Defense) | 299 | 4,957 | ||||||
Tronox Holdings PLC (Chemicals) | 543 | 7,689 | ||||||
TrueBlue, Inc.* (Professional Services) | 141 | 2,163 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 415 | 1,436 | ||||||
Trupanion, Inc.*(a) (Insurance) | 184 | 5,614 | ||||||
TrustCo Bank Corp. (Banks) | 86 | 2,670 | ||||||
Trustmark Corp. (Banks) | 282 | 7,862 | ||||||
TTEC Holdings, Inc. (Professional Services) | 90 | 1,950 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 480 | 7,589 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 221
Common Stocks, continued
Shares | Value | |||||||
Tucows, Inc.*—Class A (IT Services) | 46 | $ | 1,242 | |||||
Turning Point Brands, Inc. (Tobacco) | 79 | 2,079 | ||||||
Turnstone Biologics Corp.* (Biotechnology) | 31 | 79 | ||||||
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals) | 76 | 832 | ||||||
TuSimple Holdings, Inc.*—Class A (Ground Transportation) | 776 | 681 | ||||||
Tutor Perini Corp.* (Construction & Engineering) | 197 | 1,793 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 264 | 9,731 | ||||||
Two Harbors Investment Corp. (Mortgage REITs) | 451 | 6,282 | ||||||
Tyra Biosciences, Inc.* (Biotechnology) | 65 | 900 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 69 | 6,427 | ||||||
U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | 350 | 3,959 | ||||||
Udemy, Inc.* (Diversified Consumer Services) | 408 | 6,010 | ||||||
UFP Industries, Inc. (Building Products) | 279 | 35,028 | ||||||
UFP Technologies, Inc.* (Health Care Equipment & Supplies) | 33 | 5,677 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 206 | 7,033 | ||||||
UMB Financial Corp. (Banks) | 205 | 17,128 | ||||||
UMH Properties, Inc. (Residential REITs) | 278 | 4,259 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 70 | 12,804 | ||||||
Unisys Corp.* (IT Services) | 308 | 1,731 | ||||||
United Bankshares, Inc. (Banks) | 607 | 22,792 | ||||||
United Community Banks, Inc. (Banks) | 536 | 15,683 | ||||||
United Fire Group, Inc. (Insurance) | 98 | 1,972 | ||||||
United Homes Group, Inc.* (Household Durables) | 25 | 211 | ||||||
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail) | 271 | 4,398 | ||||||
United States Lime & Minerals, Inc. (Construction Materials) | 10 | 2,304 | ||||||
Uniti Group, Inc. (Specialized REITs) | 1,105 | 6,387 | ||||||
Unitil Corp. (Multi-Utilities) | 74 | 3,890 | ||||||
Unity Bancorp, Inc. (Banks) | 33 | 976 | ||||||
Universal Corp. (Tobacco) | 112 | 7,540 | ||||||
Universal Health Realty Income Trust (Health Care REITs) | 60 | 2,595 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 113 | 1,806 | ||||||
Universal Logistics Holdings, Inc. (Ground Transportation) | 31 | 869 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 152 | 1,903 | ||||||
Univest Financial Corp. (Banks) | 134 | 2,952 | ||||||
Upbound Group, Inc. (Specialty Retail) | 256 | 8,696 | ||||||
Upstart Holdings, Inc.*(a) (Consumer Finance) | 339 | 13,852 | ||||||
Upwork, Inc.* (Professional Services) | 580 | 8,625 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 1,749 | 11,194 | ||||||
Urban Edge Properties (Retail REITs) | 533 | 9,754 | ||||||
Urban One, Inc.* (Media) | 42 | 169 | ||||||
Urban One, Inc.* (Media) | 53 | 187 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 296 | 10,564 | ||||||
UroGen Pharma, Ltd.* (Biotechnology) | 126 | 1,890 | ||||||
USANA Health Sciences, Inc.* (Personal Care Products) | 53 | 2,841 | ||||||
USCB Financial Holdings, Inc.* (Banks) | 49 | 600 | ||||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 16 | 1,348 | ||||||
Utz Brands, Inc. (Food Products) | 334 | 5,424 | ||||||
V2X, Inc.* (Aerospace & Defense) | 53 | 2,461 | ||||||
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels) | 500 | 2,245 | ||||||
Valaris, Ltd.* (Energy Equipment & Services) | 280 | 19,199 | ||||||
Valhi, Inc. (Chemicals) | 11 | 167 | ||||||
Valley National Bancorp (Banks) | 2,002 | 21,741 | ||||||
Value Line, Inc. (Capital Markets) | 4 | 195 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 262 | 1,106 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 180 | 3,690 | ||||||
Varonis Systems, Inc.* (Software) | 504 | 22,821 | ||||||
Vaxcyte, Inc.* (Biotechnology) | 435 | 27,318 | ||||||
Vaxxinity, Inc.*—Class A (Biotechnology) | 198 | 168 | ||||||
Vector Group, Ltd. (Tobacco) | 674 | 7,603 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 236 | 7,323 | ||||||
Velo3D, Inc.* (Machinery) | 422 | 168 | ||||||
Velocity Financial, Inc.* (Financial Services) | 41 | 706 | ||||||
Ventyx Biosciences, Inc.* (Pharmaceuticals) | 217 | 536 | ||||||
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | 122 | 939 | ||||||
Vera Therapeutics, Inc.* (Biotechnology) | 157 | 2,415 | ||||||
Veracyte, Inc.* (Biotechnology) | 337 | 9,271 | ||||||
Veradigm, Inc.* (Health Care Technology) | 500 | 5,245 | ||||||
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 3 | 7 | ||||||
Vericel Corp.* (Biotechnology) | 221 | 7,870 | ||||||
Verint Systems, Inc.* (Software) | 290 | 7,839 | ||||||
Veris Residential, Inc. (Residential REITs) | 367 | 5,773 | ||||||
Veritex Holdings, Inc. (Banks) | 243 | 5,655 | ||||||
Veritone, Inc.* (Software) | 123 | 223 | ||||||
Verra Mobility Corp.* (Professional Services) | 647 | 14,900 | ||||||
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | 97 | 710 | ||||||
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels) | 303 | 1,027 | ||||||
Verve Therapeutics, Inc.* (Biotechnology) | 242 | 3,373 | ||||||
Viad Corp.* (Commercial Services & Supplies) | 94 | 3,403 | ||||||
Viant Technology, Inc.*—Class A (Software) | 68 | 469 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 1,026 | 10,332 | ||||||
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies) | 464 | 170 | ||||||
Vicor Corp.* (Electrical Equipment) | 103 | 4,629 | ||||||
Victory Capital Holdings, Inc.—Class A (Capital Markets) | 124 | 4,271 | ||||||
Viemed Healthcare, Inc.* (Health Care Providers & Services) | 158 | 1,240 | ||||||
Vigil Neuroscience, Inc.* (Biotechnology) | 74 | 250 | ||||||
Viking Therapeutics, Inc.* (Biotechnology) | 446 | 8,300 | ||||||
Village Super Market, Inc.—Class A (Consumer Staples Distribution & Retail) | 41 | 1,075 | ||||||
Vimeo, Inc.* (Interactive Media & Services) | 706 | 2,768 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 388 | 3,903 |
See accompanying notes to financial statements.
222 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
Common Stocks, continued
Shares | Value | |||||||
Virgin Galactic Holdings, Inc.* (Aerospace & Defense) | 1,522 | $ | 3,729 | |||||
Virginia National Bankshares Corp. (Banks) | 22 | 756 | ||||||
Viridian Therapeutics, Inc.* (Biotechnology) | 198 | 4,312 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 32 | 7,736 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 598 | 14,334 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 57 | 1,942 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 268 | 7,925 | ||||||
Visteon Corp.* (Automobile Components) | 128 | 15,987 | ||||||
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels) | 108 | 4,913 | ||||||
Vital Farms, Inc.* (Food Products) | 142 | 2,228 | ||||||
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels) | 116 | 2,539 | ||||||
Vivid Seats, Inc.*—Class A (Entertainment) | 113 | 714 | ||||||
Vizio Holding Corp.*—Class A (Household Durables) | 356 | 2,741 | ||||||
Vor BioPharma, Inc.* (Biotechnology) | 175 | 394 | ||||||
VOXX International Corp.* (Household Durables) | 55 | 587 | ||||||
Voyager Therapeutics, Inc.* (Biotechnology) | 147 | 1,241 | ||||||
VSE Corp. (Commercial Services & Supplies) | 61 | 3,941 | ||||||
Vuzix Corp.* (Electronic Equipment, Instruments & Components) | 274 | 571 | ||||||
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels) | 456 | 1,487 | ||||||
Wabash National Corp. (Machinery) | 214 | 5,483 | ||||||
Waldencast PLC*—Class A (Personal Care Products) | 167 | 1,827 | ||||||
Walker & Dunlop, Inc. (Financial Services) | 148 | 16,429 | ||||||
Warby Parker, Inc.*—Class A (Specialty Retail) | 393 | 5,541 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 240 | 14,633 | ||||||
Washington Federal, Inc. (Banks) | 299 | 9,855 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 78 | 2,526 | ||||||
Waterstone Financial, Inc. (Financial Services) | 82 | 1,164 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 127 | 26,458 | ||||||
WaVe Life Sciences, Ltd.* (Pharmaceuticals) | 274 | 1,384 | ||||||
WD-40 Co. (Household Products) | 63 | 15,061 | ||||||
Weatherford International PLC* (Energy Equipment & Services) | 330 | 32,283 | ||||||
Weave Communications, Inc.* (Software) | 155 | 1,778 | ||||||
Weis Markets, Inc. (Consumer Staples Distribution & Retail) | 76 | 4,861 | ||||||
Werner Enterprises, Inc. (Ground Transportation) | 294 | 12,457 | ||||||
WesBanco, Inc. (Banks) | 268 | 8,407 | ||||||
West Bancorp, Inc. (Banks) | 75 | 1,590 | ||||||
Westamerica Bancorp (Banks) | 120 | 6,769 | ||||||
Westrock Coffee Co.* (Food Products) | 132 | 1,348 | ||||||
Weyco Group, Inc. (Distributors) | 28 | 878 | ||||||
Whitestone REIT (Retail REITs) | 226 | 2,778 | ||||||
WideOpenWest, Inc.* (Media) | 232 | 940 | ||||||
Willdan Group, Inc.* (Professional Services) | 56 | 1,204 | ||||||
Willis Lease Finance Corp.* (Trading Companies & Distributors) | 14 | 684 | ||||||
Winmark Corp. (Specialty Retail) | 13 | 5,428 | ||||||
Winnebago Industries, Inc. (Automobiles) | 135 | 9,838 | ||||||
WisdomTree, Inc. (Capital Markets) | 640 | 4,435 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 360 | 3,200 | ||||||
Workhorse Group, Inc.* (Automobiles) | 957 | 345 | ||||||
Workiva, Inc.* (Software) | 231 | 23,453 | ||||||
World Acceptance Corp.* (Consumer Finance) | 19 | 2,480 | ||||||
World Kinect Corp. (Oil, Gas & Consumable Fuels) | 277 | 6,310 | ||||||
Worthington Industries, Inc. (Household Durables) | 143 | 8,230 | ||||||
Worthington Steel, Inc.* (Metals & Mining) | 143 | 4,018 | ||||||
WSFS Financial Corp. (Banks) | 284 | 13,044 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 253 | 2,214 | ||||||
X4 Pharmaceuticals, Inc.* (Biotechnology) | 571 | 479 | ||||||
Xencor, Inc.* (Biotechnology) | 269 | 5,711 | ||||||
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs) | 498 | 6,783 | ||||||
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals) | 617 | 1,450 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 543 | 9,953 | ||||||
XOMA Corp.* (Biotechnology) | 34 | 629 | ||||||
Xometry, Inc.*—Class A (Trading Companies & Distributors) | 157 | 5,638 | ||||||
XPEL, Inc.* (Automobile Components) | 105 | 5,654 | ||||||
Xperi, Inc.* (Software) | 201 | 2,215 | ||||||
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure) | 117 | 1,508 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 309 | 14,627 | ||||||
Yext, Inc.* (Software) | 496 | 2,921 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 171 | 1,166 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 270 | 4,091 | ||||||
Zeta Global Holdings Corp.*—Class A (Software) | 644 | 5,680 | ||||||
Zevia PBC*—Class A (Beverages) | 117 | 235 | ||||||
Zevra Therapeutics, Inc.* (Pharmaceuticals) | 169 | 1,107 | ||||||
Ziff Davis, Inc.* (Interactive Media & Services) | 215 | 14,445 | ||||||
Zimvie, Inc.* (Health Care Equipment & Supplies) | 120 | 2,130 | ||||||
ZipRecruiter, Inc.* (Interactive Media & Services) | 314 | 4,365 | ||||||
Zumiez, Inc.* (Specialty Retail) | 74 | 1,505 | ||||||
Zuora, Inc.*—Class A (Software) | 617 | 5,800 | ||||||
Zura Bio, Ltd.* (Biotechnology) | 79 | 369 | ||||||
Zurn Elkay Water Solutions Corp. (Building Products) | 686 | 20,175 | ||||||
Zymeworks, Inc.* (Biotechnology) | 251 | 2,608 | ||||||
Zynex, Inc.*(a) (Health Care Equipment & Supplies) | 84 | 915 | ||||||
TOTAL COMMON STOCKS (Cost $8,580,631) | 11,756,328 |
Rights(NM) | ||||||||
Cartesian Therapeutics, Inc., CVR*+ (Pharmaceuticals) | 403 | 73 | ||||||
Chinook Therapeutics CVR*+ (Health Care Providers & Services) | 243 | — | ||||||
TOTAL RIGHTS (Cost $—) | 73 |
See accompanying notes to financial statements.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 223
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 510 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Warrant(NM)
Shares | Value | |||||||
Cassava Sciences, Inc.*+ expiring 11/15/24 (Pharmaceuticals) | 73 | $ | 56 | |||||
TOTAL WARRANT (Cost $—) | 56 |
Repurchase Agreements(b)(c) (32.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $5,554,193 | $ | 5,551,000 | $ | 5,551,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,551,000) | 5,551,000 |
Collateral for Securities Loaned(d) (1.2%)
Shares | Value | |||||||
Invesco Government & Agency Portfolio—Institutional Shares, 5.28%(e) | 197,786 | $ | 197,786 | |||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $197,786) | 197,786 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $14,329,417)—103.0% | 17,505,243 | |||||||
Net other assets (liabilities)—(3.0)% | (505,467 | ) | ||||||
NET ASSETS—100.0% | $ | 16,999,776 |
* | Non-income producing security. |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of December 31, 2023, 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 December 31, 2023. The total value of securities on loan as of December 31, 2023 was $185,432. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $3,112,000. |
(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 December 31, 2023. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2023. |
NM | Not meaningful, amount is less than 0.05% |
CVR | Contingent Value Rights |
REIT | Real Estate Investment Trust |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||
E-Mini Russell 2000 Index Futures Contracts | 3 | 3/18/24 | $ | 307,155 | $ | 25,202 |
See accompanying notes to financial statements.
224 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: December 31, 2023
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 | 1/29/24 | 5.38 | % | $ | 4,984,038 | $ | (103,580 | ) | ||||||||
Russell 2000 Index | Goldman Sachs International | 1/29/24 | 5.73 | % | 4,956,185 | (105,033 | ) | ||||||||||
$ | 9,940,223 | $ | (208,613 | ) | |||||||||||||
iShares Russell 2000 ETF | UBS AG | 1/29/24 | 5.13 | % | $ | 925,046 | $ | (19,207 | ) | ||||||||
Russell 2000 Index | UBS AG | 1/29/24 | 5.33 | % | 10,990,774 | (209,240 | ) | ||||||||||
$ | 11,915,820 | $ | (228,447 | ) | |||||||||||||
$ | 21,856,043 | $ | (437,060 | ) |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 225
ProFund VP UltraSmall-Cap invested in the following industries as of December 31, 2023:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 102,555 | 0.6 | % | ||||
Air Freight & Logistics | 26,623 | 0.2 | % | |||||
Automobile Components | 155,804 | 0.9 | % | |||||
Automobiles | 12,886 | 0.1 | % | |||||
Banks | 1,116,769 | 6.5 | % | |||||
Beverages | 49,767 | 0.3 | % | |||||
Biotechnology | 883,858 | 5.3 | % | |||||
Broadline Retail | 10,230 | 0.1 | % | |||||
Building Products | 237,934 | 1.4 | % | |||||
Capital Markets | 165,107 | 1.0 | % | |||||
Chemicals | 222,287 | 1.3 | % | |||||
Commercial Services & Supplies | 183,412 | 1.1 | % | |||||
Communications Equipment | 69,045 | 0.4 | % | |||||
Construction & Engineering | 198,152 | 1.2 | % | |||||
Construction Materials | 40,950 | 0.2 | % | |||||
Consumer Finance | 92,272 | 0.5 | % | |||||
Consumer Staples Distribution & Retail | 66,300 | 0.4 | % | |||||
Containers & Packaging | 32,713 | 0.2 | % | |||||
Distributors | 878 | NM | ||||||
Diversified Consumer Services | 145,982 | 0.9 | % | |||||
Diversified REITs | 72,630 | 0.4 | % | |||||
Diversified Telecommunication Services | 63,197 | 0.4 | % | |||||
Electric Utilities | 84,442 | 0.5 | % | |||||
Electrical Equipment | 160,581 | 0.9 | % | |||||
Electronic Equipment, Instruments & Components | 319,333 | 1.9 | % | |||||
Energy Equipment & Services | 283,561 | 1.7 | % | |||||
Entertainment | 43,595 | 0.3 | % | |||||
Financial Services | 283,628 | 1.7 | % | |||||
Food Products | 113,922 | 0.6 | % | |||||
Gas Utilities | 106,826 | 0.6 | % | |||||
Ground Transportation | 54,228 | 0.3 | % | |||||
Health Care Equipment & Supplies | 330,127 | 1.9 | % | |||||
Health Care Providers & Services | 293,835 | 1.7 | % | |||||
Health Care REITs | 70,548 | 0.4 | % | |||||
Health Care Technology | 55,416 | 0.3 | % | |||||
Hotel & Resort REITs | 102,931 | 0.7 | % | |||||
Hotels, Restaurants & Leisure | 257,042 | 1.5 | % | |||||
Household Durables | 281,568 | 1.7 | % | |||||
Household Products | 37,436 | 0.2 | % | |||||
Independent Power and Renewable Electricity Producers | 31,089 | 0.2 | % | |||||
Industrial Conglomerates | 2,817 | NM | ||||||
Industrial REITs | 55,439 | 0.3 | % | |||||
Insurance | 207,314 | 1.2 | % | |||||
Interactive Media & Services | 84,227 | 0.4 | % | |||||
IT Services | 61,505 | 0.4 | % | |||||
Leisure Products | 48,065 | 0.3 | % | |||||
Life Sciences Tools & Services | 43,055 | 0.3 | % | |||||
Machinery | 413,576 | 2.4 | % | |||||
Marine Transportation | 34,449 | 0.2 | % | |||||
Media | 73,494 | 0.4 | % | |||||
Metals & Mining | 216,649 | 1.3 | % | |||||
Mortgage REITs | 139,633 | 0.8 | % | |||||
Multi-Utilities | 48,055 | 0.3 | % | |||||
Office REITs | 88,627 | 0.5 | % | |||||
Oil, Gas & Consumable Fuels | 525,907 | 3.1 | % | |||||
Paper & Forest Products | 11,295 | 0.1 | % | |||||
Passenger Airlines | 49,497 | 0.3 | % | |||||
Personal Care Products | 112,558 | 0.7 | % | |||||
Pharmaceuticals | 205,762 | 1.2 | % | |||||
Professional Services | 294,639 | 1.7 | % | |||||
Real Estate Management & Development | 92,947 | 0.5 | % | |||||
Residential REITs | 46,306 | 0.3 | % | |||||
Retail REITs | 139,071 | 0.9 | % | |||||
Semiconductors & Semiconductor Equipment | 365,418 | 2.1 | % | |||||
Software | 693,022 | 4.1 | % | |||||
Specialized REITs | 54,693 | 0.3 | % | |||||
Specialty Retail | 314,263 | 1.7 | % | |||||
Technology Hardware, Storage & Peripherals | 86,922 | 0.5 | % | |||||
Textiles, Apparel & Luxury Goods | 63,896 | 0.4 | % | |||||
Tobacco | 18,217 | 0.1 | % | |||||
Trading Companies & Distributors | 240,911 | 1.4 | % | |||||
Water Utilities | 51,675 | 0.3 | % | |||||
Wireless Telecommunication Services | 13,094 | 0.1 | % | |||||
Other** | 5,243,319 | 30.9 | % | |||||
Total | $ | 16,999,776 | 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% |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
226 :: ProFund VP U.S. Government Plus :: Schedule of Portfolio Investments :: December 31, 2023
U.S. Treasury Obligation (37.1%)
Principal Amount | Value | |||||||
U.S. Treasury Bonds, 4.75%, 11/15/53 | $ | 3,240,000 | $ | 3,650,822 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $3,276,884) | 3,650,822 |
Repurchase Agreements(a)(b) (69.0%)
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $6,790,904 | 6,787,000 | 6,787,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $6,787,000) | 6,787,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,063,884)—106.1% | 10,437,822 | |||||||
Net other assets (liabilities)—(6.1)% | (597,189 | ) | ||||||
NET ASSETS—100.0% | $ | 9,840,633 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2023, the aggregate amount held in a segregated account was $100,000. |
(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, 4.75% due on 11/15/53 | Citibank North America | 1/16/24 | 5.70 | % | $ | 4,112,809 | $ | 25,891 | |||||||||
30-Year U.S. Treasury Bond, 4.75% due on 11/15/53 | Societe' Generale | 1/16/24 | 5.74 | % | 4,428,312 | 10,316 | |||||||||||
$ | 8,541,121 | $ | 36,207 |
(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 December 31, 2023, 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.
December 31, 2023 :: Schedule of Portfolio Investments :: ProFund VP Utilities :: 227
Common Stocks (97.8%)
Shares | Value | |||||||
Alliant Energy Corp. (Electric Utilities) | 6,964 | $ | 357,253 | |||||
Ameren Corp. (Multi-Utilities) | 7,176 | 519,112 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 14,352 | 1,165,669 | ||||||
American Water Works Co., Inc. (Water Utilities) | 5,314 | 701,395 | ||||||
Atmos Energy Corp. (Gas Utilities) | 4,053 | 469,743 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 17,227 | 492,175 | ||||||
CMS Energy Corp. (Multi-Utilities) | 7,963 | 462,411 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 9,419 | 856,846 | ||||||
Constellation Energy Corp. (Electric Utilities) | 8,716 | 1,018,813 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 22,837 | 1,073,339 | ||||||
DTE Energy Co. (Multi-Utilities) | 5,625 | 620,213 | ||||||
Duke Energy Corp. (Electric Utilities) | 21,034 | 2,041,139 | ||||||
Edison International (Electric Utilities) | 10,460 | 747,785 | ||||||
Entergy Corp. (Electric Utilities) | 5,771 | 583,967 | ||||||
Evergy, Inc. (Electric Utilities) | 6,269 | 327,242 | ||||||
Eversource Energy (Electric Utilities) | 9,534 | 588,438 | ||||||
Exelon Corp. (Electric Utilities) | 27,167 | 975,295 | ||||||
FirstEnergy Corp. (Electric Utilities) | 14,094 | 516,686 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 55,994 | 3,401,076 | ||||||
NiSource, Inc. (Multi-Utilities) | 11,278 | 299,431 | ||||||
NRG Energy, Inc. (Electric Utilities) | 6,163 | 318,627 | ||||||
PG&E Corp. (Electric Utilities) | 58,226 | 1,049,815 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 3,095 | 222,345 | ||||||
PPL Corp. (Electric Utilities) | 20,117 | 545,171 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 13,597 | 831,457 | ||||||
Sempra (Multi-Utilities) | 17,180 | 1,283,862 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 18,275 | 351,794 | ||||||
The Southern Co. (Electric Utilities) | 29,765 | 2,087,122 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 8,608 | 724,535 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 15,060 | 932,365 | ||||||
TOTAL COMMON STOCKS (Cost $11,075,715) | 25,565,121 |
Repurchase Agreements(a) (1.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 5.07%–5.23%, dated 12/29/2023, due 1/2/24, total to be received $380,219 | $ | 380,000 | $ | 380,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $380,000) | 380,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $11,455,715)—99.3% | 25,945,121 | |||||||
Net other assets (liabilities)—0.7% | 173,870 | |||||||
NET ASSETS—100.0% | $ | 26,118,991 |
(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) | ||||||||||||
S&P Utilities Select Sector Index | Goldman Sachs International | 1/23/24 | 5.93 | % | $ | 566,745 | $ | 3,060 |
(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 December 31, 2023, 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 December 31, 2023:
Value | % of Net Assets | |||||||
Electric Utilities | $ | 16,878,808 | 64.6 | % | ||||
Gas Utilities | 469,743 | 1.8 | % | |||||
Independent Power and Renewable Electricity Producers | 351,794 | 1.3 | % | |||||
Multi-Utilities | 7,163,381 | 27.4 | % | |||||
Water Utilities | 701,395 | 2.7 | % | |||||
Other** | 553,870 | 2.2 | % | |||||
Total | $ | 26,118,991 | 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.
This Page Intentionally Left Blank
Statements of Assets and Liabilities
230 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund Access VP High Yield | ProFund VP Asia 30 | ProFund VP Banks | ProFund VP Bear | |||||||||||||
ASSETS: | ||||||||||||||||
Total Investment Securities, at cost | $ | 15,291,597 | $ | 11,882,230 | $ | 3,959,873 | $ | 3,114,000 | ||||||||
Securities, at value(a) | 7,836,768 | 16,824,401 | 5,592,876 | — | ||||||||||||
Repurchase agreements, at value | 7,577,000 | 36,000 | 108,000 | 3,114,000 | ||||||||||||
Total Investment Securities, at value | 15,413,768 | 16,860,401 | 5,700,876 | 3,114,000 | ||||||||||||
Cash | — | — | 245 | 147 | ||||||||||||
Segregated cash balances for futures contracts with brokers | 33,880 | — | — | 25,960 | ||||||||||||
Segregated cash balances for credit default swap agreements with brokers | 1,049,717 | — | — | — | ||||||||||||
Segregated cash balances for swap agreements with custodian | — | — | 60,000 | 886 | ||||||||||||
Dividends and interest receivable | 32,531 | 22,198 | 14,302 | 1,343 | ||||||||||||
Receivable for investments sold | — | 2,658,811 | — | — | ||||||||||||
Receivable for capital shares issued | 67 | 57 | — | 8,911 | ||||||||||||
Unrealized appreciation on swap agreements | — | — | — | 6,851 | ||||||||||||
Variation margin on futures contracts | 1,891 | — | — | 1,225 | ||||||||||||
Prepaid expenses | 24 | 43 | 11 | 423 | ||||||||||||
Receivable for tax reclaims | — | 703 | — | — | ||||||||||||
TOTAL ASSETS | 16,531,878 | 19,542,213 | 5,775,434 | 3,159,746 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Cash overdraft | 1,865 | 2,221 | — | — | ||||||||||||
Payable for investments purchased | — | 2,668,837 | — | — | ||||||||||||
Payable for collateral for securities loaned | — | 1,553,457 | 21,291 | — | ||||||||||||
Payable for capital shares redeemed | 959 | 31,321 | 124,230 | 396,617 | ||||||||||||
Unrealized depreciation on swap agreements | — | — | 1,982 | — | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Variation margin on credit default swap agreements | 8,856 | — | — | — | ||||||||||||
Advisory fees payable | 9,509 | 8,298 | 3,198 | 2,144 | ||||||||||||
Management services fees payable | 1,268 | 1,106 | 426 | 286 | ||||||||||||
Administration fees payable | 1,160 | 1,116 | 400 | 243 | ||||||||||||
Administrative services fees payable | 6,935 | 5,243 | 1,870 | 1,466 | ||||||||||||
Distribution fees payable | 7,295 | 7,981 | 1,823 | 1,683 | ||||||||||||
Transfer agency fees payable | 2,001 | 2,036 | 643 | 452 | ||||||||||||
Fund accounting fees payable | 643 | 623 | 249 | 134 | ||||||||||||
Compliance services fees payable | 78 | 56 | 17 | 12 | ||||||||||||
Other accrued expenses | 10,774 | 14,879 | 3,974 | 3,039 | ||||||||||||
TOTAL LIABILITIES | 51,343 | 4,297,174 | 160,103 | 406,076 | ||||||||||||
Commitments and contingencies (Note 4) | ||||||||||||||||
NET ASSETS | $ | 16,480,535 | $ | 15,245,039 | $ | 5,615,331 | $ | 2,753,670 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Capital | $ | 20,758,507 | $ | 15,824,785 | $ | 10,242,465 | $ | 26,250,509 | ||||||||
Total distributable earnings (loss) | (4,277,972 | ) | (579,746 | ) | (4,627,134 | ) | (23,496,839 | ) | ||||||||
NET ASSETS | $ | 16,480,535 | $ | 15,245,039 | $ | 5,615,331 | $ | 2,753,670 | ||||||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 665,547 | 429,737 | 205,227 | 191,285 | ||||||||||||
NET ASSET VALUE (offering and redemption price per share): | $ | 24.76 | $ | 35.48 | $ | 27.36 | $ | 14.40 | ||||||||
(a) Includes securities on loan valued at: | $ | — | $ | 1,350,881 | $ | 20,434 | $ | — |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
December 31, 2023 :: Statements of Assets and Liabilities :: 231
ProFund VP Biotechnology | ProFund VP Bull | ProFund VP Communication Services† | ProFund VP Consumer Discretionary† | ProFund VP Consumer Staples† | ProFund VP Dow 30 | |||||||||||||||||
$ | 36,720,343 | $ | 24,987,334 | $ | 6,558,671 | $ | 15,152,258 | $ | 6,010,503 | $ | 327,000 | |||||||||||
46,032,440 | 41,764,034 | 8,232,448 | 23,535,346 | 10,478,834 | — | |||||||||||||||||
1,418,000 | 12,583,000 | 259,000 | 208,000 | 221,000 | 327,000 | |||||||||||||||||
47,450,440 | 54,347,034 | 8,491,448 | 23,743,346 | 10,699,834 | 327,000 | |||||||||||||||||
8,708 | 867 | 464 | 494 | 791 | 236 | |||||||||||||||||
— | 155,760 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
3,000 | 530 | — | 110,000 | — | — | |||||||||||||||||
7,469 | 44,333 | 3,176 | 5,806 | 59,642 | 141 | |||||||||||||||||
— | — | — | 1,064,727 | — | — | |||||||||||||||||
— | 2,493 | 5,438 | 3,379 | 17,396 | — | |||||||||||||||||
— | — | — | — | 1,469 | 180 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
112 | 4,879 | 11 | 40 | 34 | 1 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
47,469,729 | 54,555,896 | 8,500,537 | 24,927,792 | 10,779,166 | 327,558 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
8,187 | 831 | — | 1,057,149 | — | — | |||||||||||||||||
2,225,769 | 4,650 | — | — | — | — | |||||||||||||||||
578,728 | 1,889 | 11,325 | 22,218 | 723 | 11 | |||||||||||||||||
4,315 | 25,850 | 821 | 2,078 | — | — | |||||||||||||||||
— | 7,350 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
27,076 | 26,755 | 4,301 | 12,699 | 5,768 | 205 | |||||||||||||||||
3,610 | 3,567 | 573 | 1,693 | 769 | 27 | |||||||||||||||||
3,095 | 4,035 | 603 | 1,723 | 778 | 22 | |||||||||||||||||
14,891 | 25,902 | 3,548 | 11,076 | 4,289 | 115 | |||||||||||||||||
22,332 | 28,882 | 3,633 | 10,966 | 4,375 | 127 | |||||||||||||||||
5,287 | 7,394 | 1,064 | 3,026 | 1,406 | 42 | |||||||||||||||||
1,744 | 2,370 | 339 | 965 | 439 | 13 | |||||||||||||||||
154 | 195 | 28 | 83 | 39 | 1 | |||||||||||||||||
40,447 | 38,948 | 6,198 | 18,488 | 11,797 | 259 | |||||||||||||||||
2,935,635 | 178,618 | 32,433 | 1,142,164 | 30,383 | 822 | |||||||||||||||||
$ | 44,534,094 | $ | 54,377,278 | $ | 8,468,104 | $ | 23,785,628 | $ | 10,748,783 | $ | 326,736 | |||||||||||
$ | 18,983,001 | $ | 24,912,043 | $ | 7,609,296 | $ | 13,317,490 | $ | 3,070,890 | $ | 1,962,694 | |||||||||||
25,551,093 | 29,465,235 | 858,808 | 10,468,138 | 7,677,893 | (1,635,958 | ) | ||||||||||||||||
$ | 44,534,094 | $ | 54,377,278 | $ | 8,468,104 | $ | 23,785,628 | $ | 10,748,783 | $ | 326,736 | |||||||||||
667,151 | 1,076,229 | 222,017 | 360,428 | 243,608 | 15,861 | |||||||||||||||||
$ | 66.75 | $ | 50.53 | $ | 38.14 | $ | 65.99 | $ | 44.12 | $ | 20.60 | |||||||||||
$ | 1,703,297 | $ | 4,437 | $ | — | $ | — | $ | — | $ | — |
See accompanying notes to the financial statements.
232 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund VP Emerging Markets | ProFund VP Energy† | ProFund VP Europe 30 | ProFund VP Falling U.S. Dollar | |||||||||||||
ASSETS: | ||||||||||||||||
Total Investment Securities, at cost | $ | 12,338,029 | $ | 16,272,815 | $ | 13,461,650 | $ | 1,128,000 | ||||||||
Securities, at value(a) | 19,797,092 | 43,508,365 | 18,388,676 | — | ||||||||||||
Repurchase agreements, at value | 1,577,000 | 975,000 | 184,000 | 1,128,000 | ||||||||||||
Total Investment Securities, at value | 21,374,092 | 44,483,365 | 18,572,676 | 1,128,000 | ||||||||||||
Cash | 106 | 74 | 917 | 800 | ||||||||||||
Segregated cash balances for swap agreements with custodian | 910 | 120,000 | — | — | ||||||||||||
Segregated cash balances for forward currency contracts with custodian | — | — | — | 345 | ||||||||||||
Dividends and interest receivable | 105,974 | 13,341 | 54,033 | 487 | ||||||||||||
Receivable for investments sold | — | — | 3,115,061 | — | ||||||||||||
Receivable for capital shares issued | 286,834 | 2,570 | 2,738 | — | ||||||||||||
Due from Advisor under an expense limitation agreement | — | — | — | 1,162 | ||||||||||||
Unrealized appreciation on forward currency contracts | — | — | — | 27,342 | ||||||||||||
Unrealized appreciation on swap agreements | 4,397 | — | — | — | ||||||||||||
Prepaid expenses | 1,057 | 144 | 41 | 2 | ||||||||||||
Receivable for tax reclaims | 1,027 | — | 26,924 | — | ||||||||||||
TOTAL ASSETS | 21,774,397 | 44,619,494 | 21,772,390 | 1,158,138 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investments purchased | — | — | 3,087,545 | — | ||||||||||||
Payable for collateral for securities loaned | 915,426 | — | 3,111,397 | — | ||||||||||||
Payable for capital shares redeemed | 10,759 | 19,584 | 227,097 | 743 | ||||||||||||
Unrealized depreciation on forward currency contracts | — | — | — | 2,956 | ||||||||||||
Unrealized depreciation on swap agreements | — | 33,445 | — | — | ||||||||||||
Advisory fees payable | 11,057 | 24,997 | 11,353 | — | ||||||||||||
Management services fees payable | 1,474 | 3,333 | 1,514 | — | ||||||||||||
Administration fees payable | 1,486 | 3,280 | 1,170 | 72 | ||||||||||||
Administrative services fees payable | 11,052 | 24,023 | 5,601 | 399 | ||||||||||||
Distribution fees payable | 11,593 | 24,022 | 7,596 | 445 | ||||||||||||
Transfer agency fees payable | 2,534 | 6,149 | 2,067 | 110 | ||||||||||||
Fund accounting fees payable | 834 | 1,803 | 654 | 40 | ||||||||||||
Compliance services fees payable | 71 | 176 | 55 | 3 | ||||||||||||
Other accrued expenses | 14,984 | 47,384 | 12,309 | 2,853 | ||||||||||||
TOTAL LIABILITIES | 981,270 | 188,196 | 6,468,358 | 7,621 | ||||||||||||
Commitments and contingencies (Note 4) | ||||||||||||||||
NET ASSETS | $ | 20,793,127 | $ | 44,431,298 | $ | 15,304,032 | $ | 1,150,517 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Capital | $ | 22,891,601 | $ | 18,362,062 | $ | 13,422,701 | $ | 1,517,064 | ||||||||
Total distributable earnings (loss) | (2,098,474 | ) | 26,069,236 | 1,881,331 | (366,547 | ) | ||||||||||
NET ASSETS | $ | 20,793,127 | $ | 44,431,298 | $ | 15,304,032 | $ | 1,150,517 | ||||||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 734,966 | 1,053,173 | 590,910 | 73,807 | ||||||||||||
NET ASSET VALUE (offering and redemption price per share): | $ | 28.29 | $ | 42.19 | $ | 25.90 | $ | 15.59 | ||||||||
(a) Includes securities on loan valued at: | $ | 880,068 | $ | — | $ | 3,045,768 | $ | — |
† | As described in Note 1, effective March 17, 2023, this ProFund VP’s name changed due to a change to its underlying benchmark index. |
Amounts designated as “ – ” are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
December 31, 2023 :: Statements of Assets and Liabilities :: 233
ProFund VP Financials | ProFund VP Government Money Market | ProFund VP Health Care | ProFund VP Industrials | ProFund VP International | ProFund VP Internet | |||||||||||||||||
$ | 7,952,712 | $ | 30,815,526 | $ | 7,270,558 | $ | 7,805,621 | $ | 10,711,000 | $ | 5,851,622 | |||||||||||
26,520,295 | 15,912,526 | 36,216,696 | 15,368,069 | — | 12,477,421 | |||||||||||||||||
387,000 | 14,903,000 | 865,000 | 545,000 | 10,711,000 | 53,000 | |||||||||||||||||
26,907,295 | 30,815,526 | 37,081,696 | 15,913,069 | 10,711,000 | 12,530,421 | |||||||||||||||||
814 | 290 | 825 | 77 | 462 | 73 | |||||||||||||||||
330,000 | — | 240,000 | — | 16,071 | 110,000 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
24,466 | 6,429 | 29,350 | 19,272 | 4,620 | 23 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | 170,691 | 4,566 | — | 9 | 264,276 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
1,740 | — | 6,733 | — | — | — | |||||||||||||||||
68 | 98 | 95 | 35 | 29 | 23 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
27,264,383 | 30,993,034 | 37,363,265 | 15,932,453 | 10,732,191 | 12,904,816 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
289,481 | 15,207 | 26,518 | 159,891 | 208,066 | 381,620 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | 149 | 34,369 | 1,365 | |||||||||||||||||
14,620 | 5,373 | 21,946 | 8,279 | 6,656 | 7,686 | |||||||||||||||||
1,949 | 716 | 2,926 | 1,104 | 888 | 1,025 | |||||||||||||||||
1,923 | 1,110 | 2,661 | 1,121 | 699 | 896 | |||||||||||||||||
10,926 | — | 12,467 | 6,397 | 6,228 | 4,688 | |||||||||||||||||
12,431 | — | 15,205 | 6,616 | 6,277 | 4,913 | |||||||||||||||||
3,373 | 4,289 | 4,750 | 1,933 | 1,363 | 1,542 | |||||||||||||||||
1,081 | 1,337 | 1,482 | 641 | 418 | 506 | |||||||||||||||||
92 | 120 | 134 | 55 | 38 | 43 | |||||||||||||||||
23,764 | 24,339 | 34,494 | 13,499 | 8,082 | 9,071 | |||||||||||||||||
359,640 | 52,491 | 122,583 | 199,685 | 273,084 | 413,355 | |||||||||||||||||
$ | 26,904,743 | $ | 30,940,543 | $ | 37,240,682 | $ | 15,732,768 | $ | 10,459,107 | $ | 12,491,461 | |||||||||||
$ | 10,459,718 | $ | 30,979,909 | $ | 7,135,113 | $ | 6,126,165 | $ | 12,039,749 | $ | 7,670,807 | |||||||||||
16,445,025 | (39,366 | ) | 30,105,569 | 9,606,603 | (1,580,642 | ) | 4,820,654 | |||||||||||||||
$ | 26,904,743 | $ | 30,940,543 | $ | 37,240,682 | $ | 15,732,768 | $ | 10,459,107 | $ | 12,491,461 | |||||||||||
585,853 | 30,979,909 | 558,324 | 177,474 | 508,203 | 593,491 | |||||||||||||||||
$ | 45.92 | $ | 1.00 | $ | 66.70 | $ | 88.65 | $ | 20.58 | $ | 21.05 | |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See accompanying notes to the financial statements.
