Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Entity Registrant Name | 'PROSHARES TRUST II |
Entity Central Index Key | '0001415311 |
Entity Filer Category | 'Large Accelerated Filer |
Statement_of_Financial_Conditi
Statement of Financial Condition (USD $) | Sep. 30, 2014 | Jun. 03, 2014 |
Assets | ' | ' |
Cash | $200 | $200 |
Offering costs (Note 4) | 65,785 | 65,785 |
Total assets | 65,985 | 65,985 |
Liabilities and shareholders' equity | ' | ' |
Payable for offering costs | 65,785 | 65,785 |
Total liabilities | 65,785 | 65,785 |
Shareholders' equity | ' | ' |
Shareholders' equity | 200 | 200 |
Total liabilities and shareholders' equity | $65,985 | $65,985 |
ORGANIZATION
ORGANIZATION | 5 Months Ended | 9 Months Ended | |
Jun. 03, 2014 | Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | ' | |
ORGANIZATION | ' | ' | |
NOTE 1 – ORGANIZATION | NOTE 1 – ORGANIZATION | ||
ProShares Trust II (the “Trust”) was organized as a Delaware statutory trust on October 9, 2007 and offers or expects to offer from time-to-time common units of beneficial interest (the “Shares”) in each of its twenty-two series. The twenty-two separate series are: ProShares VIX Short-Term Futures ETF, ProShares VIX Mid-Term Futures ETF, ProShares Ultra VIX Short-Term Futures ETF, ProShares Short VIX Short-Term Futures ETF, ProShares UltraShort DJ-UBS Commodity, ProShares UltraShort DJ-UBS Crude Oil, ProShares UltraShort DJ- | ProShares Trust II (the “Trust”) was organized as a Delaware statutory trust on October 9, 2007 and offers or expects to offer from time-to-time common units of beneficial interest (the “Shares”) in each of its twenty-two series. The twenty-two separate series are: ProShares VIX Short-Term Futures ETF, ProShares VIX Mid-Term Futures ETF, ProShares Ultra VIX Short-Term Futures ETF, ProShares Short VIX Short-Term Futures ETF, ProShares UltraShort Bloomberg Commodity, ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares Short Euro, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Commodity, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Australian Dollar, ProShares Ultra Euro, ProShares Ultra Yen and ProShares Managed Futures Strategy (the “Managed Futures Fund” or “Fund”). | ||
The registration statement for the Managed Futures Fund was first declared effective on January 30, 2013 but the unlaunched offering was subsequently terminated on April 24, 2013. The Fund has had no other operations prior to September 30, 2014 other than matters relating to its organization, its registration under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of ownership shares at an aggregate purchase price of $200. Offering of Shares of the Managed Futures Fund has not commenced as of the date of this report. A Statement of Financial Condition for the Managed Futures Fund is presented in this Prospectus. The other twenty-one funds in the Trust are not the subject of this report. | |||
1 | Effective July 1, 2014, the Fund name will change to ProShares UltraShort Bloomberg Commodity | The Managed Futures Fund seeks results that, both over a single day and over time, match (before fees and expenses) the performance of the S&P Strategic Futures Index (“SFI” or “Index”). The Index was developed by Standard & Poor’s (“S&P”) and is a long/short rules-based investable index designed to capture the economic benefit derived from both rising and declining trends in futures prices. The SFI is composed of the SFI Futures Contracts, representing unleveraged long or short positions in futures contracts in the commodity and financial markets. These Underlying Futures Contracts were selected based on fundamental characteristics and liquidity. | |
2 | Effective July 1, 2014, the Fund name will change to ProShares UltraShort Bloomberg Crude Oil | ||
UBS Natural Gas3, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares Short Euro, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra DJ-UBS Commodity4, ProShares Ultra DJ-UBS Crude Oil5, ProShares Ultra DJ-UBS Natural Gas6, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Australian Dollar, ProShares Ultra Euro, ProShares Ultra Yen and ProShares Managed Futures Strategy (the “Managed Futures Fund” or “Fund”). | |||
The registration statement for the Managed Futures Fund was first declared effective on January 30, 2013 but the unlaunched offering was subsequently terminated on April 24, 2013. The Fund has had no other operations prior to June 3, 2014 other than matters relating to its organization, its registration under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of ownership shares at an aggregate purchase price of $200. Offering of Shares of the Managed Futures Fund has not commenced as of the date of this report. A Statement of Financial Condition for the Managed Futures Fund is presented in this Prospectus. The other twenty-one funds in the Trust are not the subject of this report. | |||