234 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund VP Japan | ProFund VP Large-Cap Growth | ProFund VP Large-Cap Value | ProFund VP Materials† | |||||||||||||
ASSETS: | ||||||||||||||||
Total Investment Securities, at cost | $ | 10,365,000 | $ | 14,840,038 | $ | 15,547,094 | $ | 6,096,728 | ||||||||
Securities, at value(a) | — | 26,074,518 | 20,279,507 | 14,437,170 | ||||||||||||
Repurchase agreements, at value | 10,365,000 | 54,000 | 42,000 | 227,000 | ||||||||||||
Total Investment Securities, at value | 10,365,000 | 26,128,518 | 20,321,507 | 14,664,170 | ||||||||||||
Cash | 940 | 346 | 100 | 200 | ||||||||||||
Segregated cash balances for futures contracts with brokers | 506,880 | — | — | — | ||||||||||||
Segregated cash balances for swap agreements with custodian | — | — | — | 84,000 | ||||||||||||
Dividends and interest receivable | 4,471 | 14,696 | 26,821 | 19,069 | ||||||||||||
Receivable for investments sold | — | — | — | — | ||||||||||||
Receivable for capital shares issued | — | — | — | — | ||||||||||||
Unrealized appreciation on swap agreements | — | — | — | — | ||||||||||||
Prepaid expenses | 17 | 2,004 | 1,592 | 39 | ||||||||||||
TOTAL ASSETS | 10,877,308 | 26,145,564 | 20,350,020 | 14,767,478 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Cash overdraft | — | — | — | — | ||||||||||||
Payable for investments purchased | — | — | 1,002 | — | ||||||||||||
Payable for collateral for securities loaned | — | — | 4,650 | — | ||||||||||||
Payable for capital shares redeemed | 45,277 | 3,765 | 763 | 115,617 | ||||||||||||
Unrealized depreciation on swap agreements | 794 | — | — | 1,636 | ||||||||||||
Variation margin on futures contracts | 54,400 | — | — | — | ||||||||||||
Advisory fees payable | 7,097 | 14,118 | 11,854 | 7,542 | ||||||||||||
Management services fees payable | 946 | 1,882 | 1,580 | 1,006 | ||||||||||||
Administration fees payable | 847 | 1,819 | 1,429 | 1,057 | ||||||||||||
Administrative services fees payable | 5,291 | 8,887 | 7,250 | 7,255 | ||||||||||||
Distribution fees payable | 5,262 | 8,724 | 7,008 | 7,288 | ||||||||||||
Transfer agency fees payable | 1,577 | 3,289 | 2,427 | 1,907 | ||||||||||||
Fund accounting fees payable | 467 | 1,074 | 910 | 590 | ||||||||||||
Compliance services fees payable | 42 | 86 | 68 | 53 | ||||||||||||
Other accrued expenses | 7,675 | 16,387 | 12,279 | 13,971 | ||||||||||||
TOTAL LIABILITIES | 129,675 | 60,031 | 51,220 | 157,922 | ||||||||||||
Commitments and contingencies (Note 4) | ||||||||||||||||
NET ASSETS | $ | 10,747,633 | $ | 26,085,533 | $ | 20,298,800 | $ | 14,609,556 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Capital | $ | 8,717,199 | $ | 14,832,956 | $ | 15,857,469 | $ | 7,425,163 | ||||||||
Total distributable earnings (loss) | 2,030,434 | 11,252,577 | 4,441,331 | 7,184,393 | ||||||||||||
NET ASSETS | $ | 10,747,633 | $ | 26,085,533 | $ | 20,298,800 | $ | 14,609,556 | ||||||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 164,774 | 505,517 | 402,965 | 170,918 | ||||||||||||
NET ASSET VALUE (offering and redemption price per share): | $ | 65.23 | $ | 51.60 | $ | 50.37 | $ | 85.48 | ||||||||
(a) Includes securities on loan valued at: | $ | — | $ | — | $ | 4,437 | $ | — |
† | As described in Note 1, effective March 17, 2023, this ProFund VP’s name changed due to a change to its underlying benchmark index. |
Amounts designated as “ – ” are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
December 31, 2023 :: Statements of Assets and Liabilities :: 235
ProFund VP Mid-Cap | ProFund VP Mid-Cap Growth | ProFund VP Mid-Cap Value | ProFund VP Nasdaq-100 | ProFund VP Pharmaceuticals | ProFund VP Precious Metals | |||||||||||||||||
$ | 10,374,000 | $ | 11,495,244 | $ | 9,935,173 | $ | 81,419,761 | $ | 7,772,516 | $ | 22,668,000 | |||||||||||
— | 15,031,899 | 12,251,822 | 98,390,876 | 10,320,840 | — | |||||||||||||||||
10,374,000 | 67,000 | 81,000 | 47,181,000 | 258,000 | 22,668,000 | |||||||||||||||||
10,374,000 | 15,098,899 | 12,332,822 | 145,571,876 | 10,578,840 | 22,668,000 | |||||||||||||||||
736 | 223 | 502 | 468 | — | 145 | |||||||||||||||||
83,050 | — | — | 1,947,000 | — | — | |||||||||||||||||
407 | — | — | 111 | 30,000 | 569 | |||||||||||||||||
4,475 | 13,656 | 20,704 | 118,190 | 9,805 | 9,778 | |||||||||||||||||
— | — | 22,132 | — | 44,031 | — | |||||||||||||||||
248 | 202 | — | 868,840 | 2,150 | 2,514,028 | |||||||||||||||||
— | — | — | — | 1,471 | — | |||||||||||||||||
941 | 1,247 | 1,127 | 234 | 30 | 62 | |||||||||||||||||
10,463,857 | 15,114,227 | 12,377,287 | 148,506,719 | 10,666,327 | 25,192,582 | |||||||||||||||||
— | — | — | — | 43,949 | — | |||||||||||||||||
— | 23,359 | 12,426 | — | — | — | |||||||||||||||||
— | 124,867 | 40,645 | 439,645 | 229,478 | — | |||||||||||||||||
2,590 | 343 | 11,043 | 24,166 | 224,331 | 10,515 | |||||||||||||||||
85,723 | — | — | 161,739 | — | 427,991 | |||||||||||||||||
13,100 | — | — | 67,000 | — | — | |||||||||||||||||
5,755 | 6,950 | 6,656 | 84,174 | 4,976 | 13,025 | |||||||||||||||||
767 | 927 | 888 | 11,223 | 663 | 1,737 | |||||||||||||||||
722 | 1,044 | 845 | 10,379 | 718 | 1,536 | |||||||||||||||||
5,774 | 4,939 | 4,165 | 68,795 | 5,454 | 10,801 | |||||||||||||||||
5,810 | 3,809 | 3,529 | 72,346 | 5,479 | 10,826 | |||||||||||||||||
1,246 | 1,763 | 1,469 | 18,093 | 1,271 | 2,943 | |||||||||||||||||
398 | 653 | 555 | 5,748 | 406 | 917 | |||||||||||||||||
36 | 50 | 41 | 496 | 39 | 82 | |||||||||||||||||
7,037 | 9,677 | 8,652 | 95,154 | 10,252 | 21,172 | |||||||||||||||||
128,958 | 178,381 | 90,914 | 1,058,958 | 527,016 | 501,545 | |||||||||||||||||
$ | 10,334,899 | $ | 14,935,846 | $ | 12,286,373 | $ | 147,447,761 | $ | 10,139,311 | $ | 24,691,037 | |||||||||||
$ | 11,851,679 | $ | 11,288,610 | $ | 10,770,625 | $ | 64,711,828 | $ | 7,749,333 | $ | 89,564,021 | |||||||||||
(1,516,780 | ) | 3,647,236 | 1,515,748 | 82,735,933 | 2,389,978 | (64,872,984 | ) | |||||||||||||||
$ | 10,334,899 | $ | 14,935,846 | $ | 12,286,373 | $ | 147,447,761 | $ | 10,139,311 | $ | 24,691,037 | |||||||||||
618,316 | 409,229 | 292,081 | 2,547,845 | 294,836 | 971,947 | |||||||||||||||||
$ | 16.71 | $ | 36.50 | $ | 42.06 | $ | 57.87 | $ | 34.39 | $ | 25.40 | |||||||||||
$ | — | $ | 120,458 | $ | 38,513 | $ | 422,100 | $ | 191,898 | $ | — |
See accompanying notes to the financial statements.
236 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund VP Real Estate | ProFund VP Rising Rates Opportunity | ProFund VP Semiconductor | ProFund VP Short Dow 30 | |||||||||||||
ASSETS: | ||||||||||||||||
Total Investment Securities, at cost | $ | 3,083,971 | $ | 8,319,000 | $ | 20,265,595 | $ | 6,000 | ||||||||
Securities, at value(a) | 6,286,346 | — | 39,654,081 | — | ||||||||||||
Repurchase agreements, at value | 209,000 | 8,319,000 | 1,796,000 | 6,000 | ||||||||||||
Total Investment Securities, at value | 6,495,346 | 8,319,000 | 41,450,081 | 6,000 | ||||||||||||
Cash | 737 | 265 | 746 | 340 | ||||||||||||
Segregated cash balances for futures contracts with brokers | — | — | — | — | ||||||||||||
Segregated cash balances for swap agreements with custodian | — | 94 | 50,000 | — | ||||||||||||
Dividends and interest receivable | 23,829 | 3,588 | 12,587 | 3 | ||||||||||||
Receivable for investments sold | — | — | 16,943,402 | — | ||||||||||||
Receivable for capital shares issued | 27,043 | 43,017 | 6,039 | — | ||||||||||||
Unrealized appreciation on swap agreements | 204 | — | — | — | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Prepaid expenses | 14 | 30 | 53 | — | ||||||||||||
TOTAL ASSETS | 6,547,173 | 8,365,994 | 58,462,908 | 6,343 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investments purchased | 5,904 | — | — | — | ||||||||||||
Payable for collateral for securities loaned | — | — | 87,285 | — | ||||||||||||
Payable for capital shares redeemed | 38,859 | 27,741 | 748 | — | ||||||||||||
Unrealized depreciation on swap agreements | — | 90,565 | 8,099 | 4 | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Advisory fees payable | 3,334 | 6,424 | 37,438 | 4 | ||||||||||||
Management services fees payable | 445 | 856 | 4,992 | 1 | ||||||||||||
Administration fees payable | 463 | 688 | 4,036 | — | ||||||||||||
Administrative services fees payable | 2,248 | 4,220 | 24,213 | 1 | ||||||||||||
Distribution fees payable | 2,043 | 5,893 | 29,062 | 2 | ||||||||||||
Transfer agency fees payable | 809 | 1,410 | 7,126 | 1 | ||||||||||||
Fund accounting fees payable | 265 | 374 | 2,234 | — | ||||||||||||
Compliance services fees payable | 22 | 38 | 189 | — | ||||||||||||
Other accrued expenses | 5,631 | 7,897 | 35,059 | 7 | ||||||||||||
TOTAL LIABILITIES | 60,023 | 146,106 | 240,481 | 20 | ||||||||||||
Commitments and contingencies (Note 4) | ||||||||||||||||
NET ASSETS | $ | 6,487,150 | $ | 8,219,888 | $ | 58,222,427 | $ | 6,323 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Capital | $ | 3,213,258 | $ | 33,975,618 | $ | 33,319,623 | $ | 125,890 | ||||||||
Total distributable earnings (loss) | 3,273,892 | (25,755,730 | ) | 24,902,804 | (119,567 | ) | ||||||||||
NET ASSETS | $ | 6,487,150 | $ | 8,219,888 | $ | 58,222,427 | $ | 6,323 | ||||||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 136,845 | 183,907 | 460,603 | 293 | ||||||||||||
NET ASSET VALUE (offering and redemption price per share): | $ | 47.41 | $ | 44.70 | $ | 126.40 | $ | 21.58 | ||||||||
(a) Includes securities on loan valued at: | $ | — | $ | — | $ | 59,085 | $ | — |
Amounts designated as “ – ” are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
December 31, 2023 :: Statements of Assets and Liabilities :: 237
ProFund VP Short Emerging Markets | ProFund VP Short International | ProFund VP Short Mid-Cap | ProFund VP Short Nasdaq-100 | ProFund VP Short Small-Cap | ProFund VP Small-Cap | ||||||||||||||||
$ | 515,000 | $ | 518,000 | $ | 68,000 | $ | 4,828,000 | $ | 2,266,000 | $ | 13,644,711 | ||||||||||
— | — | — | — | — | 9,804,427 | ||||||||||||||||
515,000 | 518,000 | 68,000 | 4,828,000 | 2,266,000 | 5,615,000 | ||||||||||||||||
515,000 | 518,000 | 68,000 | 4,828,000 | 2,266,000 | 15,419,427 | ||||||||||||||||
901 | 79 | 411 | 1,708 | 1,006 | 583 | ||||||||||||||||
— | — | — | 77,880 | 28,600 | 57,200 | ||||||||||||||||
784 | 315 | 527 | 25,404 | 284 | 2,013 | ||||||||||||||||
222 | 223 | 29 | 2,083 | 977 | 13,363 | ||||||||||||||||
— | — | — | — | — | 65,753 | ||||||||||||||||
21 | — | — | 889 | 87,089 | 502 | ||||||||||||||||
— | 1,618 | 652 | 21,253 | 42,131 | — | ||||||||||||||||
— | — | — | 2,680 | 3,160 | — | ||||||||||||||||
45 | 3 | 32 | 23 | 9 | 26 | ||||||||||||||||
516,973 | 520,238 | 69,651 | 4,959,920 | 2,429,256 | 15,558,867 | ||||||||||||||||
— | — | — | — | — | 5,369 | ||||||||||||||||
— | — | — | — | — | 193,047 | ||||||||||||||||
315 | 815 | 11 | 575,044 | 226,951 | 62,755 | ||||||||||||||||
1,279 | — | — | — | — | 97,817 | ||||||||||||||||
— | — | — | — | — | 6,320 | ||||||||||||||||
356 | 451 | 47 | 2,892 | 1,365 | 6,741 | ||||||||||||||||
48 | 60 | 6 | 385 | 182 | 899 | ||||||||||||||||
44 | 38 | 6 | 369 | 183 | 1,011 | ||||||||||||||||
486 | 424 | 31 | 2,913 | 1,569 | 6,346 | ||||||||||||||||
495 | 458 | 28 | 3,198 | 1,710 | 7,120 | ||||||||||||||||
110 | 95 | 11 | 697 | 349 | 1,606 | ||||||||||||||||
26 | 23 | 3 | 202 | 100 | 1,161 | ||||||||||||||||
3 | 2 | — | 19 | 10 | 47 | ||||||||||||||||
624 | 645 | 152 | 4,815 | 3,007 | 10,884 | ||||||||||||||||
3,786 | 3,011 | 295 | 590,534 | 235,426 | 401,123 | ||||||||||||||||
$ | 513,187 | $ | 517,227 | $ | 69,356 | $ | 4,369,386 | $ | 2,193,830 | $ | 15,157,744 | ||||||||||
$ | 3,273,391 | $ | 3,144,912 | $ | 2,670,966 | $ | 22,420,682 | $ | 8,445,811 | $ | 13,532,820 | ||||||||||
(2,760,204 | ) | (2,627,685 | ) | (2,601,610 | ) | (18,051,296 | ) | (6,251,981 | ) | 1,624,924 | |||||||||||
$ | 513,187 | $ | 517,227 | $ | 69,356 | $ | 4,369,386 | $ | 2,193,830 | $ | 15,157,744 | ||||||||||
21,848 | 20,788 | 9,307 | 355,311 | 99,277 | 441,916 | ||||||||||||||||
$ | 23.49 | $ | 24.88 | $ | 7.45 | $ | 12.30 | $ | 22.10 | $ | 34.30 | ||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 179,746 |
See accompanying notes to the financial statements.
238 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund VP Small-Cap Growth | ProFund VP Small-Cap Value | ProFund VP Technology | ProFund VP UltraBull | |||||||||||||
ASSETS: | ||||||||||||||||
Total Investment Securities, at cost | $ | 11,673,224 | $ | 17,593,032 | $ | 23,668,444 | $ | 10,911,842 | ||||||||
Securities, at value(a) | 16,185,238 | 19,883,320 | 56,760,282 | 11,742,369 | ||||||||||||
Repurchase agreements, at value | 40,000 | 81,000 | 396,000 | 6,971,000 | ||||||||||||
Total Investment Securities, at value | 16,225,238 | 19,964,320 | 57,156,282 | 18,713,369 | ||||||||||||
Cash | 534 | 6,620 | 373 | 768 | ||||||||||||
Segregated cash balances for futures contracts with brokers | — | — | — | 77,880 | ||||||||||||
Segregated cash balances for swap agreements with custodian | — | — | 120,000 | 752 | ||||||||||||
Dividends and interest receivable | 13,228 | 34,037 | 9,552 | 13,846 | ||||||||||||
Receivable for investments sold | 54,958 | 151,195 | — | — | ||||||||||||
Receivable for capital shares issued | — | 642 | 216,776 | — | ||||||||||||
Due from Advisor under an expense limitation agreement | — | — | — | — | ||||||||||||
Unrealized appreciation on swap agreements | — | — | — | — | ||||||||||||
Prepaid expenses | 1,388 | 1,642 | 77 | 1,595 | ||||||||||||
TOTAL ASSETS | 16,295,346 | 20,158,456 | 57,503,060 | 18,808,210 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investments purchased | 38,547 | 197,512 | — | 234 | ||||||||||||
Payable for collateral for securities loaned | 19,774 | 434,846 | — | — | ||||||||||||
Payable for capital shares redeemed | 3,360 | 36,082 | 244,394 | 35,203 | ||||||||||||
Unrealized depreciation on swap agreements | — | — | 1,552 | 65,786 | ||||||||||||
Variation margin on futures contracts | — | — | — | 3,675 | ||||||||||||
Advisory fees payable | 9,102 | 10,188 | 36,148 | 11,314 | ||||||||||||
Management services fees payable | 1,213 | 1,358 | 4,820 | 1,509 | ||||||||||||
Administration fees payable | 1,136 | 1,301 | 4,113 | 1,303 | ||||||||||||
Administrative services fees payable | 5,191 | 7,421 | 19,467 | 6,819 | ||||||||||||
Distribution fees payable | 5,534 | 7,080 | 30,236 | 7,688 | ||||||||||||
Transfer agency fees payable | 1,997 | 2,212 | 7,362 | 2,234 | ||||||||||||
Fund accounting fees payable | 731 | 857 | 2,283 | 871 | ||||||||||||
Compliance services fees payable | 55 | 62 | 200 | 63 | ||||||||||||
Other accrued expenses | 10,753 | 12,644 | 43,470 | 11,669 | ||||||||||||
TOTAL LIABILITIES | 97,393 | 711,563 | 394,045 | 148,368 | ||||||||||||
Commitments and contingencies (Note 4) | ||||||||||||||||
NET ASSETS | $ | 16,197,953 | $ | 19,446,893 | $ | 57,109,015 | $ | 18,659,842 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Capital | $ | 11,494,090 | $ | 18,880,587 | $ | 20,458,770 | $ | 25,763,840 | ||||||||
Total distributable earnings (loss) | 4,703,863 | 566,306 | 36,650,245 | (7,103,998 | ) | |||||||||||
NET ASSETS | $ | 16,197,953 | $ | 19,446,893 | $ | 57,109,015 | $ | 18,659,842 | ||||||||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 539,665 | 452,691 | 825,548 | 621,611 | ||||||||||||
NET ASSET VALUE (offering and redemption price per share): | $ | 30.01 | $ | 42.96 | $ | 69.18 | $ | 30.02 | ||||||||
(a) Includes securities on loan valued at: | $ | 19,141 | $ | 410,470 | $ | — | $ | — |
Amounts designated as “ – ” are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
December 31, 2023 :: Statements of Assets and Liabilities :: 239
ProFund VP UltraMid-Cap | ProFund VP UltraNasdaq-100 | ProFund VP UltraShort Dow 30 | ProFund VP UltraShort Nasdaq-100 | ProFund VP UltraSmall-Cap | ProFund VP U.S. Government Plus | ||||||||||||||||
$ | 8,217,338 | $ | 115,579,468 | $ | 2,000 | $ | 595,000 | $ | 14,329,417 | $ | 10,063,884 | ||||||||||
6,726,475 | 126,334,982 | — | — | 11,954,243 | 3,650,822 | ||||||||||||||||
4,228,000 | 62,044,000 | 2,000 | 595,000 | 5,551,000 | 6,787,000 | ||||||||||||||||
10,954,475 | 188,378,982 | 2,000 | 595,000 | 17,505,243 | 10,437,822 | ||||||||||||||||
621 | 930 | 876 | 488 | 1,258 | 931 | ||||||||||||||||
66,440 | 1,947,000 | — | — | 42,900 | — | ||||||||||||||||
284 | 26,513 | 471 | 444 | 36,455 | 82 | ||||||||||||||||
10,484 | 152,383 | 1 | 257 | 14,683 | 22,799 | ||||||||||||||||
6,019 | — | — | — | 5,054 | — | ||||||||||||||||
809 | 646,016 | — | 16,742 | 82,792 | — | ||||||||||||||||
— | — | — | 512 | — | — | ||||||||||||||||
— | — | — | 5,972 | — | 36,207 | ||||||||||||||||
834 | 272 | — | 10 | 32 | 22 | ||||||||||||||||
11,039,966 | 191,152,096 | 3,348 | 619,425 | 17,688,417 | 10,497,863 | ||||||||||||||||
8,577 | — | — | — | 7,164 | — | ||||||||||||||||
69,697 | 564,539 | — | — | 197,786 | — | ||||||||||||||||
53 | 1,938,207 | — | 247 | 2,414 | 638,162 | ||||||||||||||||
139,090 | 1,204,215 | 4 | — | 437,060 | — | ||||||||||||||||
10,480 | 67,000 | — | — | 4,740 | — | ||||||||||||||||
5,335 | 104,083 | 2 | — | 7,881 | 3,313 | ||||||||||||||||
711 | 13,878 | — | — | 1,051 | 663 | ||||||||||||||||
689 | 13,299 | — | 60 | 1,145 | 647 | ||||||||||||||||
3,620 | 83,815 | — | 710 | 7,079 | 3,145 | ||||||||||||||||
2,291 | 81,332 | 1 | 887 | 6,886 | 3,549 | ||||||||||||||||
1,139 | 23,437 | — | 184 | 1,860 | 1,038 | ||||||||||||||||
503 | 7,363 | — | 32 | 1,235 | 357 | ||||||||||||||||
33 | 634 | — | 3 | 53 | 30 | ||||||||||||||||
6,484 | 117,396 | 5 | 2,980 | 12,287 | 6,326 | ||||||||||||||||
248,702 | 4,219,198 | 12 | 5,103 | 688,641 | 657,230 | ||||||||||||||||
$ | 10,791,264 | $ | 186,932,898 | $ | 3,336 | $ | 614,322 | $ | 16,999,776 | $ | 9,840,633 | ||||||||||
$ | 9,648,048 | $ | 139,183,702 | $ | 972,739 | $ | 9,385,031 | $ | 22,080,963 | $ | 18,253,891 | ||||||||||
1,143,216 | 47,749,196 | (969,403 | ) | (8,770,709 | ) | (5,081,187 | ) | (8,413,258 | ) | ||||||||||||
$ | 10,791,264 | $ | 186,932,898 | $ | 3,336 | $ | 614,322 | $ | 16,999,776 | $ | 9,840,633 | ||||||||||
307,878 | 6,041,921 | 1,035 | 17,357 | 1,231,143 | 773,413 | ||||||||||||||||
$ | 35.05 | $ | 30.94 | $ | 3.22 | $ | 35.39 | $ | 13.81 | $ | 12.72 | ||||||||||
$ | 66,880 | $ | 542,009 | $ | — | $ | — | $ | 185,432 | $ | — |
See accompanying notes to the financial statements.
240 :: Statements of Assets and Liabilities :: December 31, 2023
ProFund VP Utilities | ||||
ASSETS: | ||||
Total Investment Securities, at cost | $ | 11,455,715 | ||
Securities, at value | 25,565,121 | |||
Repurchase agreements, at value | 380,000 | |||
Total Investment Securities, at value | 25,945,121 | |||
Cash | 755 | |||
Segregated cash balances for swap agreements with custodian | 200,000 | |||
Dividends and interest receivable | 38,044 | |||
Receivable for capital shares issued | 7,618 | |||
Unrealized appreciation on swap agreements | 3,060 | |||
Prepaid expenses | 87 | |||
TOTAL ASSETS | 26,194,685 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 3,353 | |||
Advisory fees payable | 12,086 | |||
Management services fees payable | 1,612 | |||
Administration fees payable | 1,913 | |||
Administrative services fees payable | 12,133 | |||
Distribution fees payable | 12,280 | |||
Transfer agency fees payable | 3,507 | |||
Fund accounting fees payable | 1,060 | |||
Compliance services fees payable | 98 | |||
Other accrued expenses | 27,652 | |||
TOTAL LIABILITIES | 75,694 | |||
Commitments and contingencies (Note 4) | ||||
NET ASSETS | $ | 26,118,991 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,466,342 | ||
Total distributable earnings (loss) | 12,652,649 | |||
NET ASSETS | $ | 26,118,991 | ||
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value): | 697,795 | |||
NET ASSET VALUE (offering and redemption price per share): | $ | 37.43 |
Amounts designated as “ – ” are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
Statements of Operations
242 :: Statements of Operations :: For the Periods Indicated
ProFund Access VP High Yield | ProFund VP Asia 30 | ProFund VP Banks | ProFund VP Bear | |||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | — | $ | 256,209 | $ | 156,973 | $ | — | ||||||||
Interest | 591,498 | 5,608 | 1,672 | 198,645 | ||||||||||||
Foreign tax withholding | — | (29,656 | ) | — | — | |||||||||||
Net income from securities lending | — | 33,217 | 695 | — | ||||||||||||
TOTAL INVESTMENT INCOME | 591,498 | 265,378 | 159,340 | 198,645 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 99,635 | 125,495 | 32,641 | 29,866 | ||||||||||||
Management services fees | 13,285 | 16,733 | 4,352 | 3,982 | ||||||||||||
Administration fees | 13,159 | 16,927 | 4,403 | 4,003 | ||||||||||||
Distribution fees | 33,212 | 41,832 | 10,880 | 9,955 | ||||||||||||
Transfer agency fees | 11,495 | 14,647 | 3,740 | 3,490 | ||||||||||||
Administrative services fees | 31,974 | 32,043 | 11,869 | 9,286 | ||||||||||||
Custody fees | 3,398 | 26,462 | 670 | 758 | ||||||||||||
Fund accounting fees | 7,361 | 9,507 | 2,687 | 2,257 | ||||||||||||
Trustee fees | 182 | 237 | 59 | 52 | ||||||||||||
Compliance services fees | 63 | 97 | 23 | 20 | ||||||||||||
Audit fees | 11,156 | 15,202 | 3,428 | 3,067 | ||||||||||||
Other fees | 4,222 | 6,408 | 3,101 | 1,750 | ||||||||||||
Recoupment of prior expenses reduced by the Advisor | — | — | — | — | ||||||||||||
Total Gross Expenses before reductions | 229,142 | 305,590 | 77,853 | 68,486 | ||||||||||||
Expenses reduced and reimbursed by the Advisor | (5,285 | ) | (24,437 | ) | (4,083 | ) | (1,511 | ) | ||||||||
Fees paid indirectly | (675 | ) | (43 | ) | (654 | ) | (75 | ) | ||||||||
TOTAL NET EXPENSES | 223,182 | 281,110 | 73,116 | 66,900 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | 368,316 | (15,732 | ) | 86,224 | 131,745 | |||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||
Net realized gains (losses) on investment securities | (305,954 | ) | 760,861 | 1,352,724 | — | |||||||||||
Net realized gains (losses) on futures contracts | (98,873 | ) | — | — | (47,772 | ) | ||||||||||
Net realized gains (losses) on swap agreements | 920,083 | — | 43,139 | (961,383 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on investment securities | 213,536 | 28,769 | (963,156 | ) | — | |||||||||||
Change in net unrealized appreciation/depreciation on futures contracts | 53,425 | — | — | (30,175 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on swap agreements | 48,722 | — | (4,198 | ) | 19,034 | |||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 830,939 | 789,630 | 428,509 | (1,020,296 | ) | |||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,199,255 | $ | 773,898 | $ | 514,733 | $ | (888,551 | ) |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
Amounts | designated as " – " are $0 or have been rounded to $0. |
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Operations :: 243
ProFund VP Biotechnology | ProFund VP Bull | ProFund VP Communication Services† | ProFund VP Consumer Discretionary† | ProFund VP Consumer Staples† | ProFund VP Dow 30 | |||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||||||
$ | 203,103 | $ | 613,875 | $ | 79,297 | $ | 174,749 | $ | 358,531 | $ | — | |||||||||||
38,310 | 675,780 | 7,895 | 15,052 | 12,863 | 15,273 | |||||||||||||||||
— | (160 | ) | — | — | — | — | ||||||||||||||||
59,462 | 17 | 16 | 2,398 | 991 | — | |||||||||||||||||
300,875 | 1,289,512 | 87,208 | 192,199 | 372,385 | 15,273 | |||||||||||||||||
330,868 | 380,941 | 46,068 | 146,805 | 96,626 | 2,342 | |||||||||||||||||
44,115 | 50,792 | 6,142 | 19,574 | 12,883 | 312 | |||||||||||||||||
44,131 | 51,552 | 6,001 | 19,325 | 12,976 | 284 | |||||||||||||||||
110,289 | 126,980 | 15,356 | 48,935 | 32,209 | 781 | |||||||||||||||||
37,915 | 44,195 | 5,265 | 16,774 | 11,193 | 269 | |||||||||||||||||
78,872 | 123,094 | 16,491 | 52,098 | 34,180 | 464 | |||||||||||||||||
6,336 | 14,868 | 1,068 | 2,968 | 2,060 | 47 | |||||||||||||||||
24,786 | 30,178 | 3,472 | 11,008 | 7,376 | 173 | |||||||||||||||||
615 | 702 | 80 | 257 | 188 | 4 | |||||||||||||||||
275 | 361 | 44 | 132 | 73 | 2 | |||||||||||||||||
38,002 | 42,994 | 5,044 | 16,611 | 10,459 | 243 | |||||||||||||||||
26,305 | 21,524 | 3,896 | 12,756 | 8,111 | 192 | |||||||||||||||||
133 | — | — | — | — | — | |||||||||||||||||
742,642 | 888,181 | 108,927 | 347,243 | 228,334 | 5,113 | |||||||||||||||||
(133 | ) | (33,962 | ) | (5,700 | ) | (17,005 | ) | (11,864 | ) | — | ||||||||||||
(5,614 | ) | (911 | ) | (36 | ) | (1,394 | ) | (27 | ) | (24 | ) | |||||||||||
736,895 | 853,308 | 103,191 | 328,844 | 216,443 | 5,089 | |||||||||||||||||
(436,020 | ) | 436,204 | (15,983 | ) | (136,645 | ) | 155,942 | 10,184 | ||||||||||||||
18,656,110 | 460,159 | 529,478 | 2,970,225 | 3,978,736 | — | |||||||||||||||||
— | 364,761 | — | — | — | — | |||||||||||||||||
(203,386 | ) | 1,844,366 | 34,021 | 149,001 | (4,883 | ) | 27,755 | |||||||||||||||
(14,273,491 | ) | 7,401,020 | 1,095,002 | 2,211,406 | (3,478,576 | ) | — | |||||||||||||||
— | 137,841 | — | — | — | — | |||||||||||||||||
(2,782 | ) | (54,648 | ) | (1,048 | ) | 2,438 | 2,550 | 1,061 | ||||||||||||||
4,176,451 | 10,153,499 | 1,657,453 | 5,333,070 | 497,827 | 28,816 | |||||||||||||||||
$ | 3,740,431 | $ | 10,589,703 | $ | 1,641,470 | $ | 5,196,425 | $ | 653,769 | $ | 39,000 |
See accompanying notes to the financial statements.
244 :: Statements of Operations :: For the Periods Indicated
ProFund VP Emerging Markets | ProFund VP Energy† | ProFund VP Europe 30 | ProFund VP Falling U.S. Dollar | |||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 585,181 | $ | 1,766,806 | $ | 557,231 | $ | — | ||||||||
Interest | 54,229 | 38,074 | 2,933 | 44,102 | ||||||||||||
Foreign tax withholding | (61,668 | ) | — | (41,450 | ) | — | ||||||||||
Net income from securities lending | 11,681 | — | 11,001 | — | ||||||||||||
TOTAL INVESTMENT INCOME | 589,423 | 1,804,880 | 529,715 | 44,102 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 150,323 | 395,331 | 113,198 | 6,672 | ||||||||||||
Management services fees | 20,043 | 52,710 | 15,093 | 890 | ||||||||||||
Administration fees | 20,170 | 53,130 | 14,630 | 887 | ||||||||||||
Distribution fees | 50,108 | 131,777 | 37,733 | 2,224 | ||||||||||||
Transfer agency fees | 17,356 | 45,682 | 12,863 | 776 | ||||||||||||
Administrative services fees | 46,969 | 131,486 | 31,978 | 2,080 | ||||||||||||
Custody fees | 18,251 | 8,194 | 15,842 | 7,728 | ||||||||||||
Fund accounting fees | 11,315 | 29,431 | 8,367 | 500 | ||||||||||||
Trustee fees | 283 | 722 | 205 | 13 | ||||||||||||
Compliance services fees | 132 | 276 | 94 | 8 | ||||||||||||
Audit fees | 17,204 | 46,207 | 12,015 | 746 | ||||||||||||
Legal fees | 2,197 | 4,489 | 1,642 | 84 | ||||||||||||
Licensing fees | 3,934 | 13,688 | — | 3,640 | ||||||||||||
Other fees | 4,827 | 10,797 | 3,479 | 168 | ||||||||||||
Total Gross Expenses before reductions | 363,112 | 923,920 | 267,139 | 26,416 | ||||||||||||
Expenses reduced and reimbursed by the Advisor | (26,147 | ) | (32,139 | ) | (13,535 | ) | (11,432 | ) | ||||||||
Fees paid indirectly | (160 | ) | (6,241 | ) | (41 | ) | (40 | ) | ||||||||
TOTAL NET EXPENSES | 336,805 | 885,540 | 253,563 | 14,944 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | 252,618 | 919,340 | 276,152 | 29,158 | ||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||
Net realized gains (losses) on investment securities | (1,100,353 | ) | 4,880,144 | 1,625,865 | — | |||||||||||
Net realized gains (losses) on swap agreements | 161,207 | 33,459 | — | — | ||||||||||||
Net realized gains (losses) on forward currency contracts | — | — | — | (29,550 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on investment securities | 2,904,310 | (7,993,316 | ) | 439,201 | — | |||||||||||
Change in net unrealized appreciation/depreciation on swap agreements | 32,338 | (31,787 | ) | — | — | |||||||||||
Change in net unrealized appreciation/depreciation on forward currency contracts | — | — | — | 18,107 | ||||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,997,502 | (3,111,500 | ) | 2,065,066 | (11,443 | ) | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,250,120 | $ | (2,192,160 | ) | $ | 2,341,218 | $ | 17,715 |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
(a) | Amount includes $42,708 of contractual expense reductions and an additional $90,405 of voluntary expense reductions. |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Operations :: 245
ProFund VP Financials | ProFund VP Government Money Market | ProFund VP Health Care | ProFund VP Industrials | ProFund VP International | ProFund VP Internet | |||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||||||
$ | 487,371 | $ | — | $ | 635,089 | $ | 253,989 | $ | — | $ | 24,474 | |||||||||||
20,712 | 1,742,932 | 27,637 | 17,761 | 567,046 | 10,783 | |||||||||||||||||
— | — | — | (7 | ) | — | — | ||||||||||||||||
318 | — | 41 | 147 | — | 37 | |||||||||||||||||
508,401 | 1,742,932 | 662,767 | 271,890 | 567,046 | 35,294 | |||||||||||||||||
191,220 | 263,452 | 284,138 | 107,720 | 87,352 | 78,325 | |||||||||||||||||
25,496 | 35,127 | 37,885 | 14,363 | 11,647 | 10,443 | |||||||||||||||||
25,670 | 15,501 | 37,762 | 14,295 | 10,676 | 10,354 | |||||||||||||||||
63,740 | — | 94,713 | 35,907 | 29,118 | 26,108 | |||||||||||||||||
22,135 | 30,387 | 32,716 | 12,351 | 10,100 | 9,003 | |||||||||||||||||
60,733 | — | 91,784 | 37,168 | 28,606 | 27,444 | |||||||||||||||||
4,637 | 14,795 | 5,861 | 2,291 | 1,835 | 1,662 | |||||||||||||||||
14,581 | 20,420 | 21,295 | 8,288 | 6,490 | 5,928 | |||||||||||||||||
353 | 475 | 524 | 196 | 166 | 140 | |||||||||||||||||
142 | 208 | 217 | 101 | 81 | 72 | |||||||||||||||||
22,616 | 26,224 | 29,971 | 11,631 | 9,716 | 8,342 | |||||||||||||||||
2,978 | 35,829 | 4,165 | 1,620 | 1,181 | 1,417 | |||||||||||||||||
6,798 | — | 10,122 | 3,901 | — | 2,228 | |||||||||||||||||
6,330 | 7,802 | 9,435 | 3,499 | 2,698 | 2,747 | |||||||||||||||||
447,429 | 450,220 | 660,588 | 253,331 | 199,666 | 184,213 | |||||||||||||||||
(18,635 | ) | (133,113 | )(a) | (21,931 | ) | (11,989 | ) | (3,260 | ) | (8,311 | ) | |||||||||||
(461 | ) | (965 | ) | (2,188 | ) | (43 | ) | (742 | ) | (454 | ) | |||||||||||
428,333 | 316,142 | 636,469 | 241,299 | 195,664 | 175,448 | |||||||||||||||||
80,068 | 1,426,790 | 26,298 | 30,591 | 371,382 | (140,154 | ) | ||||||||||||||||
3,778,799 | (3,129 | ) | 2,536,726 | 2,460,993 | — | (614,649 | ) | |||||||||||||||
78,930 | — | (25,825 | ) | 90,982 | 1,289,268 | 79,702 | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
(805,337 | ) | — | (2,454,479 | ) | (481,594 | ) | — | 4,732,087 | ||||||||||||||
228 | — | 7,249 | (125 | ) | 49,724 | (2,386 | ) | |||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
3,052,620 | (3,129 | ) | 63,671 | 2,070,256 | 1,338,992 | 4,194,754 | ||||||||||||||||
$ | 3,132,688 | $ | 1,423,661 | $ | 89,969 | $ | 2,100,847 | $ | 1,710,374 | $ | 4,054,600 |
See accompanying notes to the financial statements.