The Managed Futures Fund seeks results that, both over a single day and over time, match (before fees and expenses) the performance of the S&P Strategic Futures Index (“SFI” or “Index”). The Index was developed by Standard & Poor’s (“S&P”) and is a long/short rules-based investable index designed to capture the economic benefit derived from both rising and declining trends in futures prices. The SFI is composed of the SFI Futures Contracts, representing unleveraged long or short positions in futures contracts in the commodity and financial markets. These Underlying Futures Contracts were selected based on fundamental characteristics and liquidity. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 5 Months Ended | 9 Months Ended | |
Jun. 03, 2014 | Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ' | ' | |
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | ||
The following is a summary of significant accounting policies followed by the Managed Futures Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). | The following is a summary of significant accounting policies followed by the Managed Futures Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). | ||
Use of Estimates & Indemnifications | Use of Estimates & Indemnifications | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. | ||
In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote. | In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote. | ||
Basis of Presentation | Basis of Presentation | ||
In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. The Trust and each Fund meet the requirements to be classified as an investment company and follows the accounting and reporting guidance in FASB Topic 946. | In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. The Trust and each Fund meet the requirements to be classified as an investment company and follows the accounting and reporting guidance in FASB Topic 946. | ||
Federal Income Tax | |||
3 | Effective July 1, 2014, the Fund name will change to ProShares UltraShort Bloomberg Natural Gas | The Managed Futures Fund is registered as a series of a Delaware statutory trust and will be treated as a partnership for U.S. federal income tax purposes. Accordingly, the Managed Futures Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner of the Fund will be required to take into account its allocable share of the Fund’s income, gain, loss, deductions and other items for the Fund’s taxable year ending with or within the beneficial owner’s taxable year. | |
4 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Commodity | ||
5 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Crude Oil | ||
6 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Natural Gas | ||
Federal Income Tax | |||
The Managed Futures Fund is registered as a series of a Delaware statutory trust and will be treated as a partnership for U.S. federal income tax purposes. Accordingly, the Managed Futures Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner of the Fund will be required to take into account its allocable share of the Fund’s income, gain, loss, deductions and other items for the Fund’s taxable year ending with or within the beneficial owner’s taxable year. |
AGREEMENTS
AGREEMENTS | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Text Block [Abstract] | ' | ' |
AGREEMENTS | ' | ' |
NOTE 3 – AGREEMENTS | NOTE 3 – AGREEMENTS | |
Management Fee | Management Fee | |
The Managed Futures Fund will pay the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of its average daily net asset value (“NAV”). For the first year of the Managed Futures Fund’s operations, the Sponsor will not charge its fee in an amount equal to the offering costs. The Sponsor will reimburse the Fund to the extent that its offering costs exceed the Management Fee for the first year of operations. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor will pay the fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent and the licensor, the routine operational, administrative and other ordinary expenses of the Fund, and the normal and expected expenses incurred in connection with the continuous offering of Shares of the Managed Futures Fund after the commencement of its trading operations, including, but not limited to, expenses such as ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of the Fund. The Managed Futures Fund will incur and pay any non-recurring and unusual fees and expenses. No other management fee is paid by the Managed Futures Fund. | The Managed Futures Fund will pay the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of its average daily net asset value (“NAV”). For the first year of the Managed Futures Fund’s operations, the Sponsor will not charge its fee in an amount equal to the offering costs. The Sponsor will reimburse the Fund to the extent that its offering costs exceed the Management Fee for the first year of operations. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor will pay the fees and expenses of the Administrator, Custodian, Distributor, Transfer Agent and the licensor, the routine operational, administrative and other ordinary expenses of the Fund, and the normal and expected expenses incurred in connection with the continuous offering of Shares of the Managed Futures Fund after the commencement of its trading operations, including, but not limited to, expenses such as ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of the Fund. The Managed Futures Fund will incur and pay any non-recurring and unusual fees and expenses. No other management fee is paid by the Managed Futures Fund. | |
Brokerage Commissions and Fees | Brokerage Commissions and Fees | |
The Managed Futures Fund will pay its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for the Managed Futures Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts will be recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). | The Managed Futures Fund will pay its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for the Managed Futures Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts will be recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). | |
The Administrator | The Administrator | |
The Sponsor and the Trust, for itself and on behalf of the Managed Futures Fund, have appointed Brown Brothers Harriman & Co. (“BBH&Co.”) as the Administrator of the Fund, and the Sponsor, the Trust, on its own behalf and on behalf of the Managed Futures Fund, and BBH&Co. have entered into an Administrative Agency Agreement (the “Administration Agreement”) in connection therewith. Pursuant to the terms of the Administration Agreement and under the supervision and direction of the Sponsor and the Trust, BBH&Co. will prepare and file certain regulatory filings on behalf of the Managed Futures Fund. BBH&Co. may also perform other services for the Fund pursuant to the Administration Agreement as mutually agreed upon by the Sponsor, the Trust and BBH&Co. from time to time. Pursuant to the terms of the Administration Agreement, BBH&Co. will also serve as the Transfer Agent of the Managed Futures Fund. The Administrator’s fees will be paid on behalf of the Managed Futures Fund by the Sponsor. | The Sponsor and the Trust, for itself and on behalf of the Managed Futures Fund, have appointed Brown Brothers Harriman & Co. (“BBH&Co.”) as the Administrator of the Fund, and the Sponsor, the Trust, on its own behalf and on behalf of the Managed Futures Fund, and BBH&Co. have entered into an Administrative Agency Agreement (the “Administration Agreement”) in connection therewith. Pursuant to the terms of the Administration Agreement and under the supervision and direction of the Sponsor and the Trust, BBH&Co. will prepare and file certain regulatory filings on behalf of the Managed Futures Fund. BBH&Co. may also perform other services for the Fund pursuant to the Administration Agreement as mutually agreed upon by the Sponsor, the Trust and BBH&Co. from time to time. Pursuant to the terms of the Administration Agreement, BBH&Co. will also serve as the Transfer Agent of the Managed Futures Fund. The Administrator’s fees will be paid on behalf of the Managed Futures Fund by the Sponsor. | |
The Custodian | The Custodian | |
BBH&Co. will serve as Custodian of the Managed Futures Fund, and the Trust, on its own behalf and on behalf of the Fund, and BBH&Co. have entered into a Custodian Agreement in connection therewith. Pursuant to the terms of the Custodian Agreement, BBH&Co. will be responsible for the holding and safekeeping of assets delivered to it by the Fund, and performing various administrative duties in accordance with instructions delivered to BBH&Co. by the Managed Futures Fund. The Custodian’s fees are paid on behalf of the Managed Futures Fund by the Sponsor. | BBH&Co. will serve as Custodian of the Managed Futures Fund, and the Trust, on its own behalf and on behalf of the Fund, and BBH&Co. have entered into a Custodian Agreement in connection therewith. Pursuant to the terms of the Custodian Agreement, BBH&Co. will be responsible for the holding and safekeeping of assets delivered to it by the Fund, and performing various administrative duties in accordance with instructions delivered to BBH&Co. by the Managed Futures Fund. The Custodian’s fees are paid on behalf of the Managed Futures Fund by the Sponsor. | |
The Distributor | ||
The Distributor | SEI Investments Distribution Co. (“SEI”) will serve as Distributor of the Shares and will assist the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI will retain all marketing materials separately for the Managed Futures Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of the Managed Futures Fund, will enter into a Distribution Services Agreement with SEI. | |
SEI Investments Distribution Co. (“SEI”) will serve as Distributor of the Shares and will assist the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI will retain all marketing materials separately for the Managed Futures Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of the Managed Futures Fund, will enter into a Distribution Services Agreement with SEI. | ||