246 :: Statements of Operations :: For the Periods Indicated
ProFund VP Japan | ProFund VP Large-Cap Growth | ProFund VP Large-Cap Value | ProFund VP Materials† | |||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | — | $ | 272,955 | $ | 330,416 | $ | 309,186 | ||||||||
Interest | 504,219 | 3,684 | 1,978 | 11,380 | ||||||||||||
Foreign tax withholding | — | (94 | ) | (56 | ) | — | ||||||||||
Net income from securities lending | — | — | 14 | 114 | ||||||||||||
TOTAL INVESTMENT INCOME | 504,219 | 276,545 | 332,352 | 320,680 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 76,552 | 157,529 | 123,169 | 115,369 | ||||||||||||
Management services fees | 10,207 | 21,004 | 16,423 | 15,382 | ||||||||||||
Administration fees | 10,022 | 20,554 | 16,211 | 15,345 | ||||||||||||
Distribution fees | 25,517 | 52,510 | 41,056 | 38,456 | ||||||||||||
Transfer agency fees | 8,852 | 18,191 | 14,165 | 13,267 | ||||||||||||
Administrative services fees | 26,548 | 59,800 | 46,209 | 39,918 | ||||||||||||
Custody fees | 1,670 | 4,643 | 3,534 | 2,384 | ||||||||||||
Fund accounting fees | 5,691 | 12,516 | 10,533 | 8,630 | ||||||||||||
Trustee fees | 139 | 279 | 222 | 216 | ||||||||||||
Compliance services fees | 84 | 140 | 115 | 95 | ||||||||||||
Audit fees | 8,143 | 16,474 | 12,951 | 13,225 | ||||||||||||
Other fees | 3,057 | 9,502 | 7,090 | 9,385 | ||||||||||||
Total Gross Expenses before reductions | 176,482 | 373,142 | 291,678 | 271,672 | ||||||||||||
Expenses reduced and reimbursed by the Advisor | (4,399 | ) | (20,250 | ) | (15,754 | ) | (10,939 | ) | ||||||||
Fees paid indirectly | (606 | ) | (27 | ) | (25 | ) | (2,309 | ) | ||||||||
TOTAL NET EXPENSES | 171,477 | 352,865 | 275,899 | 258,424 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | 332,742 | (76,320 | ) | 56,453 | 62,256 | |||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||
Net realized gains (losses) on investment securities | — | 502,885 | 1,750,291 | 1,284,267 | ||||||||||||
Net realized gains (losses) on futures contracts | 2,142,128 | — | — | — | ||||||||||||
Net realized gains (losses) on swap agreements | 9,185 | — | — | (10,275 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on investment securities | — | 4,578,455 | 1,221,262 | 105,978 | ||||||||||||
Change in net unrealized appreciation/depreciation on futures contracts | 396,411 | — | — | — | ||||||||||||
Change in net unrealized appreciation/depreciation on swap agreements | 2,423 | — | — | 1,377 | ||||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 2,550,147 | 5,081,340 | 2,971,553 | 1,381,347 | ||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,882,889 | $ | 5,005,020 | $ | 3,028,006 | $ | 1,443,603 |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Operations :: 247
ProFund VP Mid-Cap | ProFund VP Mid-Cap Growth | ProFund VP Mid-Cap Value | ProFund VP Nasdaq-100 | ProFund VP Pharmaceuticals | ProFund VP Precious Metals | |||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||||||
$ | — | $ | 163,268 | $ | 216,625 | $ | 725,098 | $ | 168,786 | $ | — | |||||||||||
482,511 | 2,614 | 1,780 | 1,815,727 | 8,098 | 1,228,260 | |||||||||||||||||
— | — | — | (894 | ) | — | — | ||||||||||||||||
— | 34 | 2,786 | 25,076 | 25,074 | — | |||||||||||||||||
482,511 | 165,916 | 221,191 | 2,565,007 | 201,958 | 1,228,260 | |||||||||||||||||
74,295 | 97,015 | 88,886 | 853,745 | 85,761 | 186,883 | |||||||||||||||||
9,906 | 12,935 | 11,851 | 113,832 | 11,435 | 24,918 | |||||||||||||||||
10,092 | 12,849 | 11,999 | 111,226 | 11,402 | 22,699 | |||||||||||||||||
24,765 | 32,338 | 29,629 | 284,581 | 28,587 | 62,294 | |||||||||||||||||
8,605 | 11,198 | 10,298 | 97,351 | 9,852 | 21,642 | |||||||||||||||||
24,404 | 40,833 | 36,077 | 283,830 | 29,070 | 65,614 | |||||||||||||||||
1,555 | 3,590 | 2,921 | 18,077 | 1,933 | 3,734 | |||||||||||||||||
5,532 | 8,060 | 7,676 | 62,818 | 6,473 | 13,913 | |||||||||||||||||
139 | 182 | 168 | 1,506 | 160 | 344 | |||||||||||||||||
56 | 79 | 69 | 841 | 61 | 151 | |||||||||||||||||
8,489 | 10,274 | 9,368 | 94,698 | 10,140 | 21,510 | |||||||||||||||||
4,901 | 6,134 | 5,857 | 84,660 | 6,979 | 13,920 | |||||||||||||||||
172,739 | 235,487 | 214,799 | 2,007,165 | 201,853 | 437,622 | |||||||||||||||||
(6,049 | ) | (18,145 | ) | (15,677 | ) | (92,706 | ) | (8,293 | ) | (18,243 | ) | |||||||||||
(269 | ) | (28 | ) | (27 | ) | (2,067 | ) | (1,456 | ) | (760 | ) | |||||||||||
166,421 | 217,314 | 199,095 | 1,912,392 | 192,104 | 418,619 | |||||||||||||||||
316,090 | (51,398 | ) | 22,096 | 652,615 | 9,854 | 809,641 | ||||||||||||||||
— | 776,856 | 952,080 | 7,851,405 | 881,770 | — | |||||||||||||||||
22,023 | — | — | 2,963,806 | — | — | |||||||||||||||||
799,667 | — | — | 7,477,324 | (15,087 | ) | (524,896 | ) | |||||||||||||||
— | 1,066,370 | 483,647 | 23,883,856 | (1,685,711 | ) | — | ||||||||||||||||
110,659 | — | — | 1,056,265 | — | — | |||||||||||||||||
(68,565 | ) | — | — | (237,716 | ) | 2,112 | (142,864 | ) | ||||||||||||||
863,784 | 1,843,226 | 1,435,727 | 42,994,940 | (816,916 | ) | (667,760 | ) | |||||||||||||||
$ | 1,179,874 | $ | 1,791,828 | $ | 1,457,823 | $ | 43,647,555 | $ | (807,062 | ) | $ | 141,881 |
See accompanying notes to the financial statements.
248 :: Statements of Operations :: For the Periods Indicated
ProFund VP Real Estate | ProFund VP Rising Rates Opportunity | ProFund VP Semiconductor | ProFund VP Short Dow 30 | |||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 166,327 | $ | — | $ | 379,999 | $ | — | ||||||||
Interest | 6,387 | 565,499 | 46,993 | 315 | ||||||||||||
Foreign tax withholding | — | — | (1,694 | ) | — | |||||||||||
Net income from securities lending | 3 | — | 574 | — | ||||||||||||
TOTAL INVESTMENT INCOME | 172,717 | 565,499 | 425,872 | 315 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 42,349 | 86,931 | 283,606 | 51 | ||||||||||||
Management services fees | 5,647 | 11,591 | 37,814 | 7 | ||||||||||||
Administration fees | 5,687 | 11,919 | 35,818 | 6 | ||||||||||||
Distribution fees | 14,116 | 28,977 | 94,535 | 18 | ||||||||||||
Transfer agency fees | 4,928 | 10,013 | 32,122 | 6 | ||||||||||||
Administrative services fees | 16,743 | 23,615 | 84,604 | 4 | ||||||||||||
Custody fees | 878 | 2,036 | 5,676 | 1 | ||||||||||||
Fund accounting fees | 3,309 | 6,431 | 20,724 | 4 | ||||||||||||
Trustee fees | 79 | 159 | 467 | — | ||||||||||||
Compliance services fees | 26 | 42 | 372 | — | ||||||||||||
Audit fees | 4,506 | 9,283 | 28,970 | 6 | ||||||||||||
Licensing fees | 1,541 | — | 8,110 | 2 | ||||||||||||
Other fees | 2,029 | 2,787 | 11,458 | 3 | ||||||||||||
Recoupment of prior expenses reduced by the Advisor | — | 520 | — | 8 | ||||||||||||
Total Gross Expenses before reductions | 101,838 | 194,304 | 644,276 | 116 | ||||||||||||
Expenses reduced and reimbursed by the Advisor | (6,954 | ) | (520 | ) | (4,579 | ) | — | |||||||||
Fees paid indirectly | (23 | ) | (394 | ) | (4,420 | ) | (1 | ) | ||||||||
TOTAL NET EXPENSES | 94,861 | 193,390 | 635,277 | 115 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | 77,856 | 372,109 | (209,405 | ) | 200 | |||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||
Net realized gains (losses) on investment securities | 462,471 | — | 4,349,830 | — | ||||||||||||
Net realized gains (losses) on futures contracts | — | 31,011 | — | — | ||||||||||||
Net realized gains (losses) on swap agreements | 22,288 | 1,457,750 | 630,814 | (725 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on investment securities | 22,464 | — | 16,037,196 | — | ||||||||||||
Change in net unrealized appreciation/depreciation on futures contracts | — | 198 | — | — | ||||||||||||
Change in net unrealized appreciation/depreciation on swap agreements | 642 | (1,838,773 | ) | (7,321 | ) | (25 | ) | |||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 507,865 | (349,814 | ) | 21,010,519 | (750 | ) | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 585,721 | $ | 22,295 | $ | 20,801,114 | $ | (550 | ) |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Operations :: 249
ProFund VP Short Emerging Markets | ProFund VP Short International | ProFund VP Short Mid-Cap | ProFund VP Short Nasdaq-100 | ProFund VP Short Small-Cap | ProFund VP Small-Cap | |||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 115,852 | |||||||||||
45,090 | 45,274 | 10,850 | 311,500 | 164,758 | 157,470 | |||||||||||||||||
— | — | — | — | — | (101 | ) | ||||||||||||||||
— | — | — | — | — | 6,116 | |||||||||||||||||
45,090 | 45,274 | 10,850 | 311,500 | 164,758 | 279,337 | |||||||||||||||||
6,771 | 6,863 | 1,645 | 47,544 | 24,725 | 83,285 | |||||||||||||||||
903 | 915 | 219 | 6,339 | 3,296 | 11,105 | |||||||||||||||||
862 | 827 | 200 | 6,789 | 3,237 | 11,165 | |||||||||||||||||
2,257 | 2,288 | 548 | 15,848 | 8,241 | 27,762 | |||||||||||||||||
786 | 802 | 192 | 5,546 | 2,886 | 9,519 | |||||||||||||||||
2,184 | 2,103 | 678 | 15,313 | 7,651 | 24,841 | |||||||||||||||||
209 | 175 | 23 | 1,125 | 493 | 2,021 | |||||||||||||||||
503 | 516 | 124 | 3,571 | 1,865 | 13,095 | |||||||||||||||||
14 | 12 | 3 | 88 | 42 | 148 | |||||||||||||||||
2 | — | — | 18 | 25 | 70 | |||||||||||||||||
790 | 865 | 179 | 5,748 | 2,887 | 9,449 | |||||||||||||||||
205 | — | 45 | 2,412 | 3,363 | 11,314 | |||||||||||||||||
297 | 225 | 83 | 2,320 | 1,014 | 4,097 | |||||||||||||||||
— | 105 | — | — | — | — | |||||||||||||||||
15,783 | 15,696 | 3,939 | 112,661 | 59,725 | 207,871 | |||||||||||||||||
(575 | ) | (287 | ) | (235 | ) | (5,419 | ) | (4,242 | ) | (21,157 | ) | |||||||||||
(41 | ) | (35 | ) | (19 | ) | (746 | ) | (98 | ) | (155 | ) | |||||||||||
15,167 | 15,374 | 3,685 | 106,496 | 55,385 | 186,559 | |||||||||||||||||
29,923 | 29,900 | 7,165 | 205,004 | 109,373 | 92,778 | |||||||||||||||||
— | — | — | — | — | 86,952 | |||||||||||||||||
— | — | — | (198,405 | ) | 5,429 | (11,227 | ) | |||||||||||||||
(171,679 | ) | (266,232 | ) | (15,901 | ) | (2,881,315 | ) | (518,815 | ) | 666,745 | ||||||||||||
— | — | — | — | — | 1,001,951 | |||||||||||||||||
— | — | — | (72,475 | ) | (16,819 | ) | 33,603 | |||||||||||||||
(10,176 | ) | (15,871 | ) | 539 | 82,591 | 68,345 | (113,397 | ) | ||||||||||||||
(181,855 | ) | (282,103 | ) | (15,362 | ) | (3,069,604 | ) | (461,860 | ) | 1,664,627 | ||||||||||||
$ | (151,932 | ) | $ | (252,203 | ) | $ | (8,197 | ) | $ | (2,864,600 | ) | $ | (352,487 | ) | $ | 1,757,405 |
See accompanying notes to the financial statements.
250 :: Statements of Operations :: For the Periods Indicated
ProFund VP Small-Cap Growth | ProFund VP Small-Cap Value | ProFund VP Technology | ProFund VP UltraBull | |||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends | $ | 204,343 | $ | 338,176 | $ | 412,381 | $ | 181,690 | ||||||||
Interest | 2,005 | 2,280 | 36,134 | 205,156 | ||||||||||||
Foreign tax withholding | (1 | ) | (1 | ) | (704 | ) | (46 | ) | ||||||||
Net income from securities lending | 875 | 3,881 | 280 | 5 | ||||||||||||
TOTAL INVESTMENT INCOME | 207,222 | 344,336 | 448,091 | 386,805 | ||||||||||||
EXPENSES: | ||||||||||||||||
Advisory fees | 108,440 | 131,910 | 333,556 | 116,113 | ||||||||||||
Management services fees | 14,459 | 17,588 | 44,474 | 15,481 | ||||||||||||
Administration fees | 14,469 | 17,797 | 43,305 | 15,360 | ||||||||||||
Distribution fees | 36,147 | 43,970 | 111,185 | 38,704 | ||||||||||||
Transfer agency fees | 12,524 | 15,188 | 37,899 | 13,395 | ||||||||||||
Administrative services fees | 38,395 | 46,266 | 77,492 | 38,514 | ||||||||||||
Custody fees | 3,250 | 3,980 | 6,650 | 2,760 | ||||||||||||
Fund accounting fees | 9,266 | 11,374 | 24,612 | 10,428 | ||||||||||||
Trustee fees | 200 | 248 | 577 | 217 | ||||||||||||
Compliance services fees | 89 | 95 | 353 | 116 | ||||||||||||
Audit fees | 11,858 | 15,489 | 34,754 | 12,095 | ||||||||||||
Licensing fees | 1,649 | 2,198 | 13,219 | 1,379 | ||||||||||||
Other fees | 5,542 | 6,181 | 14,962 | 4,880 | ||||||||||||
Recoupment of prior expenses reduced by the Advisor | — | — | 224 | — | ||||||||||||
Total Gross Expenses before reductions | 256,288 | 312,284 | 743,262 | 269,442 | ||||||||||||
Expenses reduced and reimbursed by the Advisor | (13,352 | ) | (16,734 | ) | (224 | ) | (5,476 | ) | ||||||||
Fees paid indirectly | (30 | ) | (71 | ) | (5,650 | ) | (577 | ) | ||||||||
TOTAL NET EXPENSES | 242,906 | 295,479 | 737,388 | 263,389 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | (35,684 | ) | 48,857 | (289,297 | ) | 123,416 | ||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||||||||||||||
Net realized gains (losses) on investment securities | 1,029,511 | 1,656,001 | 5,584,447 | (105,415 | ) | |||||||||||
Net realized gains (losses) on futures contracts | — | — | — | 63,448 | ||||||||||||
Net realized gains (losses) on swap agreements | — | — | 192,850 | 3,000,364 | ||||||||||||
Change in net unrealized appreciation/depreciation on investment securities | 1,107,875 | 316,339 | 12,775,820 | 2,248,037 | ||||||||||||
Change in net unrealized appreciation/depreciation on futures contracts | — | — | — | 69,107 | ||||||||||||
Change in net unrealized appreciation/depreciation on swap agreements | — | — | (1,755 | ) | (91,520 | ) | ||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 2,137,386 | 1,972,340 | 18,551,362 | 5,184,021 | ||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,101,702 | $ | 2,021,197 | $ | 18,262,065 | $ | 5,307,437 |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Operations :: 251
ProFund VP UltraMid-Cap | ProFund VP UltraNasdaq-100 | ProFund VP UltraShort Dow 30 | ProFund VP UltraShort Nasdaq-100 | ProFund VP UltraSmall-Cap | ProFund VP U.S. Government Plus | |||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | |||||||||||||||||
$ | 98,395 | $ | 923,923 | $ | — | $ | — | $ | 138,119 | $ | — | |||||||||||
115,693 | 2,098,454 | 168 | 107,498 | 175,885 | 404,001 | |||||||||||||||||
— | (1,074 | ) | — | — | (125 | ) | — | |||||||||||||||
810 | 30,928 | — | — | 8,117 | — | |||||||||||||||||
214,898 | 3,052,231 | 168 | 107,498 | 321,996 | 404,001 | |||||||||||||||||
66,292 | 1,066,825 | 30 | 15,877 | 100,713 | 44,073 | |||||||||||||||||
8,839 | 142,242 | 4 | 2,117 | 13,428 | 8,815 | |||||||||||||||||
8,908 | 138,236 | 4 | 2,185 | 13,351 | 8,294 | |||||||||||||||||
22,097 | 355,608 | 10 | 5,292 | 33,571 | 22,036 | |||||||||||||||||
7,651 | 121,404 | 3 | 1,897 | 11,470 | 7,632 | |||||||||||||||||
26,277 | 386,868 | 1 | 4,234 | 35,997 | 22,108 | |||||||||||||||||
1,622 | 23,633 | 1 | 2,249 | 2,601 | 1,185 | |||||||||||||||||
6,361 | 78,222 | 2 | 1,222 | 14,311 | 4,912 | |||||||||||||||||
124 | 1,881 | — | 24 | 184 | 126 | |||||||||||||||||
55 | 1,104 | — | — | 85 | 54 | |||||||||||||||||
7,138 | 117,715 | 3 | 1,885 | 11,442 | 7,545 | |||||||||||||||||
960 | 56,755 | 1 | 709 | 13,165 | — | |||||||||||||||||
3,230 | 50,294 | 2 | 837 | 5,130 | 3,402 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
159,554 | 2,540,787 | 61 | 38,528 | 255,448 | 130,182 | |||||||||||||||||
(10,789 | ) | (144,730 | ) | — | (2,885 | ) | (28,413 | ) | (8,189 | ) | ||||||||||||
(271 | ) | (6,399 | ) | (1 | ) | (78 | ) | (1,440 | ) | (352 | ) | |||||||||||
148,494 | 2,389,658 | 60 | 35,565 | 225,595 | 121,641 | |||||||||||||||||
66,404 | 662,573 | 108 | 71,933 | 96,401 | 282,360 | |||||||||||||||||
235,456 | 2,621,980 | — | — | (36,849 | ) | (433,280 | ) | |||||||||||||||
2,703 | 2,210,481 | — | — | (100,060 | ) | (15,063 | ) | |||||||||||||||
788,875 | 58,936,084 | (852 | ) | (3,436,585 | ) | 2,149,332 | (982,761 | ) | ||||||||||||||
573,948 | 32,946,042 | — | — | 1,139,579 | 370,911 | |||||||||||||||||
79,879 | 1,531,408 | — | — | 66,153 | 595 | |||||||||||||||||
(109,837 | ) | (2,202,077 | ) | (28 | ) | 115,117 | (523,117 | ) | 583,144 | |||||||||||||
1,571,024 | 96,043,918 | (880 | ) | (3,321,468 | ) | 2,695,038 | (476,454 | ) | ||||||||||||||
$ | 1,637,428 | $ | 96,706,491 | $ | (772 | ) | $ | (3,249,535 | ) | $ | 2,791,439 | $ | (194,094 | ) |
See accompanying notes to the financial statements.
252 :: Statements of Operations :: For the Periods Indicated
ProFund VP Utilities | ||||
Year Ended December 31, 2023 | ||||
INVESTMENT INCOME: | ||||
Dividends | $ | 960,791 | ||
Interest | 15,704 | |||
TOTAL INVESTMENT INCOME | 976,495 | |||
EXPENSES: | ||||
Advisory fees | 230,758 | |||
Management services fees | 30,768 | |||
Administration fees | 30,962 | |||
Distribution fees | 76,919 | |||
Transfer agency fees | 26,750 | |||
Administrative services fees | 82,266 | |||
Custody fees | 5,692 | |||
Fund accounting fees | 17,303 | |||
Trustee fees | 431 | |||
Compliance services fees | 140 | |||
Other fees | 45,768 | |||
Total Gross Expenses before reductions | 547,757 | |||
Expenses reduced and reimbursed by the Advisor | (26,520 | ) | ||
Fees paid indirectly | (4,339 | ) | ||
TOTAL NET EXPENSES | 516,898 | |||
NET INVESTMENT INCOME (LOSS) | 459,597 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 847,725 | |||
Net realized gains (losses) on swap agreements | (150,240 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (4,319,837 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 3,788 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (3,618,564 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,158,967 | ) |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
Statements of Changes in Net Assets
254 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund Access VP High Yield | ProFund VP Asia 30 | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 368,316 | $ | 62,091 | $ | (15,732 | ) | $ | (75,929 | ) | ||||||
Net realized gains (losses) on investments | 515,256 | (2,553,224 | ) | 760,861 | (3,806,589 | ) | ||||||||||
Change in net unrealized appreciation/depreciation on investments | 315,683 | 483,675 | 28,769 | (1,619,551 | ) | |||||||||||
Change in net assets resulting from operations | 1,199,255 | (2,007,458 | ) | 773,898 | (5,502,069 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (811,910 | ) | (595,085 | ) | (687,226 | ) | (2,327,623 | ) | ||||||||
Change in net assets resulting from distributions | (811,910 | ) | (595,085 | ) | (687,226 | ) | (2,327,623 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 22,420,442 | 44,436,374 | 26,284,747 | 32,922,526 | ||||||||||||
Distributions reinvested | 811,910 | 595,085 | 687,226 | 2,327,623 | ||||||||||||
Value of shares redeemed | (24,154,285 | ) | (40,738,828 | ) | (29,554,525 | ) | (31,586,574 | ) | ||||||||
Change in net assets resulting from capital transactions | (921,933 | ) | 4,292,631 | (2,582,552 | ) | 3,663,575 | ||||||||||
Change in net assets | (534,588 | ) | 1,690,088 | (2,495,880 | ) | (4,166,117 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 17,015,123 | 15,325,035 | 17,740,919 | 21,907,036 | ||||||||||||
End of period | $ | 16,480,535 | $ | 17,015,123 | $ | 15,245,039 | $ | 17,740,919 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 927,714 | 1,817,830 | 710,106 | 859,190 | ||||||||||||
Reinvested | 33,694 | 25,215 | 18,664 | 60,083 | ||||||||||||
Redeemed | (1,017,129 | ) | (1,699,852 | ) | (799,368 | ) | (830,232 | ) | ||||||||
Change in shares | (55,721 | ) | 143,193 | (70,598 | ) | 89,041 |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 255
ProFund VP Banks | ProFund VP Bear | ProFund VP Biotechnology | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 86,224 | $ | 65,310 | $ | 131,745 | $ | 7,959 | $ | (436,020 | ) | $ | (95,403 | ) | |||||||||
1,395,863 | (3,099,727 | ) | (1,009,155 | ) | 149,545 | 18,452,724 | 5,656,285 | |||||||||||||||
(967,354 | ) | (1,480,779 | ) | (11,141 | ) | (9,355 | ) | (14,276,273 | ) | (10,675,556 | ) | |||||||||||
514,733 | (4,515,196 | ) | (888,551 | ) | 148,149 | 3,740,431 | (5,114,674 | ) | ||||||||||||||
(65,310 | ) | (49,018 | ) | (7,959 | ) | — | (6,518,064 | ) | (8,817,118 | ) | ||||||||||||
(65,310 | ) | (49,018 | ) | (7,959 | ) | — | (6,518,064 | ) | (8,817,118 | ) | ||||||||||||
17,768,471 | 52,079,786 | 27,476,028 | 33,511,378 | 14,614,174 | 15,974,231 | |||||||||||||||||
65,310 | 49,018 | 7,959 | — | 6,518,064 | 8,817,118 | |||||||||||||||||
(17,163,970 | ) | (50,568,806 | ) | (28,791,566 | ) | (30,258,589 | ) | (23,215,452 | ) | (23,263,017 | ) | |||||||||||
669,811 | 1,559,998 | (1,307,579 | ) | 3,252,789 | (2,083,214 | ) | 1,528,332 | |||||||||||||||
1,119,234 | (3,004,216 | ) | (2,204,089 | ) | 3,400,938 | (4,860,847 | ) | (12,403,460 | ) | |||||||||||||
4,496,097 | 7,500,313 | 4,957,759 | 1,556,821 | 49,394,941 | 61,798,401 | |||||||||||||||||
$ | 5,615,331 | $ | 4,496,097 | $ | 2,753,670 | $ | 4,957,759 | $ | 44,534,094 | $ | 49,394,941 | |||||||||||
760,184 | 1,642,940 | 1,735,673 | 2,004,731 | 224,669 | 226,037 | |||||||||||||||||
2,738 | 1,896 | 543 | — | 104,607 | 138,329 | |||||||||||||||||
(736,795 | ) | (1,702,830 | ) | (1,835,810 | ) | (1,820,764 | ) | (360,853 | ) | (319,842 | ) | |||||||||||
26,127 | (57,994 | ) | (99,594 | ) | 183,967 | (31,577 | ) | 44,524 |
See accompanying notes to the financial statements.
256 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Bull | ProFund VP Communication Services† | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 436,204 | $ | (47,190 | ) | $ | (15,983 | ) | $ | 58,848 | ||||||
Net realized gains (losses) on investments | 2,669,286 | 9,339,497 | 563,499 | (29,548 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on investments | 7,484,213 | (21,705,167 | ) | 1,093,954 | (1,449,723 | ) | ||||||||||
Change in net assets resulting from operations | 10,589,703 | (12,412,860 | ) | 1,641,470 | (1,420,423 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (8,734,170 | ) | (5,485,715 | ) | (58,848 | ) | (103,492 | ) | ||||||||
Change in net assets resulting from distributions | (8,734,170 | ) | (5,485,715 | ) | (58,848 | ) | (103,492 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 253,581,624 | 400,592,292 | 14,277,364 | 5,874,156 | ||||||||||||
Distributions reinvested | 8,734,170 | 5,485,715 | 58,848 | 103,492 | ||||||||||||
Value of shares redeemed | (253,403,377 | ) | (410,109,918 | ) | (11,314,338 | ) | (8,027,690 | ) | ||||||||
Change in net assets resulting from capital transactions | 8,912,417 | (4,031,911 | ) | 3,021,874 | (2,050,042 | ) | ||||||||||
Change in net assets | 10,767,950 | (21,930,486 | ) | 4,604,496 | (3,573,957 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 43,609,328 | 65,539,814 | 3,863,608 | 7,437,565 | ||||||||||||
End of period | $ | 54,377,278 | $ | 43,609,328 | $ | 8,468,104 | $ | 3,863,608 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 5,150,134 | 7,707,265 | 420,816 | 181,610 | ||||||||||||
Reinvested | 180,160 | 107,563 | 1,699 | 3,343 | ||||||||||||
Redeemed | (5,150,006 | ) | (7,851,294 | ) | (332,842 | ) | (249,531 | ) | ||||||||
Change in shares | 180,288 | (36,466 | ) | 89,673 | (64,578 | ) |
† As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 257
ProFund VP Consumer Discretionary† | ProFund VP Consumer Staples† | ProFund VP Dow 30 | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | (136,645 | ) | $ | (144,273 | ) | $ | 155,942 | $ | 23,329 | $ | 10,184 | $ | 129 | |||||||||
3,119,226 | 1,127,914 | 3,973,853 | 1,966,818 | 27,755 | (28,325 | ) | ||||||||||||||||
2,213,844 | (9,632,703 | ) | (3,476,026 | ) | (6,711,467 | ) | 1,061 | (1,081 | ) | |||||||||||||
5,196,425 | (8,649,062 | ) | 653,769 | (4,721,320 | ) | 39,000 | (29,277 | ) | ||||||||||||||
(1,013,997 | ) | (200,611 | ) | (1,806,155 | ) | (536,211 | ) | (129 | ) | (44,674 | ) | |||||||||||
(1,013,997 | ) | (200,611 | ) | (1,806,155 | ) | (536,211 | ) | (129 | ) | (44,674 | ) | |||||||||||
20,804,904 | 11,309,582 | 21,587,164 | 26,061,013 | 66,036 | 535,735 | |||||||||||||||||
1,013,997 | 200,611 | 1,806,155 | 536,211 | 129 | 44,674 | |||||||||||||||||
(17,670,071 | ) | (18,090,599 | ) | (22,952,398 | ) | (36,255,836 | ) | (47,363 | ) | (455,885 | ) | |||||||||||
4,148,830 | (6,580,406 | ) | 440,921 | (9,658,612 | ) | 18,802 | 124,524 | |||||||||||||||
8,331,258 | (15,430,079 | ) | (711,465 | ) | (14,916,143 | ) | 57,673 | 50,573 | ||||||||||||||
15,454,370 | 30,884,449 | 11,460,248 | 26,376,391 | 269,063 | 218,490 | |||||||||||||||||
$ | 23,785,628 | $ | 15,454,370 | $ | 10,748,783 | $ | 11,460,248 | $ | 326,736 | $ | 269,063 | |||||||||||
341,729 | 187,135 | 430,243 | 447,064 | 3,576 | 22,700 | |||||||||||||||||
15,948 | 3,559 | 39,137 | 9,728 | 7 | 2,524 | |||||||||||||||||
(292,307 | ) | (294,841 | ) | (453,961 | ) | (608,397 | ) | (2,546 | ) | (19,542 | ) | |||||||||||
65,370 | (104,147 | ) | 15,419 | (151,605 | ) | 1,037 | 5,682 |
See accompanying notes to the financial statements.
258 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Emerging Markets | ProFund VP Energy† | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 252,618 | $ | 422,178 | $ | 919,340 | $ | 1,185,447 | ||||||||
Net realized gains (losses) on investments | (939,146 | ) | (2,082,097 | ) | 4,913,603 | (1,327,415 | ) | |||||||||
Change in net unrealized appreciation/depreciation on investments | 2,936,648 | (1,964,235 | ) | (8,025,103 | ) | 19,554,355 | ||||||||||
Change in net assets resulting from operations | 2,250,120 | (3,624,154 | ) | (2,192,160 | ) | 19,412,387 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (422,942 | ) | (110,840 | ) | (1,187,917 | ) | (658,231 | ) | ||||||||
Change in net assets resulting from distributions | (422,942 | ) | (110,840 | ) | (1,187,917 | ) | (658,231 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 42,111,695 | 20,185,052 | 63,553,956 | 88,718,351 | ||||||||||||
Distributions reinvested | 422,942 | 110,840 | 1,187,917 | 658,231 | ||||||||||||
Value of shares redeemed | (42,322,174 | ) | (17,509,617 | ) | (80,016,805 | ) | (75,784,826 | ) | ||||||||
Change in net assets resulting from capital transactions | 212,463 | 2,786,275 | (15,274,932 | ) | 13,591,756 | |||||||||||
Change in net assets | 2,039,641 | (948,719 | ) | (18,655,009 | ) | 32,345,912 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 18,753,486 | 19,702,205 | 63,086,307 | 30,740,395 | ||||||||||||
End of period | $ | 20,793,127 | $ | 18,753,486 | $ | 44,431,298 | $ | 63,086,307 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 1,558,819 | 755,267 | 1,488,405 | 2,292,207 | ||||||||||||
Reinvested | 15,035 | 4,104 | 27,665 | 14,818 | ||||||||||||
Redeemed | (1,588,522 | ) | (665,593 | ) | (1,887,214 | ) | (1,978,836 | ) | ||||||||
Change in shares | (14,668 | ) | 93,778 | (371,144 | ) | 328,189 |
† As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 259
ProFund VP Europe 30 | ProFund VP Falling U.S. Dollar | ProFund VP Financials | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 276,152 | $ | 281,759 | $ | 29,158 | $ | (239 | ) | $ | 80,068 | $ | 106,491 | ||||||||||
1,625,865 | (677,134 | ) | (29,550 | ) | (46,979 | ) | 3,857,729 | 1,716,453 | ||||||||||||||
439,201 | (1,436,160 | ) | 18,107 | 5,679 | (805,109 | ) | (7,781,330 | ) | ||||||||||||||
2,341,218 | (1,831,535 | ) | 17,715 | (41,539 | ) | 3,132,688 | (5,958,386 | ) | ||||||||||||||
(314,873 | ) | (955,024 | ) | — | — | (1,185,841 | ) | (382,049 | ) | |||||||||||||
(314,873 | ) | (955,024 | ) | — | — | (1,185,841 | ) | (382,049 | ) | |||||||||||||
18,506,199 | 21,449,924 | 4,147,988 | 2,067,946 | 14,981,050 | 21,383,976 | |||||||||||||||||
314,873 | 955,024 | — | — | 1,185,841 | 382,049 | |||||||||||||||||
(19,922,531 | ) | (22,728,116 | ) | (3,520,351 | ) | (2,002,026 | ) | (18,603,936 | ) | (29,831,243 | ) | |||||||||||
(1,101,459 | ) | (323,168 | ) | 627,637 | 65,920 | (2,437,045 | ) | (8,065,218 | ) | |||||||||||||
924,886 | (3,109,727 | ) | 645,352 | 24,381 | (490,198 | ) | (14,405,653 | ) | ||||||||||||||
14,379,146 | 17,488,873 | 505,165 | 480,784 | 27,394,941 | 41,800,594 | |||||||||||||||||
$ | 15,304,032 | $ | 14,379,146 | $ | 1,150,517 | $ | 505,165 | $ | 26,904,743 | $ | 27,394,941 | |||||||||||
770,224 | 894,362 | 272,172 | 139,678 | 351,510 | 475,165 | |||||||||||||||||
12,926 | 40,605 | — | — | 27,533 | 8,928 | |||||||||||||||||
(830,659 | ) | (979,117 | ) | (231,825 | ) | (135,261 | ) | (441,916 | ) | (664,414 | ) | |||||||||||
(47,509 | ) | (44,150 | ) | 40,347 | 4,417 | (62,873 | ) | (180,321 | ) |
See accompanying notes to the financial statements.
260 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Government Money Market | ProFund VP Health Care | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,426,790 | $ | 375,075 | $ | 26,298 | $ | (90,104 | ) | |||||||
Net realized gains (losses) on investments | (3,129 | ) | — | 2,510,901 | 4,712,794 | |||||||||||
Change in net unrealized appreciation/depreciation on investments | — | — | (2,447,230 | ) | (9,084,587 | ) | ||||||||||
Change in net assets resulting from operations | 1,423,661 | 375,075 | 89,969 | (4,461,897 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (1,426,790 | ) | (375,075 | ) | (4,450,779 | ) | (2,591,704 | ) | ||||||||
Change in net assets resulting from distributions | (1,426,790 | ) | (375,075 | ) | (4,450,779 | ) | (2,591,704 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 61,053,891 | 92,995,771 | 14,323,232 | 36,697,592 | ||||||||||||
Distributions reinvested | 1,426,790 | 375,075 | 4,450,779 | 2,591,704 | ||||||||||||
Value of shares redeemed | (68,159,276 | ) | (103,098,329 | ) | (20,807,961 | ) | (44,277,294 | ) | ||||||||
Change in net assets resulting from capital transactions | (5,678,595 | ) | (9,727,483 | ) | (2,033,950 | ) | (4,987,998 | ) | ||||||||
Change in net assets | (5,681,724 | ) | (9,727,483 | ) | (6,394,760 | ) | (12,041,599 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 36,622,267 | 46,349,750 | 43,635,442 | 55,677,041 | ||||||||||||
End of period | $ | 30,940,543 | $ | 36,622,267 | $ | 37,240,682 | $ | 43,635,442 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 61,053,891 | 92,995,771 | 208,135 | 489,490 | ||||||||||||
Reinvested | 1,426,790 | 375,075 | 67,040 | 36,982 | ||||||||||||
Redeemed | (68,159,276 | ) | (103,098,329 | ) | (303,072 | ) | (602,531 | ) | ||||||||
Change in shares | (5,678,595 | ) | (9,727,483 | ) | (27,897 | ) | (76,059 | ) |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 261
ProFund VP Industrials | ProFund VP International | ProFund VP Internet | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 30,591 | $ | (28,146 | ) | $ | 371,382 | $ | (16,376 | ) | $ | (140,154 | ) | $ | (155,478 | ) | |||||||
2,551,975 | 1,578,871 | 1,289,268 | (2,137,123 | ) | (534,947 | ) | 1,349,996 | |||||||||||||||
(481,719 | ) | (4,572,988 | ) | 49,724 | (29,429 | ) | 4,729,701 | (9,204,485 | ) | |||||||||||||
2,100,847 | (3,022,263 | ) | 1,710,374 | (2,182,928 | ) | 4,054,600 | (8,009,967 | ) | ||||||||||||||
(1,349,793 | ) | (189,895 | ) | — | (461,505 | ) | (1,717,154 | ) | (3,971,476 | ) | ||||||||||||
(1,349,793 | ) | (189,895 | ) | — | (461,505 | ) | (1,717,154 | ) | (3,971,476 | ) | ||||||||||||
14,836,576 | 21,624,152 | 25,815,900 | 23,720,266 | 16,807,660 | 7,038,560 | |||||||||||||||||
1,349,793 | 189,895 | — | 461,505 | 1,717,154 | 3,971,476 | |||||||||||||||||
(15,398,360 | ) | (26,212,020 | ) | (29,839,567 | ) | (20,916,178 | ) | (16,503,992 | ) | (10,427,465 | ) | |||||||||||
788,009 | (4,397,973 | ) | (4,023,667 | ) | 3,265,593 | 2,020,822 | 582,571 | |||||||||||||||
1,539,063 | (7,610,131 | ) | (2,313,293 | ) | 621,160 | 4,358,268 | (11,398,872 | ) | ||||||||||||||
14,193,705 | 21,803,836 | 12,772,400 | 12,151,240 | 8,133,193 | 19,532,065 | |||||||||||||||||
$ | 15,732,768 | $ | 14,193,705 | $ | 10,459,107 | $ | 12,772,400 | $ | 12,491,461 | $ | 8,133,193 | |||||||||||
173,517 | 257,965 | 1,336,784 | 1,257,801 | 864,806 | 282,005 | |||||||||||||||||
15,858 | 2,314 | — | 25,469 | 89,669 | 212,720 | |||||||||||||||||
(182,874 | ) | (307,455 | ) | (1,545,832 | ) | (1,110,120 | ) | (856,985 | ) | (379,441 | ) | |||||||||||
6,501 | (47,176 | ) | (209,048 | ) | 173,150 | 97,490 | 115,284 |
See accompanying notes to the financial statements.
262 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Japan | ProFund VP Large-Cap Growth | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 332,742 | $ | (14,899 | ) | $ | (76,320 | ) | $ | (162,770 | ) | |||||
Net realized gains (losses) on investments | 2,151,313 | (141,613 | ) | 502,885 | 3,969,445 | |||||||||||
Change in net unrealized appreciation/depreciation on investments | 398,834 | (710,798 | ) | 4,578,455 | (13,632,308 | ) | ||||||||||
Change in net assets resulting from operations | 2,882,889 | (867,310 | ) | 5,005,020 | (9,825,633 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | — | (356,845 | ) | (3,728,772 | ) | (3,738,973 | ) | |||||||||
Change in net assets resulting from distributions | — | (356,845 | ) | (3,728,772 | ) | (3,738,973 | ) | |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 27,283,643 | 14,334,969 | 41,392,771 | 27,795,127 | ||||||||||||
Distributions reinvested | — | 356,845 | 3,728,772 | 3,738,973 | ||||||||||||
Value of shares redeemed | (26,867,059 | ) | (13,280,422 | ) | (36,111,609 | ) | (39,350,296 | ) | ||||||||
Change in net assets resulting from capital transactions | 416,584 | 1,411,392 | 9,009,934 | (7,816,196 | ) | |||||||||||
Change in net assets | 3,299,473 | 187,237 | 10,286,182 | (21,380,802 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 7,448,160 | 7,260,923 | 15,799,351 | 37,180,153 | ||||||||||||
End of period | $ | 10,747,633 | $ | 7,448,160 | $ | 26,085,533 | $ | 15,799,351 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 464,023 | 275,627 | 818,298 | 423,483 | ||||||||||||
Reinvested | — | 6,861 | 75,131 | 71,505 | ||||||||||||
Redeemed | (452,888 | ) | (256,750 | ) | (719,484 | ) | (596,016 | ) | ||||||||
Change in shares | 11,135 | 25,738 | 173,945 | (101,028 | ) |
† As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 263
ProFund VP Large-Cap Value | ProFund VP Materials† | ProFund VP Mid-Cap | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 56,453 | $ | 82,914 | $ | 62,256 | $ | 72,950 | $ | 316,090 | $ | (26,669 | ) | ||||||||||
1,750,291 | 1,109,713 | 1,273,992 | (660,092 | ) | 821,690 | (2,340,273 | ) | |||||||||||||||
1,221,262 | (2,760,448 | ) | 107,355 | (2,138,111 | ) | 42,094 | (189,000 | ) | ||||||||||||||
3,028,006 | (1,567,821 | ) | 1,443,603 | (2,725,253 | ) | 1,179,874 | (2,555,942 | ) | ||||||||||||||
(1,320,536 | ) | (273,776 | ) | (72,950 | ) | (191,880 | ) | — | (2,431,456 | ) | ||||||||||||
(1,320,536 | ) | (273,776 | ) | (72,950 | ) | (191,880 | ) | — | (2,431,456 | ) | ||||||||||||
23,347,451 | 34,906,014 | 16,838,021 | 20,908,816 | 6,141,545 | 13,095,082 | |||||||||||||||||
1,320,536 | 273,776 | 72,950 | 191,880 | — | 2,431,456 | |||||||||||||||||
(22,062,238 | ) | (35,229,655 | ) | (17,240,316 | ) | (21,898,854 | ) | (6,979,186 | ) | (16,396,855 | ) | |||||||||||
2,605,749 | (49,865 | ) | (329,345 | ) | (798,158 | ) | (837,641 | ) | (870,317 | ) | ||||||||||||
4,313,219 | (1,891,462 | ) | 1,041,308 | (3,715,291 | ) | 342,233 | (5,857,715 | ) | ||||||||||||||
15,985,581 | 17,877,043 | 13,568,248 | 17,283,539 | 9,992,666 | 15,850,381 | |||||||||||||||||
$ | 20,298,800 | $ | 15,985,581 | $ | 14,609,556 | $ | 13,568,248 | $ | 10,334,899 | $ | 9,992,666 | |||||||||||
489,591 | 742,108 | 207,340 | 253,374 | 393,098 | 841,147 | |||||||||||||||||
27,511 | 6,064 | 858 | 2,370 | — | 162,857 | |||||||||||||||||
(468,527 | ) | (756,249 | ) | (214,872 | ) | (281,628 | ) | (455,664 | ) | (1,061,480 | ) | |||||||||||
48,575 | (8,077 | ) | (6,674 | ) | (25,884 | ) | (62,566 | ) | (57,476 | ) |
See accompanying notes to the financial statements.
264 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Mid-Cap Growth | ProFund VP Mid-Cap Value | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (51,398 | ) | $ | (78,939 | ) | $ | 22,096 | $ | 35,048 | ||||||
Net realized gains (losses) on investments | 776,856 | 286,094 | 952,080 | 690,426 | ||||||||||||
Change in net unrealized appreciation/depreciation on investments | 1,066,370 | (4,167,629 | ) | 483,647 | (2,711,169 | ) | ||||||||||
Change in net assets resulting from operations | 1,791,828 | (3,960,474 | ) | 1,457,823 | (1,985,695 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (81,372 | ) | (2,989,337 | ) | (729,248 | ) | (2,127,084 | ) | ||||||||
Change in net assets resulting from distributions | (81,372 | ) | (2,989,337 | ) | (729,248 | ) | (2,127,084 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 15,462,109 | 9,312,671 | 12,290,011 | 22,888,416 | ||||||||||||
Distributions reinvested | 81,372 | 2,989,337 | 729,248 | 2,127,084 | ||||||||||||
Value of shares redeemed | (14,272,417 | ) | (14,100,005 | ) | (14,653,488 | ) | (26,392,119 | ) | ||||||||
Change in net assets resulting from capital transactions | 1,271,064 | (1,797,997 | ) | (1,634,229 | ) | (1,376,619 | ) | |||||||||
Change in net assets | 2,981,520 | (8,747,808 | ) | (905,654 | ) | (5,489,398 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 11,954,326 | 20,702,134 | 13,192,027 | 18,681,425 | ||||||||||||
End of period | $ | 14,935,846 | $ | 11,954,326 | $ | 12,286,373 | $ | 13,192,027 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 454,821 | 261,067 | 299,831 | 514,499 | ||||||||||||
Reinvested | 2,272 | 92,065 | 17,896 | 53,417 | ||||||||||||
Redeemed | (424,420 | ) | (384,421 | ) | (359,525 | ) | (604,225 | ) | ||||||||
Change in shares | 32,673 | (31,289 | ) | (41,798 | ) | (36,309 | ) |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 265
ProFund VP Nasdaq-100 | ProFund VP Pharmaceuticals | ProFund VP Precious Metals | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 652,615 | $ | (661,700 | ) | $ | 9,854 | $ | 58,210 | $ | 809,641 | $ | (93,062 | ) | |||||||||
18,292,535 | 1,190,985 | 866,683 | 551,096 | (524,896 | ) | (2,654,144 | ) | |||||||||||||||
24,702,405 | (50,204,131 | ) | (1,683,599 | ) | (1,719,754 | ) | (142,864 | ) | (887,579 | ) | ||||||||||||
43,647,555 | (49,674,846 | ) | (807,062 | ) | (1,110,448 | ) | 141,881 | (3,634,785 | ) | |||||||||||||
(620,919 | ) | (19,959,331 | ) | (289,591 | ) | (851,403 | ) | — | — | |||||||||||||
(620,919 | ) | (19,959,331 | ) | (289,591 | ) | (851,403 | ) | — | — | |||||||||||||
360,891,421 | 882,649,055 | 13,170,954 | 13,523,441 | 80,804,420 | 63,424,036 | |||||||||||||||||
620,919 | 19,959,331 | 289,591 | 851,403 | — | — | |||||||||||||||||
(333,625,941 | ) | (934,020,910 | ) | (15,751,659 | ) | (15,676,413 | ) | (83,483,270 | ) | (62,765,713 | ) | |||||||||||
27,886,399 | (31,412,524 | ) | (2,291,114 | ) | (1,301,569 | ) | (2,678,850 | ) | 658,323 | |||||||||||||
70,913,035 | (101,046,701 | ) | (3,387,767 | ) | (3,263,420 | ) | (2,536,969 | ) | (2,976,462 | ) | ||||||||||||
76,534,726 | 177,581,427 | 13,527,078 | 16,790,498 | 27,228,006 | 30,204,468 | |||||||||||||||||
$ | 147,447,761 | $ | 76,534,726 | $ | 10,139,311 | $ | 13,527,078 | $ | 24,691,037 | $ | 27,228,006 | |||||||||||
7,535,148 | 17,100,055 | 380,619 | 349,435 | 3,251,531 | 2,291,136 | |||||||||||||||||
11,550 | 462,450 | 8,324 | 22,459 | — | — | |||||||||||||||||
(7,001,820 | ) | (17,963,588 | ) | (456,701 | ) | (407,558 | ) | (3,367,491 | ) | (2,276,907 | ) | |||||||||||
544,878 | (401,083 | ) | (67,758 | ) | (35,664 | ) | (115,960 | ) | 14,229 |
See accompanying notes to the financial statements.
266 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Real Estate | ProFund VP Rising Rates Opportunity | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 77,856 | $ | 40,129 | $ | 372,109 | $ | 16,031 | ||||||||
Net realized gains (losses) on investments | 484,759 | 1,540,894 | 1,488,761 | 3,987,739 | ||||||||||||
Change in net unrealized appreciation/depreciation on investments | 23,106 | (4,854,096 | ) | (1,838,575 | ) | 1,733,692 | ||||||||||
Change in net assets resulting from operations | 585,721 | (3,273,073 | ) | 22,295 | 5,737,462 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (1,257,502 | ) | (603,190 | ) | (16,031 | ) | — | |||||||||
Change in net assets resulting from distributions | (1,257,502 | ) | (603,190 | ) | (16,031 | ) | — | |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 6,733,360 | 11,092,028 | 18,407,181 | 46,824,952 | ||||||||||||
Distributions reinvested | 1,257,502 | 603,190 | 16,031 | — | ||||||||||||
Value of shares redeemed | (6,427,445 | ) | (16,150,682 | ) | (27,199,202 | ) | (41,462,432 | ) | ||||||||
Change in net assets resulting from capital transactions | 1,563,417 | (4,455,464 | ) | (8,775,990 | ) | 5,362,520 | ||||||||||
Change in net assets | 891,636 | (8,331,727 | ) | (8,769,726 | ) | 11,099,982 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 5,595,514 | 13,927,241 | 16,989,614 | 5,889,632 | ||||||||||||
End of period | $ | 6,487,150 | $ | 5,595,514 | $ | 8,219,888 | $ | 16,989,614 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 140,697 | 162,738 | 408,381 | 1,308,759 | ||||||||||||
Reinvested | 27,533 | 10,026 | 367 | — | ||||||||||||
Redeemed | (134,577 | ) | (244,346 | ) | (611,063 | ) | (1,134,716 | ) | ||||||||
Change in shares | 33,653 | (71,582 | ) | (202,315 | ) | 174,043 |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 267
ProFund VP Semiconductor | ProFund VP Short Dow 30 | ProFund VP Short Emerging Markets | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | (209,405 | ) | $ | (43,864 | ) | $ | 200 | $ | (12 | ) | $ | 29,923 | $ | 2,065 | ||||||||
4,980,644 | 120,891 | (725 | ) | 322 | (171,679 | ) | 12,346 | |||||||||||||||
16,029,875 | (7,347,846 | ) | (25 | ) | 28 | (10,176 | ) | 20,479 | ||||||||||||||
20,801,114 | (7,270,819 | ) | (550 | ) | 338 | (151,932 | ) | 34,890 | ||||||||||||||
(397,743 | ) | (697,508 | ) | — | — | (4,519 | ) | (13,998 | ) | |||||||||||||
(397,743 | ) | (697,508 | ) | — | — | (4,519 | ) | (13,998 | ) | |||||||||||||
56,390,693 | 29,075,888 | — | — | 7,523,971 | 23,147,149 | |||||||||||||||||
397,743 | 697,508 | — | — | 4,519 | 13,998 | |||||||||||||||||
(26,873,463 | ) | (35,210,883 | ) | (163 | ) | (52 | ) | (7,721,018 | ) | (23,031,353 | ) | |||||||||||
29,914,973 | (5,437,487 | ) | (163 | ) | (52 | ) | (192,528 | ) | 129,794 | |||||||||||||
50,318,344 | (13,405,814 | ) | (713 | ) | 286 | (348,979 | ) | 150,686 | ||||||||||||||
7,904,083 | 21,309,897 | 7,036 | 6,750 | 862,166 | 711,480 | |||||||||||||||||
$ | 58,222,427 | $ | 7,904,083 | $ | 6,323 | $ | 7,036 | $ | 513,187 | $ | 862,166 | |||||||||||
607,421 | 352,474 | — | — | 302,966 | 858,688 | |||||||||||||||||
3,516 | 9,089 | — | — | 193 | 544 | |||||||||||||||||
(270,402 | ) | (432,551 | ) | (7 | ) | (2 | ) | (313,569 | ) | (854,857 | ) | |||||||||||
340,535 | (70,988 | ) | (7 | ) | (2 | ) | (10,410 | ) | 4,375 |
See accompanying notes to the financial statements.
268 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Short International | ProFund VP Short Mid-Cap | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 29,900 | $ | 13,615 | $ | 7,165 | $ | 1,059 | ||||||||
Net realized gains (losses) on investments | (266,232 | ) | (39,696 | ) | (15,901 | ) | (49,433 | ) | ||||||||
Change in net unrealized appreciation/depreciation on investments | (15,871 | ) | 15,181 | 539 | 280 | |||||||||||
Change in net assets resulting from operations | (252,203 | ) | (10,900 | ) | (8,197 | ) | (48,094 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (13,615 | ) | — | (1,059 | ) | — | ||||||||||
Change in net assets resulting from distributions | (13,615 | ) | — | (1,059 | ) | — | ||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 3,523,124 | 15,425,196 | 2,041,899 | 3,236,746 | ||||||||||||
Distributions reinvested | 13,615 | — | 1,059 | — | ||||||||||||
Value of shares redeemed | (5,770,068 | ) | (12,934,685 | ) | (2,060,041 | ) | (3,137,493 | ) | ||||||||
Change in net assets resulting from capital transactions | (2,233,329 | ) | 2,490,511 | (17,083 | ) | 99,253 | ||||||||||
Change in net assets | (2,499,147 | ) | 2,479,611 | (26,339 | ) | 51,159 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 3,016,374 | 536,763 | 95,695 | 44,536 | ||||||||||||
End of period | $ | 517,227 | $ | 3,016,374 | $ | 69,356 | $ | 95,695 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 132,021 | 526,966 | 251,733 | 376,196 | ||||||||||||
Reinvested | 545 | — | 141 | — | ||||||||||||
Redeemed | (218,479 | ) | (441,614 | ) | (254,105 | ) | (370,518 | ) | ||||||||
Change in shares | (85,913 | ) | 85,352 | (2,231 | ) | 5,678 |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 269
ProFund VP Short Nasdaq-100 | ProFund VP Short Small-Cap | ProFund VP Small-Cap | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 205,004 | $ | (4,024 | ) | $ | 109,373 | $ | 6,812 | $ | 92,778 | $ | (24,367 | ) | |||||||||
(3,079,720 | ) | (1,161,444 | ) | (513,386 | ) | 190,588 | 742,470 | (914,778 | ) | |||||||||||||
10,116 | (52,891 | ) | 51,526 | (29,606 | ) | 922,157 | (1,956,684 | ) | ||||||||||||||
(2,864,600 | ) | (1,218,359 | ) | (352,487 | ) | 167,794 | 1,757,405 | (2,895,829 | ) | |||||||||||||
(8,999 | ) | — | (143,290 | ) | — | — | (1,534,469 | ) | ||||||||||||||
(8,999 | ) | — | (143,290 | ) | — | — | (1,534,469 | ) | ||||||||||||||
121,194,164 | 625,172,638 | 23,299,052 | 21,351,405 | 15,723,555 | 15,631,518 | |||||||||||||||||
8,999 | — | 143,290 | — | — | 1,534,469 | |||||||||||||||||
(121,444,444 | ) | (618,292,641 | ) | (23,798,158 | ) | (19,469,428 | ) | (12,543,958 | ) | (17,102,206 | ) | |||||||||||
(241,281 | ) | 6,879,997 | (355,816 | ) | 1,881,977 | 3,179,597 | 63,781 | |||||||||||||||
(3,114,880 | ) | 5,661,638 | (851,593 | ) | 2,049,771 | 4,937,002 | (4,366,517 | ) | ||||||||||||||
7,484,266 | 1,822,628 | 3,045,423 | 995,652 | 10,220,742 | 14,587,259 | |||||||||||||||||
$ | 4,369,386 | $ | 7,484,266 | $ | 2,193,830 | $ | 3,045,423 | $ | 15,157,744 | $ | 10,220,742 | |||||||||||
8,043,954 | 38,586,245 | 915,751 | 840,150 | 502,315 | 469,566 | |||||||||||||||||
691 | — | 6,371 | — | — | 48,853 | |||||||||||||||||
(8,100,140 | ) | (38,310,557 | ) | (938,483 | ) | (769,069 | ) | (402,761 | ) | (513,701 | ) | |||||||||||
(55,495 | ) | 275,688 | (16,361 | ) | 71,081 | 99,554 | 4,718 |
See accompanying notes to the financial statements.
270 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Small-Cap Growth | ProFund VP Small-Cap Value | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (35,684 | ) | $ | (89,048 | ) | $ | 48,857 | $ | 9,424 | ||||||
Net realized gains (losses) on investments | 1,029,511 | 620,718 | 1,656,001 | 605,728 | ||||||||||||
Change in net unrealized appreciation/depreciation on investments | 1,107,875 | (5,814,159 | ) | 316,339 | (4,158,224 | ) | ||||||||||
Change in net assets resulting from operations | 2,101,702 | (5,282,489 | ) | 2,021,197 | (3,543,072 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | (435,031 | ) | (2,541,552 | ) | (792,188 | ) | (3,824,325 | ) | ||||||||
Change in net assets resulting from distributions | (435,031 | ) | (2,541,552 | ) | (792,188 | ) | (3,824,325 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 7,248,051 | 7,397,785 | 9,826,288 | 21,185,484 | ||||||||||||
Distributions reinvested | 435,031 | 2,541,552 | 792,188 | 3,824,325 | ||||||||||||
Value of shares redeemed | (6,996,217 | ) | (13,485,472 | ) | (10,804,155 | ) | (26,358,964 | ) | ||||||||
Change in net assets resulting from capital transactions | 686,865 | (3,546,135 | ) | (185,679 | ) | (1,349,155 | ) | |||||||||
Change in net assets | 2,353,536 | (11,370,176 | ) | 1,043,330 | (8,716,552 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 13,844,417 | 25,214,593 | 18,403,563 | 27,120,115 | ||||||||||||
End of period | $ | 16,197,953 | $ | 13,844,417 | $ | 19,446,893 | $ | 18,403,563 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 263,927 | 247,276 | 239,197 | 447,625 | ||||||||||||
Reinvested | 15,184 | 90,447 | 19,191 | 90,817 | ||||||||||||
Redeemed | (255,714 | ) | (436,566 | ) | (267,807 | ) | (574,024 | ) | ||||||||
Change in shares | 23,397 | (98,843 | ) | (9,419 | ) | (35,582 | ) |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 271
ProFund VP Technology | ProFund VP UltraBull | ProFund VP UltraMid-Cap | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | (289,297 | ) | $ | (319,765 | ) | $ | 123,416 | $ | (26,425 | ) | $ | 66,404 | $ | (25,299 | ) | |||||||
5,777,297 | 5,115,858 | 2,958,397 | (4,269,046 | ) | 1,027,034 | (2,122,220 | ) | |||||||||||||||
12,774,065 | (22,372,274 | ) | 2,225,624 | (2,998,341 | ) | 543,990 | (2,845,408 | ) | ||||||||||||||
18,262,065 | (17,576,181 | ) | 5,307,437 | (7,293,812 | ) | 1,637,428 | (4,992,927 | ) | ||||||||||||||
(5,510,738 | ) | (6,489,800 | ) | — | (3,026,939 | ) | — | (4,057,524 | ) | |||||||||||||
(5,510,738 | ) | (6,489,800 | ) | — | (3,026,939 | ) | — | (4,057,524 | ) | |||||||||||||
41,449,117 | 60,021,359 | 41,663,119 | 44,969,990 | 5,744,267 | 5,212,703 | |||||||||||||||||
5,510,738 | 6,489,800 | — | 3,026,939 | — | 4,057,524 | |||||||||||||||||
(29,634,467 | ) | (70,000,284 | ) | (38,563,254 | ) | (47,204,113 | ) | (4,992,273 | ) | (9,687,753 | ) | |||||||||||
17,325,388 | (3,489,125 | ) | 3,099,865 | 792,816 | 751,994 | (417,526 | ) | |||||||||||||||
30,076,715 | (27,555,106 | ) | 8,407,302 | (9,527,935 | ) | 2,389,422 | (9,467,977 | ) | ||||||||||||||
27,032,300 | 54,587,406 | 10,252,540 | 19,780,475 | 8,401,842 | 17,869,819 | |||||||||||||||||
$ | 57,109,015 | $ | 27,032,300 | $ | 18,659,842 | $ | 10,252,540 | $ | 10,791,264 | $ | 8,401,842 | |||||||||||
670,435 | 875,393 | 1,681,961 | 1,611,165 | 176,949 | 121,821 | |||||||||||||||||
85,704 | 115,580 | — | 128,260 | — | 130,930 | |||||||||||||||||
(486,710 | ) | (1,022,445 | ) | (1,556,396 | ) | (1,669,379 | ) | (162,074 | ) | (201,407 | ) | |||||||||||
269,429 | (31,472 | ) | 125,565 | 70,046 | 14,875 | 51,344 |
See accompanying notes to the financial statements.
272 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP UltraNasdaq-100 | ProFund VP UltraShort Dow 30 | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 662,573 | $ | (870,317 | ) | $ | 108 | $ | 6 | |||||||
Net realized gains (losses) on investments | 63,768,545 | (87,601,448 | ) | (852 | ) | 252 | ||||||||||
Change in net unrealized appreciation/depreciation on investments | 32,275,373 | (55,347,561 | ) | (28 | ) | 32 | ||||||||||
Change in net assets resulting from operations | 96,706,491 | (143,819,326 | ) | (772 | ) | 290 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions | — | (73,707,166 | ) | (6 | ) | — | ||||||||||
Return of capital | — | — | — | — | ||||||||||||
Change in net assets resulting from distributions | — | (73,707,166 | ) | (6 | ) | — | ||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 323,415,012 | 783,033,939 | — | — | ||||||||||||
Distributions reinvested | — | 73,707,166 | 6 | — | ||||||||||||
Value of shares redeemed | (317,716,556 | ) | (822,920,752 | ) | (68 | ) | (218 | ) | ||||||||
Change in net assets resulting from capital transactions | 5,698,456 | 33,820,353 | (62 | ) | (218 | ) | ||||||||||
Change in net assets | 102,404,947 | (183,706,139 | ) | (840 | ) | 72 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 84,527,951 | 268,234,090 | 4,176 | 4,104 | ||||||||||||
End of period | $ | 186,932,898 | $ | 84,527,951 | $ | 3,336 | $ | 4,176 | ||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 14,964,711 | 27,310,466 | — | — | ||||||||||||
Reinvested | — | 3,774,048 | 2 | — | ||||||||||||
Redeemed | (14,807,922 | ) | (27,899,976 | ) | (18 | ) | (52 | ) | ||||||||
Change in shares | 156,789 | 3,184,538 | (16 | ) | (52 | ) |
(a) As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
For the Periods Indicated :: Statements of Changes in Net Assets :: 273
ProFund VP UltraShort Nasdaq-100 | ProFund VP UltraSmall-Cap | ProFund VP U.S. Government Plus | ||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||
$ | 71,933 | $ | (5,529 | ) | $ | 96,401 | $ | (56,836 | ) | $ | 282,360 | $ | 79,921 | |||||||||
(3,436,585 | ) | (33,049 | ) | 2,012,423 | (9,847,102 | ) | (1,431,104 | ) | (5,404,278 | ) | ||||||||||||
115,117 | (120,025 | ) | 682,615 | (1,330,985 | ) | 954,650 | (693,163 | ) | ||||||||||||||
(3,249,535 | ) | (158,603 | ) | 2,791,439 | (11,234,923 | ) | (194,094 | ) | (6,017,520 | ) | ||||||||||||
— | — | — | (3,563,574 | ) | (362,281 | ) | — | |||||||||||||||
— | — | — | — | (249 | ) | — | ||||||||||||||||
— | — | — | (3,563,574 | ) | (362,530 | ) | — | |||||||||||||||
141,542,552 | 525,224,249 | 31,994,847 | 30,429,337 | 22,927,382 | 20,691,258 | |||||||||||||||||
— | — | — | 3,563,574 | 362,530 | — | |||||||||||||||||
(142,342,839 | ) | (520,850,076 | ) | (30,374,685 | ) | (34,856,101 | ) | (20,506,373 | ) | (22,274,802 | ) | |||||||||||
(800,287 | ) | 4,374,173 | 1,620,162 | (863,190 | ) | 2,783,539 | (1,583,544 | ) | ||||||||||||||
(4,049,822 | ) | 4,215,570 | 4,411,601 | (15,661,687 | ) | 2,226,915 | (7,601,064 | ) | ||||||||||||||
4,664,144 | 448,574 | 12,588,175 | 28,249,862 | 7,613,718 | 15,214,782 | |||||||||||||||||
$ | 614,322 | $ | 4,664,144 | $ | 16,999,776 | $ | 12,588,175 | $ | 9,840,633 | $ | 7,613,718 | |||||||||||
2,503,641 | (a) | 7,220,831 | (a) | 2,700,348 | 1,967,289 | 1,738,086 | 1,233,313 | |||||||||||||||
— | — | — | 271,614 | 28,514 | — | |||||||||||||||||
(2,542,259 | )(a) | (7,173,266 | )(a) | (2,585,689 | ) | (2,198,557 | ) | (1,567,010 | ) | (1,328,040 | ) | |||||||||||
(38,618 | ) | 47,565 | 114,659 | 40,346 | 199,590 | (94,727 | ) |
See accompanying notes to the financial statements.
274 :: Statements of Changes in Net Assets :: For the Periods Indicated
ProFund VP Utilities | ||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 459,597 | $ | 381,487 | ||||
Net realized gains (losses) on investments | 697,485 | (965,494 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | (4,316,049 | ) | (267,769 | ) | ||||
Change in net assets resulting from operations | (3,158,967 | ) | (851,776 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (406,380 | ) | (817,438 | ) | ||||
Change in net assets resulting from distributions | (406,380 | ) | (817,438 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 19,259,030 | 39,032,890 | ||||||
Distributions reinvested | 406,380 | 817,438 | ||||||
Value of shares redeemed | (28,999,049 | ) | (33,938,589 | ) | ||||
Change in net assets resulting from capital transactions | (9,333,639 | ) | 5,911,739 | |||||
Change in net assets | (12,898,986 | ) | 4,242,525 | |||||
NET ASSETS: | ||||||||
Beginning of period | 39,017,977 | 34,775,452 | ||||||
End of period | $ | 26,118,991 | $ | 39,017,977 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 519,449 | 924,990 | ||||||
Reinvested | 10,160 | 19,547 | ||||||
Redeemed | (771,974 | ) | (823,184 | ) | ||||
Change in shares | (242,365 | ) | 121,353 |
Amounts designated as " – " are $0 or have been rounded to $0.
See accompanying notes to the financial statements.
Financial Highlights
276 :: 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 | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | In excess of net Investment Income | Net Realized Gains on Investments | Total Distributions | |||||||||||||||||||||||||
ProFund Access VP High Yield | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 23.59 | 0.67 | 1.75 | 2.42 | (0.67 | ) | (0.58 | ) | — | (1.25 | ) | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 26.51 | 0.11 | (2.22 | ) | (2.11 | ) | (0.11 | ) | (0.70 | ) | — | (0.81 | ) | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 27.10 | (0.34 | ) | 0.41 | 0.07 | — | (0.66 | ) | — | (0.66 | ) | ||||||||||||||||||||
Year Ended December 31, 2020 | $ | 28.71 | (0.31 | ) | 0.16 | (0.15 | ) | — | (1.46 | ) | — | (1.46 | ) | |||||||||||||||||||
Year Ended December 31, 2019 | $ | 26.74 | 0.06 | 3.21 | 3.27 | (0.06 | ) | (1.24 | ) | — | (1.30 | ) | ||||||||||||||||||||
ProFund VP Asia 30 | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 35.46 | (0.03 | ) | 1.62 | 1.59 | (0.04 | ) | — | (1.53 | ) | (1.57 | ) | |||||||||||||||||||
Year Ended December 31, 2022 | $ | 53.26 | (0.17 | ) | (12.40 | ) | (12.57 | ) | (0.21 | ) | — | (5.02 | ) | (5.23 | ) | |||||||||||||||||
Year Ended December 31, 2021 | $ | 75.87 | 0.24 | (12.05 | ) | (11.81 | ) | — | — | (10.80 | ) | (10.80 | ) | |||||||||||||||||||
Year Ended December 31, 2020 | $ | 62.15 | (0.11 | ) | 21.13 | 21.02 | (0.72 | ) | — | (6.58 | ) | (7.30 | ) | |||||||||||||||||||
Year Ended December 31, 2019 | $ | 49.34 | 0.39 | 12.56 | 12.95 | (0.14 | ) | — | — | (0.14 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 24.76 | 10.43 | % | 1.72 | % | 1.68 | % | 2.77 | % | $ | 16,481 | 1,254 | % | |||||||||||||
$ | 23.59 | (7.97 | )% | 1.69 | % | 1.68 | % | 0.46 | % | $ | 17,015 | 1,532 | % | |||||||||||||
$ | 26.51 | 0.27 | % | 1.72 | % | 1.68 | % | (1.28 | )% | $ | 15,325 | 1,351 | % | |||||||||||||
$ | 27.10 | 0.06 | % | 1.87 | % | 1.68 | % | (1.16 | )% | $ | 19,923 | 1,447 | % | |||||||||||||
$ | 28.71 | 12.43 | % | 1.73 | % | 1.70 | %(d) | 0.23 | % | $ | 32,038 | 1,459 | % | |||||||||||||
$ | 35.48 | 4.32 | % | 1.83 | % | 1.68 | % | (0.09 | )% | $ | 15,245 | 151 | % | |||||||||||||
$ | 35.46 | (24.42 | )% | 1.74 | % | 1.68 | % | (0.44 | )% | $ | 17,741 | 202 | % | |||||||||||||
$ | 53.26 | (18.52 | )%(e) | 1.68 | % | 1.68 | % | 0.33 | % | $ | 21,907 | 125 | % | |||||||||||||
$ | 75.87 | 35.55 | % | 1.71 | % | 1.68 | % | (0.18 | )% | $ | 29,494 | 130 | % | |||||||||||||
$ | 62.15 | 26.31 | % | 1.72 | % | 1.68 | % | 0.68 | % | $ | 29,057 | 111 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | 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%. |
See accompanying notes to the financial statements.
Financial Highlights :: 277
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Banks | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 25.10 | 0.46 | 2.11 | 2.57 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 31.63 | 0.20 | (6.49 | ) | (6.29 | ) | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||
Year Ended December 31, 2021 | $ | 23.77 | 0.17 | 7.93 | 8.10 | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 28.74 | 0.36 | (4.85 | ) | (4.49 | ) | (0.48 | ) | — | (0.48 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 21.31 | 0.31 | 7.39 | 7.70 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||
ProFund VP Bear | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 17.04 | 0.52 | (3.11 | ) | (2.59 | ) | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 14.56 | 0.03 | 2.45 | 2.48 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2021 | $ | 19.59 | (0.28 | ) | (4.49 | ) | (4.77 | ) | — | (0.26 | ) | (0.26 | ) | |||||||||||||||
Year Ended December 31, 2020 | $ | 26.47 | (0.35 | ) | (6.41 | ) | (6.76 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 34.40 | 0.13 | (8.03 | ) | (7.90 | ) | (0.03 | ) | — | (0.03 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 27.36 | 10.39 | % | 1.79 | % | 1.68 | % | 1.98 | % | $ | 5,615 | 430 | % | |||||||||||||
$ | 25.10 | (19.88 | )% | 1.74 | % | 1.68 | % | 0.69 | % | $ | 4,496 | 599 | % | |||||||||||||
$ | 31.63 | 34.09 | % | 1.68 | % | 1.68 | % | 0.57 | % | $ | 7,500 | 551 | % | |||||||||||||
$ | 23.77 | (15.21 | )% | 1.74 | % | 1.68 | % | 1.74 | % | $ | 4,823 | 478 | % | |||||||||||||
$ | 28.74 | 36.43 | % | 1.70 | % | 1.68 | % | 1.24 | % | $ | 9,333 | 293 | % | |||||||||||||
$ | 14.40 | (15.27 | )% | 1.72 | % | 1.68 | % | 3.31 | % | $ | 2,754 | — | ||||||||||||||
$ | 17.04 | 17.03 | % | 1.70 | % | 1.68 | % | 0.20 | % | $ | 4,958 | — | ||||||||||||||
$ | 14.56 | (24.57 | )% | 1.69 | % | 1.68 | % | (1.68 | )% | $ | 1,557 | — | ||||||||||||||
$ | 19.59 | (25.61 | )% | 1.79 | % | 1.68 | % | (1.40 | )% | $ | 2,352 | — | ||||||||||||||
$ | 26.47 | (22.95 | )% | 1.74 | % | 1.71 | %(d) | 0.43 | % | $ | 3,207 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 the financial statements.
278 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Biotechnology | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 70.69 | (0.64 | ) | 7.07 | 6.43 | — | (10.37 | ) | (10.37 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 94.46 | (0.14 | ) | (8.78 | ) | (8.92 | ) | — | (14.85 | ) | (14.85 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 82.13 | (0.14 | ) | 13.01 | 12.87 | — | (0.54 | ) | (0.54 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 76.13 | (0.05 | ) | 11.57 | 11.52 | (0.01 | ) | (5.51 | ) | (5.52 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 65.65 | 0.01 | 10.75 | 10.76 | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||
ProFund VP Bull | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 48.67 | 0.43 | 10.74 | 11.17 | — | (9.31 | ) | (9.31 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 70.29 | (0.05 | ) | (13.46 | ) | (13.51 | ) | — | (8.11 | ) | (8.11 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 59.38 | (0.42 | ) | 15.37 | 14.95 | — | (4.04 | ) | (4.04 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 53.62 | (0.23 | ) | 8.70 | 8.47 | (0.05 | ) | (2.66 | ) | (2.71 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 42.46 | 0.16 | 11.98 | 12.14 | (0.13 | ) | (0.85 | ) | (0.98 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 66.75 | 10.14 | % | 1.68 | % | 1.67 | % | (0.99 | )% | $ | 44,534 | 130 | % | |||||||||||||
$ | 70.69 | (7.71 | )% | 1.63 | % | 1.63 | % | (0.19 | )% | $ | 49,395 | 29 | % | |||||||||||||
$ | 94.46 | 15.73 | % | 1.58 | % | 1.58 | % | (0.15 | )% | $ | 61,798 | 43 | % | |||||||||||||
$ | 82.13 | 15.38 | % | 1.67 | % | 1.67 | % | (0.06 | )% | $ | 60,969 | 70 | % | |||||||||||||
$ | 76.13 | 16.46 | % | 1.63 | % | 1.63 | % | 0.02 | % | $ | 57,767 | 81 | % | |||||||||||||
$ | 50.53 | 23.74 | % | 1.75 | % | 1.68 | % | 0.86 | % | $ | 54,377 | 125 | % | |||||||||||||
$ | 48.67 | (19.74 | )% | 1.71 | % | 1.68 | % | (0.10 | )% | $ | 43,609 | 199 | % | |||||||||||||
$ | 70.29 | 26.33 | % | 1.65 | % | 1.65 | % | (0.66 | )% | $ | 65,540 | 49 | % | |||||||||||||
$ | 59.38 | 16.03 | % | 1.72 | % | 1.69 | %(d) | (0.44 | )% | $ | 66,044 | 4 | % | |||||||||||||
$ | 53.62 | 28.88 | % | 1.70 | % | 1.70 | %(d) | 0.32 | % | $ | 65,972 | 56 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 the financial statements.
Financial Highlights :: 279
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Communication Services† | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 29.19 | (0.09 | ) | 9.36 | 9.27 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 37.77 | 0.36 | (8.35 | ) | (7.99 | ) | (0.59 | ) | — | (0.59 | ) | ||||||||||||||||
Year Ended December 31, 2021 | $ | 32.25 | 0.53 | 5.38 | 5.91 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 31.53 | 0.41 | 0.57 | 0.98 | (0.26 | ) | — | (0.26 | ) | ||||||||||||||||||
Year Ended December 31, 2019 | $ | 28.42 | 0.28 | 3.87 | 4.15 | (1.04 | ) | — | (1.04 | ) | ||||||||||||||||||
ProFund VP Consumer Discretionary† | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 52.38 | (0.42 | ) | 17.08 | 16.66 | — | (3.05 | ) | (3.05 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 77.36 | (0.43 | ) | (23.92 | ) | (24.35 | ) | — | (0.63 | ) | (0.63 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 76.15 | (0.76 | ) | 8.12 | 7.36 | — | (6.15 | ) | (6.15 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 82.97 | (0.56 | ) | 22.85 | 22.29 | — | (29.11 | ) | (29.11 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 69.55 | (0.40 | ) | 17.30 | 16.90 | — | (3.48 | ) | (3.48 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 38.14 | 31.82 | % | 1.77 | % | 1.68 | % | (0.26 | )% | $ | 8,468 | 186 | % | |||||||||||||
$ | 29.19 | (21.22 | )% | 1.73 | % | 1.68 | % | 1.14 | % | $ | 3,864 | 56 | % | |||||||||||||
$ | 37.77 | 18.41 | % | 1.69 | % | 1.68 | % | 1.50 | % | $ | 7,438 | 105 | % | |||||||||||||
$ | 32.25 | 3.15 | % | 1.77 | % | 1.68 | % | 1.36 | % | $ | 6,626 | 107 | % | |||||||||||||
$ | 31.53 | 14.77 | % | 1.76 | % | 1.68 | % | 0.89 | % | $ | 6,167 | 165 | % | |||||||||||||
$ | 65.99 | 32.05 | % | 1.77 | % | 1.68 | % | (0.70 | )% | $ | 23,786 | 91 | % | |||||||||||||
$ | 52.38 | (31.53 | )% | 1.72 | % | 1.68 | % | (0.71 | )% | $ | 15,454 | 19 | % | |||||||||||||
$ | 77.36 | 10.23 | % | 1.68 | % | 1.68 | % | (0.99 | )% | $ | 30,884 | 39 | % | |||||||||||||
$ | 76.15 | 28.34 | % | 1.75 | % | 1.68 | % | (0.72 | )% | $ | 31,935 | 116 | % | |||||||||||||
$ | 82.97 | 24.64 | % | 1.72 | % | 1.71 | %(d) | (0.50 | )% | $ | 26,846 | 182 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
See accompanying notes to the financial statements.
280 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Consumer Staples† | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 50.22 | 0.59 | 1.74 | 2.33 | (0.11 | ) | (8.32 | ) | (8.43 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 69.45 | 0.09 | (17.04 | ) | (16.95 | ) | (0.03 | ) | (2.25 | ) | (2.28 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 62.19 | 0.02 | 11.42 | 11.44 | (0.27 | ) | (3.91 | ) | (4.18 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 48.21 | 0.25 | 14.61 | 14.86 | (0.38 | ) | (0.50 | ) | (0.88 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 46.16 | 0.49 | 10.83 | 11.32 | (0.80 | ) | (8.47 | ) | (9.27 | ) | |||||||||||||||||
ProFund VP Dow 30 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 18.15 | 0.61 | 1.85 | 2.46 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 23.90 | 0.01 | (2.22 | ) | (2.21 | ) | — | (3.54 | ) | (3.54 | ) | ||||||||||||||||
Year Ended December 31, 2021 | $ | 23.26 | (0.34 | ) | 4.18 | 3.84 | — | (3.20 | ) | (3.20 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 28.16 | (0.31 | ) | 2.05 | 1.74 | (0.13 | ) | (6.51 | ) | (6.64 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 23.07 | 0.15 | 4.97 | 5.12 | (0.03 | ) | — | (0.03 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 44.12 | 3.92 | % | 1.77 | % | 1.68 | % | 1.21 | % | $ | 10,749 | 167 | % | |||||||||||||
$ | 50.22 | (24.70 | )% | 1.73 | % | 1.68 | % | 0.15 | % | $ | 11,460 | 88 | % | |||||||||||||
$ | 69.45 | 19.65 | % | 1.69 | % | 1.68 | % | 0.03 | % | $ | 26,376 | 65 | % | |||||||||||||
$ | 62.19 | 31.05 | % | 1.75 | % | 1.68 | % | 0.50 | % | $ | 18,373 | 141 | % | |||||||||||||
$ | 48.21 | 26.56 | % | 1.73 | % | 1.68 | % | 1.01 | % | $ | 12,137 | 71 | % | |||||||||||||
$ | 20.60 | 13.54 | % | 1.64 | % | 1.63 | % | 3.26 | % | $ | 327 | — | ||||||||||||||
$ | 18.15 | (8.85 | )% | 1.57 | % | 1.57 | % | 0.05 | % | $ | 269 | — | ||||||||||||||
$ | 23.90 | 17.51 | % | 1.47 | % | 1.47 | % | (1.47 | )% | $ | 218 | — | ||||||||||||||
$ | 23.26 | 7.41 | % | 1.58 | % | 1.58 | % | (1.31 | )% | $ | 385 | — | ||||||||||||||
$ | 28.16 | 22.18 | % | 1.47 | % | 1.47 | % | 0.56 | % | $ | 316 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
See accompanying notes to the financial statements.