Routine Operational, Administrative and Other Ordinary Expenses | Routine Operational, Administrative and Other Ordinary Expenses | |
The Sponsor will pay all of the routine operational, administrative and other ordinary expenses of the Managed Futures Fund generally, as determined by the Sponsor including, but not limited to, fees and expenses of the Administrator, Custodian, Distributor, PDI, Transfer Agent, licensor, accounting and auditing fees and expenses, tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of the Fund, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the NAV of the Fund, and report preparation and mailing expenses. | The Sponsor will pay all of the routine operational, administrative and other ordinary expenses of the Managed Futures Fund generally, as determined by the Sponsor including, but not limited to, fees and expenses of the Administrator, Custodian, Distributor, PDI, Transfer Agent, licensor, accounting and auditing fees and expenses, tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of the Fund, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the NAV of the Fund, and report preparation and mailing expenses. | |
Non-Recurring Fees and Expenses | Non-Recurring Fees and Expenses | |
The Managed Futures Fund will pay all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses which are unexpected and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Fund. | The Managed Futures Fund will pay all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses which are unexpected and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Fund. |
OFFERING_COSTS
OFFERING COSTS | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Text Block [Abstract] | ' | ' |
OFFERING COSTS | ' | ' |
NOTE 4 – OFFERING COSTS | NOTE 4 – OFFERING COSTS | |
Offering costs for the Managed Futures Fund will be amortized over a twelve month period on a straight-line basis. The Sponsor will not charge its fee in the first year of operation of the Managed Futures Fund in an amount equal to the offering costs. The Sponsor will reimburse the Managed Futures Fund to the extent that its offering costs exceed 0.75% of its average daily NAV for the first year of operations. At June 3, 2014, payable for offering costs is reflected in the Statement of Financial Condition for the Fund. | Offering costs for the Managed Futures Fund will be amortized over a twelve month period on a straight-line basis. The Sponsor will not charge its fee in the first year of operation of the Managed Futures Fund in an amount equal to the offering costs. The Sponsor will reimburse the Managed Futures Fund to the extent that its offering costs exceed 0.75% of its average daily NAV for the first year of operations. At September 30, 2014, payable for offering costs is reflected in the Statement of Financial Condition for the Fund. |
CREATION_AND_REDEMPTION_OF_CRE
CREATION AND REDEMPTION OF CREATION UNITS | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Text Block [Abstract] | ' | ' |
CREATION AND REDEMPTION OF CREATION UNITS | ' | ' |
NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS | NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS | |
The Managed Futures Fund will issue and redeem Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of the Managed Futures Fund. Creation Units may be created or redeemed only by Authorized Participants. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Managed Futures Fund to other investors in the secondary market. | The Managed Futures Fund will issue and redeem Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of the Managed Futures Fund. Creation Units may be created or redeemed only by Authorized Participants. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Managed Futures Fund to other investors in the secondary market. | |
Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from the Managed Futures Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. | Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from the Managed Futures Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. | |
Authorized Participants are required to pay a fixed transaction fee of up to $500 per order and a variable transaction fee of up to 0.10% of the value of the Creation Unit that is purchased or redeemed unless the transaction fees are waived or otherwise adjusted by the Sponsor. | Authorized Participants are required to pay a fixed transaction fee of up to $500 per order and a variable transaction fee of up to 0.10% of the value of the Creation Unit that is purchased or redeemed unless the transaction fees are waived or otherwise adjusted by the Sponsor. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' | ' |
SUBSEQUENT EVENTS | ' | ' |
NOTE 6– SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS | |
Management has evaluated the possibility of subsequent events existing in the Managed Futures Fund financial statements through the date the financial statements were available to be issued. Management has determined that there are no material events that would require disclosure in its Managed Futures Fund’s financial statements through this date. | Management has evaluated the possibility of subsequent events existing in the Managed Futures Fund financial statements through the date the financial statements were available to be issued. Management has determined that there are no material events that would require disclosure in its Managed Futures Fund’s financial statements through this date. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 5 Months Ended | 9 Months Ended | |
Jun. 03, 2014 | Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | ' | |
Use of Estimates & Indemnifications | ' | ' | |
Use of Estimates & Indemnifications | Use of Estimates & Indemnifications | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. Actual results could differ from those estimates. | ||
In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote. | In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote. | ||
Basis of Presentation | ' | ' | |
Basis of Presentation | Basis of Presentation | ||
In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. The Trust and each Fund meet the requirements to be classified as an investment company and follows the accounting and reporting guidance in FASB Topic 946. | In June 2013, the FASB issued Accounting Standard Update No. 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” (“ASU 2013-08”). ASU 2013-08 clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company and for the measurement of non-controlling ownership interests in other investment companies. The Trust and each Fund meet the requirements to be classified as an investment company and follows the accounting and reporting guidance in FASB Topic 946. | ||
3 | Effective July 1, 2014, the Fund name will change to ProShares UltraShort Bloomberg Natural Gas | ||
4 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Commodity | ||
5 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Crude Oil | ||
6 | Effective July 1, 2014, the Fund name will change to ProShares Ultra Bloomberg Natural Gas | ||
Federal Income Tax | ' | ' | |
Federal Income Tax | Federal Income Tax | ||
The Managed Futures Fund is registered as a series of a Delaware statutory trust and will be treated as a partnership for U.S. federal income tax purposes. Accordingly, the Managed Futures Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner of the Fund will be required to take into account its allocable share of the Fund’s income, gain, loss, deductions and other items for the Fund’s taxable year ending with or within the beneficial owner’s taxable year. | The Managed Futures Fund is registered as a series of a Delaware statutory trust and will be treated as a partnership for U.S. federal income tax purposes. Accordingly, the Managed Futures Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner of the Fund will be required to take into account its allocable share of the Fund’s income, gain, loss, deductions and other items for the Fund’s taxable year ending with or within the beneficial owner’s taxable year. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 0 Months Ended | 5 Months Ended | 9 Months Ended |
Oct. 09, 2007 | Jun. 03, 2014 | Sep. 30, 2014 | |
ShareSeries | ShareSeries | ShareSeries | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Number of series of Trust | 22 | 21 | 21 |
Aggregate purchase of each Leveraged Fund | ' | $200 | $200 |
Agreements_Additional_Informat
Agreements - Additional Information (Detail) (USD $) | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund | 0.75% | 0.75% |
Maximum [Member] | ' | ' |
Allowable Percentage of SEC registration fee | 0.02% | 0.02% |
Allowable Percentage of schedule K-1 prepartaions and mailing fee | 0.10% | 0.10% |
Allowable routine operational, administrative and other ordinary expenses. | 100,000 | 100,000 |
Offering_Costs_Additional_Info
Offering Costs - Additional Information (Detail) | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Organization And Offering Costs [Line Items] | ' | ' |
Offering costs, amortization period, months | '12 months | '12 months |
New Fund [Member] | ' | ' |
Organization And Offering Costs [Line Items] | ' | ' |
Sponsor reimbursement of organization and offering costs, maximum for each Leveraged Fund | 0.75% | 0.75% |
Recovered_Sheet1
Creation And Redemption Of Creation Units - Additional Information (Detail) (USD $) | 5 Months Ended | 9 Months Ended |
Jun. 03, 2014 | Sep. 30, 2014 | |
Creation Unit, block Shares of a fund | 50,000 | 50,000 |
Maximum [Member] | ' | ' |
Variable transaction fee, percent of the value of the Creation Unit, maximum | 0.10% | 0.10% |
Fixed transaction fee | 500 | 500 |