Financial Highlights :: 281
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Emerging Markets | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 25.02 | 0.34 | 3.49 | 3.83 | (0.56 | ) | — | (0.56 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 30.04 | 0.63 | (5.48 | ) | (4.85 | ) | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||
Year Ended December 31, 2021 | $ | 36.64 | 0.15 | (6.75 | ) | (6.60 | ) | — | — | — | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 29.08 | (0.08 | ) | 7.82 | 7.74 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 23.54 | 0.15 | 5.53 | 5.68 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
ProFund VP Energy† | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 44.29 | 0.75 | (1.84 | ) | (1.09 | ) | (1.01 | ) | — | (1.01 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 28.04 | 0.82 | 15.85 | 16.67 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 18.78 | 0.58 | 9.13 | 9.71 | (0.45 | ) | — | (0.45 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 29.86 | 0.57 | (10.93 | ) | (10.36 | ) | (0.50 | ) | (0.22 | ) | (0.72 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 28.99 | 0.45 | 1.90 | 2.35 | (0.44 | ) | (1.04 | ) | (1.48 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 28.29 | 15.31 | %(d) | 1.81 | % | 1.68 | % | 1.26 | % | $ | 20,793 | 141 | % | |||||||||||||
$ | 25.02 | (16.19 | )% | 1.78 | % | 1.68 | % | 2.38 | % | $ | 18,753 | 53 | % | |||||||||||||
$ | 30.04 | (18.01 | )% | 1.69 | % | 1.68 | % | 0.43 | % | $ | 19,702 | 60 | % | |||||||||||||
$ | 36.64 | 26.72 | %(e) | 1.74 | % | 1.68 | % | (0.29 | )% | $ | 26,509 | 108 | % | |||||||||||||
$ | 29.08 | 24.23 | %(f) | 1.74 | % | 1.68 | % | 0.58 | % | $ | 25,952 | 83 | % | |||||||||||||
$ | 42.19 | (2.49 | )% | 1.75 | % | 1.68 | % | 1.74 | % | $ | 44,431 | 72 | % | |||||||||||||
$ | 44.29 | 59.43 | % | 1.71 | % | 1.68 | % | 2.09 | % | $ | 63,086 | 48 | % | |||||||||||||
$ | 28.04 | 51.93 | % | 1.69 | % | 1.68 | % | 2.30 | % | $ | 30,740 | 80 | % | |||||||||||||
$ | 18.78 | (34.46 | )% | 1.76 | % | 1.68 | % | 3.00 | % | $ | 18,535 | 130 | % | |||||||||||||
$ | 29.86 | 8.52 | % | 1.72 | % | 1.72 | %(g) | 1.46 | % | $ | 26,442 | 38 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | During the year ended December 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.13%. |
(e) | 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%. |
(f) | 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%. |
(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 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. |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
See accompanying notes to the financial statements.
282 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Europe 30 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 22.52 | 0.44 | 3.46 | 3.90 | (0.52 | ) | — | (0.52 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 25.62 | 0.43 | (2.37 | ) | (1.94 | ) | (0.29 | ) | (0.87 | ) | (1.16 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 20.76 | 0.32 | 4.76 | 5.08 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 23.50 | 0.22 | (2.43 | ) | (2.21 | ) | (0.53 | ) | — | (0.53 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 20.55 | 0.45 | 3.15 | 3.60 | (0.65 | ) | — | (0.65 | ) | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 15.10 | 0.50 | (0.01 | ) | 0.49 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2022 | $ | 16.55 | (0.01 | ) | (1.44 | ) | (1.45 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2021 | $ | 18.37 | (0.30 | ) | (1.15 | ) | (1.45 | ) | — | (0.37 | ) | (0.37 | ) | |||||||||||||||
Year Ended December 31, 2020 | $ | 17.60 | (0.25 | ) | 1.09 | 0.84 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 18.03 | 0.08 | (0.50 | ) | (0.42 | ) | (0.01 | ) | — | (0.01 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 25.90 | 17.47 | % | 1.77 | % | 1.68 | % | 1.83 | % | $ | 15,304 | 120 | % | |||||||||||||
$ | 22.52 | (7.76 | )% | 1.75 | % | 1.68 | % | 1.82 | % | $ | 14,379 | 131 | % | |||||||||||||
$ | 25.62 | 24.53 | % | 1.69 | % | 1.68 | % | 1.30 | % | $ | 17,489 | 138 | % | |||||||||||||
$ | 20.76 | (9.23 | )% | 1.77 | % | 1.68 | % | 1.10 | % | $ | 14,729 | 63 | % | |||||||||||||
$ | 23.50 | 17.79 | % | 1.79 | % | 1.68 | % | 1.97 | % | $ | 19,526 | 85 | % | |||||||||||||
$ | 15.59 | 3.25 | % | 2.97 | % | 1.68 | % | 3.28 | % | $ | 1,151 | — | ||||||||||||||
$ | 15.10 | (8.76 | )% | 2.41 | % | 1.68 | % | (0.05 | )% | $ | 505 | — | ||||||||||||||
$ | 16.55 | (8.03 | )% | 2.23 | % | 1.68 | % | (1.68 | )% | $ | 481 | — | ||||||||||||||
$ | 18.37 | 4.80 | % | 3.18 | % | 1.68 | % | (1.44 | )% | $ | 1,336 | — | ||||||||||||||
$ | 17.60 | (2.34 | )% | 5.49 | % | 1.68 | % | 0.44 | % | $ | 615 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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 the financial statements.
Financial Highlights :: 283
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Financials | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 42.23 | 0.13 | 5.59 | 5.72 | (0.20 | ) | (1.83 | ) | (2.03 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 50.42 | 0.15 | (7.78 | ) | (7.63 | ) | (0.04 | ) | (0.52 | ) | (0.56 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 41.61 | 0.03 | 12.16 | 12.19 | (0.17 | ) | (3.21 | ) | (3.38 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 46.06 | 0.23 | (1.41 | ) | (1.18 | ) | (0.28 | ) | (2.99 | ) | (3.27 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 37.39 | 0.21 | 10.83 | 11.04 | (0.23 | ) | (2.14 | ) | (2.37 | ) | |||||||||||||||||
ProFund VP Government Money Market | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 1.000 | 0.041 | — | (e) | 0.041 | (0.041 | ) | — | (0.041 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 1.000 | 0.010 | — | 0.010 | (0.010 | ) | — | (0.010 | ) | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 1.000 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | |||||||||||||||
Year Ended December 31, 2020 | $ | 1.000 | 0.001 | — | (e) | 0.001 | (0.001 | ) | — | (0.001 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.008 | — | (e) | 0.008 | (0.008 | ) | — | (0.008 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 45.92 | 13.88 | % | 1.75 | % | 1.68 | % | 0.31 | % | $ | 26,905 | 48 | % | |||||||||||||
$ | 42.23 | (15.14 | )% | 1.71 | % | 1.68 | % | 0.33 | % | $ | 27,395 | 14 | % | |||||||||||||
$ | 50.42 | 30.10 | % | 1.68 | % | 1.68 | % | 0.07 | % | $ | 41,801 | 31 | % | |||||||||||||
$ | 41.61 | (1.77 | )% | 1.74 | % | 1.68 | % | 0.58 | % | $ | 27,234 | 145 | % | |||||||||||||
$ | 46.06 | 30.27 | % | 1.71 | % | 1.71 | %(d) | 0.50 | % | $ | 36,747 | 52 | % | |||||||||||||
$ | 1.000 | 4.15 | % | 1.28 | % | 0.90 | %(f) | 4.06 | % | $ | 30,941 | — | ||||||||||||||
$ | 1.000 | 1.02 | % | 1.16 | % | 0.49 | %(g)(h) | 1.01 | % | $ | 36,622 | — | ||||||||||||||
$ | 1.000 | 0.01 | % | 1.07 | % | — | %(g)(i) | 0.01 | % | $ | 46,350 | — | ||||||||||||||
$ | 1.000 | 0.04 | % | 1.16 | % | 0.52 | %(g) | 0.05 | % | $ | 48,075 | — | ||||||||||||||
$ | 1.000 | 0.77 | % | 1.35 | % | 1.35 | % | 0.78 | % | $ | 145,715 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | Amount is less than $0.0005. |
(f) | The Advisor voluntarily waived fees and expenses to limit the annual expense ratio to 0.90% through September 30, 2023. Effective October 1, 2023, the contractual expense limit was reduced from 1.35% to 0.90%. |
(g) | The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield. |
(h) | The Advisor voluntarily waived fees and expenses to limit the annual expense ratio to 0.90% (excluding amounts contractually waived to support a minimum net yield). |
(i) | Amount is less than 0.005%. |
See accompanying notes to the financial statements.
284 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Health Care | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 74.44 | 0.05 | 0.51 | 0.56 | — | (8.30 | ) | (8.30 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 84.07 | (0.15 | ) | (5.18 | ) | (5.33 | ) | — | (4.30 | ) | (4.30 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 75.46 | (0.24 | ) | 15.51 | 15.27 | (0.03 | ) | (6.63 | ) | (6.66 | ) | ||||||||||||||||
Year Ended December 31, 2020 | $ | 74.91 | 0.03 | 10.27 | 10.30 | — | (9.75 | ) | (9.75 | ) | ||||||||||||||||||
Year Ended December 31, 2019 | $ | 71.82 | (0.01 | ) | 12.63 | 12.62 | — | (9.53 | ) | (9.53 | ) | |||||||||||||||||
ProFund VP Industrials | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 83.02 | 0.18 | 13.02 | 13.20 | — | (7.57 | ) | (7.57 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 99.95 | (0.18 | ) | (15.43 | ) | (15.61 | ) | — | (1.32 | ) | (1.32 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 90.68 | (0.44 | ) | 15.06 | 14.62 | — | (5.35 | ) | (5.35 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 79.25 | (0.15 | ) | 13.24 | 13.09 | (0.14 | ) | (1.52 | ) | (1.66 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 72.70 | 0.10 | 20.77 | 20.87 | — | (14.32 | ) | (14.32 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 66.70 | 0.82 | % | 1.74 | % | 1.68 | % | 0.07 | % | $ | 37,241 | 13 | % | |||||||||||||
$ | 74.44 | (6.03 | )% | 1.69 | % | 1.68 | % | (0.20 | )% | $ | 43,635 | 30 | % | |||||||||||||
$ | 84.07 | 21.54 | % | 1.68 | % | 1.68 | % | (0.30 | )% | $ | 55,677 | 10 | % | |||||||||||||
$ | 75.46 | 14.44 | % | 1.73 | % | 1.68 | % | 0.04 | % | $ | 52,001 | 58 | % | |||||||||||||
$ | 74.91 | 19.37 | % | 1.72 | % | 1.68 | % | (0.01 | )% | $ | 49,409 | 33 | % | |||||||||||||
$ | 88.65 | 16.30 | % | 1.76 | % | 1.68 | % | 0.21 | % | $ | 15,733 | 82 | % | |||||||||||||
$ | 83.02 | (15.60 | )% | 1.72 | % | 1.68 | % | (0.21 | )% | $ | 14,194 | 73 | % | |||||||||||||
$ | 99.95 | 16.40 | % | 1.69 | % | 1.68 | % | (0.45 | )% | $ | 21,804 | 72 | % | |||||||||||||
$ | 90.68 | 16.76 | % | 1.75 | % | 1.68 | % | (0.20 | )% | $ | 17,080 | 123 | % | |||||||||||||
$ | 79.25 | 30.49 | % | 1.71 | % | 1.68 | % | 0.12 | % | $ | 17,879 | 71 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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 the financial statements.
Financial Highlights :: 285
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP International | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 17.81 | 0.62 | 2.15 | 2.77 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 22.33 | (0.03 | ) | (3.63 | ) | (3.66 | ) | — | (0.86 | ) | (0.86 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 20.52 | (0.35 | ) | 2.16 | 1.81 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2020 | $ | 19.66 | (0.24 | ) | 1.19 | 0.95 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 16.53 | 0.08 | 3.10 | 3.18 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
ProFund VP Internet | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 16.40 | (0.26 | ) | 8.12 | 7.86 | — | (3.21 | ) | (3.21 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 51.30 | (0.36 | ) | (21.75 | ) | (22.11 | ) | — | (12.79 | ) | (12.79 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 58.55 | (0.84 | ) | 3.30 | 2.46 | — | (9.71 | ) | (9.71 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 43.10 | (0.69 | ) | 22.44 | 21.75 | — | (6.30 | ) | (6.30 | ) | |||||||||||||||||
Year Ended December 31, 2019(e) | $ | 37.40 | (0.54 | ) | 7.27 | 6.73 | — | (1.03 | ) | (1.03 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 20.58 | 15.55 | % | 1.71 | % | 1.68 | % | 3.19 | % | $ | 10,459 | — | ||||||||||||||
$ | 17.81 | (16.45 | )% | 1.68 | % | 1.65 | % | (0.16 | )% | $ | 12,772 | — | ||||||||||||||
$ | 22.33 | 8.82 | % | 1.60 | % | 1.60 | % | (1.60 | )% | $ | 12,151 | — | ||||||||||||||
$ | 20.52 | 4.90 | % | 1.68 | % | 1.68 | % | (1.36 | )% | $ | 5,532 | — | ||||||||||||||
$ | 19.66 | 19.27 | % | 1.65 | % | 1.65 | % | 0.43 | % | $ | 5,679 | — | ||||||||||||||
$ | 21.05 | 49.85 | % | 1.76 | % | 1.68 | % | (1.34 | )% | $ | 12,491 | 83 | % | |||||||||||||
$ | 16.40 | (46.13 | )% | 1.70 | % | 1.69 | %(d) | (1.40 | )% | $ | 8,133 | 28 | % | |||||||||||||
$ | 51.30 | 5.30 | % | 1.68 | % | 1.68 | % | (1.47 | )% | $ | 19,532 | 57 | % | |||||||||||||
$ | 58.55 | 50.82 | % | 1.71 | % | 1.68 | % | (1.36 | )% | $ | 26,399 | 116 | % | |||||||||||||
$ | 43.10 | 18.03 | % | 1.69 | % | 1.69 | %(d) | (1.24 | )% | $ | 16,593 | 163 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | As described in Note 8, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019. |
See accompanying notes to the financial statements.
286 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Japan | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 48.48 | 1.93 | 14.82 | 16.75 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 56.77 | (0.12 | ) | (5.32 | ) | (5.44 | ) | — | (2.85 | ) | (2.85 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 63.65 | (1.02 | ) | 3.20 | 2.18 | — | (9.06 | ) | (9.06 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 55.06 | (0.73 | ) | 9.48 | 8.75 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 45.95 | 0.12 | 9.06 | 9.18 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||
ProFund VP Large-Cap Growth | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 47.65 | (0.18 | ) | 13.09 | 12.91 | — | (8.96 | ) | (8.96 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 85.95 | (0.46 | ) | (24.71 | ) | (25.17 | ) | — | (13.13 | ) | (13.13 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 77.23 | (0.75 | ) | 20.84 | 20.09 | — | (11.37 | ) | (11.37 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 64.35 | (0.35 | ) | 20.11 | 19.76 | — | (6.88 | ) | (6.88 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 65.02 | (0.10 | ) | 17.13 | 17.03 | — | (17.70 | ) | (17.70 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 65.23 | 34.51 | % | 1.73 | % | 1.68 | % | 3.26 | % | $ | 10,748 | — | ||||||||||||||
$ | 48.48 | (9.92 | )% | 1.69 | % | 1.68 | % | (0.22 | )% | $ | 7,448 | — | ||||||||||||||
$ | 56.77 | 3.89 | % | 1.69 | % | 1.68 | % | (1.68 | )% | $ | 7,261 | — | ||||||||||||||
$ | 63.65 | 15.93 | % | 1.75 | % | 1.68 | % | (1.38 | )% | $ | 11,668 | — | ||||||||||||||
$ | 55.06 | 20.00 | % | 1.74 | % | 1.74 | %(d) | 0.23 | % | $ | 9,319 | — | ||||||||||||||
$ | 51.60 | 27.86 | % | 1.78 | % | 1.68 | % | (0.36 | )% | $ | 26,086 | 178 | % | |||||||||||||
$ | 47.65 | (30.64 | )% | 1.73 | % | 1.68 | % | (0.76 | )% | $ | 15,799 | 132 | % | |||||||||||||
$ | 85.95 | 29.86 | % | 1.69 | % | 1.68 | % | (0.94 | )% | $ | 37,180 | 122 | % | |||||||||||||
$ | 77.23 | 30.93 | % | 1.75 | % | 1.68 | % | (0.52 | )% | $ | 29,963 | 150 | % | |||||||||||||
$ | 64.35 | 28.89 | % | 1.73 | % | 1.68 | % | (0.14 | )% | $ | 28,941 | 136 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 the financial statements.
Financial Highlights :: 287
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Large-Cap Value | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 45.11 | 0.16 | 8.71 | 8.87 | (0.24 | ) | (3.37 | ) | (3.61 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 49.32 | 0.23 | (3.59 | ) | (3.36 | ) | (0.23 | ) | (0.62 | ) | (0.85 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 40.50 | 0.22 | 9.03 | 9.25 | (0.43 | ) | — | (0.43 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 47.60 | 0.43 | (1.06 | ) | (0.63 | ) | (0.50 | ) | (5.97 | ) | (6.47 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 41.32 | 0.37 | 11.15 | 11.52 | (0.46 | ) | (4.78 | ) | (5.24 | ) | |||||||||||||||||
ProFund VP Materials† | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 76.40 | 0.33 | 9.12 | 9.45 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 84.94 | 0.36 | (8.08 | ) | (7.72 | ) | (0.13 | ) | (0.69 | ) | (0.82 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 69.36 | 0.14 | 17.52 | 17.66 | (0.23 | ) | (1.85 | ) | (2.08 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 64.71 | 0.32 | 9.87 | 10.19 | (0.42 | ) | (5.12 | ) | (5.54 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 56.94 | 0.37 | 9.53 | 9.90 | (0.22 | ) | (1.91 | ) | (2.13 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 50.37 | 20.09 | % | 1.78 | % | 1.68 | % | 0.34 | % | $ | 20,299 | 151 | % | |||||||||||||
$ | 45.11 | (6.82 | )% | 1.73 | % | 1.68 | % | 0.51 | % | $ | 15,986 | 214 | % | |||||||||||||
$ | 49.32 | 22.93 | % | 1.70 | % | 1.68 | % | 0.48 | % | $ | 17,877 | 79 | % | |||||||||||||
$ | 40.50 | (0.06 | )% | 1.77 | % | 1.68 | % | 1.05 | % | $ | 14,607 | 97 | % | |||||||||||||
$ | 47.60 | 29.77 | % | 1.74 | % | 1.68 | % | 0.81 | % | $ | 22,202 | 110 | % | |||||||||||||
$ | 85.48 | 12.38 | % | 1.77 | % | 1.68 | % | 0.40 | % | $ | 14,610 | 69 | % | |||||||||||||
$ | 76.40 | (9.14 | )% | 1.71 | % | 1.68 | % | 0.46 | % | $ | 13,568 | 65 | % | |||||||||||||
$ | 84.94 | 25.63 | % | 1.68 | % | 1.68 | % | 0.18 | % | $ | 17,284 | 134 | % | |||||||||||||
$ | 69.36 | 16.49 | % | 1.73 | % | 1.68 | % | 0.53 | % | $ | 16,416 | 135 | % | |||||||||||||
$ | 64.71 | 17.72 | % | 1.71 | % | 1.68 | % | 0.60 | % | $ | 11,884 | 58 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
† | As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index. |
See accompanying notes to the financial statements.
288 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Mid-Cap | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 14.68 | 0.49 | 1.54 | 2.03 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 21.47 | (0.04 | ) | (3.10 | ) | (3.14 | ) | — | (3.65 | ) | (3.65 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 18.15 | (0.33 | ) | 4.31 | 3.98 | — | (0.66 | ) | (0.66 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 23.89 | (0.26 | ) | 1.63 | 1.37 | (0.22 | ) | (6.89 | ) | (7.11 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 19.37 | 0.11 | 4.44 | 4.55 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
ProFund VP Mid-Cap Growth | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 31.75 | (0.13 | ) | 5.07 | 4.94 | — | (0.19 | ) | (0.19 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 50.76 | (0.21 | ) | (9.92 | ) | (10.13 | ) | — | (8.88 | ) | (8.88 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 47.68 | (0.51 | ) | 8.14 | 7.63 | — | (4.55 | ) | (4.55 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 43.13 | (0.28 | ) | 8.71 | 8.43 | — | (3.88 | ) | (3.88 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 38.51 | (0.16 | ) | 9.17 | 9.01 | — | (4.39 | ) | (4.39 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 16.71 | 13.83 | % | 1.74 | % | 1.68 | % | 3.19 | % | $ | 10,335 | — | ||||||||||||||
$ | 14.68 | (14.92 | )% | 1.70 | % | 1.67 | % | (0.22 | )% | $ | 9,993 | — | ||||||||||||||
$ | 21.47 | 22.21 | % | 1.61 | % | 1.61 | % | (1.61 | )% | $ | 15,850 | — | ||||||||||||||
$ | 18.15 | 10.76 | % | 1.70 | % | 1.70 | %(d) | (1.34 | )% | $ | 10,731 | — | ||||||||||||||
$ | 23.89 | 23.53 | % | 1.64 | % | 1.64 | % | 0.50 | % | $ | 11,332 | — | ||||||||||||||
$ | 36.50 | 15.56 | % | 1.82 | % | 1.68 | % | (0.40 | )% | $ | 14,936 | 150 | % | |||||||||||||
$ | 31.75 | (20.34 | )% | 1.76 | % | 1.68 | % | (0.57 | )% | $ | 11,954 | 94 | % | |||||||||||||
$ | 50.76 | 16.97 | % | 1.73 | % | 1.68 | % | (1.02 | )% | $ | 20,702 | 113 | % | |||||||||||||
$ | 47.68 | 20.90 | % | 1.78 | % | 1.68 | % | (0.68 | )% | $ | 21,028 | 184 | % | |||||||||||||
$ | 43.13 | 24.24 | % | 1.75 | % | 1.68 | % | (0.38 | )% | $ | 20,792 | 191 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 the financial statements.
Financial Highlights :: 289
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Mid-Cap Value | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 39.51 | 0.07 | 5.15 | 5.22 | (0.12 | ) | (2.55 | ) | (2.67 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 50.46 | 0.11 | (4.32 | ) | (4.21 | ) | (0.07 | ) | (6.67 | ) | (6.74 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 39.36 | 0.04 | 11.18 | 11.22 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | $ | 42.15 | 0.21 | 0.13 | 0.34 | (0.15 | ) | (2.98 | ) | (3.13 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 35.25 | 0.10 | 8.22 | 8.32 | (0.08 | ) | (1.34 | ) | (1.42 | ) | |||||||||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 38.21 | 0.28 | 19.64 | 19.92 | — | (0.26 | ) | (0.26 | ) | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 73.87 | (0.34 | ) | (23.34 | ) | (23.68 | ) | — | (11.98 | ) | (11.98 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 70.73 | (0.81 | ) | 15.53 | 14.72 | — | (11.58 | ) | (11.58 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 51.68 | (0.59 | ) | 24.00 | 23.41 | — | (4.36 | ) | (4.36 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 38.09 | (0.13 | ) | 14.06 | 13.93 | — | (0.34 | ) | (0.34 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 42.06 | 13.45 | % | 1.81 | % | 1.68 | % | 0.19 | % | $ | 12,286 | 130 | % | |||||||||||||
$ | 39.51 | (8.45 | )% | 1.74 | % | 1.68 | % | 0.25 | % | $ | 13,192 | 175 | % | |||||||||||||
$ | 50.46 | 28.53 | % | 1.70 | % | 1.68 | % | 0.08 | % | $ | 18,681 | 172 | % | |||||||||||||
$ | 39.36 | 2.30 | % | 1.80 | % | 1.68 | % | 0.60 | % | $ | 12,472 | 163 | % | |||||||||||||
$ | 42.15 | 24.08 | % | 1.75 | % | 1.68 | % | 0.26 | % | $ | 17,712 | 232 | % | |||||||||||||
$ | 57.87 | 52.17 | % | 1.76 | % | 1.68 | % | 0.57 | % | $ | 147,448 | 22 | % | |||||||||||||
$ | 38.21 | (33.91 | )% | 1.74 | % | 1.68 | % | (0.67 | )% | $ | 76,535 | 9 | % | |||||||||||||
$ | 73.87 | 24.80 | % | 1.68 | % | 1.68 | % | (1.15 | )% | $ | 177,581 | 13 | % | |||||||||||||
$ | 70.73 | 45.57 | % | 1.73 | % | 1.68 | % | (0.99 | )% | $ | 155,209 | 10 | % | |||||||||||||
$ | 51.68 | 36.70 | % | 1.72 | % | 1.69 | %(d) | (0.29 | )% | $ | 103,193 | 9 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 the financial statements.
290 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 37.31 | 0.03 | (2.07 | ) | (2.04 | ) | (0.19 | ) | (0.69 | ) | (0.88 | ) | |||||||||||||||
Year Ended December 31, 2022 | $ | 42.16 | 0.16 | (2.71 | ) | (2.55 | ) | (0.03 | ) | (2.27 | ) | (2.30 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 38.54 | 0.07 | 4.18 | 4.25 | (0.11 | ) | (0.52 | ) | (0.63 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 34.29 | — | (d) | 4.29 | 4.29 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 34.85 | 0.04 | 4.22 | 4.26 | (0.31 | ) | (4.51 | ) | (4.82 | ) | |||||||||||||||||
ProFund VP Precious Metals | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 25.03 | 0.82 | (0.45 | ) | 0.37 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2022 | $ | 28.13 | (0.09 | ) | (3.01 | ) | (3.10 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2021 | $ | 30.89 | (0.49 | ) | (2.27 | ) | (2.76 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2020 | $ | 24.94 | (0.42 | ) | 6.44 | 6.02 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 17.10 | 0.07 | 7.78 | 7.85 | (0.01 | ) | — | (0.01 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 34.39 | (5.49 | )% | 1.77 | % | 1.68 | % | 0.09 | % | $ | 10,139 | 128 | % | |||||||||||||
$ | 37.31 | (6.13 | )% | 1.70 | % | 1.68 | % | 0.41 | % | $ | 13,527 | 64 | % | |||||||||||||
$ | 42.16 | 11.20 | % | 1.68 | % | 1.68 | % | 0.18 | % | $ | 16,790 | 60 | % | |||||||||||||
$ | 38.54 | 12.51 | % | 1.73 | % | 1.68 | % | 0.01 | % | $ | 16,271 | 91 | % | |||||||||||||
$ | 34.29 | 14.04 | % | 1.74 | % | 1.68 | % | 0.12 | % | $ | 13,604 | 126 | % | |||||||||||||
$ | 25.40 | 1.48 | % | 1.76 | % | 1.68 | % | 3.25 | % | $ | 24,691 | — | ||||||||||||||
$ | 25.03 | (11.02 | )% | 1.71 | % | 1.68 | % | (0.33 | )% | $ | 27,228 | — | ||||||||||||||
$ | 28.13 | (8.94 | )% | 1.68 | % | 1.68 | % | (1.68 | )% | $ | 30,204 | — | ||||||||||||||
$ | 30.89 | 24.10 | % | 1.74 | % | 1.68 | % | (1.43 | )% | $ | 38,371 | — | ||||||||||||||
$ | 24.94 | 45.98 | % | 1.72 | % | 1.68 | % | 0.37 | % | $ | 32,395 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | Amount is less than $0.005. |
See accompanying notes to the financial statements.
Financial Highlights :: 291
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 | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Return of Capital | Total Distributions | |||||||||||||||||||||||||
ProFund VP Real Estate | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 54.22 | 0.68 | 4.03 | 4.71 | (0.57 | ) | (10.95 | ) | — | (11.52 | ) | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 79.69 | 0.32 | (21.06 | ) | (20.74 | ) | (0.48 | ) | (4.25 | ) | — | (4.73 | ) | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 58.15 | 0.19 | 21.37 | 21.56 | (0.02 | ) | — | — | (0.02 | ) | |||||||||||||||||||||
Year Ended December 31, 2020 | $ | 65.05 | 0.42 | (4.66 | ) | (4.24 | ) | (0.78 | ) | (1.71 | ) | (0.17 | ) | (2.66 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 54.51 | 0.75 | 13.65 | 14.40 | (1.06 | ) | (2.80 | ) | — | (3.86 | ) | ||||||||||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 43.99 | 1.44 | (0.67 | ) | 0.77 | (0.06 | ) | — | — | (0.06 | ) | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 27.76 | 0.04 | 16.19 | 16.23 | — | — | — | — | |||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 27.78 | (0.50 | ) | 0.48 | (0.02 | ) | — | — | — | — | |||||||||||||||||||||
Year Ended December 31, 2020 | $ | 38.21 | (0.37 | ) | (9.84 | ) | (10.21 | ) | (0.22 | ) | — | — | (0.22 | ) | ||||||||||||||||||
Year Ended December 31, 2019 | $ | 48.56 | 0.21 | (8.70 | ) | (8.49 | ) | (0.08 | ) | (1.78 | ) | — | (1.86 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 47.41 | 9.73 | % | 1.80 | % | 1.68 | % | 1.38 | % | $ | 6,487 | 114 | % | |||||||||||||
$ | 54.22 | (26.56 | )% | 1.74 | % | 1.68 | % | 0.49 | % | $ | 5,596 | 85 | % | |||||||||||||
$ | 79.69 | 37.07 | % | 1.69 | % | 1.68 | % | 0.27 | % | $ | 13,927 | 147 | % | |||||||||||||
$ | 58.15 | (6.29 | )%(d) | 1.76 | % | 1.68 | % | 0.72 | % | $ | 9,729 | 150 | % | |||||||||||||
$ | 65.05 | 26.76 | % | 1.71 | % | 1.68 | % | 1.18 | % | $ | 15,945 | 126 | % | |||||||||||||
$ | 44.70 | 1.75 | % | 1.68 | % | 1.67 | % | 3.21 | % | $ | 8,220 | — | ||||||||||||||
$ | 43.99 | 58.47 | % | 1.66 | % | 1.66 | % | 0.10 | % | $ | 16,990 | — | ||||||||||||||
$ | 27.76 | (0.07 | )% | 1.64 | % | 1.64 | % | (1.64 | )% | $ | 5,890 | — | ||||||||||||||
$ | 27.78 | (26.70 | )% | 1.73 | % | 1.68 | % | (1.30 | )% | $ | 4,441 | — | ||||||||||||||
$ | 38.21 | (17.41 | )% | 1.70 | % | 1.67 | % | 0.50 | % | $ | 5,962 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(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%. |
See accompanying notes to the financial statements.
292 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Semiconductor | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 65.83 | (0.57 | ) | 62.10 | 61.53 | — | (0.96 | ) | (0.96 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 111.54 | (0.29 | ) | (40.90 | ) | (41.19 | ) | — | (4.52 | ) | (4.52 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 82.52 | (0.51 | ) | 36.96 | 36.45 | — | (7.43 | ) | (7.43 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 60.61 | (0.06 | ) | 26.68 | 26.62 | (0.23 | ) | (4.48 | ) | (4.71 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 44.36 | 0.22 | 20.66 | 20.88 | (0.15 | ) | (4.48 | ) | (4.63 | ) | |||||||||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 23.45 | 0.68 | (2.55 | ) | (1.87 | ) | — | — | — | ||||||||||||||||||
Year Ended December 31, 2022 | $ | 22.35 | (0.04 | ) | 1.14 | 1.10 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2021 | $ | 27.63 | (0.41 | ) | (4.87 | ) | (5.28 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2020 | $ | 35.04 | (0.56 | ) | (6.78 | ) | (7.34 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||||
Year Ended December 31, 2019(f) | $ | 43.37 | 0.13 | (8.44 | ) | (8.31 | ) | (0.02 | ) | — | (0.02 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 126.40 | 93.66 | % | 1.70 | % | 1.68 | % | (0.55 | )% | $ | 58,222 | 176 | % | |||||||||||||
$ | 65.83 | (37.50 | )% | 1.70 | % | 1.69 | %(d) | (0.36 | )% | $ | 7,904 | 276 | % | |||||||||||||
$ | 111.54 | 48.49 | % | 1.64 | % | 1.64 | % | (0.55 | )% | $ | 21,310 | 230 | % | |||||||||||||
$ | 82.52 | 44.85 | % | 1.72 | % | 1.70 | %(d) | (0.09 | )% | $ | 13,106 | 348 | % | |||||||||||||
$ | 60.61 | 49.77 | % | 1.67 | % | 1.66 | % | 0.41 | % | $ | 9,517 | 561 | % | |||||||||||||
$ | 21.58 | (8.01 | )% | 1.69 | % | 1.68 | % | 2.91 | % | $ | 6 | — | ||||||||||||||
$ | 23.45 | 4.92 | % | 1.74 | % | 1.68 | % | (0.17 | )% | $ | 7 | — | ||||||||||||||
$ | 22.35 | (19.12 | )%(e) | 1.68 | % | 1.68 | % | (1.68 | )% | $ | 7 | — | ||||||||||||||
$ | 27.63 | (20.89 | )% | 1.75 | % | 1.68 | % | (1.63 | )% | $ | 16 | — | ||||||||||||||
$ | 35.04 | (19.25 | )% | 1.76 | % | 1.68 | % | 0.34 | % | $ | 12 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | 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%. |
(f) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
See accompanying notes to the financial statements.
Financial Highlights :: 293
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 26.73 | 0.83 | (3.97 | ) | (3.14 | ) | (0.05 | ) | (0.05 | ) | (0.10 | ) | |||||||||||||||
Year Ended December 31, 2022 | $ | 25.52 | 0.04 | 1.64 | 1.68 | — | (0.47 | ) | (0.47 | ) | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 23.20 | (0.39 | ) | 2.71 | 2.32 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2020 | $ | 34.35 | (0.51 | ) | (10.35 | ) | (10.86 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 47.77 | 0.20 | (9.52 | ) | (9.32 | ) | (0.23 | ) | (3.87 | ) | (4.10 | ) | |||||||||||||||
ProFund VP Short International | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 28.27 | 0.86 | (3.77 | ) | (2.91 | ) | (0.48 | ) | — | (0.48 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 25.14 | 0.21 | 2.92 | (e) | 3.13 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2021 | $ | 29.03 | (0.43 | ) | (3.46 | ) | (3.89 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2020 | $ | 35.17 | (0.53 | ) | (5.40 | ) | (5.93 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||
Year Ended December 31, 2019(f) | $ | 43.87 | 0.19 | (7.70 | ) | (7.51 | ) | (0.20 | ) | (0.99 | ) | (1.19 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 23.49 | (11.78 | )% | 1.75 | % | 1.68 | % | 3.32 | % | $ | 513 | — | ||||||||||||||
$ | 26.73 | 6.69 | % | 1.70 | % | 1.67 | % | 0.14 | % | $ | 862 | — | ||||||||||||||
$ | 25.52 | 9.96 | % | 1.68 | % | 1.68 | % | (1.68 | )% | $ | 711 | — | ||||||||||||||
$ | 23.20 | (31.76 | )% | 1.72 | % | 1.69 | %(d) | (1.43 | )% | $ | 366 | — | ||||||||||||||
$ | 34.35 | (20.99 | )% | 1.67 | % | 1.67 | % | 0.48 | % | $ | 845 | — | ||||||||||||||
$ | 24.88 | (10.29 | )% | 1.72 | % | 1.68 | % | 3.27 | % | $ | 517 | — | ||||||||||||||
$ | 28.27 | 12.45 | % | 1.68 | % | 1.67 | % | 0.71 | % | $ | 3,016 | — | ||||||||||||||
$ | 25.14 | (13.40 | )% | 1.63 | % | 1.63 | % | (1.63 | )% | $ | 537 | — | ||||||||||||||
$ | 29.03 | (16.94 | )% | 1.70 | % | 1.68 | % | (1.43 | )% | $ | 685 | — | ||||||||||||||
$ | 35.17 | (17.42 | )% | 1.69 | % | 1.68 | % | 0.48 | % | $ | 596 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | 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 timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(f) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
See accompanying notes to the financial statements.
294 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 8.29 | 0.26 | (1.03 | ) | (0.77 | ) | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 7.60 | 0.03 | 0.66 | (d) | 0.69 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2021 | $ | 20.13 | (0.18 | ) | (4.08 | ) | (4.26 | ) | — | (8.27 | ) | (8.27 | ) | |||||||||||||||
Year Ended December 31, 2020 | $ | 27.75 | (0.44 | ) | (6.91 | ) | (7.35 | ) | (0.27 | ) | — | (0.27 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 35.30 | 0.18 | (7.64 | ) | (7.46 | ) | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 18.22 | 0.47 | (6.36 | ) | (5.89 | ) | — | (0.03 | ) | (0.03 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 13.49 | (0.01 | ) | 4.74 | (d) | 4.73 | — | — | — | ||||||||||||||||||
Year Ended December 31, 2021 | $ | 18.22 | (0.27 | ) | (4.26 | ) | (4.53 | ) | — | (0.20 | ) | (0.20 | ) | |||||||||||||||
Year Ended December 31, 2020 | $ | 31.90 | (0.32 | ) | (13.32 | ) | (13.64 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||
Year Ended December 31, 2019(g) | $ | 44.38 | 0.12 | (12.55 | ) | (12.43 | ) | (0.05 | ) | — | (0.05 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 7.45 | (9.35 | )% | 1.80 | % | 1.68 | % | 3.27 | % | $ | 69 | — | ||||||||||||||
$ | 8.29 | 9.08 | % | 1.71 | % | 1.68 | % | 0.41 | % | $ | 96 | — | ||||||||||||||
$ | 7.60 | (23.87 | )%(e) | 1.69 | % | 1.68 | % | (1.68 | )% | $ | 45 | — | ||||||||||||||
$ | 20.13 | (26.65 | )% | 1.76 | % | 1.69 | %(f) | (1.49 | )% | $ | 68 | — | ||||||||||||||
$ | 27.75 | (21.17 | )% | 1.66 | % | 1.66 | % | 0.59 | % | $ | 142 | — | ||||||||||||||
$ | 12.30 | (32.40 | )% | 1.78 | % | 1.68 | % | 3.24 | % | $ | 4,369 | — | ||||||||||||||
$ | 18.22 | 35.06 | % | 1.73 | % | 1.68 | % | (0.04 | )% | $ | 7,484 | — | ||||||||||||||
$ | 13.49 | (25.13 | )% | 1.68 | % | 1.68 | % | (1.68 | )% | $ | 1,823 | — | ||||||||||||||
$ | 18.22 | (42.77 | )% | 1.75 | % | 1.68 | % | (1.33 | )% | $ | 5,120 | — | ||||||||||||||
$ | 31.90 | (28.05 | )% | 1.73 | % | 1.69 | %(f) | 0.32 | % | $ | 7,353 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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 timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(e) | 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%. |
(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 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. |
(g) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
See accompanying notes to the financial statements.
Financial Highlights :: 295
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Short Small-Cap | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 26.34 | 0.83 | (3.67 | ) | (2.84 | ) | (0.07 | ) | (1.33 | ) | (1.40 | ) | |||||||||||||||
Year Ended December 31, 2022 | $ | 22.35 | 0.08 | 3.91 | 3.99 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2021 | $ | 27.61 | (0.39 | ) | (4.87 | ) | (5.26 | ) | — | — | — | |||||||||||||||||
Year Ended December 31, 2020(d) | $ | 40.78 | (0.56 | ) | (12.42 | ) | (12.98 | ) | (0.19 | ) | — | (0.19 | ) | |||||||||||||||
Year Ended December 31, 2019(d) | $ | 57.35 | 0.20 | (11.57 | ) | (11.37 | ) | (0.04 | ) | (5.16 | ) | (5.20 | ) | |||||||||||||||
ProFund VP Small-Cap | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 29.85 | 0.26 | 4.19 | 4.45 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 43.20 | (0.07 | ) | (9.16 | ) | (9.23 | ) | — | (4.12 | ) | (4.12 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 39.82 | (0.50 | ) | 5.55 | 5.05 | — | (1.67 | ) | (1.67 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 35.40 | (0.28 | ) | 6.01 | 5.73 | (0.02 | ) | (1.29 | ) | (1.31 | ) | ||||||||||||||||
Year Ended December 31, 2019 | $ | 28.64 | 0.01 | 6.75 | 6.76 | — | — | — |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 22.10 | (10.88 | )% | 1.81 | % | 1.68 | % | 3.32 | % | $ | 2,194 | — | ||||||||||||||
$ | 26.34 | 17.81 | % | 1.79 | % | 1.68 | % | 0.32 | % | $ | 3,045 | — | ||||||||||||||
$ | 22.35 | (19.05 | )% | 1.69 | % | 1.68 | % | (1.68 | )% | $ | 996 | — | ||||||||||||||
$ | 27.61 | (31.96 | )% | 1.83 | % | 1.68 | % | (1.36 | )% | $ | 1,084 | — | ||||||||||||||
$ | 40.78 | (20.78 | )% | 1.77 | % | 1.68 | % | 0.42 | % | $ | 1,855 | — | ||||||||||||||
$ | 34.30 | 14.91 | % | 1.87 | % | 1.68 | % | 0.84 | % | $ | 15,158 | 15 | % | |||||||||||||
$ | 29.85 | (21.85 | )% | 1.80 | % | 1.68 | % | (0.19 | )% | $ | 10,221 | 12 | % | |||||||||||||
$ | 43.20 | 12.88 | % | 1.70 | % | �� | 1.68 | % | (1.13 | )% | $ | 14,587 | 24 | % | ||||||||||||
$ | 39.82 | 17.06 | % | 1.82 | % | 1.68 | % | (0.85 | )% | $ | 18,385 | 26 | % | |||||||||||||
$ | 35.40 | 23.60 | % | 1.74 | % | 1.68 | % | 0.03 | % | $ | 16,075 | 22 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
See accompanying notes to the financial statements.
296 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Small-Cap Growth | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 26.82 | (0.07 | ) | 4.10 | 4.03 | — | (0.84 | ) | (0.84 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 40.99 | (0.16 | ) | (8.79 | ) | (8.95 | ) | — | (5.22 | ) | (5.22 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 36.56 | (0.33 | ) | 7.53 | 7.20 | — | (2.77 | ) | (2.77 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 35.85 | (0.22 | ) | 5.52 | 5.30 | — | (4.59 | ) | (4.59 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 34.55 | (0.19 | ) | 6.37 | 6.18 | — | (4.88 | ) | (4.88 | ) | |||||||||||||||||
ProFund VP Small-Cap Value | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 39.83 | 0.11 | 4.96 | 5.07 | (0.01 | ) | (1.93 | ) | (1.94 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 54.49 | 0.02 | (6.33 | ) | (6.31 | ) | — | (8.35 | ) | (8.35 | ) | ||||||||||||||||
Year Ended December 31, 2021 | $ | 42.42 | (0.01 | ) | 12.12 | 12.11 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 48.67 | 0.09 | (0.82 | ) | (0.73 | ) | (0.01 | ) | (5.51 | ) | (5.52 | ) | |||||||||||||||
Year Ended December 31, 2019 | $ | 39.71 | 0.03 | 8.93 | 8.96 | — | — | — |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 30.01 | 15.19 | %(d) | 1.77 | % | 1.68 | % | (0.25 | )% | $ | 16,198 | 95 | % | |||||||||||||
$ | 26.82 | (22.41 | )% | 1.71 | % | 1.68 | % | (0.52 | )% | $ | 13,844 | 73 | % | |||||||||||||
$ | 40.99 | 20.64 | % | 1.68 | % | 1.68 | % | (0.82 | )% | $ | 25,215 | 112 | % | |||||||||||||
$ | 36.56 | 17.39 | % | 1.74 | % | 1.68 | % | (0.69 | )% | $ | 22,530 | 148 | % | |||||||||||||
$ | 35.85 | 19.12 | % | 1.73 | % | 1.68 | % | (0.51 | )% | $ | 18,070 | 108 | % | |||||||||||||
$ | 42.96 | 12.94 | % | 1.78 | % | 1.68 | % | 0.28 | % | $ | 19,447 | 98 | % | |||||||||||||
$ | 39.83 | (12.41 | )% | 1.71 | % | 1.68 | % | 0.04 | % | $ | 18,404 | 102 | % | |||||||||||||
$ | 54.49 | 28.56 | % | 1.69 | % | 1.68 | % | (0.01 | )% | $ | 27,120 | 147 | % | |||||||||||||
$ | 42.42 | 1.06 | % | 1.78 | % | 1.68 | % | 0.23 | % | $ | 21,789 | 192 | % | |||||||||||||
$ | 48.67 | 22.56 | % | 1.75 | % | 1.68 | % | 0.07 | % | $ | 21,288 | 147 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | During the year ended December 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.11%. |
See accompanying notes to the financial statements.
Financial Highlights :: 297
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP Technology | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 48.61 | (0.40 | ) | 28.03 | 27.63 | — | (7.06 | ) | (7.06 | ) | |||||||||||||||||
Year Ended December 31, 2022 | $ | 92.90 | (0.57 | ) | (30.90 | ) | (31.47 | ) | — | (12.82 | ) | (12.82 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 75.35 | (0.76 | ) | 24.96 | 24.20 | — | (6.65 | ) | (6.65 | ) | |||||||||||||||||
Year Ended December 31, 2020 | $ | 56.87 | (0.43 | ) | 25.75 | 25.32 | — | (6.84 | ) | (6.84 | ) | |||||||||||||||||
Year Ended December 31, 2019 | $ | 40.10 | (0.20 | ) | 18.09 | 17.89 | — | (1.12 | ) | (1.12 | ) | |||||||||||||||||
ProFund VP UltraBull | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 20.67 | 0.20 | 9.15 | 9.35 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 46.43 | (0.06 | ) | (17.03 | ) | (17.09 | ) | — | (8.67 | ) | (8.67 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 29.36 | (0.28 | ) | 17.35 | 17.07 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2020(e) | $ | 64.84 | (0.07 | ) | 8.84 | 8.77 | (0.49 | ) | (43.76 | ) | (44.25 | ) | ||||||||||||||||
Year Ended December 31, 2019(e) | $ | 40.60 | 0.20 | 24.20 | 24.40 | (0.16 | ) | — | (0.16 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 69.18 | 57.95 | % | 1.67 | % | 1.66 | % | (0.65 | )% | $ | 57,109 | 33 | % | |||||||||||||
$ | 48.61 | (35.72 | )% | 1.63 | % | 1.63 | % | (0.90 | )% | $ | 27,032 | 179 | % | |||||||||||||
$ | 92.90 | 34.96 | % | 1.58 | % | 1.58 | % | (0.92 | )% | $ | 54,587 | 163 | % | |||||||||||||
$ | 75.35 | 44.80 | % | 1.65 | % | 1.65 | % | (0.66 | )% | $ | 45,261 | 187 | % | |||||||||||||
$ | 56.87 | 45.11 | % | 1.62 | % | 1.62 | % | (0.41 | )% | $ | 33,951 | 75 | % | |||||||||||||
$ | 30.02 | 45.23 | % | 1.74 | % | 1.70 | %(d) | 0.80 | % | $ | 18,660 | 44 | % | |||||||||||||
$ | 20.67 | (39.12 | )% | 1.72 | % | 1.72 | %(d) | (0.21 | )% | $ | 10,253 | 31 | % | |||||||||||||
$ | 46.43 | 58.14 | % | 1.67 | % | 1.67 | % | (0.76 | )% | $ | 19,780 | 443 | % | |||||||||||||
$ | 29.36 | 19.83 | % | 1.69 | % | 1.69 | %(d) | (0.16 | )% | $ | 17,072 | 1,415 | % | |||||||||||||
$ | 64.84 | 60.17 | % | 1.62 | % | 1.62 | % | 0.41 | % | $ | 30,287 | 2,393 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
See accompanying notes to the financial statements.
298 :: 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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 28.67 | 0.23 | 6.15 | 6.38 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 73.95 | (0.10 | ) | (21.97 | ) | (22.07 | ) | — | (23.21 | ) | (23.21 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 50.42 | (0.55 | ) | 24.08 | 23.53 | — | — | — | |||||||||||||||||||
Year Ended December 31, 2020 | $ | 61.51 | (0.21 | ) | (0.36 | ) | (0.57 | ) | (0.12 | ) | (10.40 | ) | (10.52 | ) | ||||||||||||||
Year Ended December 31, 2019 | $ | 41.62 | 0.06 | 19.83 | 19.89 | — | — | — | ||||||||||||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 14.36 | 0.11 | 16.47 | 16.58 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2022 | $ | 99.32 | (0.21 | ) | (51.50 | ) | (51.71 | ) | — | (33.25 | ) | (33.25 | ) | |||||||||||||||
Year Ended December 31, 2021 | $ | 92.87 | (1.08 | ) | 35.05 | 33.97 | — | (27.52 | ) | (27.52 | ) | |||||||||||||||||
Year Ended December 31, 2020(d) | $ | 61.10 | (0.76 | ) | 52.59 | 51.83 | — | (20.06 | ) | (20.06 | ) | |||||||||||||||||
Year Ended December 31, 2019(d) | $ | 34.00 | (0.12 | ) | 27.22 | 27.10 | — | — | — |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 35.05 | 22.21 | % | 1.80 | % | 1.68 | % | 0.75 | % | $ | 10,791 | 31 | % | |||||||||||||
$ | 28.67 | (32.17 | )% | 1.73 | % | 1.68 | % | (0.24 | )% | $ | 8,402 | 42 | % | |||||||||||||
$ | 73.95 | 46.67 | % | 1.69 | % | 1.68 | % | (0.83 | )% | $ | 17,870 | 66 | % | |||||||||||||
$ | 50.42 | 5.22 | % | 1.79 | % | 1.68 | % | (0.48 | )% | $ | 12,722 | 488 | % | |||||||||||||
$ | 61.51 | 47.79 | % | 1.71 | % | 1.68 | % | 0.11 | % | $ | 14,875 | 603 | % | |||||||||||||
$ | 30.94 | 115.46 | % | 1.78 | % | 1.68 | % | 0.46 | % | $ | 186,933 | 39 | % | |||||||||||||
$ | 14.36 | (60.93 | )% | 1.77 | % | 1.68 | % | (0.69 | )% | $ | 84,528 | 25 | % | |||||||||||||
$ | 99.32 | 52.51 | % | 1.69 | % | 1.68 | % | (1.20 | )% | $ | 268,234 | 20 | % | |||||||||||||
$ | 92.87 | 86.30 | % | 1.74 | % | 1.68 | % | (1.05 | )% | $ | 206,580 | 55 | % | |||||||||||||
$ | 61.10 | 79.66 | % | 1.76 | % | 1.68 | % | (0.25 | )% | $ | 119,521 | 44 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020. |
See accompanying notes to the financial statements.
Financial Highlights :: 299
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 | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 3.97 | 0.10 | (0.84 | ) | (0.74 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||
Year Ended December 31, 2022 | $ | 3.72 | 0.01 | 0.24 | 0.25 | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2021 | $ | 73.45 | (0.09 | ) | (19.00 | ) | (19.09 | ) | — | (50.64 | ) | (50.64 | ) | |||||||||||||||
Year Ended December 31, 2020(e) | $ | 147.61 | (1.40 | ) | (64.52 | ) | (65.92 | ) | (8.24 | ) | — | (8.24 | ) | |||||||||||||||
Year Ended December 31, 2019(e)(f) | $ | 256.37 | 1.60 | (95.56 | ) | (93.96 | ) | (6.30 | ) | (8.50 | ) | (14.80 | ) | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||||||||||||||
Year Ended December 31, 2023(g) | $ | 83.33 | 1.90 | (49.84 | ) | (47.94 | ) | — | — | — | ||||||||||||||||||
Year Ended December 31, 2022(g) | $ | 53.33 | (0.10 | ) | 30.10 | (h) | 30.00 | — | — | — | ||||||||||||||||||
Year Ended December 31, 2021(g) | $ | 107.14 | (1.25 | ) | (38.86 | ) | (40.11 | ) | — | (13.70 | ) | (13.70 | ) | |||||||||||||||
Year Ended December 31, 2020(g)(i) | $ | 380.35 | (2.95 | ) | (268.61 | ) | (271.56 | ) | (1.65 | ) | — | (1.65 | ) | |||||||||||||||
Year Ended December 31, 2019(g)(i) | $ | 775.07 | 2.60 | (392.92 | ) | (390.32 | ) | (4.40 | ) | — | (4.40 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 3.22 | (18.76 | )% | 1.54 | % | 1.51 | % | 2.72 | % | $ | 3 | — | ||||||||||||||
$ | 3.97 | 6.72 | % | 1.37 | % | 1.35 | % | 0.13 | % | $ | 4 | — | ||||||||||||||
$ | 3.72 | (35.11 | )%(d) | 1.41 | % | 1.41 | % | (1.41 | )% | $ | 4 | — | ||||||||||||||
$ | 73.45 | (45.44 | )% | 1.46 | % | 1.46 | % | (1.28 | )% | $ | 6 | — | ||||||||||||||
$ | 147.61 | (37.95 | )% | 1.48 | % | 1.45 | % | 0.83 | % | $ | 3 | — | ||||||||||||||
$ | 35.39 | (57.49 | )% | 1.82 | % | 1.68 | % | 3.40 | % | $ | 614 | — | ||||||||||||||
$ | 83.33 | 56.04 | % | 1.75 | % | 1.68 | % | (0.10 | )% | $ | 4,664 | — | ||||||||||||||
$ | 53.33 | (42.71 | )% | 1.74 | % | 1.68 | % | (1.68 | )% | $ | 449 | — | ||||||||||||||
$ | 107.14 | (71.46 | )% | 1.78 | % | 1.68 | % | (1.49 | )% | $ | 237 | — | ||||||||||||||
$ | 380.35 | (50.50 | )% | 1.68 | % | 1.67 | % | 0.50 | % | $ | 1,026 | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(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 0.40%. |
(e) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020 |
(f) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019. |
(g) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023. |
(h) | 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 timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(i) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
See accompanying notes to the financial statements.
300 :: 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 | ||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Return of Capital | Total Distributions | ||||||||||||||||||
ProFund VP UltraSmall-Cap | |||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 11.27 | 0.09 | 2.45 | 2.54 | — | — | — | — | ||||||||||||||||
Year Ended December 31, 2022 | $ | 26.25 | (0.05 | ) | (10.86 | ) | (10.91 | ) | — | (4.07 | ) | — | (4.07 | ) | |||||||||||
Year Ended December 31, 2021 | $ | 23.21 | (0.33 | ) | 5.56 | 5.23 | — | (2.19 | ) | — | (2.19 | ) | |||||||||||||
Year Ended December 31, 2020 | $ | 23.72 | (0.15 | ) | 2.55 | 2.40 | (0.03 | ) | (2.88 | ) | — | (2.91 | ) | ||||||||||||
Year Ended December 31, 2019 | $ | 16.10 | 0.01 | 7.61 | 7.62 | — | — | — | — | ||||||||||||||||
ProFund VP U.S. Government Plus | |||||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 13.27 | 0.42 | (0.43 | ) | (0.01 | ) | (0.54 | ) | — | — | (d) | (0.54 | ) | |||||||||||
Year Ended December 31, 2022 | $ | 22.76 | 0.13 | (9.62 | ) | (9.49 | ) | — | — | — | — | ||||||||||||||
Year Ended December 31, 2021 | $ | 30.55 | (0.12 | ) | (2.80 | ) | (2.92 | ) | — | (4.87 | ) | — | (4.87 | ) | |||||||||||
Year Ended December 31, 2020 | $ | 27.15 | (0.25 | ) | 6.06 | 5.81 | (0.02 | ) | (2.39 | ) | — | (2.41 | ) | ||||||||||||
Year Ended December 31, 2019 | $ | 23.16 | 0.22 | 3.99 | 4.21 | (0.22 | ) | — | — | (0.22 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 13.81 | 22.54 | % | 1.90 | % | 1.68 | % | 0.72 | % | $ | 17,000 | 33 | % | |||||||||||||
$ | 11.27 | (43.68 | )% | 1.84 | % | 1.68 | % | (0.35 | )% | $ | 12,588 | 51 | % | |||||||||||||
$ | 26.25 | 23.30 | % | 1.72 | % | 1.68 | % | (1.20 | )% | $ | 28,250 | 24 | % | |||||||||||||
$ | 23.21 | 16.39 | % | 1.86 | % | 1.68 | % | (0.91 | )% | $ | 21,108 | 34 | % | |||||||||||||
$ | 23.72 | 47.33 | % | 1.76 | % | 1.68 | % | 0.07 | % | $ | 20,109 | 66 | % | |||||||||||||
$ | 12.72 | 0.04 | % | 1.48 | % | 1.38 | % | 3.20 | % | $ | 9,841 | 394 | % | |||||||||||||
$ | 13.27 | (41.70 | )% | 1.43 | % | 1.38 | % | 0.76 | % | $ | 7,614 | 395 | % | |||||||||||||
$ | 22.76 | (7.08 | )% | 1.39 | % | 1.38 | % | (0.49 | )% | $ | 15,215 | 393 | % | |||||||||||||
$ | 30.55 | 20.69 | % | 1.48 | % | 1.38 | % | (0.75 | )% | $ | 22,395 | 398 | % | |||||||||||||
$ | 27.15 | 18.22 | % | 1.44 | % | 1.38 | % | 0.84 | % | $ | 19,396 | 402 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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. |
(d) | Amount is less than $0.005. |
See accompanying notes to the financial statements.
Financial Highlights :: 301
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 | |||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | ||||||||||||||||
ProFund VP Utilities | ||||||||||||||||||||||
Year Ended December 31, 2023 | $ | 41.50 | 0.58 | (4.11 | ) | (3.53 | ) | (0.54 | ) | — | (0.54 | ) | ||||||||||
Year Ended December 31, 2022 | $ | 42.47 | 0.41 | (0.51 | ) | (0.10 | ) | (0.42 | ) | (0.45 | ) | (0.87 | ) | |||||||||
Year Ended December 31, 2021 | $ | 37.37 | 0.51 | 5.18 | 5.69 | (0.59 | ) | — | (0.59 | ) | ||||||||||||
Year Ended December 31, 2020 | $ | 50.44 | 0.57 | (2.39 | ) | (1.82 | ) | (0.75 | ) | (10.50 | ) | (11.25 | ) | |||||||||
Year Ended December 31, 2019 | $ | 44.33 | 0.67 | 9.18 | 9.85 | (0.79 | ) | (2.95 | ) | (3.74 | ) |
Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||
Net Asset Value, End of Period | Total Return(b) | Gross Expenses(b) | Net Expenses(b) | Net Investment Income (Loss)(b) | Net Assets, End of Period (000's) | Portfolio Turnover Rate(c) | ||||||||||||||||||||
$ | 37.43 | (8.59 | )% | 1.78 | % | 1.68 | % | 1.49 | % | $ | 26,119 | 29 | % | |||||||||||||
$ | 41.50 | (0.25 | )% | 1.71 | % | 1.68 | % | 0.99 | % | $ | 39,018 | 29 | % | |||||||||||||
$ | 42.47 | 15.41 | % | 1.69 | % | 1.68 | % | 1.31 | % | $ | 34,775 | 24 | % | |||||||||||||
$ | 37.37 | (2.40 | )% | 1.75 | % | 1.68 | % | 1.31 | % | $ | 32,543 | 50 | % | |||||||||||||
$ | 50.44 | 22.88 | % | 1.74 | % | 1.68 | % | 1.38 | % | $ | 44,276 | 209 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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. |
(c) | 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 the financial statements.
This Page Intentionally Left Blank
Notes to Financial Statements
304 :: Notes to Financial Statements :: December 31, 2023
1. Organization
ProFunds (the “Trust”) consists of 116 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 Bull
ProFund VP Dow 30
ProFund VP Emerging Markets
ProFund VP Europe 30
ProFund VP International
ProFund VP Japan
ProFund VP Large-Cap Growth
ProFund VP Large-Cap Value
ProFund VP Mid-Cap
ProFund VP Mid-Cap Growth
ProFund VP Mid-Cap Value
ProFund VP Nasdaq-100
ProFund VP Small-Cap
ProFund VP Small-Cap Growth
ProFund VP Small-Cap Value
Ultra ProFunds VP:
ProFund VP UltraBull
ProFund VP UltraMid-Cap
ProFund VP UltraNasdaq-100
ProFund VP UltraSmall-Cap
Inverse ProFunds VP:
ProFund VP Bear
ProFund VP Short Dow 30
ProFund VP Short Emerging Markets
ProFund VP Short International
ProFund VP Short Mid-Cap
ProFund VP Short Nasdaq-100
ProFund VP Short Small-Cap
ProFund VP UltraShort Dow 30
ProFund VP UltraShort Nasdaq-100
Sector ProFunds VP:
ProFund VP Banks
ProFund VP Biotechnology
ProFund VP Communication Services†
ProFund VP Consumer Discretionary†
ProFund VP Consumer Staples†
ProFund VP Energy†
ProFund VP Financials
ProFund VP Health Care
ProFund VP Industrials
ProFund VP Internet
ProFund VP Materials†
ProFund VP Pharmaceuticals
ProFund VP Precious Metals
ProFund VP Real Estate
ProFund VP Semiconductor
ProFund VP Technology
ProFund VP Utilities
Non-Equity ProFunds VP:
ProFund Access VP High Yield
ProFund VP Falling U.S. Dollar
ProFund VP Rising Rates Opportunity
ProFund VP U.S. Government Plus
Money Market ProFund VP:
ProFund VP Government Money Market
† | On March 17, 2023 following the close of the market, changes were made to the underlying benchmark indices of certain Sector ProFunds VP. These changes to the benchmark indices resulted in corresponding name changes for certain Sector ProFunds VP. The current names of the respective ProFunds VP have been presented throughout the Schedules of Portfolio Investments, Financial Statements, these Notes to Financial Statements, and the accompanying supplemental data in this report, and have been annotated throughout with a “ † ” symbol. The following table presents both the ProFund VP’s current name as well as the name by which each respective ProFund VP was formerly known: |
Current Name:
ProFund VP Communication Services
ProFund VP Consumer Discretionary
ProFund VP Consumer Staples
ProFund VP Energy
ProFund VP Materials
Formerly Known as:
ProFund VP Telecommunications
ProFund VP Consumer Services
ProFund VP Consumer Goods
ProFund VP Oil & Gas
ProFund VP Basic Materials
December 31, 2023 :: Notes to Financial Statements :: 305
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 Discretionary†, 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.
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.
Cash
Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.
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. ProFunds VP 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 December 31, 2023, 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.
306 :: Notes to Financial Statements :: December 31, 2023
Credit Agricole CIB, 5.22% dated 12/29/23, due 1/2/24(1) | HSBC Securities (USA), Inc., 5.10% dated 12/29/23, due 1/2/24(2) | Natwest Markets, PLC 5.23% dated 12/29/23, due 1/2/24(3) | RBC Capital Markets, LLC, 5.22% dated 12/29/23, due 1/2/24(4) | Societe’ Generale, 5.23% dated 12/29/23, due 1/2/24(5) | UMB Bank N.A., 5.07% dated 12/29/23, due 1/2/24(6) | |||||||||||||||||||
ProFund Access VP High Yield | $ | 850,000 | $ | 2,643,000 | $ | 850,000 | $ | 850,000 | $ | 2,125,000 | $ | 259,000 | ||||||||||||
ProFund VP Asia 30 | 4,000 | 12,000 | 4,000 | 4,000 | 10,000 | 2,000 | ||||||||||||||||||
ProFund VP Banks | 12,000 | 37,000 | 12,000 | 12,000 | 30,000 | 5,000 | ||||||||||||||||||
ProFund VP Bear | 348,000 | 1,085,000 | 348,000 | 348,000 | 872,000 | 113,000 | ||||||||||||||||||
ProFund VP Biotechnology | 159,000 | 494,000 | 159,000 | 159,000 | 397,000 | 50,000 | ||||||||||||||||||
ProFund VP Bull | 1,411,000 | 4,389,000 | 1,411,000 | 1,411,000 | 3,528,000 | 433,000 | ||||||||||||||||||
ProFund VP Communication Services† | 29,000 | 90,000 | 29,000 | 29,000 | 72,000 | 10,000 | ||||||||||||||||||
ProFund VP Consumer Discretionary† | 23,000 | 72,000 | 23,000 | 23,000 | 58,000 | 9,000 | ||||||||||||||||||
ProFund VP Consumer Staples† | 24,000 | 77,000 | 24,000 | 24,000 | 61,000 | 11,000 | ||||||||||||||||||
ProFund VP Dow 30 | 35,000 | 113,000 | 35,000 | 35,000 | 91,000 | 18,000 | ||||||||||||||||||
ProFund VP Emerging Markets | 176,000 | 549,000 | 176,000 | 176,000 | 441,000 | 59,000 | ||||||||||||||||||
ProFund VP Energy† | 109,000 | 340,000 | 109,000 | 109,000 | 273,000 | 35,000 | ||||||||||||||||||
ProFund VP Europe 30 | 20,000 | 64,000 | 20,000 | 20,000 | 51,000 | 9,000 | ||||||||||||||||||
ProFund VP Financials | 43,000 | 135,000 | 43,000 | 43,000 | 108,000 | 15,000 | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | 126,000 | 393,000 | 126,000 | 126,000 | 316,000 | 41,000 | ||||||||||||||||||
ProFund VP Government Money Market | 1,672,000 | 5,200,000 | 1,672,000 | 1,672,000 | 4,180,000 | 507,000 | ||||||||||||||||||
ProFund VP Health Care | 97,000 | 301,000 | 97,000 | 97,000 | 242,000 | 31,000 | ||||||||||||||||||
ProFund VP Industrials | 61,000 | 190,000 | 61,000 | 61,000 | 152,000 | 20,000 | ||||||||||||||||||
ProFund VP International | 1,200,000 | 3,736,000 | 1,200,000 | 1,200,000 | 3,004,000 | 371,000 | ||||||||||||||||||
ProFund VP Internet | 5,000 | 18,000 | 5,000 | 5,000 | 14,000 | 6,000 | ||||||||||||||||||
ProFund VP Japan | 1,162,000 | 3,616,000 | 1,162,000 | 1,162,000 | 2,907,000 | 356,000 | ||||||||||||||||||
ProFund VP Large-Cap Growth | 6,000 | 18,000 | 6,000 | 6,000 | 15,000 | 3,000 | ||||||||||||||||||
ProFund VP Large-Cap Value | 4,000 | 14,000 | 4,000 | 4,000 | 11,000 | 5,000 | ||||||||||||||||||
ProFund VP Materials† | 25,000 | 79,000 | 25,000 | 25,000 | 63,000 | 10,000 | ||||||||||||||||||
ProFund VP Mid-Cap | 1,162,000 | 3,619,000 | 1,162,000 | 1,162,000 | 2,908,000 | 361,000 | ||||||||||||||||||
ProFund VP Mid-Cap Growth | 7,000 | 23,000 | 7,000 | 7,000 | 18,000 | 5,000 | ||||||||||||||||||
ProFund VP Mid-Cap Value | 9,000 | 28,000 | 9,000 | 9,000 | 22,000 | 4,000 | ||||||||||||||||||
ProFund VP Nasdaq-100 | 5,292,000 | 16,462,000 | 5,292,000 | 5,292,000 | 13,233,000 | 1,610,000 | ||||||||||||||||||
ProFund VP Pharmaceuticals | 28,000 | 90,000 | 28,000 | 28,000 | 72,000 | 12,000 | ||||||||||||||||||
ProFund VP Precious Metals | 2,542,000 | 7,909,000 | 2,542,000 | 2,542,000 | 6,357,000 | 776,000 | ||||||||||||||||||
ProFund VP Real Estate | 23,000 | 72,000 | 23,000 | 23,000 | 58,000 | 10,000 | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | 932,000 | 2,901,000 | 932,000 | 932,000 | 2,332,000 | 290,000 | ||||||||||||||||||
ProFund VP Semiconductor | 201,000 | 626,000 | 201,000 | 201,000 | 503,000 | 64,000 | ||||||||||||||||||
ProFund VP Short Dow 30 | — | 1,000 | — | — | 1,000 | 4,000 | ||||||||||||||||||
ProFund VP Short Emerging Markets | 57,000 | 179,000 | 57,000 | 57,000 | 144,000 | 21,000 | ||||||||||||||||||
ProFund VP Short International | 57,000 | 180,000 | 57,000 | 57,000 | 144,000 | 23,000 | ||||||||||||||||||
ProFund VP Short Mid-Cap | 7,000 | 23,000 | 7,000 | 7,000 | 18,000 | 6,000 | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | 541,000 | 1,683,000 | 541,000 | 541,000 | 1,353,000 | 169,000 | ||||||||||||||||||
ProFund VP Short Small-Cap | 253,000 | 789,000 | 253,000 | 253,000 | 635,000 | 83,000 | ||||||||||||||||||
ProFund VP Small-Cap | 628,000 | 1,958,000 | 628,000 | 628,000 | 1,574,000 | 199,000 | ||||||||||||||||||
ProFund VP Small-Cap Growth | 4,000 | 13,000 | 4,000 | 4,000 | 11,000 | 4,000 | ||||||||||||||||||
ProFund VP Small-Cap Value | 9,000 | 28,000 | 9,000 | 9,000 | 22,000 | 4,000 | ||||||||||||||||||
ProFund VP Technology | 44,000 | 138,000 | 44,000 | 44,000 | 111,000 | 15,000 | ||||||||||||||||||
ProFund VP UltraBull | 780,000 | 2,431,000 | 780,000 | 780,000 | 1,954,000 | 246,000 | ||||||||||||||||||
ProFund VP UltraMid-Cap | 472,000 | 1,474,000 | 472,000 | 472,000 | 1,185,000 | 153,000 | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 6,960,000 | 21,648,000 | 6,960,000 | 6,960,000 | 17,402,000 | 2,114,000 | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | — | — | — | — | 2,000 | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 66,000 | 206,000 | 66,000 | 66,000 | 166,000 | 25,000 | ||||||||||||||||||
ProFund VP UltraSmall-Cap | 622,000 | 1,936,000 | 622,000 | 622,000 | 1,556,000 | 193,000 | ||||||||||||||||||
ProFund VP U.S. Government Plus | 761,000 | 2,367,000 | 761,000 | 761,000 | 1,902,000 | 235,000 | ||||||||||||||||||
ProFund VP Utilities | 42,000 | 132,000 | 42,000 | 42,000 | 106,000 | 16,000 | ||||||||||||||||||
$ | 29,100,000 | $ | 90,581,000 | $ | 29,100,000 | $ | 29,100,000 | $ | 72,808,000 | $ | 9,022,000 |
Each repurchase agreement was fully collateralized by U.S. government securities as of December 31, 2023 as follows:
(1) | U.S. Treasury Inflation-Protected Securities (TIPS), 1.125%, due 1/15/2033, total value $29,727,567. |
(2) | U.S. Treasury Bonds, 2.875% to 4.00%, due 5/15/2052 to 11/15/2052, which had an aggregate value of $92,396,924. |
(3) | U.S. Treasury Bonds, 1.125%, due 5/15/2040, total value of $29,684,871. |
(4) | U.S. Treasury Floating Rate Notes, coupon rate in effect at December 31, 2023, 5.368%, due 7/31/2024, total value $29,686,679. |
(5) | U.S. Treasury Notes, 2.75% to 4.125%, due 7/31/2027 to 7/31/2028, which had an aggregate value of $74,268,551. |
(6) | U.S. Treasury Bills, effective yield or interest rate in effect at December 31, 2023, 5.618%, due 2/20/2024, total value $9,206,867. |
December 31, 2023 :: Notes to Financial Statements :: 307
Investments in Other Investment Companies
Each non money-market ProFund VP may invest in other investment companies, including exchange-traded funds (“ETFs”) and unit investment trusts (“UITs”), to the extent that such an investment would be consistent with the requirements of the 1940 Act. If the ProFund VP invests in, and thus, is a shareholder of, another investment company, the ProFund VP’s shareholders will indirectly bear the ProFund VP’s proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the ProFund VP to the ProFund VP’s own investment adviser and the other expenses that the ProFund VP bears directly in connection with the ProFund VP’s own operations. Because most ETFs are investment companies, the ProFund VP’s investments in such investment companies generally would be limited under applicable federal statutory provisions. Those provisions typically restrict the ProFund VP’s investment in the shares of another investment company to up to 5% of its assets (which may represent no more than 3% of the securities of such other investment company) and limit aggregate investments in all investment companies to 10% of assets. The ProFund VP may invest in certain ETFs in excess of the statutory limit in reliance on Rule 12d1-4. Rule 12d1-4 outlines the requirements of fund of funds agreements and specifies the responsibilities of the board related to “funds of funds” arrangements.
Depositary Receipts
Each non-money market ProFund VP 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.
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 year ended December 31, 2023, 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 year ended December 31, 2023, 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’s 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 year 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 year ended December 31, 2023. 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 swap agreements in the ProFund VP Semiconductor and ProFund VP UltraMid-Cap was 12%, and 117%, respectively, based on average monthly notional amounts in comparison to net assets during the year ended December 31, 2023.
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
308 :: Notes to Financial Statements :: December 31, 2023
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 (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
December 31, 2023 :: Notes to Financial Statements :: 309
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 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 December 31, 2023, there was no collateral posted by counterparties.
Credit Default Swap (“CDS”) Agreements
As of December 31, 2023, 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 6% to 10% 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
310 :: Notes to Financial Statements :: December 31, 2023
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, 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
December 31, 2023 :: Notes to Financial Statements :: 311
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.
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.
As described above, the ProFunds VP utilize derivative instruments to achieve their investment objective during the year. 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 December 31, 2023.
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 | $ | — | $ | 560,024 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | — | — | — | — | 1,982 | — | ||||||||||||||||||
ProFund VP Bear | — | 6,851 | — | 19,479 | — | — | ||||||||||||||||||
ProFund VP Biotechnology | — | — | — | — | 4,315 | — | ||||||||||||||||||
ProFund VP Bull | 116,796 | — | — | — | 25,850 | — | ||||||||||||||||||
ProFund VP Communication Services† | — | — | — | — | 821 | — | ||||||||||||||||||
ProFund VP Consumer Discretionary† | — | — | — | — | 2,078 | — | ||||||||||||||||||
ProFund VP Consumer Staples† | — | 1,469 | — | — | — | — | ||||||||||||||||||
ProFund VP Dow 30 | — | 180 | — | — | — | — | ||||||||||||||||||
ProFund VP Emerging Markets | — | 4,397 | — | — | — | — | ||||||||||||||||||
ProFund VP Energy† | — | — | — | — | 33,445 | — | ||||||||||||||||||
ProFund VP Financials | — | 1,740 | — | — | — | — | ||||||||||||||||||
ProFund VP Health Care | — | 6,733 | — | — | — | — | ||||||||||||||||||
ProFund VP Industrials | — | — | — | — | 149 | — | ||||||||||||||||||
ProFund VP International | — | — | — | — | 34,369 | — | ||||||||||||||||||
ProFund VP Internet | — | — | — | — | 1,365 | — | ||||||||||||||||||
ProFund VP Japan | — | — | — | 62,509 | 794 | — | ||||||||||||||||||
ProFund VP Materials† | — | — | — | — | 1,636 | — | ||||||||||||||||||
ProFund VP Mid-Cap | 84,150 | — | — | — | 85,723 | — | ||||||||||||||||||
ProFund VP Nasdaq-100 | 911,679 | — | — | — | 161,739 | — | ||||||||||||||||||
ProFund VP Pharmaceuticals | — | 1,471 | — | — | — | — | ||||||||||||||||||
ProFund VP Precious Metals | — | — | — | — | 427,991 | — | ||||||||||||||||||
ProFund VP Real Estate | — | 204 | — | — | — | — | ||||||||||||||||||
ProFund VP Semiconductor | — | — | — | — | 8,099 | — | ||||||||||||||||||
ProFund VP Short Dow 30 | — | — | — | — | 4 | — | ||||||||||||||||||
ProFund VP Short Emerging Markets | — | — | — | — | 1,279 | — | ||||||||||||||||||
ProFund VP Short International | — | 1,618 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Mid-Cap | — | 652 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | — | 21,253 | — | 36,469 | — | — | ||||||||||||||||||
ProFund VP Short Small-Cap | — | 42,131 | — | 16,819 | — | — |
312 :: Notes to Financial Statements :: December 31, 2023
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 | ||||||||||||||||||
ProFund VP Small-Cap | $ | 33,603 | $ | — | $ | — | $ | — | $ | 97,817 | $ | — | ||||||||||||
ProFund VP Technology | — | — | — | — | 1,552 | — | ||||||||||||||||||
ProFund VP UltraBull | 58,398 | — | — | — | 65,786 | — | ||||||||||||||||||
ProFund VP UltraMid-Cap | 67,320 | — | — | — | 139,090 | — | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 911,679 | — | — | — | 1,204,215 | — | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | — | — | — | 4 | — | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | 5,972 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraSmall-Cap | 25,202 | — | — | — | 437,060 | — | ||||||||||||||||||
ProFund VP Utilities | — | 3,060 | — | — | — | — | ||||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | 27,342 | — | — | 2,956 | ||||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | 48,526 | — | — | — | — | — | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | — | 90,565 | — | ||||||||||||||||||
ProFund VP U.S. Government Plus | — | 36,207 | — | — | — | — |
* | 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. |
The following table presents the effect of derivative instruments on the ProFund VP's Statement of Operations, categorized by risk exposure, for the year ended December 31, 2023.
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 | $ | — | $ | 920,083 | $ | — | $ | — | $ | 48,722 | $ | — | ||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | — | 43,139 | — | — | (4,198 | ) | — | |||||||||||||||||
ProFund VP Bear | (47,772 | ) | (961,383 | ) | — | (30,175 | ) | 19,034 | — | |||||||||||||||
ProFund VP Biotechnology | — | (203,386 | ) | — | — | (2,782 | ) | — | ||||||||||||||||
ProFund VP Bull | 364,761 | 1,844,366 | — | 137,841 | (54,648 | ) | — | |||||||||||||||||
ProFund VP Communication Services† | — | 34,021 | — | — | (1,048 | ) | — | |||||||||||||||||
ProFund VP Consumer Discretionary† | — | 149,001 | — | — | 2,438 | — | ||||||||||||||||||
ProFund VP Consumer Staples† | — | (4,883 | ) | — | — | 2,550 | — | |||||||||||||||||
ProFund VP Dow 30 | — | 27,755 | — | — | 1,061 | — | ||||||||||||||||||
ProFund VP Emerging Markets | — | 161,207 | — | — | 32,338 | — | ||||||||||||||||||
ProFund VP Energy† | — | 33,459 | — | — | (31,787 | ) | — | |||||||||||||||||
ProFund VP Financials | — | 78,930 | — | — | 228 | — | ||||||||||||||||||
ProFund VP Health Care | — | (25,825 | ) | — | — | 7,249 | — | |||||||||||||||||
ProFund VP Industrials | — | 90,982 | — | — | (125 | ) | — | |||||||||||||||||
ProFund VP International | — | 1,289,268 | — | — | 49,724 | — | ||||||||||||||||||
ProFund VP Internet | — | 79,702 | — | — | (2,386 | ) | — | |||||||||||||||||
ProFund VP Japan | 2,142,128 | 9,185 | — | 396,411 | 2,423 | — | ||||||||||||||||||
ProFund VP Materials† | — | (10,275 | ) | — | — | 1,377 | — | |||||||||||||||||
ProFund VP Mid-Cap | 22,023 | 799,667 | — | 110,659 | (68,565 | ) | — | |||||||||||||||||
ProFund VP Nasdaq-100 | 2,963,806 | 7,477,324 | — | 1,056,265 | (237,716 | ) | — | |||||||||||||||||
ProFund VP Pharmaceuticals | — | (15,087 | ) | — | — | 2,112 | — | |||||||||||||||||
ProFund VP Precious Metals | — | (524,896 | ) | — | — | (142,864 | ) | — | ||||||||||||||||
ProFund VP Real Estate | — | 22,288 | — | — | 642 | — | ||||||||||||||||||
ProFund VP Semiconductor | — | 630,814 | — | — | (7,321 | ) | — | |||||||||||||||||
ProFund VP Short Dow 30 | — | (725 | ) | — | — | (25 | ) | — |
December 31, 2023 :: Notes to Financial Statements :: 313
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 | ||||||||||||||||||
ProFund VP Short Emerging Markets | $ | — | $ | (171,679 | ) | $ | — | $ | — | $ | (10,176 | ) | $ | — | ||||||||||
ProFund VP Short International | — | (266,232 | ) | — | — | (15,871 | ) | — | ||||||||||||||||
ProFund VP Short Mid-Cap | — | (15,901 | ) | — | — | 539 | — | |||||||||||||||||
ProFund VP Short Nasdaq-100 | (198,405 | ) | (2,881,315 | ) | — | (72,475 | ) | 82,591 | — | |||||||||||||||
ProFund VP Short Small-Cap | 5,429 | (518,815 | ) | — | (16,819 | ) | 68,345 | — | ||||||||||||||||
ProFund VP Small-Cap | (11,227 | ) | 666,745 | — | 33,603 | (113,397 | ) | — | ||||||||||||||||
ProFund VP Technology | — | 192,850 | — | — | (1,755 | ) | — | |||||||||||||||||
ProFund VP UltraBull | 63,448 | 3,000,364 | — | 69,107 | (91,520 | ) | — | |||||||||||||||||
ProFund VP UltraMid-Cap | 2,703 | 788,875 | — | 79,879 | (109,837 | ) | — | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 2,210,481 | 58,936,084 | — | 1,531,408 | (2,202,077 | ) | — | |||||||||||||||||
ProFund VP UltraShort Dow 30 | — | (852 | ) | — | — | (28 | ) | — | ||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | (3,436,585 | ) | — | — | 115,117 | — | |||||||||||||||||
ProFund VP UltraSmall-Cap | (100,060 | ) | 2,149,332 | — | 66,153 | (523,117 | ) | — | ||||||||||||||||
ProFund VP Utilities | — | (150,240 | ) | — | — | 3,788 | — | |||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | (29,550 | ) | — | — | 18,107 | |||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund Access VP High Yield | (98,873 | ) | — | — | 53,425 | — | — | |||||||||||||||||
ProFund VP Rising Rates Opportunity | 31,011 | 1,457,750 | — | 198 | (1,838,773 | ) | — | |||||||||||||||||
ProFund VP U.S. Government Plus | (15,063 | ) | (982,761 | ) | — | 595 | 583,144 | — |
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 December 31, 2023. 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 year end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at year 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 | $ | (1,982 | ) | $ | — | $ | 1,982 | $ | — | |||||||
ProFund VP Bear | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,204 | — | — | 1,204 | ||||||||||||
Swap Agreements — UBS AG | 5,647 | — | — | 5,647 | ||||||||||||
ProFund VP Biotechnology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (4,315 | ) | — | 3,000 | (1,315 | ) | ||||||||||
ProFund VP Bull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (8,423 | ) | 8,423 | — | — | |||||||||||
Swap Agreements — UBS AG | (17,427 | ) | 17,427 | — | — | |||||||||||
ProFund VP Communication Services† | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (821 | ) | — | — | (821 | ) | ||||||||||
ProFund VP Consumer Discretionary† | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (2,078 | ) | — | 2,078 | — | |||||||||||
ProFund VP Consumer Staples† | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,469 | — | — | 1,469 | ||||||||||||
ProFund VP Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 145 | — | — | 145 | ||||||||||||
Swap Agreements — UBS AG | 35 | — | — | 35 |
314 :: Notes to Financial Statements :: December 31, 2023
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 Emerging Markets | ||||||||||||||||
Swap Agreements — Goldman Sachs International | $ | 2,209 | $ | — | $ | — | $ | 2,209 | ||||||||
Swap Agreements — UBS AG | 2,188 | — | — | 2,188 | ||||||||||||
ProFund VP Energy† | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (33,445 | ) | — | 33,445 | — | |||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||
Forward Currency Contracts — Goldman Sachs International | 10,387 | — | — | 10,387 | ||||||||||||
Forward Currency Contracts — UBS AG | ||||||||||||||||
Appreciation | 16,955 | |||||||||||||||
Depreciation | (2,956 | ) | ||||||||||||||
Net Appreciation | 13,999 | — | — | 13,999 | ||||||||||||
ProFund VP Financials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,740 | — | — | 1,740 | ||||||||||||
ProFund VP Health Care | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 6,733 | — | — | 6,733 | ||||||||||||
ProFund VP Industrials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (149 | ) | — | — | (149 | ) | ||||||||||
ProFund VP International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (16,923 | ) | 16,923 | — | — | |||||||||||
Swap Agreements — UBS AG | (17,446 | ) | 17,446 | — | — | |||||||||||
ProFund VP Internet | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,365 | ) | — | 1,365 | — | |||||||||||
ProFund VP Japan | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (794 | ) | — | — | (794 | ) | ||||||||||
ProFund VP Materials† | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,636 | ) | — | 1,636 | — | |||||||||||
ProFund VP Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (36,763 | ) | 36,763 | — | — | |||||||||||
Swap Agreements — UBS AG | (48,960 | ) | 48,960 | — | — | |||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (160,882 | ) | 160,882 | — | — | |||||||||||
Swap Agreements — UBS AG | (857 | ) | 857 | — | — | |||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,471 | — | — | 1,471 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (251,442 | ) | 251,442 | — | — | |||||||||||
Swap Agreements — UBS AG | (176,549 | ) | 176,549 | — | — | |||||||||||
ProFund VP Real Estate | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 204 | — | — | 204 | ||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||
Swap Agreements — Citibank North America | (29,851 | ) | 29,851 | — | — | |||||||||||
Swap Agreements — Societe' Generale | (60,714 | ) | 60,714 | — | — | |||||||||||
ProFund VP Semiconductor | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (8,099 | ) | — | 8,099 | — | |||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1 | ) | — | — | (1 | ) | ||||||||||
Swap Agreements — UBS AG | (3 | ) | 3 | — | — | |||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,244 | ) | — | — | (1,244 | ) | ||||||||||
Swap Agreements — UBS AG | (35 | ) | 35 | — | — | |||||||||||
ProFund VP Short International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,582 | — | — | 1,582 | ||||||||||||
Swap Agreements — UBS AG | 36 | — | — | 36 | ||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 51 | — | — | 51 | ||||||||||||
Swap Agreements — UBS AG | 601 | — | — | 601 | ||||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 4,494 | — | — | 4,494 | ||||||||||||
Swap Agreements — UBS AG | 16,759 | — | — | 16,759 |
December 31, 2023 :: Notes to Financial Statements :: 315
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 Short Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | $ | 22,517 | $ | — | $ | — | $ | 22,517 | ||||||||
Swap Agreements — UBS AG | 19,614 | — | — | 19,614 | ||||||||||||
ProFund VP Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (53,669 | ) | 53,669 | — | — | |||||||||||
Swap Agreements — UBS AG | (44,148 | ) | 44,148 | — | — | |||||||||||
ProFund VP Technology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,552 | ) | — | 1,552 | — | |||||||||||
ProFund VP UltraBull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (39,334 | ) | 39,334 | — | — | |||||||||||
Swap Agreements — UBS AG | (26,452 | ) | 26,452 | — | — | |||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (79,822 | ) | 79,822 | — | — | |||||||||||
Swap Agreements — UBS AG | (59,268 | ) | 59,268 | — | — | |||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (786,385 | ) | 786,385 | — | — | |||||||||||
Swap Agreements — UBS AG | (417,830 | ) | 417,830 | — | — | |||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (2 | ) | — | — | (2 | ) | ||||||||||
Swap Agreements — UBS AG | (2 | ) | — | 2 | — | |||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,017 | — | — | 1,017 | ||||||||||||
Swap Agreements — UBS AG | 4,955 | — | — | 4,955 | ||||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (208,613 | ) | 208,613 | — | — | |||||||||||
Swap Agreements — UBS AG | (228,447 | ) | 228,447 | — | — | |||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||
Swap Agreements — Citibank North America | 25,891 | — | — | 25,891 | ||||||||||||
Swap Agreements — Societe' Generale | 10,316 | — | — | 10,316 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 3,060 | — | — | 3,060 |
* | 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. |
Securities Lending:
Certain ProFunds 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
316 :: Notes to Financial Statements :: December 31, 2023
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 December 31, 2023:
Value of Securities on Loan | Value of Cash Collateral Received* | |||||||
ProFund VP Asia 30 | $ | 1,350,881 | $ | 1,553,457 | ||||
ProFund VP Banks | 20,434 | 21,291 | ||||||
ProFund VP Biotechnology | 1,703,297 | 2,225,769 | ||||||
ProFund VP Bull | 4,437 | 4,650 | ||||||
ProFund VP Emerging Markets | 880,068 | 915,426 | ||||||
ProFund VP Europe 30 | 3,045,768 | 3,111,397 | ||||||
ProFund VP Large-Cap Value | 4,437 | 4,650 | ||||||
ProFund VP Mid-Cap Growth | 120,458 | 124,867 | ||||||
ProFund VP Mid-Cap Value | 38,513 | 40,645 | ||||||
ProFund VP Nasdaq-100 | 422,100 | 439,645 | ||||||
ProFund VP Pharmaceuticals | 191,898 | 229,478 | ||||||
ProFund VP Semiconductor | 59,085 | 87,285 | ||||||
ProFund VP Small-Cap | 179,746 | 193,047 | ||||||
ProFund VP Small-Cap Growth | 19,141 | 19,774 | ||||||
ProFund VP Small-Cap Value | 410,470 | 434,846 | ||||||
ProFund VP UltraMid-Cap | 66,880 | 69,697 | ||||||
ProFund VP UltraNasdaq-100 | 542,009 | 564,539 | ||||||
ProFund VP UltraSmall-Cap | 185,432 | 197,786 |
* | 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 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 and mark-to-market on derivative instruments) do not require a reclassification. The ProFunds VP may utilize equalization 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
December 31, 2023 :: Notes to Financial Statements :: 317
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."
3. Investment Valuation Summary
Pursuant to Rule 2a-5 (the "Rule"), the Trust's Board of Trustees designated the Advisor the "Valuation Designee" as contemplated by the Rule. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board of Trustees, and overseeing pricing services utilized in valuing the Trust's security holdings, among other responsibilities outlined in the Rule. 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 the pricing and valuation guidelines. 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, as described below.
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 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 above.
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
318 :: Notes to Financial Statements :: December 31, 2023
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 previously described may be applied.
For the year ended December 31, 2023, 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 for the year.
A summary of the valuations as of December 31, 2023, 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 | $ | — | $ | — | $ | 7,836,768 | $ | — | $ | 7,836,768 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 7,577,000 | — | 7,577,000 | — | ||||||||||||||||||
Futures Contracts | — | 48,526 | — | — | — | 48,526 | ||||||||||||||||||
Credit Default Swap Agreements | — | — | — | 560,024 | — | 560,024 | ||||||||||||||||||
Total | $ | — | $ | 48,526 | $ | 15,413,768 | $ | 560,024 | $ | 15,413,768 | $ | 608,550 | ||||||||||||
ProFund VP Asia 30 | ||||||||||||||||||||||||
Common Stocks | $ | 15,270,944 | $ | — | $ | — | $ | — | $ | 15,270,944 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 36,000 | — | 36,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 1,553,457 | — | — | — | 1,553,457 | — | ||||||||||||||||||
Total | $ | 16,824,401 | $ | — | $ | 36,000 | $ | — | $ | 16,860,401 | $ | — | ||||||||||||
ProFund VP Banks | ||||||||||||||||||||||||
Common Stocks | $ | 5,571,585 | $ | — | $ | — | $ | — | $ | 5,571,585 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 108,000 | — | 108,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 21,291 | — | — | — | 21,291 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,982 | ) | — | (1,982 | ) | ||||||||||||||||
Total | $ | 5,592,876 | $ | — | $ | 108,000 | $ | (1,982 | ) | $ | 5,700,876 | $ | (1,982 | ) | ||||||||||
ProFund VP Bear | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 3,114,000 | $ | — | $ | 3,114,000 | $ | — | ||||||||||||
Futures Contracts | — | (19,479 | ) | — | — | — | (19,479 | ) | ||||||||||||||||
Swap Agreements | — | — | — | 6,851 | — | 6,851 | ||||||||||||||||||
Total | $ | — | $ | (19,479 | ) | $ | 3,114,000 | $ | 6,851 | $ | 3,114,000 | $ | (12,628 | ) | ||||||||||
ProFund VP Biotechnology | ||||||||||||||||||||||||
Common Stocks | $ | 43,806,671 | $ | — | $ | — | $ | — | $ | 43,806,671 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,418,000 | — | 1,418,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 2,225,769 | — | — | — | 2,225,769 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (4,315 | ) | — | (4,315 | ) | ||||||||||||||||
Total | $ | 46,032,440 | $ | — | $ | 1,418,000 | $ | (4,315 | ) | $ | 47,450,440 | $ | (4,315 | ) | ||||||||||
ProFund VP Bull | ||||||||||||||||||||||||
Common Stocks | $ | 41,759,384 | $ | — | $ | — | $ | — | $ | 41,759,384 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 12,583,000 | — | 12,583,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 4,650 | — | — | — | 4,650 | — | ||||||||||||||||||
Futures Contracts | — | 116,796 | — | — | — | 116,796 | ||||||||||||||||||
Swap Agreements | — | — | — | (25,850 | ) | — | (25,850 | ) | ||||||||||||||||
Total | $ | 41,764,034 | $ | 116,796 | $ | 12,583,000 | $ | (25,850 | ) | $ | 54,347,034 | $ | 90,946 | |||||||||||
ProFund VP Communication Services† | ||||||||||||||||||||||||
Common Stocks | $ | 8,232,448 | $ | — | $ | — | $ | — | $ | 8,232,448 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 259,000 | — | 259,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (821 | ) | — | (821 | ) | ||||||||||||||||
Total | $ | 8,232,448 | $ | — | $ | 259,000 | $ | (821 | ) | $ | 8,491,448 | $ | (821 | ) |
December 31, 2023 :: Notes to Financial Statements :: 319
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 Consumer Discretionary† | ||||||||||||||||||||||||
Common Stocks | $ | 23,535,346 | $ | — | $ | — | $ | — | $ | 23,535,346 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 208,000 | — | 208,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (2,078 | ) | — | (2,078 | ) | ||||||||||||||||
Total | $ | 23,535,346 | $ | — | $ | 208,000 | $ | (2,078 | ) | $ | 23,743,346 | $ | (2,078 | ) | ||||||||||
ProFund VP Consumer Staples† | ||||||||||||||||||||||||
Common Stocks | $ | 10,478,834 | $ | — | $ | — | $ | — | $ | 10,478,834 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 221,000 | — | 221,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,469 | — | 1,469 | ||||||||||||||||||
Total | $ | 10,478,834 | $ | — | $ | 221,000 | $ | 1,469 | $ | 10,699,834 | $ | 1,469 | ||||||||||||
ProFund VP Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 327,000 | $ | — | $ | 327,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 180 | — | 180 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 327,000 | $ | 180 | $ | 327,000 | $ | 180 | ||||||||||||
ProFund VP Emerging Markets | ||||||||||||||||||||||||
Common Stocks | $ | 18,423,098 | $ | — | $ | — | $ | — | $ | 18,423,098 | $ | — | ||||||||||||
Preferred Stocks | 458,568 | — | — | — | 458,568 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 1,577,000 | — | 1,577,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 915,426 | — | — | — | 915,426 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 4,397 | — | 4,397 | ||||||||||||||||||
Total | $ | 19,797,092 | $ | — | $ | 1,577,000 | $ | 4,397 | $ | 21,374,092 | $ | 4,397 | ||||||||||||
ProFund VP Energy† | ||||||||||||||||||||||||
Common Stocks | $ | 43,508,365 | $ | — | $ | — | $ | — | $ | 43,508,365 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 975,000 | — | 975,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (33,445 | ) | — | (33,445 | ) | ||||||||||||||||
Total | $ | 43,508,365 | $ | — | $ | 975,000 | $ | (33,445 | ) | $ | 44,483,365 | $ | (33,445 | ) | ||||||||||
ProFund VP Europe 30 | ||||||||||||||||||||||||
Common Stocks | $ | 15,277,279 | $ | — | $ | — | $ | — | $ | 15,277,279 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 184,000 | — | 184,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 3,111,397 | — | — | — | 3,111,397 | — | ||||||||||||||||||
Total | $ | 18,388,676 | $ | — | $ | 184,000 | $ | — | $ | 18,572,676 | $ | — | ||||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 1,128,000 | $ | — | $ | 1,128,000 | $ | — | ||||||||||||
Forward Currency Contracts | — | — | — | 24,386 | — | 24,386 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 1,128,000 | $ | 24,386 | $ | 1,128,000 | $ | 24,386 | ||||||||||||
ProFund VP Financials | ||||||||||||||||||||||||
Common Stocks | $ | 26,520,295 | $ | — | $ | — | $ | — | $ | 26,520,295 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 387,000 | — | 387,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,740 | — | 1,740 | ||||||||||||||||||
Total | $ | 26,520,295 | $ | — | $ | 387,000 | $ | 1,740 | $ | 26,907,295 | $ | 1,740 | ||||||||||||
ProFund VP Government Money Market | ||||||||||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | — | $ | 15,912,526 | $ | — | $ | 15,912,526 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 14,903,000 | — | 14,903,000 | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | 30,815,526 | $ | — | $ | 30,815,526 | $ | — | ||||||||||||
ProFund VP Health Care | ||||||||||||||||||||||||
Common Stocks | $ | 36,216,696 | $ | — | $ | — | $ | — | $ | 36,216,696 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 865,000 | — | 865,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 6,733 | — | 6,733 | ||||||||||||||||||
Total | $ | 36,216,696 | $ | — | $ | 865,000 | $ | 6,733 | $ | 37,081,696 | $ | 6,733 |
320 :: Notes to Financial Statements :: December 31, 2023
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 Industrials | ||||||||||||||||||||||||
Common Stocks | $ | 15,368,069 | $ | — | $ | — | $ | — | $ | 15,368,069 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 545,000 | — | 545,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (149 | ) | — | (149 | ) | ||||||||||||||||
Total | $ | 15,368,069 | $ | — | $ | 545,000 | $ | (149 | ) | $ | 15,913,069 | $ | (149 | ) | ||||||||||
ProFund VP International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,711,000 | $ | — | $ | 10,711,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (34,369 | ) | — | (34,369 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 10,711,000 | $ | (34,369 | ) | $ | 10,711,000 | $ | (34,369 | ) | ||||||||||
ProFund VP Internet | ||||||||||||||||||||||||
Common Stocks | $ | 12,477,421 | $ | — | $ | — | $ | — | $ | 12,477,421 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 53,000 | — | 53,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,365 | ) | — | (1,365 | ) | ||||||||||||||||
Total | $ | 12,477,421 | $ | — | $ | 53,000 | $ | (1,365 | ) | $ | 12,530,421 | $ | (1,365 | ) | ||||||||||
ProFund VP Japan | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,365,000 | $ | — | $ | 10,365,000 | $ | — | ||||||||||||
Futures Contracts | — | (62,509 | ) | — | — | — | (62,509 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (794 | ) | — | (794 | ) | ||||||||||||||||
Total | $ | — | $ | (62,509 | ) | $ | 10,365,000 | $ | (794 | ) | $ | 10,365,000 | $ | (63,303 | ) | |||||||||
ProFund VP Large-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 26,074,518 | $ | — | $ | — | $ | — | $ | 26,074,518 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 54,000 | — | 54,000 | — | ||||||||||||||||||
Total | $ | 26,074,518 | $ | — | $ | 54,000 | $ | — | $ | 26,128,518 | $ | — | ||||||||||||
ProFund VP Large-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 20,274,857 | $ | — | $ | — | $ | — | $ | 20,274,857 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 42,000 | — | 42,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 4,650 | — | — | — | 4,650 | — | ||||||||||||||||||
Total | $ | 20,279,507 | $ | — | $ | 42,000 | $ | — | $ | 20,321,507 | $ | — | ||||||||||||
ProFund VP Materials† | ||||||||||||||||||||||||
Common Stocks | $ | 14,437,170 | $ | — | $ | — | $ | — | $ | 14,437,170 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 227,000 | — | 227,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,636 | ) | — | (1,636 | ) | ||||||||||||||||
Total | $ | 14,437,170 | $ | — | $ | 227,000 | $ | (1,636 | ) | $ | 14,664,170 | $ | (1,636 | ) | ||||||||||
ProFund VP Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,374,000 | $ | — | $ | 10,374,000 | $ | — | ||||||||||||
Futures Contracts | — | 84,150 | — | — | — | 84,150 | ||||||||||||||||||
Swap Agreements | — | — | — | (85,723 | ) | — | (85,723 | ) | ||||||||||||||||
Total | $ | — | $ | 84,150 | $ | 10,374,000 | $ | (85,723 | ) | $ | 10,374,000 | $ | (1,573 | ) | ||||||||||
ProFund VP Mid-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 14,907,032 | $ | — | $ | — | $ | — | $ | 14,907,032 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 67,000 | — | 67,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 124,867 | — | — | — | 124,867 | — | ||||||||||||||||||
Total | $ | 15,031,899 | $ | — | $ | 67,000 | $ | — | $ | 15,098,899 | $ | — | ||||||||||||
ProFund VP Mid-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 12,211,177 | $ | — | $ | — | $ | — | $ | 12,211,177 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 81,000 | — | 81,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 40,645 | — | — | — | 40,645 | — | ||||||||||||||||||
Total | $ | 12,251,822 | $ | — | $ | 81,000 | $ | — | $ | 12,332,822 | $ | — |
December 31, 2023 :: Notes to Financial Statements :: 321
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 Nasdaq-100 | ||||||||||||||||||||||||
Common Stocks | $ | 97,951,231 | $ | — | $ | — | $ | — | $ | 97,951,231 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 47,181,000 | — | 47,181,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 439,645 | — | — | — | 439,645 | — | ||||||||||||||||||
Futures Contracts | — | 911,679 | — | — | — | 911,679 | ||||||||||||||||||
Swap Agreements | — | — | — | (161,739 | ) | — | (161,739 | ) | ||||||||||||||||
Total | $ | 98,390,876 | $ | 911,679 | $ | 47,181,000 | $ | (161,739 | ) | $ | 145,571,876 | $ | 749,940 | |||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||||||||||
Common Stocks | $ | 10,088,697 | $ | — | $ | — | $ | — | $ | 10,088,697 | $ | — | ||||||||||||
Warrant | — | — | 2,665 | — | 2,665 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 258,000 | — | 258,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 229,478 | — | — | — | 229,478 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,471 | — | 1,471 | ||||||||||||||||||
Total | $ | 10,318,175 | $ | — | $ | 260,665 | $ | 1,471 | $ | 10,578,840 | $ | 1,471 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 22,668,000 | $ | — | $ | 22,668,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (427,991 | ) | — | (427,991 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 22,668,000 | $ | (427,991 | ) | $ | 22,668,000 | $ | (427,991 | ) | ||||||||||
ProFund VP Real Estate | ||||||||||||||||||||||||
Common Stocks | $ | 6,286,346 | $ | — | $ | — | $ | — | $ | 6,286,346 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 209,000 | — | 209,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 204 | — | 204 | ||||||||||||||||||
Total | $ | 6,286,346 | $ | — | $ | 209,000 | $ | 204 | $ | 6,495,346 | $ | 204 | ||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 8,319,000 | $ | — | $ | 8,319,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (90,565 | ) | — | (90,565 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 8,319,000 | $ | (90,565 | ) | $ | 8,319,000 | $ | (90,565 | ) | ||||||||||
ProFund VP Semiconductor | ||||||||||||||||||||||||
Common Stocks | $ | 39,566,796 | $ | — | $ | — | $ | — | $ | 39,566,796 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,796,000 | — | 1,796,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 87,285 | — | — | — | 87,285 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (8,099 | ) | — | (8,099 | ) | ||||||||||||||||
Total | $ | 39,654,081 | $ | — | $ | 1,796,000 | $ | (8,099 | ) | $ | 41,450,081 | $ | (8,099 | ) | ||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 6,000 | $ | — | $ | 6,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 6,000 | $ | (4 | ) | $ | 6,000 | $ | (4 | ) | ||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 515,000 | $ | — | $ | 515,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (1,279 | ) | — | (1,279 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 515,000 | $ | (1,279 | ) | $ | 515,000 | $ | (1,279 | ) | ||||||||||
ProFund VP Short International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 518,000 | $ | — | $ | 518,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 1,618 | — | 1,618 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 518,000 | $ | 1,618 | $ | 518,000 | $ | 1,618 | ||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 68,000 | $ | — | $ | 68,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 652 | — | 652 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 68,000 | $ | 652 | $ | 68,000 | $ | 652 |
322 :: Notes to Financial Statements :: December 31, 2023
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 Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 4,828,000 | $ | — | $ | 4,828,000 | $ | — | ||||||||||||
Futures Contracts | — | (36,469 | ) | — | — | — | (36,469 | ) | ||||||||||||||||
Swap Agreements | — | — | — | 21,253 | — | 21,253 | ||||||||||||||||||
Total | $ | — | $ | (36,469 | ) | $ | 4,828,000 | $ | 21,253 | $ | 4,828,000 | $ | (15,216 | ) | ||||||||||
ProFund VP Short Small-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 2,266,000 | $ | — | $ | 2,266,000 | $ | — | ||||||||||||
Futures Contracts | — | (16,819 | ) | — | — | — | (16,819 | ) | ||||||||||||||||
Swap Agreements | — | — | — | 42,131 | — | 42,131 | ||||||||||||||||||
Total | $ | — | $ | (16,819 | ) | $ | 2,266,000 | $ | 42,131 | $ | 2,266,000 | $ | 25,312 | |||||||||||
ProFund VP Small-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 9,610,931 | $ | — | $ | 323 | $ | — | $ | 9,611,254 | $ | — | ||||||||||||
Rights | — | — | 80 | — | 80 | — | ||||||||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Warrant | — | — | 46 | — | 46 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 5,615,000 | — | 5,615,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 193,047 | — | — | — | 193,047 | — | ||||||||||||||||||
Futures Contracts | — | 33,603 | — | — | — | 33,603 | ||||||||||||||||||
Swap Agreements | — | — | — | (97,817 | ) | — | (97,817 | ) | ||||||||||||||||
Total | $ | 9,803,978 | $ | 33,603 | $ | 5,615,449 | $ | (97,817 | ) | $ | 15,419,427 | $ | (64,214 | ) | ||||||||||
ProFund VP Small-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 16,165,464 | $ | — | $ | — | $ | — | $ | 16,165,464 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 40,000 | — | 40,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 19,774 | — | — | — | 19,774 | — | ||||||||||||||||||
Total | $ | 16,185,238 | $ | — | $ | 40,000 | $ | — | $ | 16,225,238 | $ | — | ||||||||||||
ProFund VP Small-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 19,448,474 | $ | — | $ | — | $ | — | $ | 19,448,474 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 81,000 | — | 81,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 434,846 | — | — | — | 434,846 | — | ||||||||||||||||||
Total | $ | 19,883,320 | $ | — | $ | 81,000 | $ | — | $ | 19,964,320 | $ | — | ||||||||||||
ProFund VP Technology | ||||||||||||||||||||||||
Common Stocks | $ | 56,760,282 | $ | — | $ | — | $ | — | $ | 56,760,282 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 396,000 | — | 396,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (1,552 | ) | — | (1,552 | ) | ||||||||||||||||
Total | $ | 56,760,282 | $ | — | $ | 396,000 | $ | (1,552 | ) | $ | 57,156,282 | $ | (1,552 | ) | ||||||||||
ProFund VP UltraBull | ||||||||||||||||||||||||
Common Stocks | $ | 11,742,369 | $ | — | $ | — | $ | — | $ | 11,742,369 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 6,971,000 | — | 6,971,000 | — | ||||||||||||||||||
Futures Contracts | — | 58,398 | — | — | — | 58,398 | ||||||||||||||||||
Swap Agreements | — | — | — | (65,786 | ) | — | (65,786 | ) | ||||||||||||||||
Total | $ | 11,742,369 | $ | 58,398 | $ | 6,971,000 | $ | (65,786 | ) | $ | 18,713,369 | $ | (7,388 | ) | ||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 6,656,778 | $ | — | $ | — | $ | — | $ | 6,656,778 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 4,228,000 | — | 4,228,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 69,697 | — | — | — | 69,697 | — | ||||||||||||||||||
Futures Contracts | — | 67,320 | — | — | — | 67,320 | ||||||||||||||||||
Swap Agreements | — | — | — | (139,090 | ) | — | (139,090 | ) | ||||||||||||||||
Total | $ | 6,726,475 | $ | 67,320 | $ | 4,228,000 | $ | (139,090 | ) | $ | 10,954,475 | $ | (71,770 | ) |
December 31, 2023 :: Notes to Financial Statements :: 323
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 | $ | 125,770,443 | $ | — | $ | — | $ | — | $ | 125,770,443 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 62,044,000 | — | 62,044,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 564,539 | — | — | — | 564,539 | — | ||||||||||||||||||
Futures Contracts | — | 911,679 | — | — | — | 911,679 | ||||||||||||||||||
Swap Agreements | — | — | — | (1,204,215 | ) | — | (1,204,215 | ) | ||||||||||||||||
Total | $ | 126,334,982 | $ | 911,679 | $ | 62,044,000 | $ | (1,204,215 | ) | $ | 188,378,982 | $ | (292,536 | ) | ||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 2,000 | $ | — | $ | 2,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 2,000 | $ | (4 | ) | $ | 2,000 | $ | (4 | ) | ||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 595,000 | $ | — | $ | 595,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 5,972 | — | 5,972 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 595,000 | $ | 5,972 | $ | 595,000 | $ | 5,972 | ||||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 11,756,036 | $ | — | $ | 292 | $ | — | $ | 11,756,328 | $ | — | ||||||||||||
Rights | — | — | 73 | — | 73 | — | ||||||||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Warrant | — | — | 56 | — | 56 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 5,551,000 | — | 5,551,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 197,786 | — | — | — | 197,786 | — | ||||||||||||||||||
Futures Contracts | — | 25,202 | — | — | — | 25,202 | ||||||||||||||||||
Swap Agreements | — | — | — | (437,060 | ) | — | (437,060 | ) | ||||||||||||||||
Total | $ | 11,953,822 | $ | 25,202 | $ | 5,551,421 | $ | (437,060 | ) | $ | 17,505,243 | $ | (411,858 | ) | ||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||||||||||
U.S. Treasury Obligation | $ | — | $ | — | $ | 3,650,822 | $ | — | $ | 3,650,822 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 6,787,000 | — | 6,787,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 36,207 | — | 36,207 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 10,437,822 | $ | 36,207 | $ | 10,437,822 | $ | 36,207 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||||||||||
Common Stocks | $ | 25,565,121 | $ | — | $ | — | $ | — | $ | 25,565,121 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 380,000 | — | 380,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 3,060 | — | 3,060 | ||||||||||||||||||
Total | $ | 25,565,121 | $ | — | $ | 380,000 | $ | 3,060 | $ | 25,945,121 | $ | 3,060 |
^ | 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 year ended December 31, 2023, 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%
324 :: Notes to Financial Statements :: December 31, 2023
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.
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 year ended December 31, 2023 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 $87,817 for the year ended December 31, 2023. 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 year ended December 31, 2023, 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 $85,062 for the year ended December 31, 2023. 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 year ended December 31, 2023, actual Trustee compensation was $975,000 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. For the non-money market ProFunds VP, these expense limitations remain in effect until at least April 30, 2024.
For ProFund VP Government Money Market, effective October 1, 2023, the Advisor amended its contractual expense limitation agreement, reducing the expense limit from 1.35% to 0.90% of the average daily net assets of the ProFund VP. For ProFund VP Government Money Market, this amended expense limitation remains in effect until at least April 30, 2025. All other terms of the amended contractual expense limitation for the ProFund VP Government Money Market are identical to the preceding contractual expense limitation.
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 year are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of December 31, 2023, the recoupments that may potentially be made by the ProFunds VP are as shown in the tables below. As of December 31, 2023, no commitment or contingent liability is expected.
Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Expires 4/30/27 | Total | ||||||||||||||||
ProFund Access VP High Yield | $ | 26,937 | $ | — | $ | 3,223 | $ | 3,899 | $ | 34,059 | ||||||||||
ProFund VP Asia 30 | — | — | 15,415 | 18,933 | 34,348 | |||||||||||||||
ProFund VP Banks | 2,494 | — | 6,886 | 2,578 | 11,958 | |||||||||||||||
ProFund VP Bear | 3,281 | — | 565 | 946 | 4,792 | |||||||||||||||
ProFund VP Bull | — | — | 21,942 | 24,590 | 46,532 |
December 31, 2023 :: Notes to Financial Statements :: 325
Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Expires 4/30/27 | Total | ||||||||||||||||
ProFund VP Communication Services† | $ | 4,957 | $ | 329 | $ | 3,195 | $ | 4,386 | $ | 12,867 | ||||||||||
ProFund VP Consumer Discretionary† | 15,776 | 369 | 6,182 | 13,388 | 35,715 | |||||||||||||||
ProFund VP Consumer Staples† | 10,988 | 536 | 7,736 | 8,219 | 27,479 | |||||||||||||||
ProFund VP Emerging Markets | 1,418 | — | 25,649 | 17,314 | 44,381 | |||||||||||||||
ProFund VP Energy† | 13,096 | — | 23,266 | 19,469 | 55,831 | |||||||||||||||
ProFund VP Europe 30 | 10,334 | — | 15,452 | 9,163 | 34,949 | |||||||||||||||
ProFund VP Falling U.S. Dollar | 5,761 | 4,215 | 4,514 | 9,260 | 23,750 | |||||||||||||||
ProFund VP Financials | 3,055 | — | 15,820 | 12,353 | 31,228 | |||||||||||||||
ProFund VP Government Money Market | — | — | — | 42,708 | 42,708 | |||||||||||||||
ProFund VP Health Care | 24,319 | — | 9,366 | 15,067 | 48,752 | |||||||||||||||
ProFund VP Industrials | 8,851 | 390 | 4,461 | 9,311 | 23,013 | |||||||||||||||
ProFund VP International | — | — | 5,551 | 1,305 | 6,856 | |||||||||||||||
ProFund VP Internet | — | — | 3,370 | 6,401 | 9,771 | |||||||||||||||
ProFund VP Japan | 4,408 | — | 1,092 | 3,307 | 8,807 | |||||||||||||||
ProFund VP Large-Cap Growth | 17,250 | 1,329 | 12,667 | 14,732 | 45,978 | |||||||||||||||
ProFund VP Large-Cap Value | 13,431 | 2,302 | 10,632 | 11,235 | 37,600 | |||||||||||||||
ProFund VP Materials† | 3,206 | — | 6,866 | 7,613 | 17,685 | |||||||||||||||
ProFund VP Mid-Cap | — | — | 5,489 | 4,038 | 9,527 | |||||||||||||||
ProFund VP Mid-Cap Growth | 17,143 | 7,817 | 12,813 | 13,292 | 51,065 | |||||||||||||||
ProFund VP Mid-Cap Value | 11,427 | 3,158 | 10,985 | 11,100 | 36,670 | |||||||||||||||
ProFund VP Nasdaq-100 | 56,024 | — | 65,747 | 59,909 | 181,680 | |||||||||||||||
ProFund VP Pharmaceuticals | 3,392 | — | 6,166 | 5,429 | 14,987 | |||||||||||||||
ProFund VP Precious Metals | 18,138 | — | 12,968 | 13,726 | 44,832 | |||||||||||||||
ProFund VP Real Estate | 7,742 | 268 | 2,821 | 5,515 | 16,346 | |||||||||||||||
ProFund VP Semiconductor | — | — | 3,835 | 2,022 | 5,857 | |||||||||||||||
ProFund VP Short Dow 30 | 25 | — | — | — | 25 | |||||||||||||||
ProFund VP Short Emerging Markets | — | — | 560 | 360 | 920 | |||||||||||||||
ProFund VP Short International | — | — | 400 | — | 400 | |||||||||||||||
ProFund VP Short Mid-Cap | 193 | — | 178 | 121 | 492 | |||||||||||||||
ProFund VP Short Nasdaq-100 | — | — | 6,338 | 3,431 | 9,769 | |||||||||||||||
ProFund VP Short Small-Cap | 2,179 | 82 | 3,055 | 3,131 | 8,447 | |||||||||||||||
ProFund VP Small-Cap | 14,995 | 1,008 | 18,514 | 15,861 | 50,378 | |||||||||||||||
ProFund VP Small-Cap Growth | 8,803 | 140 | 2,546 | 10,806 | 22,295 | |||||||||||||||
ProFund VP Small-Cap Value | 14,210 | — | 5,595 | 12,199 | 32,004 | |||||||||||||||
ProFund VP UltraBull | — | — | 1,022 | 4,454 | 5,476 | |||||||||||||||
ProFund VP UltraMid-Cap | 10,517 | 773 | 3,796 | 8,439 | 23,525 | |||||||||||||||
ProFund VP UltraNasdaq-100 | 95,642 | 6,645 | 136,878 | 95,655 | 334,820 | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | 534 | 4,774 | 1,971 | 7,279 | |||||||||||||||
ProFund VP UltraSmall-Cap | 31,072 | 6,878 | 31,072 | 17,883 | 86,905 | |||||||||||||||
ProFund VP U.S. Government Plus | 26,056 | — | 5,622 | 5,789 | 37,467 | |||||||||||||||
ProFund VP Utilities | 21,102 | 511 | 18,146 | 18,410 | 58,169 |
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, 2024 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 year are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of December 31, 2023, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:
Expires 4/30/24 | Expires 4/30/25 | Expires 4/30/26 | Total | |||||||||||||
ProFund VP Government Money Market | $ | 520,249 | $ | 437,473 | $ | 28,512 | $ | 986,234 |
In addition, from January 1, 2023 through September 30, 2023, the Advisor voluntarily agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of ProFund VP Government Money Market to the extent necessary 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 0.90% of the average daily net assets of ProFund VP Government Money Market (exclusive of the amounts contractually waived to support a minimum net yield). This voluntary waiver was discontinued upon the effective date of the amended contractual expense limitation, described above. During the year ended December 31, 2023, the advisor voluntarily waived $90,405. Amounts waived voluntarily are not subject to recoupment.
326 :: Notes to Financial Statements :: December 31, 2023
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 year ended December 31, 2023 were as follows:
Purchases | Sales | |||||||
ProFund VP Asia 30 | $ | 25,033,012 | $ | 28,162,357 | ||||
ProFund VP Banks | 19,890,927 | 18,178,688 | ||||||
ProFund VP Biotechnology | 55,983,034 | 60,397,685 | ||||||
ProFund VP Bull | 48,501,876 | 46,476,055 | ||||||
ProFund VP Communication Services† | 13,654,234 | 10,895,776 | ||||||
ProFund VP Consumer Discretionary��� | 20,604,760 | 17,446,454 | ||||||
ProFund VP Consumer Staples† | 20,907,801 | 22,183,503 | ||||||
ProFund VP Emerging Markets | 27,568,759 | 26,519,724 | ||||||
ProFund VP Energy† | 37,550,566 | 52,552,397 | ||||||
ProFund VP Europe 30 | 18,005,347 | 19,222,825 | ||||||
ProFund VP Financials | 11,997,632 | 15,475,453 | ||||||
ProFund VP Health Care | 4,972,944 | 11,434,731 | ||||||
ProFund VP Industrials | 11,473,184 | 12,041,864 | ||||||
ProFund VP Internet | 9,057,891 | 8,494,994 | ||||||
ProFund VP Large-Cap Growth | 43,859,335 | 38,685,317 | ||||||
ProFund VP Large-Cap Value | 26,818,534 | 25,547,259 | ||||||
ProFund VP Materials† | 10,462,114 | 10,863,926 | ||||||
ProFund VP Mid-Cap Growth | 20,658,977 | 19,526,722 | ||||||
ProFund VP Mid-Cap Value | 15,633,011 | 18,016,760 | ||||||
ProFund VP Nasdaq-100 | 26,110,928 | 16,750,300 | ||||||
ProFund VP Pharmaceuticals | 14,305,365 | 16,735,272 | ||||||
ProFund VP Real Estate | 6,801,800 | 6,366,741 | ||||||
ProFund VP Semiconductor | 70,099,603 | 57,271,572 | ||||||
ProFund VP Small-Cap | 2,797,455 | 1,205,653 | ||||||
ProFund VP Small-Cap Growth | 13,973,378 | 13,795,425 | ||||||
ProFund VP Small-Cap Value | 17,323,084 | 18,188,675 | ||||||
ProFund VP Technology | 27,978,917 | 14,368,271 | ||||||
ProFund VP UltraBull | 6,802,076 | 4,889,620 | ||||||
ProFund VP UltraMid-Cap | 1,947,689 | 1,956,996 | ||||||
ProFund VP UltraNasdaq-100 | 72,348,118 | 37,443,876 | ||||||
ProFund VP UltraSmall-Cap | 4,060,466 | 3,182,389 | ||||||
ProFund VP Utilities | 8,783,304 | 17,758,652 |
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 year ended December 31, 2023 were as follows:
Purchases | Sales | |||||||
ProFund Access VP High Yield | $ | 82,367,068 | $ | 83,083,074 | ||||
ProFund VP U.S. Government Plus | 14,605,081 | 14,648,213 |
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.
December 31, 2023 :: Notes to Financial Statements :: 327
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.
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 the Advisor makes for the ProFund. The Advisor's 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
328 :: Notes to Financial Statements :: December 31, 2023
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.
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 ProFund VP will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. When the ProFund VP is a buyer of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund VP will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. 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.
Cybersecurity Risk
With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, each ProFund VP, financial intermediaries, service
December 31, 2023 :: Notes to Financial Statements :: 329
providers and the relevant listing exchange are susceptible to operational, information security and related "cyber" risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of a ProFund VP's third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund VP invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund VP shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund VP's ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund VP information, impede trading, cause reputational damage, and subject the ProFund VP to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. A ProFund VP and its shareholders could be negatively impacted as a result. While a ProFund VP or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which a ProFund VP invests, which could result in material adverse consequences for such issuers, and may cause the ProFund VP's investments in such securities to lose value. In addition, cyber attacks involving a counterparty to a ProFund VP could affect such a counterparty's ability to meets it obligations to the ProFund VP, which may result in losses to the ProFund VP and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund VP.
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 ProFund VP 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 ProFund VP 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 ProFund VP'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 ProFund VP's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund VP to complete redemptions and otherwise affect ProFund VP performance and ProFund VP 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 ProFund VP's performance, resulting in losses to your investment.
Risk of Global Economic Shock
Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund VP and its investments. Additionally, 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 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. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of a ProFund VP's investments, even beyond any direct exposure a ProFund VP 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 a ProFund VP's performance and the value of an investment in a ProFund VP.
330 :: Notes to Financial Statements :: December 31, 2023
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 ProFunds VP 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 ProFunds VP and their counterparties, and are set at the Fed Funds rate ("FEDL01") plus or minus a negotiated spread. The Fed Funds rate appreciated from 4.50% to 5.50% during the fiscal year. Each ProFund VP with long exposure via derivatives was generally negatively affected by financing rates. Conversely, most ProFunds VP with short/inverse derivative exposure generally benefited from financing rates.
Inflation Risk
Inflation risk is the risk that the value of assets or income from a ProFund VP's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a ProFund VP's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the ProFund VP's investments may not keep pace with inflation, which may result in loses to the ProFund VP investors or adversely affect the real value of shareholders' investments in a ProFund VP. Inflation has recently increased and it cannot be predicted whether it may decline.
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
December 31, 2023 :: Notes to Financial Statements :: 331
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
ProFund VP Bear and ProFund VP Rising Rates Opportunity have unpaid capital gain distributions of $73,482 and $2,835,809, respectively, relating to the tax year ended December 31, 2022. Each fund is in the process of determining resolution of the additional distribution requirements, which could incur additional fees and expenses up to $10,000 and $250,000, respectively. These fees and expenses are expected to be reimbursed by a third party or parties.
The tax character of distributions paid to shareholders during the tax years ended, as noted below, were as follows:
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Capital Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Capital Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund Access VP High Yield | $ | 811,910 | $ | — | $ | — | $ | 811,910 | $ | 595,085 | $ | — | $ | — | $ | 595,085 | ||||||||||||||||
ProFund VP Asia 30 | 17,533 | 669,693 | — | 687,226 | 95,017 | 2,232,606 | — | 2,327,623 | ||||||||||||||||||||||||
ProFund VP Banks | 65,310 | — | — | 65,310 | 49,018 | — | — | 49,018 | ||||||||||||||||||||||||
ProFund VP Bear | 7,959 | — | — | 7,959 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Biotechnology | — | 6,518,064 | — | 6,518,064 | 197,061 | 8,620,057 | — | 8,817,118 | ||||||||||||||||||||||||
ProFund VP Bull | — | 8,734,170 | — | 8,734,170 | 4,194,088 | 1,291,627 | — | 5,485,715 | ||||||||||||||||||||||||
ProFund VP Communication Services† | 58,848 | — | — | 58,848 | 103,492 | — | — | 103,492 | ||||||||||||||||||||||||
ProFund VP Consumer Discretionary† | — | 1,013,997 | — | 1,013,997 | 60,825 | 139,786 | — | 200,611 | ||||||||||||||||||||||||
ProFund VP Consumer Staples† | 343,272 | 1,462,883 | — | 1,806,155 | 488,033 | 48,178 | — | 536,211 | ||||||||||||||||||||||||
ProFund VP Dow 30 | 129 | — | — | 129 | 44,674 | — | — | 44,674 | ||||||||||||||||||||||||
ProFund VP Emerging Markets | 422,942 | — | — | 422,942 | 110,840 | — | — | 110,840 | ||||||||||||||||||||||||
ProFund VP Energy† | 1,187,917 | — | — | 1,187,917 | 658,231 | — | — | 658,231 | ||||||||||||||||||||||||
ProFund VP Europe 30 | 314,873 | — | — | 314,873 | 816,976 | 138,048 | — | 955,024 | ||||||||||||||||||||||||
ProFund VP Financials | 118,059 | 1,067,782 | — | 1,185,841 | 265,645 | 116,404 | — | 382,049 | ||||||||||||||||||||||||
ProFund VP Government Money Market | 1,426,790 | — | — | 1,426,790 | 375,075 | — | — | 375,075 | ||||||||||||||||||||||||
ProFund VP Health Care | — | 4,450,779 | — | 4,450,779 | 364,507 | 2,227,197 | — | 2,591,704 | ||||||||||||||||||||||||
ProFund VP Industrials | — | 1,349,793 | — | 1,349,793 | 74,737 | 115,158 | — | 189,895 | ||||||||||||||||||||||||
ProFund VP International | — | — | — | — | 461,505 | — | — | 461,505 | ||||||||||||||||||||||||
ProFund VP Internet | — | 1,717,154 | — | 1,717,154 | — | 3,971,476 | — | 3,971,476 | ||||||||||||||||||||||||
ProFund VP Japan | — | — | — | — | 60,553 | 296,292 | — | 356,845 | ||||||||||||||||||||||||
ProFund VP Large-Cap Growth | — | 3,728,772 | — | 3,728,772 | 120,408 | 3,618,565 | — | 3,738,973 | ||||||||||||||||||||||||
ProFund VP Large-Cap Value | 87,129 | 1,233,407 | — | 1,320,536 | 72,492 | 201,284 | — | 273,776 | ||||||||||||||||||||||||
ProFund VP Materials† | 72,950 | — | — | 72,950 | 138,448 | 53,432 | — | 191,880 | ||||||||||||||||||||||||
ProFund VP Mid-Cap | — | — | — | — | 2,138,942 | 292,514 | — | 2,431,456 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Growth | — | 81,372 | — | 81,372 | 455,295 | 2,534,042 | — | 2,989,337 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Value | 33,606 | 695,642 | — | 729,248 | 700,703 | 1,426,381 | — | 2,127,084 | ||||||||||||||||||||||||
ProFund VP Nasdaq-100 | — | 620,919 | — | 620,919 | 9,788,260 | 10,171,071 | — | 19,959,331 | ||||||||||||||||||||||||
ProFund VP Pharmaceuticals | 61,386 | 228,205 | — | 289,591 | 181,043 | 670,360 | — | 851,403 | ||||||||||||||||||||||||
ProFund VP Real Estate | 65,712 | 1,191,790 | — | 1,257,502 | 440,861 | 162,329 | — | 603,190 | ||||||||||||||||||||||||
ProFund VP Rising Rates Opportunity | 16,031 | — | — | 16,031 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Semiconductor | — | 397,743 | — | 397,743 | 671,419 | 26,089 | — | 697,508 | ||||||||||||||||||||||||
ProFund VP Short Emerging Markets | 4,519 | — | — | 4,519 | 13,998 | — | — | 13,998 | ||||||||||||||||||||||||
ProFund VP Short International | 13,615 | — | — | 13,615 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Short Mid-Cap | 1,059 | — | — | 1,059 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Short Nasdaq-100 | 3,135 | 5,864 | — | 8,999 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Short Small-Cap | 131,293 | 11,997 | — | 143,290 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Small-Cap | — | — | — | — | 1,044,374 | 490,095 | — | 1,534,469 | ||||||||||||||||||||||||
ProFund VP Small-Cap Growth | — | 435,031 | — | 435,031 | 552,099 | 1,989,453 | — | 2,541,552 | ||||||||||||||||||||||||
ProFund VP Small-Cap Value | 3,178 | 789,010 | — | 792,188 | 1,850,348 | 1,973,977 | — | 3,824,325 | ||||||||||||||||||||||||
ProFund VP Technology | — | 5,510,738 | — | 5,510,738 | 1,317,218 | 5,172,582 | — | 6,489,800 | ||||||||||||||||||||||||
ProFund VP UltraBull | — | — | — | — | 2,078,580 | 948,359 | — | 3,026,939 | ||||||||||||||||||||||||
ProFund VP UltraMid-Cap | — | — | — | — | 3,468,388 | 589,136 | — | 4,057,524 | ||||||||||||||||||||||||
ProFund VP UltraNasdaq-100 | — | — | — | — | 72,449,015 | 1,258,151 | — | 73,707,166 |
332 :: Notes to Financial Statements :: December 31, 2023
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Capital Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Capital Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund VP UltraShort Dow 30 | $ | 6 | $ | — | $ | — | $ | 6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
ProFund VP UltraSmall-Cap | — | — | — | — | 2,923,886 | 639,688 | — | 3,563,574 | ||||||||||||||||||||||||
ProFund VP U.S. Government Plus | 362,281 | — | 249 | 362,530 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Utilities | 406,380 | — | — | 406,380 | 391,040 | 426,398 | — | 817,438 |
As of the latest tax year ended December 31, 2023, 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 | $ | 612,963 | $ | — | $ | — | $ | (5,018,349 | ) | $ | 127,414 | $ | (4,277,972 | ) | ||||||||||
ProFund VP Asia 30 | 117,552 | — | — | (592,481 | ) | (104,817 | ) | (579,746 | ) | |||||||||||||||
ProFund VP Banks | 86,224 | — | — | (5,580,049 | ) | 866,691 | (4,627,134 | ) | ||||||||||||||||
ProFund VP Bear | 131,745 | — | — | (23,635,435 | ) | 6,851 | (23,496,839 | ) | ||||||||||||||||
ProFund VP Biotechnology | — | 16,706,392 | — | — | 8,844,701 | 25,551,093 | ||||||||||||||||||
ProFund VP Bull | 3,046,029 | 304,498 | — | — | 26,118,021 | 29,468,548 | ||||||||||||||||||
ProFund VP Communication Services† | — | — | — | (870,404 | ) | 1,729,212 | 858,808 | |||||||||||||||||
ProFund VP Consumer Discretionary† | 48,875 | 2,448,847 | — | — | 7,970,416 | 10,468,138 | ||||||||||||||||||
ProFund VP Consumer Staples† | 214,461 | 3,296,352 | — | — | 4,167,080 | 7,677,893 | ||||||||||||||||||
ProFund VP Dow 30 | 10,184 | — | — | (1,646,322 | ) | 180 | (1,635,958 | ) | ||||||||||||||||
ProFund VP Emerging Markets | 334,637 | — | — | (8,537,805 | ) | 6,104,694 | (2,098,474 | ) | ||||||||||||||||
ProFund VP Energy† | 919,340 | 2,002,124 | — | — | 23,147,772 | 26,069,236 | ||||||||||||||||||
ProFund VP Europe 30 | 276,152 | 495,778 | — | — | 1,109,401 | 1,881,331 | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | 29,158 | — | — | (395,705 | ) | — | (366,547 | ) | ||||||||||||||||
ProFund VP Financials | 319,014 | 2,603,640 | — | — | 13,522,371 | 16,445,025 | ||||||||||||||||||
ProFund VP Government Money Market | — | — | — | (39,366 | ) | — | (39,366 | ) | ||||||||||||||||
ProFund VP Health Care | 23,646 | 1,709,557 | — | — | 28,372,366 | 30,105,569 | ||||||||||||||||||
ProFund VP Industrials | 117,573 | 2,108,331 | — | — | 7,380,699 | 9,606,603 | ||||||||||||||||||
ProFund VP International | 371,382 | — | — | (1,917,655 | ) | (34,369 | ) | (1,580,642 | ) | |||||||||||||||
ProFund VP Internet | 257,577 | — | — | — | 4,563,077 | 4,820,654 | ||||||||||||||||||
ProFund VP Japan | 1,012,848 | 1,018,380 | — | — | (794 | ) | 2,030,434 | |||||||||||||||||
ProFund VP Large-Cap Growth | 294,317 | 236,429 | — | — | 10,721,831 | 11,252,577 | ||||||||||||||||||
ProFund VP Large-Cap Value | 1,512,254 | 404,250 | — | — | 2,524,827 | 4,441,331 | ||||||||||||||||||
ProFund VP Materials† | 62,256 | 11,137 | — | — | 7,111,000 | 7,184,393 | ||||||||||||||||||
ProFund VP Mid-Cap | 316,090 | — | — | (1,747,147 | ) | (85,723 | ) | (1,516,780 | ) | |||||||||||||||
ProFund VP Mid-Cap Growth | 21,136 | 575,482 | — | — | 3,050,618 | 3,647,236 | ||||||||||||||||||
ProFund VP Mid-Cap Value | 410,021 | 92,955 | — | — | 1,012,772 | 1,515,748 | ||||||||||||||||||
ProFund VP Nasdaq-100 | 11,487,728 | 8,419,597 | — | — | 62,828,608 | 82,735,933 | ||||||||||||||||||
ProFund VP Pharmaceuticals | — | 1,036,922 | — | — | 1,353,056 | 2,389,978 | ||||||||||||||||||
ProFund VP Precious Metals | 809,641 | — | — | (65,254,634 | ) | (427,991 | ) | (64,872,984 | ) | |||||||||||||||
ProFund VP Real Estate | 89,738 | 144,890 | — | — | 3,039,264 | 3,273,892 | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | 1,635,069 | 16,086 | — | (27,316,320 | ) | (90,565 | ) | (25,755,730 | ) | |||||||||||||||
ProFund VP Semiconductor | 5,756,750 | 1,524 | — | — | 19,144,530 | 24,902,804 | ||||||||||||||||||
ProFund VP Short Dow 30 | 200 | — | — | (119,763 | ) | (4 | ) | (119,567 | ) | |||||||||||||||
ProFund VP Short Emerging Markets | 29,923 | — | — | (2,788,848 | ) | (1,279 | ) | (2,760,204 | ) | |||||||||||||||
ProFund VP Short International | 29,900 | — | — | (2,659,203 | ) | 1,618 | (2,627,685 | ) | ||||||||||||||||
ProFund VP Short Mid-Cap | 7,165 | — | — | (2,609,427 | ) | 652 | (2,601,610 | ) | ||||||||||||||||
ProFund VP Short Nasdaq-100 | 205,004 | — | — | (18,277,553 | ) | 21,253 | (18,051,296 | ) | ||||||||||||||||
ProFund VP Short Small-Cap | 109,373 | — | — | (6,403,485 | ) | 42,131 | (6,251,981 | ) | ||||||||||||||||
ProFund VP Small-Cap | 106,123 | — | — | (128,360 | ) | 1,647,161 | 1,624,924 | |||||||||||||||||
ProFund VP Small-Cap Growth | 47,305 | 708,603 | — | — | 3,947,955 | 4,703,863 | ||||||||||||||||||
ProFund VP Small-Cap Value | 159,421 | — | — | — | 406,885 | 566,306 | ||||||||||||||||||
ProFund VP Technology | 224,890 | 4,080,560 | — | — | 32,344,795 | 36,650,245 | ||||||||||||||||||
ProFund VP UltraBull | 123,404 | — | — | (14,479,872 | ) | 7,252,470 | (7,103,998 | ) | ||||||||||||||||
ProFund VP UltraMid-Cap | 70,221 | — | — | (1,239,405 | ) | 2,312,400 | 1,143,216 | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 662,573 | — | — | (22,172,081 | ) | 69,258,704 | 47,749,196 | |||||||||||||||||
ProFund VP UltraShort Dow 30 | 108 | — | — | (969,507 | ) | (4 | ) | (969,403 | ) |
December 31, 2023 :: Notes to Financial Statements :: 333
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficit) | |||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | $ | 71,933 | $ | — | $ | — | $ | (8,848,614 | ) | $ | 5,972 | $ | (8,770,709 | ) | ||||||||||
ProFund VP UltraSmall-Cap | 112,671 | — | — | (7,269,435 | ) | 2,075,577 | (5,081,187 | ) | ||||||||||||||||
ProFund VP U.S. Government Plus | — | — | — | (8,823,403 | ) | 410,145 | (8,413,258 | ) | ||||||||||||||||
ProFund VP Utilities | 470,058 | — | — | (93,795 | ) | 12,276,386 | 12,652,649 |
As of the latest tax year ended December 31, 2023, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.
Fund | No Expiration Date | |||
ProFund Access VP High Yield | $ | 5,018,349 | * | |
ProFund VP Asia 30 | 592,481 | |||
ProFund VP Banks | 5,580,049 | * | ||
ProFund VP Bear | 23,635,435 | * | ||
ProFund VP Communication Services† | 870,404 | * | ||
ProFund VP Dow 30 | 1,646,322 | * | ||
ProFund VP Emerging Markets | 8,537,805 | * | ||
ProFund VP Falling U.S. Dollar | 395,705 | * | ||
ProFund VP Government Money Market | 39,366 | |||
ProFund VP International | 1,917,655 | * | ||
ProFund VP Mid-Cap | 1,747,147 | * | ||
ProFund VP Precious Metals | 65,254,634 | * | ||
ProFund VP Rising Rates Opportunity | 27,316,320 | * | ||
ProFund VP Short Dow 30 | 119,763 | * | ||
ProFund VP Short Emerging Markets | 2,788,848 | * | ||
ProFund VP Short International | 2,659,203 | * | ||
ProFund VP Short Mid-Cap | 2,609,427 | * | ||
ProFund VP Short Nasdaq-100 | 18,277,553 | * | ||
ProFund VP Short Small-Cap | 6,403,485 | * | ||
ProFund VP Small-Cap | 128,360 | |||
ProFund VP UltraBull | 14,479,872 | * | ||
ProFund VP UltraMid-Cap | 1,239,405 | |||
ProFund VP UltraNasdaq-100 | 22,172,081 | * | ||
ProFund VP UltraShort Dow 30 | 969,507 | * | ||
ProFund VP UltraShort Nasdaq-100 | 8,848,614 | * | ||
ProFund VP UltraSmall-Cap | 7,269,435 | |||
ProFund VP U.S. Government Plus | 8,823,403 | * | ||
ProFund VP Utilities | 93,795 |
* 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, 2023, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:
Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
ProFund Access VP High Yield | $ | 15,894,904 | $ | 127,414 | $ | — | $ | 127,414 | ||||||||
ProFund VP Asia 30 | 16,965,218 | 5,183,459 | (5,288,276 | ) | (104,817 | ) | ||||||||||
ProFund VP Banks | 4,832,203 | 1,742,190 | (875,499 | ) | 866,691 | |||||||||||
ProFund VP Bear | 3,094,521 | 6,851 | — | 6,851 | ||||||||||||
ProFund VP Biotechnology | 38,601,424 | 13,337,969 | (4,493,268 | ) | 8,844,701 | |||||||||||
ProFund VP Bull | 28,319,959 | 29,375,703 | (3,257,682 | ) | 26,118,021 | |||||||||||
ProFund VP Communication Services† | 6,761,415 | 1,964,599 | (235,387 | ) | 1,729,212 | |||||||||||
ProFund VP Consumer Discretionary† | 15,770,852 | 8,728,723 | (758,307 | ) | 7,970,416 | |||||||||||
ProFund VP Consumer Staples† | 6,534,223 | 4,775,830 | (608,750 | ) | 4,167,080 | |||||||||||
ProFund VP Dow 30 | 327,000 | 180 | — | 180 | ||||||||||||
ProFund VP Emerging Markets | 15,273,795 | 9,050,696 | (2,946,002 | ) | 6,104,694 | |||||||||||
ProFund VP Energy† | 21,302,148 | 28,210,550 | (5,062,778 | ) | 23,147,772 | |||||||||||
ProFund VP Europe 30 | 17,463,275 | 5,206,622 | (4,097,221 | ) | 1,109,401 | |||||||||||
ProFund VP Falling U.S. Dollar | 1,152,386 | — | — | — |
334 :: Notes to Financial Statements :: December 31, 2023
Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
ProFund VP Financials | $ | 13,386,664 | $ | 19,014,907 | $ | (5,492,536 | ) | $ | 13,522,371 | |||||||
ProFund VP Government Money Market | 30,815,526 | — | — | — | ||||||||||||
ProFund VP Health Care | 8,716,063 | 29,829,552 | (1,457,186 | ) | 28,372,366 | |||||||||||
ProFund VP Industrials | 8,532,221 | 8,130,787 | (750,088 | ) | 7,380,699 | |||||||||||
ProFund VP International | 10,711,000 | — | (34,369 | ) | (34,369 | ) | ||||||||||
ProFund VP Internet | 7,965,979 | 6,782,139 | (2,219,062 | ) | 4,563,077 | |||||||||||
ProFund VP Japan | 10,302,491 | — | (794 | ) | (794 | ) | ||||||||||
ProFund VP Large-Cap Growth | 15,406,687 | 11,301,685 | (579,854 | ) | 10,721,831 | |||||||||||
ProFund VP Large-Cap Value | 17,796,680 | 4,816,118 | (2,291,291 | ) | 2,524,827 | |||||||||||
ProFund VP Materials† | 7,551,534 | 8,590,123 | (1,479,123 | ) | 7,111,000 | |||||||||||
ProFund VP Mid-Cap | 10,458,150 | — | (85,723 | ) | (85,723 | ) | ||||||||||
ProFund VP Mid-Cap Growth | 12,048,281 | 3,645,289 | (594,671 | ) | 3,050,618 | |||||||||||
ProFund VP Mid-Cap Value | 11,320,050 | 2,564,798 | (1,552,026 | ) | 1,012,772 | |||||||||||
ProFund VP Nasdaq-100 | 83,493,208 | 64,697,640 | (1,869,032 | ) | 62,828,608 | |||||||||||
ProFund VP Pharmaceuticals | 9,227,255 | 3,311,143 | (1,958,087 | ) | 1,353,056 | |||||||||||
ProFund VP Precious Metals | 22,668,000 | — | (427,991 | ) | (427,991 | ) | ||||||||||
ProFund VP Real Estate | 3,456,286 | 3,411,579 | (372,315 | ) | 3,039,264 | |||||||||||
ProFund VP Rising Rates Opportunity | 8,319,000 | — | (90,565 | ) | (90,565 | ) | ||||||||||
ProFund VP Semiconductor | 22,297,452 | 21,229,847 | (2,085,317 | ) | 19,144,530 | |||||||||||
ProFund VP Short Dow 30 | 6,000 | — | (4 | ) | (4 | ) | ||||||||||
ProFund VP Short Emerging Markets | 515,000 | — | (1,279 | ) | (1,279 | ) | ||||||||||
ProFund VP Short International | 518,000 | 1,618 | — | 1,618 | ||||||||||||
ProFund VP Short Mid-Cap | 68,000 | 652 | — | 652 | ||||||||||||
ProFund VP Short Nasdaq-100 | 4,791,531 | 21,253 | — | 21,253 | ||||||||||||
ProFund VP Short Small-Cap | 2,249,181 | 42,131 | — | 42,131 | ||||||||||||
ProFund VP Small-Cap | 13,708,052 | 2,990,082 | (1,342,921 | ) | 1,647,161 | |||||||||||
ProFund VP Small-Cap Growth | 12,277,283 | 4,720,176 | (772,221 | ) | 3,947,955 | |||||||||||
ProFund VP Small-Cap Value | 19,557,435 | 2,981,871 | (2,574,986 | ) | 406,885 | |||||||||||
ProFund VP Technology | 24,809,935 | 33,517,099 | (1,172,304 | ) | 32,344,795 | |||||||||||
ProFund VP UltraBull | 11,453,511 | 7,816,946 | (564,476 | ) | 7,252,470 | |||||||||||
ProFund VP UltraMid-Cap | 8,570,305 | 2,897,170 | (584,770 | ) | 2,312,400 | |||||||||||
ProFund VP UltraNasdaq-100 | 118,827,742 | 73,100,622 | (3,841,918 | ) | 69,258,704 | |||||||||||
ProFund VP UltraShort Dow 30 | 2,000 | — | (4 | ) | (4 | ) | ||||||||||
ProFund VP UltraShort Nasdaq-100 | 595,000 | 5,972 | — | 5,972 | ||||||||||||
ProFund VP UltraSmall-Cap | 15,017,808 | 3,789,328 | (1,713,751 | ) | 2,075,577 | |||||||||||
ProFund VP U.S. Government Plus | 10,063,884 | 410,145 | — | 410,145 | ||||||||||||
ProFund VP Utilities | 13,671,795 | 14,492,466 | (2,216,080 | ) | 12,276,386 |
8. Stock Splits and Reverse Share Splits
Effective March 13, 2023, the ProFund VP UltraShort Nasdaq-100 underwent a 1-for-5 reverse share split.
Effective December 14, 2020, the ProFund VP UltraNasdaq-100 underwent a 2-for-1 share split, the ProFund VP Short Small-Cap, the ProFund VP UltraBull, and the 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.
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.
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 December 31, 2023, 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 41%, 66%, and 93% 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.
Report of Independent Registered Public Accounting Firm :: 335
To the Board of Trustees of ProFunds and Shareholders of each of the fifty-one funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (fifty-one of the funds constituting ProFunds, hereafter collectively referred to as the "Funds") as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023, and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
ProFund Access VP High Yield
ProFund VP Asia 30
ProFund VP Banks
ProFund VP Bear
ProFund VP Biotechnology
ProFund VP Bull
ProFund VP Communication Services
ProFund VP Consumer Discretionary
ProFund VP Consumer Staples
ProFund VP Dow 30
ProFund VP Emerging Markets
ProFund VP Energy
ProFund VP Europe 30
ProFund VP Falling U.S. Dollar
ProFund VP Financials
ProFund VP Government Money Market
ProFund VP Health Care
ProFund VP Industrials
ProFund VP International
ProFund VP Internet
ProFund VP Japan
ProFund VP Large-Cap Growth
ProFund VP Large-Cap Value
ProFund VP Materials
ProFund VP Mid-Cap
ProFund VP Mid-Cap Growth
ProFund VP Mid-Cap Value
ProFund VP Nasdaq-100
ProFund VP Pharmaceuticals
ProFund VP Precious Metals
ProFund VP Real Estate
ProFund VP Rising Rates Opportunity
ProFund VP Semiconductor
ProFund VP Short Dow 30
ProFund VP Short Emerging Markets
ProFund VP Short International
ProFund VP Short Mid-Cap
ProFund VP Short Nasdaq-100
ProFund VP Short Small-Cap
ProFund VP Small-Cap
ProFund VP Small-Cap Growth
ProFund VP Small-Cap Value
ProFund VP Technology
ProFund VP UltraBull
ProFund VP UltraMid-Cap
ProFund VP UltraNasdaq-100
ProFund VP UltraShort Dow 30
ProFund VP UltraShort Nasdaq-100
ProFund VP UltraSmall-Cap
ProFund VP U.S. Government Plus
ProFund VP Utilities
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Columbus, Ohio
February 26, 2024
We have served as the auditor of one or more investment companies in ProFunds and ProShares Trust group since 1997.
336 :: Additional Tax Information
Other Federal Income Tax Information:
For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended December 31, 2023, qualify for the corporate dividends received deduction for the following ProFunds VP:
Percentage | ||||
ProFund VP Banks | 100.00 | % | ||
ProFund VP Communication Services† | 100.00 | % | ||
ProFund VP Consumer Staples† | 78.14 | % | ||
ProFund VP Energy† | 100.00 | % | ||
ProFund VP Europe 30 | 86.80 | % | ||
ProFund VP Financials | 100.00 | % | ||
ProFund VP Large-Cap Value | 100.00 | % | ||
ProFund VP Materials† | 100.00 | % | ||
ProFund VP Mid-Cap Value | 100.00 | % | ||
ProFund VP Pharmaceuticals | 100.00 | % | ||
ProFund VP Small-Cap Value | 100.00 | % | ||
ProFund VP Utilities | 100.00 | % |
For the fiscal year ended December 31, 2023, the amount of long-term capital gain designated by the ProFunds VP were as follows:
Amount | ||||
ProFund VP Asia 30 | $ | 669,693 | ||
ProFund VP Biotechnology | 6,518,064 | |||
ProFund VP Bull | 8,734,170 | |||
ProFund VP Consumer Discretionary† | 1,013,997 | |||
ProFund VP Consumer Staples† | 1,462,883 | |||
ProFund VP Financials | 1,067,782 | |||
ProFund VP Health Care | 4,450,779 | |||
ProFund VP Industrials | 1,349,793 | |||
ProFund VP Internet | 1,717,154 | |||
ProFund VP Large-Cap Growth | 3,728,772 | |||
ProFund VP Large-Cap Value | 1,233,407 | |||
ProFund VP Mid-Cap Growth | 81,372 | |||
ProFund VP Mid-Cap Value | 695,642 | |||
ProFund VP Nasdaq-100 | 620,919 | |||
ProFund VP Pharmaceuticals | 228,205 | |||
ProFund VP Real Estate | 1,191,790 | |||
ProFund VP Semiconductor | 397,743 | |||
ProFund VP Short Nasdaq-100 | 5,864 | |||
ProFund VP Short Small-Cap | 11,997 | |||
ProFund VP Small-Cap Growth | 435,031 | |||
ProFund VP Small-Cap Value | 789,010 | |||
ProFund VP Technology | 5,510,738 |
For the fiscal year ended December 31, 2023, the amount of short-term capital gain designated by the ProFunds VP were as follows:
Amount | ||||
ProFund VP Consumer Staples† | $ | 319,943 | ||
ProFund VP Short Emerging Markets | 2,454 | |||
ProFund VP Short Nasdaq-100 | 3,135 | |||
ProFund VP Short Small-Cap | 124,481 |
December 31, 2023 :: Board Approval of Investment Advisory Agreement :: 337
At a meeting held on September 12-13, 2023, the Board of Trustees (the "Board") of ProFunds (the "Trust") considered the renewal of the Investment Advisory Agreement between ProFund Advisors LLC (the "Advisor") and the Trust, on behalf of each of its operational series (each a "Fund" and collectively the "Funds") (the "Advisory Agreement"). Certain Funds are designed to match, before fees and expenses, the performance of an underlying index both on a single day and over time (each a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an "Active Fund" and, collectively, the "Active Funds"). Certain other Funds are "geared" funds that are designed to seek daily investment results, before fees and expenses, that correspond to the inverse (-1x), a multiple (i.e., 1.25x, 1.50x or 2x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of an index or security (each a "Geared Fund" and, collectively, the "Geared Funds").
The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreement and each Trustee may have afforded different weight to the various factors.
The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.
In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreement, including information that addressed, among other things:
(i) | the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor; |
(ii) | the costs of the services to be provided and the profits realized by the Advisor; |
(iii) | the investment performance of the Funds and the Advisor; |
(iv) | the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and |
(v) | other benefits to the Advisor and/or its affiliates from the relationship to the Funds. |
It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreement, including, among other things:
● | information about the advisory services that were being provided by the Advisor with respect to the Funds; |
● | the Advisor's Form ADV; |
● | biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds; |
● | information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year; |
● | information regarding advisory fees earned versus advisory fees waived for previous periods; |
● | performance information for prior periods; |
● | comparative industry fee data; |
● | information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds; |
● | information regarding the Advisor's trade allocation and best execution policies and procedures; |
● | information about the financial condition of the Advisor; |
● | information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and |
● | the Advisor's reputation, expertise and resources. |
The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the "Peer Group") with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund- by-Fund basis, and its determinations were made separately with respect to each Fund.
In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreement, the Board also considered information they received throughout the year as part of its regular oversight of the Funds.
Nature, Extent and Quality of the Advisor's Services
The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor. The Board noted there were expected to be no significant differences between the scope of services provided by the Advisor in the past year and those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:
● | the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund; |
● | the key features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds; |
● | with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional index funds; |
● | the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds; |
● | the structure of the portfolio Advisor's staff compensation program and the incentives it is intended to provide; |
● | the collateral, credit and cash management functions at the Advisor and enhancements made in these areas in recent years; |
338 :: Board Approval of Investment Advisory Agreement :: December 31, 2023
● | the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk; |
● | the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements; |
● | a continued investment in personnel and technology by the Advisor that would generally improve capacity and efficiency as well as improvements related to remote and hybrid working conditions; |
● | for certain Bitcoin-linked Funds, the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, the Advisor's familiarity with the market for Bitcoin futures and its ability to manage the Funds and obtain appropriate exposure in that market, and the potential benefits of a futures-based approach; and |
● | information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor's ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds. |
The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program, and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior year and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.
Based upon its review, the Board, including all of the Independent Trustees, concluded with respect to each Fund that (i) the investment advisory services provided by the Advisor with respect to the Fund were of high quality, (ii) the Advisor achieved the investment goals of the Fund, (iii) the Advisor's services benefited the Fund's shareholders, particularly in light of the nature of the Fund and the services required to support each such Fund, and (iv) they were generally satisfied with the nature, quality and extent of services provided to the Fund by the Advisor.
Comparison of Services and Fees
The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided, the costs of these services and the comparability to the fees paid by other investment companies, including mutual funds or other investment vehicles offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years and is continually re-evaluated. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.
The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fees paid by the Funds after taking waivers and reimbursements into account.
The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the one mutual fund it serves as sub-adviser. The Board recognized that the scope of services provided by the Advisor to the mutual fund is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual fund and does not provide other services like daily cash management, securities lending, marketing, client services, collateral management and counterparty management. The Board noted that for these reasons it is difficult to make comparisons of fees charged to the sub-advised mutual fund and the Funds.
The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.
The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement was in the best interests of the shareholders of the Funds.
Investment Performance of the Funds and the Advisor
The Board considered total return information for each Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 5-year, 10-year and since inception periods ended June 30, 2023, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund performance versus benchmark index performance was also generally within expected ranges during the applicable periods. The Board noted that, given the nature of the Funds that are Matching Funds or Geared Funds, the correlation of such Fund's performance with the performance
December 31, 2023 :: Board Approval of Investment Advisory Agreement :: 339
of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund's total return.
With regard to the Active Funds, the Board considered that the Access Flex High Yield ProFund outperformed its Peer Group and index for the one-year and five-year periods ended June 30, 2023, and underperformed its Peer Group and index for the three-year and ten-year periods ended June 30, 2023. In regard to the Access Flex Bear High Yield ProFund, the Board considered that for each of the one-year, three-year, five-year and ten-year periods ended June 30, 2023, the Fund underperformed its Peer Group and benchmark index.
With regard to the Access VP High Yield Fund, the Board noted that for three-year and five-year periods ended June 30, 2023, the Fund outperformed its Peer Group and underperformed its Peer Group for the one-year and ten-year periods ended June 30, 2023. The Fund underperformed its benchmark index for the one-year, three-year, five-year and ten-year periods.
With regard to the Bitcoin Strategy ProFund, the Board noted that for the one-year period ended June 30, 2023, the Fund closely tracked its benchmark index and outperformed its Peer Group average and universe average.
After reviewing the performance of the Funds, the Board, including the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.
With regard to the VP Government Money Market Fund, the Board considered that the Advisor has contractually undertaken to waive fees and/or reimburse expenses to maintain a minimum yield floor limit at 0.02% and has also contractually agreed to waive total operating expenses to 0.90% where previously it had been contractually capped at 1.35%. The Advisor had voluntarily reduced the prior contractual cap to 0.90%. The Board noted that under the minimum yield agreement there have been no payments or deferred fee or reimbursed expenses from the Fund since March 4, 2020. The Advisor also confirmed it will not recoup any amounts of fees previously waived or expenses previously reimbursed without first notifying the Independent Trustees.
Profitability
The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.
The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.
Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement was reasonable in light of the services and benefits provided to each Fund.
Economies of Scale
The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the Ultra Japan ProFund and the UltraShort Japan ProFund, each of which pay 0.90%, the Nasdaq-100 ProFund which pays 0.70%, the ProFund V.P. U.S. Government Plus, which pays 0.50% and the Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund which each pay 0.45%).
The Board considered that, 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 reduce each Fund's annual investment advisory fee by 0.025% on non-money market mutual fund net assets in excess of $500 million up to $1 billion, 0.05% on assets in excess of $1 billion up to $2 billion and 0.075% on assets in excess of $2 billion. The Board considered that for the periods presented, none of the Funds were subject to advisory fee reductions as a result of breakpoint fee reductions.
The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.
Other Benefits
The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant asset flows in and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.
The Board considered that ProFund Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Funds for providing services under a Distribution and Shareholder Services Plan.
Conclusions
Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreement for the Funds is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreement was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.
340 :: Trustees and Executive Officers (unaudited)
Name, Address, and Birth Date | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Operational Portfolios in Fund Complex Overseen by Trustee* | Other Directorships Held by Trustee During Past 5 Years | |||||
Independent Trustees | ||||||||||
William D. Fertig c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 9/56 | Trustee | Indefinite; June 2011 to present | Context Capital Management (Alternative Asset Management): Chief Investment Officer (September 2002 to present). | ProFunds (116); ProShares (126) | Context Capital | |||||
Russell S. Reynolds, III c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 7/57 | Trustee | Indefinite; October 1997 to present | RSR Partners, Inc. (Retained Executive Recruitment and Corporate Governance Consulting): Managing Director (February 1993 to present). | ProFunds (116); ProShares (126) | RSR Partners, Inc. | |||||
Michael C. Wachs c/o ProFunds Trust 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 10/61 | Trustee | Indefinite; October 1997 to present | Linden Lane Capital Partners LLC (Real Estate Investment and Development): Managing Principal (2010 to present). | ProFunds (116); ProShares (126) | NAIOP (the Commercial Real Estate Development Association) | |||||
Interested Trustee | ||||||||||
Michael L. Sapir** 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 5/58 | Trustee and Chairman of the Board | Indefinite; April 1997 to present | Chairman and Chief Executive Officer of the Advisor (April 1997 to present); ProShare Advisors (November 2005 to present); and ProShare Capital Management LLC (June 2008 to present). | ProFunds (116); ProShares (126) |
* | The "Fund Complex" consists of all operational registered investment companies under the 1940 Act that are advised by ProFund Advisors LLC and any operational registered investment companies that have an investment adviser that is an affiliated person of ProFund Advisors LLC. Investment companies that are non-operational (and therefore, not publicly offered) as of the date of this report are excluded from these figures. |
** | Mr. Sapir is an "interested person," as defined by the 1940 Act, because of his ownership interest in Profund Advisors. |
Name, Address, and Birth Date | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
Executive Officers | ||||||
Todd B. Johnson 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 1/64 | President | Indefinite; January 2014 to present | Chief Investment Officer of the Advisor and ProShare Advisors LLC (December 2008 to present); and ProShare Capital Management LLC (February 2009 to present). | |||
Victor M. Frye, Esq. 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 10/58 | Chief Compliance Officer and Anti-Money Laundering Officer | Indefinite; September 2004 to present | Counsel and Chief Compliance Officer of the Advisor (October 2002 to present) and ProShare Advisors LLC (December 2004 to present); Secretary of ProFunds Distributors, Inc. (April 2008 to present); Chief Compliance Officer of ProFunds Distributors, Inc. (July 2015 to present). | |||
Richard F. Morris 7272 Wisconsin Avenue, 21st Floor Bethesda, MD 20814 Birth Date: 8/67 | Chief Legal Officer and Secretary | Indefinite; December 2015 to present | General Counsel of the Advisor, ProShare Advisors, and ProShare Capital Management LLC (December 2015 to present); Chief Legal Officer of ProFunds Distributors, Inc. (December 2015 to present); Partner at Morgan Lewis & Bockius, LLP (October 2012 to November 2015). | |||
Denise Lewis 4400 Easton Commons, Suite 200 Columbus, OH 43219 Birth Date: 10/63 | Treasurer | Indefinite; June 2022 to present | Senior Vice President, Fund Administration, Citi Fund Services Ohio, Inc. (August 2020 to present); Senior Director, Bank of New York Mellon (September 2015 – October 2019). |
The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 888-776-3637.
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-PORT. 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.
12/23
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 14(a)(1).
During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
Item 3. Audit Committee Financial Expert.
3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.
3(a)(2) The audit committee financial experts are William D. Fertig and Michael C. Wachs, who are “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees: |
2023 $755,610
2022 $708,000
The fees relate to the audit of the registrant’s annual financial statements paid to PricewaterhouseCoopers LLP.
(b) | Audit-Related Fees: |
2023 $0
2022 $0
(c) | Tax Fees: |
2023 $203,400
2022 $198,700
The fees relate to the preparation of the registrant’s tax returns and review of income and capital gain distribution calculations paid to PricewaterhouseCoopers LLP.
(d) | All Other Fees: |
2023 $0
2022 $0
(e)(1) The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Trust and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Trust officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.
The Trust will use a combination of the two approaches for pre-approving proposed services: (1) the proposed service be specifically pre-approved by the Audit Committee (“specific pre-approval”) or (2) may be pre-approved without consideration of specific case-by-case services by the audit committee (“general pre-approval”). Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any proposed services exceeding pre-approved cost levels will also require specific pre-approval by the Audit Committee.
(e)(2) | No Services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable as less than 50%. |
(g) | 2023 $203,400 |
2022 $198,700
These aggregate fees were billed in the Reporting Periods for non-audit services by the principal accountant to the Registrant and Fund Management.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. 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 the 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. | Recovery of Erroneously Awarded Compensation. |
Not applicable.
Item 14. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(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 | February 27, 2024 |
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 | March 1, 2024 |
By (Signature and Title)* | /s/ Denise Lewis | |
Denise Lewis, Treasurer and Principal Financial Officer |
Date | February 27, 2024 |
* Print the name and title of each signing officer under his or her signature.